Illustration; Source: Borr Drilling

International offshore rig count activity takes a downward plunge in June

Baker Hughes’ international rig count report shows that the number of offshore rigs experienced a downward trend in June 2023, plummeting by 11 units, compared to the month before. In contrast, the total number of international rigs recorded a slight rise in activity, climbing to 967 from 965 units in May 2023.

Illustration; Source: Borr Drilling

After rising up by 9 units in May 2023, Baker Hughes disclosed on Friday, 7 July 2023, that the number of international offshore rigs slipped down by 11 units in June 2023. In addition, offshore rigs were up by 22 units on a year-over-year basis last month.

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Furthermore, the U.S. player’s report points out that the total number of active international drilling rigs – including onshore and offshore ones – increased by 2 units last month, reaching 967, which is higher by 143 rigs than last year’s count of 824 with land rigs jumping up by 121 units and offshore rigs climbing up by 22 units.

Compared to the figures from the month before, land rigs rose up by 13 units to 742 in June 2023 while offshore rigs slid down by 11 units to 225.

Moreover, the average U.S. rig count for June 2023 was 687 units, down 41 rigs from the previous month’s count of 728 and down 52 units on a year-over-year basis while the average U.S. rig count for May 2023 was up 10 units year-over-year.

On the other hand, the average Canada rig count for June was 146 units, up 56 rigs from last month’s count of 90 rigs and up 3 units year-over-year, compared to the average Canada rig count for May 2023, which was down 3 units year-over-year.

Meanwhile, the worldwide rig count for June was 1,800 units, up 17 rigs from 1,783 units counted in May 2023, and up 94 units, from 1,706 rigs counted in June 2022.