Here are the top business stories making the headlines in the morning newspapers.
Offshore drilling rigs in demand
The offshore drilling rig market is "much tighter" than previously thought, according to new analysis, with some segments "nearly sold-out".
Energy Voice says research from Westwood Global Energy Group has set out that day rates could "reach highs not witnessed in almost a decade".
With a surge in demand, particularly in the wake of Russia' invasion of Ukraine, day rates are increasing and operators are reactivating cold-stacked rigs in order to accommodate long-term demand.
Rig day rates have now reached close to $400,000 (£320,000) for seventh generation drillship and are expected to be squeezed further, Westwood said.
US law on women on corporate boards is 'unconstitutional'
A Los Angeles court has said that a Californian law requiring companies to have up to three women on corporate boards is unconstitutional.
Superior Court Judge Maureen Duffy-Lewis said the rule passed in 2018 violated the right to equal treatment under the state and federal law.
Secretary of State Shirley Weber's has said she will challenge the court decision. Under the law, companies faced fines of up to £240,000 for failures to meet the required representation.
It called on all corporations headquartered in California to have at least one board member who identified as a woman by the end of 2019. By January 2022, that figure was to rise to two women on boards with five people or fewer and three women with boards of six members or more.
The BBC says the challenge was made by the conservative legal group Judicial Watch, who had claimed it was illegal to use taxpayer funds to enforce a law that violated the right to equal protection under Californian and federal law by enforcing gender-based quotas.
Truss sets out new law on post-Brexit trade
Liz Truss has said a new law would be introduced to change the post-Brexit trade deal for Northern Ireland.
The foreign secretary insisted the bill would be legal under international law.
Boris Johnson's government agreed the trade deal - which governs how goods enter Northern Ireland from the rest of the UK - with the European Union in 2019 after the Brexit vote.
But the BBC reports that a row over its impact on trade has created a block on forming a devolved government in Northern Ireland.
The Democratic Unionist Party (DUP) has refused to join the power-sharing administration until reforms are made to the deal, which it says treats Northern Ireland differently to the rest of the UK.
Local chef to open first restaurant in Granite City
North-east chef Graham Mitchell is opening the doors of his first restaurant in Aberdeen this summer.
Located at 137 Rosemount Place, work is currently underway to transform the former Rosie's Cafe into Tarragon by Graham Mitchell.
The Press and Journal says Graham picked up the keys to the space on at the start of this month and anticipates the refurbishment to take around one month to complete.
Local foodies have been told to expect a summer opening date. He currently works full-time as the head chef of The Scullery at Newmachar Hotel.
New Portlethen store creates 51 jobs
Home Bargains is to open a new £1 million store near Aberdeen on Saturday.
The discount store said the new site at Portlethen Retail Park would create 51 new jobs.
The Press and Journal says it is the latest Home Bargains outlet to open in the north and north-east.
There are already three outlets in Aberdeen and one at Westhill.
Popular Aberdeen beach cafe closing this weekend
The owner of one of Aberdeen's most popular beachfront cafes has said she has been overwhelmed by the public's reaction to the news of the closure of the Sand Dollar.
Suzi Millard, who has been running the much-loved eatery for 15 years, announced it will be closing its doors this weekend.
After the unit lease was coming to an end, she decided it was time to "take it easy" and spend more time with family.
The Press and Journal says that, since the announcement, many have shared and commented online showing support for the local business and much-loved owner.
Job vacancies outpace unemployment for first time
There are more job vacancies than unemployed people in the UK for the first time since records began.
The unemployment rate fell to 3.7% between January and March, its lowest for almost 50 years, as job openings rose to a new high of 1.3 million.
However, wages, excluding bonuses, failed to keep pace with rising prices, a problem expected to intensify because of growing food and fuel costs.
The BBC said the figures show "a mixed picture" said the Office for National Statistics.