International offshore rig count drops YOY

Oilfield services provider Baker Hughes reported on Tuesday that the international offshore rig count for May 2016 was up by nine rigs sequentially and down by 55 rigs year over year. 

This is the second month in a row that the international offshore rig count is exhibiting similar behavior as Baker Hughes reported in May that the April 2016 count was also up sequentially and down year over year.

According to the report by Baker Hughes, the international offshore rig count for May 2016 was 229, up 9 from the 220 counted in April 2016, and down 55 from the 284 counted in May 2015.

The total international rig count for May 2016 was 955 up 9 from the 946 counted in April 2016, and down 203 from the 1,158 counted in May 2015.

The average U.S. rig count for May 2016 was 408, down 29 from the 437 counted in April 2016, and down 481 from the 889 counted in May 2015.

The average Canadian rig count for May 2016 was 42, up 1 from the 41 counted in April 2016, and down 38 from the 80 counted in May 2015.

The worldwide rig count for May 2016 was 1,405, down 19 from the 1,424 counted in April 2016, and down 722 from the 2,127 counted in May 2015.

When it comes to worldwide offshore rig count, it was 255 in May 2016, up 8 from the 247 counted in April 2016, and down 63 from 318 counted in May 2015.