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The rig fleet continues to expand as activity remains strong
Although fleet growth has slowed somewhat, new builds are still coming online, and older rigs continue to be reactivated to meet increased demand. Meanwhile, rig utilization dipped as additions outpaced activity.
The drilling industry has experienced sustained growth during the past few years due to strong market conditions and a continued fleet expansion program. A favorable environment has allowed additional companies to enter the business and new rigs to be built. According to the 55th annual NOV ReedHycalog Rig Census, fleet growth has slowed somewhat over the last year, but newly manufactured units are still coming online, and older rigs continue to be reactivated to meet increased demand.
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To assemble a complete picture of the global rig market, NOV ReedHycalog works closely with RigData and ODS-Petrodata to summarize the US and global offshore mobile rig fleets. NOV ReedHycalog personnel in Calgary gather the Canadian numbers. Estimates for the overall international land rig fleet are compiled by NOV ReedHycalog regional managers and submitted for this report.
CENSUS STATISTICAL HIGHLIGHTS
Key statistics from the 2008 census include the following:
- The US rig fleet had a net gain of 259 rigs this year, boosting the total fleet by another 9% to 3,076 rigs. This net increase is the result of 347 rig additions and 88 rig deletions during the past year, Fig. 1.
- Newly manufactured rigs, at 202 units, were the largest addition to the US fleet in 2008, as in 2007.
- The total number of US rigs meeting the census defintion of “active” was 2,541 vs. 2,402 last year, an increase of 6%.
- US rig utilization fell slightly to 83% from 85% in 2007, Fig. 2.
- The total number of US rig owners grew by 11 companies this year to 321.
- Drilling contractors own 88% of all drilling rigs, with operators owning the remaining 12%.
- The Canadian available rig fleet continues to set record highs, now at 875 units, a net increase of four rigs. This includes 47 newly manufactured rigs added to the fleet this year.
- Canadian rig activity rose 9% this year, causing utilization fo 25 available rigs, or 4%, due primarily to newbuilds.
- Global offshore mobile activity was up about 3%, with utilization remaining at 88%.
- Outside the US and Canada, utilization dropped about two percentage points to 92% from 94% in 2007.
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