International offshore rig count slips down a few more notches

With the number of offshore rigs on a downward trajectory, Baker Hughes’ international rig count report shows five units less in October 2023 than the month before and four less than last year. On the other hand, the total number of international rigs saw a rise in activity, jumping to 962 from 940 units in September 2023.

After a drop of 11 units in September 2023, Baker Hughes disclosed on Friday, November 3, 2023, that the number of international offshore rigs decreased further by 5 units in October 2023. In addition, offshore rigs were down by 4 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 – rose by 22 units last month, reaching 962, which is higher by 51 rigs than last year’s count of 911 with land rigs going up by 55 units and offshore rigs falling down by 4 units.

In comparison to the figures from the month before, land rigs went up by 27 units to 743 in October 2023 while offshore rigs slid down by 5 units to 219.

Moreover, the average U.S. rig count for October 2023 was 623 units, down 9 rigs from the previous month’s count of 632 and down 145 units on a year-over-year basis while the average U.S. rig count for September 2023 was down 131 units year-over-year.

The average Canada rig count for October 2023 was 192 units, up 4 rigs from the prior month’s count of 188 rigs and down 22 units year-over-year.

Meanwhile, the worldwide rig count for October 2023 was 1,777 units, up 17 rigs from 1,760 units counted in September 2023, and down 116 units from 1,893 rigs counted in October 2022.