International offshore rig count two units down in February

Baker Hughes’ rig count report has shown that two rigs left the working international offshore fleet in February 2024. However, the number of units at work last month still experienced a slight increase compared to the previous year. On the other hand, the total number of international rigs took a downward plunge, falling to 958 from 965 units in January 2023.

Following an increase in January 2023, Baker Hughes outlined that the number of international offshore rigs dropped in February 2024 while offshore rigs were up 1 unit on a year-over-year basis.

Furthermore, the company’s report highlights that the total number of active international drilling rigs – including onshore and offshore ones – slid down by 7 units last month, reaching 958, which is higher by 43 rigs than last year’s count of 915 with land rigs going up by 42 units and offshore rigs rising by 1 unit.

In comparison to the figures from the month before, land rigs went down by 5 units to 735 in February 2024 while offshore rigs slipped down by 2 rigs to 223 units.

Moreover, the average U.S. rig count for February 2024 was 623 units, up by 2 rigs from the previous month’s count of 621 and down 135 units on a year-over-year basis while the average U.S. rig count for January 2023 was down 151 units year-over-year.

The average Canada rig count for February 2024 was 232 units, up 35 rigs from the prior month’s count of 198 rigs and down by 16 units year-over-year.

Meanwhile, the worldwide rig count for February 2024 was 1,813 units, up 30 rigs from 1,784 units counted in January 2024, and down 108 units from 1,921 rigs counted in February 2023.