International offshore rig count takes a downturn

With 11 units less than the month before, Baker Hughes’ international rig count report shows a sharp drop in the number of offshore rigs in September 2023. The total number of international rigs also saw a fall in activity, falling to 940 from 952 units in August 2023.

Following a boost of 4 units in August 2023, Baker Hughes disclosed on Friday, October 6, 2023, that the number of international offshore rigs decreased by 11 units in September 2023. However, offshore rigs were up by 5 units on a year-over-year basis last month.

Moreover, the company’s report points out that the total number of active international drilling rigs – including onshore and offshore ones – slipped down by 12 units last month, reaching 940, which is higher by 61 rigs than last year’s count of 879 with land rigs going up by 56 units and offshore rigs rising by 5 units.

In comparison to the figures from the month before, land rigs slid down by 1 unit to 716 in September 2023 while offshore rigs fell down by 11 units to 224.

Furthermore, the average U.S. rig count for September 2023 was 632 units, down 15 rigs from the previous month’s count of 647 and down 131 units on a year-over-year basis while the average U.S. rig count for August 2023 was down 117 units year-over-year.

The average Canada rig count for September 2023 was 188 units, down 1 rig from the prior month’s count of 189 rigs and down 23 units year-over-year.

Meanwhile, the worldwide rig count for September 2023 was 1,760 units, down 28 rigs from 1,788 units counted in August 2023, and down 93 units from 1,853 rigs counted in September 2022.