International offshore rig count continues its upward trend

Baker Hughes’ international rig count report shows a further increase in the number of offshore rigs in August 2023, as 4 additional units were recorded compared to the month before. However, the total number of international rigs experienced another drop in activity, falling to 952 from 961 units in July 2023.

After a boost of 6 units in July 2023, Baker Hughes disclosed on Friday, 1 September 2023, that the number of international offshore rigs rose by 4 units in August 2023. In addition, offshore rigs were up by 25 units on a year-over-year basis last month.

Furthermore, the company’s report points out that the total number of active international drilling rigs – including onshore and offshore ones – slid down by 9 units last month, reaching 952, which is higher by 92 rigs than last year’s count of 860 with land rigs going up by 67 units and offshore rigs rising by 25 units.

In comparison to the figures from the month before, land rigs slid down by 13 units to 717 in August 2023 while offshore rigs went up by 4 units to 235.

Moreover, the average U.S. rig count for August 2023 was 647 units, down 26 rigs from the previous month’s count of 673 and down 117 units on a year-over-year basis while the average U.S. rig count for July 2023 was down 83 units year-over-year.

The average Canada rig count for August was 189 units, up 3 rigs from the prior month’s count of 186 rigs and down 12 units year-over-year.

Meanwhile, the worldwide rig count for August was 1,788 units, down 32 rigs from 1,820 units counted in July 2023, and down 37 units from 1,825 rigs counted in August 2022.