International offshore rig count activity on the rise

Baker Hughes’ international rig count report shows a boost in the number of offshore rigs in July 2023, as 6 additional units were recorded compared to the month before. On the other hand, the total number of international rigs saw a drop in activity, falling to 961 from 967 units in June 2023.

Valaris DS-7 drillship; Source: Valaris

Following a decrease of 11 units in June 2023, Baker Hughes disclosed on Friday, 4 August 2023, that the number of international offshore rigs increased by 6 units in July 2023. In addition, offshore rigs were up by 31 units on a year-over-year basis last month.

Moreover, the company’s report points out that the total number of active international drilling rigs – including onshore and offshore ones – slipped down by 6 units last month, reaching 961, which is higher by 128 rigs than last year’s count of 833 with land rigs going up by 97 units and offshore rigs rising by 31 units.

In comparison to the figures from the month before, land rigs slid down by 12 units to 730 in July 2023 while offshore rigs went up by 6 units to 231.

Rig count; Source: Baker Hughes
Rig count; Source: Baker Hughes

Furthermore, the average U.S. rig count for July 2023 was 673 units, down 14 rigs from the previous month’s count of 687 and down 83 units on a year-over-year basis while the average U.S. rig count for June 2023 was down 52 units year-over-year.

The average Canada rig count for July was 186 units, up 40 rigs from the prior month’s count of 146 rigs and unchanged year-over-year.

Meanwhile, the worldwide rig count for July was 1,820 units, up 20 rigs from 1,800 units counted in June 2023, and up 45 units from 1,775 rigs counted in July 2022.