U.S. offshore rig count loses upward traction and slips down a notch

Following two weeks of slow growth, the number of offshore rigs in the U.S. dropped down to 21 units last week, based on Baker Hughes’ weekly rig count report. In line with this, the total number of rigs operating in the U.S. tumbled down to 720 from 731 units.

After the rise in offshore rig activity for units working in the U.S., Baker Hughes revealed on Friday, 19 May 2023, that the number of these rigs took a downturn last week, falling down to 21. In addition, offshore rigs were up by 3 units on a year-over-year basis.

Moreover, Baker Hughes’ report points out that the total number of active drilling rigs – including onshore and offshore ones – in the United States decreased by 11 units last week, sliding down to 720, which is lower by 8 rigs than last year’s count of 728 with oil rigs slipping down by 1 unit, gas rigs plummeting down by 9 units, and miscellaneous rigs jumping up by 2 units.

When compared to the figures from the week before, oil rigs in the U.S. slid down by 11 units to 575 last week while gas rigs remained unchanged at 141 units and miscellaneous rigs kept the status quo at 4 units.

On the other hand, the total number of active rigs in Canada went down by 9 units, plunging down to 85 rigs, with oil rigs rising by 2 units to 39 while gas rigs slid down by 11 units to 46.

Furthermore, the company’s report underlines that the total number of rigs in Canada decreased by 3 units from last year’s count of 88 rigs. While oil rigs lost one unit last week compared to the year before, gas rigs lost 2 units.