December brings international offshore rig count activity to a standstill

After a slight increase in the number of international offshore rigs, Baker Hughes’ rig count report shows that no new rigs joined the working fleet in December 2023, keeping the status quo from the month before. Things did change on a year-over-year basis, as last month saw more units at work than the previous year. However, the total number of international rigs took a nosedive, plunging to 955 from 978 units in November 2023.

Following a rise in November 2023, Baker Hughes outlined that the number of international offshore rigs hit the brakes in December 2023 while offshore rigs went up by 4 units on a year-over-year basis.

Furthermore, the company’s report highlights that the total number of active international drilling rigs – including onshore and offshore ones – fell by 23 units last month, reaching 955, which is higher by 55 rigs than last year’s count of 900 with land rigs going up by 51 units and offshore rigs inching their way up by 4 units.

In comparison to the figures from the month before, land rigs slid down by 23 units to 735 in December 2023 while offshore rigs remained unchanged at 220 units.

Moreover, the average U.S. rig count for December 2023 was 623 units, up by 4 rigs from the previous month’s count of 619 and down 156 units on a year-over-year basis while the average U.S. rig count for November 2023 was down 160 units year-over-year.

The average Canada rig count for December 2023 was 161 units, down 36 rigs from the prior month’s count of 197 rigs and up by 6 units year-over-year.

Meanwhile, the worldwide rig count for December 2023 was 1,739 units, down 55 rigs from 1,794 units counted in November 2023, and down 95 units from 1,834 rigs counted in December 2022.