U.S. offshore rig count stuck at 16 units

The number of offshore rigs in the U.S. remained steady last week but dropped five units year over year, according to a Friday report by Baker Hughes.

Baker Hughes Rig Count: U.S. +5 to 378 rigs

U.S. Rig Count is up 5 from last week to 378 with oil rigs up 2 to 289, gas rigs up 3 to 88, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is down 416 rigs from last year’s count of 794, with oil rigs down 387, gas rigs down 27 and miscellaneous rigs down 2.

The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.

Baker Hughes Rig Count: Canada +11 rigs to 172 rigs.

Canada Rig Count is up 11 from last week to 172, with oil rigs up 6 to 96, gas rigs up 5 to 76.

Canada Rig Count is down 72 rigs from last year’s count of 244, with oil rigs down 58, gas rigs down 14.

It is worth noting that Baker Hughes booked a $653 million profit in the fourth quarter of 2020, against $48 million at the same time last year.

This result also marks the company’s return to profit after posting a third loss in a row at the end of Q3 last year.

Nevertheless, Baker Huges reported an adjusted net loss attributable to the company of $50 million, compared with a profit of $179 million in Q4 2020.

Revenue for the quarter was approximately $5.5 billion, down 13 per cent from Q3 2019, but up 9 per cent sequentially.