In a market update ahead of a presentation to the Macquarie Emerging Leaders Conference this week, Imdex said rig utilisation in Australia was "nearing capacity" at 79%, and 72% in North America.

The March snapshot showed rig utilisation was at 37% in Europe, 38% in South America, 30% in Africa, and 55% in Canada, though Imdex CEO Paul House noted activity in Canada would be higher in the northern summer drilling season.

In regions nearing capacity, delivery times for new rigs had increased and labour shortages were adding to the pressure.

"We believe the industry is willing to invest and spend but may not be able to move as fast as it would like," House said.

"The industry drivers of depleted reserves, strong commodity pricing and the trend towards decarbonisation, are driving substantially increased industry exploration budgets.

"However, delivery against these targets will require time and investment in labour, drilling rigs, and other supply chain pressures that are a current constraint."

S&P Global Market Intelligence has tipped a 15-20% surge in exploration this year as the world recovers from COVID-19.

House said exploration could struggle to reach those heights, given the lead time for new rig orders had blown out to 9-10 months.

"A lack of rigs places even more importance on using the best technology to drill more metres with the rigs that are available," he said.

Imdex shares last traded at A$1.845, valuing the company at $731.5 million.