Noble Highlander jack-up rig (for illustration purposes); Source: Noble Corporation

May brings upsurge in international offshore rig count activity

Baker Hughes’ international rig count report indicates that the number of offshore rigs was on an upward trajectory in May 2023, jumping up by 9 units, compared to the month before. The total number of international rigs also experienced a ramp-up in activity, rising to 965 from 947 units in April 2023.

Noble Highlander jack-up rig (for illustration purposes); Source: Noble Corporation

Following the decrease in international offshore rigs in April 2023, when the number went down by 1 unit, Baker Hughes disclosed on Friday, 2 June 2023, that the number of these rigs climbed up by 9 units in May 2023. In addition, offshore rigs were up by 43 units on a year-over-year basis last month.

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Moreover, the U.S. player’s report points out that the total number of active international drilling rigs – including onshore and offshore ones – got boosted by 18 units last month, increasing to 965, which is higher by 148 rigs than last year’s count of 817 with land rigs going up by 105 units and offshore rigs climbing up by 43 units.

Compared to the figures from the month before, land rigs jumped up by 9 units to 729 in May 2023 along with offshore rigs, which rose to 236.

Furthermore, the average U.S. rig count for May 2023 was 728 units, down 24 rigs from the previous month’s count of 752 and up 10 units on a year-over-year basis while the average U.S. rig count for April 2023 was up 62 units year-over-year.

On the other hand, the average Canada rig count for May was 90 units, down 19 rigs from last month’s count of 109 rigs and down 3 units year-over-year, compared to the average Canada rig count for April 2023, which was up 2 units year-over-year.

Meanwhile, the worldwide rig count for May was 1,783 units, down 25 rigs from 1,808 units counted in April 2023, and up 155 units, from 1,628 rigs counted in May 2022.