International offshore rig count on the upswing

Baker Hughes’ international rig count report shows that the number of offshore rigs was on the rise in March 2023, surging upward by 6 units, compared to the month before. The total number of international rigs also experienced an upturn in activity, climbing to 930 from 915 units in February 2023.

Following the reduction in international offshore rigs in February 2023, when the number decreased by 4 units, Baker Hughes disclosed on Thursday, 6 April 2023, that the number of these units rose by 6 in March 2023. In addition, offshore rigs were up by 34 units on a year-over-year basis last month just like in February 2023.

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 15 units last month, climbing to 930, which is higher by 115 rigs than last year’s count of 815 with land rigs going up by 81 units and offshore rigs climbing up by 34 units.

Compared to the figures from the month before, land rigs jumped up by 9 units to 702 in March 2023 while offshore rigs went up by 6 units to 228.

Moreover, the average U.S. rig count for March 2023 was 753 units, down 5 rigs from the previous month’s count of 758 and up 92 units on a year-over-year basis.

On the other hand, the average Canada rig count for March was 196 units, down 53 rigs from the previous month’s count of 248 rigs and up 11 units year-over-year, compared to the average Canada rig count for February 2023, which was up 36 units year-over-year.

Meanwhile, the worldwide rig count for March 2023 was 1,879 units, down 43 rigs from 1,921 units counted in February 2023, and up 218 units, from 1,661 rigs counted in March 2022.