October 2007

Rig building continues while fleet utilization declines

Healthy industry conditions over the past few years have prompted additional owners and rigs to enter the drilling market. The rapid expansion of the rig fleet, especially due to newbuilds, continues to be noteworthy. This year however, as fleet capacity accelerates, utilization has fallen in many areas due to market softening and fleet expansion, according to the 54th annual ReedHycalog Rig Census. ReedHycalog continues to work closely with RigData, Nickle’s Rig Locator and ODS-Petrodata to summarize the US, Canadian and global offshore mobile rig fleets. The international land rig fleet has also been examined for the third consecutive year, as we compile an overall picture of the dynamic global rig market.

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