Worldwide offshore rig count tumbles in May

The worldwide offshore rig count in May 2020 dropped by 54 rigs year-over-year and 37 rigs sequentially, according to a report by Baker Hughes.

Baker Hughes splits its report into an international and North America one, which combine into a worldwide rig count.

The international rig count for May 2020 was 805 down 110 from the 915 counted in April 2020, and down 321 from the 1,126 counted in May 2019.

The international offshore rig count for May 2020 was 195, down 33 from the 228 counted in April 2020, and down 45 from the 240 counted in May 2019.

Looking at separate regions, the Asia Pacific region had the highest number of offshore rigs during May 2020, totalling 92 units – 4 less than in April 2020. This is up 2 rigs from 90 in May 2019.

In the Middle East region, there were 44 rigs active during May 2020, down 9 from April 2020 and 10 from May 2019.

Latin America is still holding third place with 30 active units in May. Europe is fourth with 26, while Africa is fifth place with just 3 active units – a drop of 17 units when compared to the 20 units in April 2020.

The average U.S. rig count for May 2020 was 348, down 218 from the 566 counted in April 2020, and down 638 from the 986 counted in May 2019.

The average Canadian rig count for May 2020 was 23, down 10 from the 33 counted in April 2020, and down 47 from the 60 counted in May 2019.

The worldwide rig count for May 2020 was 1,176, down 338 from the 1,514 counted in April 2020, and down 1,006 from the 2,182 counted in May 2019.

The worldwide offshore rig count for May 2020 was 210, down 37 from 247 in April 2020 and down 54 from the 264 in May 2019.

Image by: SP Mac (under permission from photographer)