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Dayrate is the daily rental charge for a piece of equipment and/or working crew, typically used in the oil & gas services industry.

Expanded Definition

Most oil & gas services companies report dayrates when they announce new contracts, or as part of their financial reporting. Offshore drilling companies provide status reports at regular intervals, showing the dayrate and contract period for each of their drilling rigs. During a period of rising dayrates, earnings rise rapidly as the operational costs associated with the equipment are relatively fixed.

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