International rig count hits 5-year high

10/06/2003
DRILLING MARKET FOCUSMore cash flow from higher oil prices this year will fund an increase in international drilling, particularly in Mexico, India, Iraq, and Russia, analysts said.Analysts at Prudential Insurance Co. of America expect a gradual increase to 580 active foreign land rigs by mid-2004, from 563 rigs in early September. They predicted that the number of offshore rigs working in foreign markets would increase by 34 to 250 in that same period.At the end of summer, the international rig count was already at its highest level since June 1998. Worldwide offshore rig utilization remained flat, however; as reductions in jack ups and semisubmersibles in the Gulf of Mexico offset inter...
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