International offshore rig count activity gets a boost in January

Baker Hughes’ rig count report shows that more than one rig joined the working international offshore fleet in January 2024, however, the number of units at work last month still experienced a slight decrease compared to the previous year. The total number of international rigs was on the rise, climbing to 965 from 955 units in December 2023.

After no change in December 2023, Baker Hughes outlined that the number of international offshore rigs increased in January 2024 while offshore rigs were down 1 unit on a year-over-year basis.

Moreover. the company’s report highlights that the total number of active international drilling rigs – including onshore and offshore ones – rose by 10 units last month, reaching 965, which is higher by 64 rigs than last year’s count of 901 with land rigs going up by 65 units and offshore rigs falling by 1 unit.

In comparison to the figures from the month before, land rigs went up by 5 units to 740 in January 2024 while offshore rigs also increased by 5 rigs to 225 units.

Furthermore, the average U.S. rig count for January 2024 was 621 units, down by 2 rigs from the previous month’s count of 623 and down 151 units on a year-over-year basis while the average U.S. rig count for December 2023 was down 156 units year-over-year.

The average Canada rig count for January 2024 was 198 units, up 37 rigs from the prior month’s count of 161 rigs and down by 28 units year-over-year.

Meanwhile, the worldwide rig count for January 2024 was 1,784 units, up 45 rigs from 1,739 units counted in December 2023, and down 115 units from 1,899 rigs counted in January 2023.