ReedHycalog: US rig fleet utilization drops 15% since 2001

According to the recently released ReedHycalog 2003 Rig Census, US fleet utilization has dropped to 78% from 93% in 2001. Drilling activity in 2001 represented a 20-year high, however, and the 2003 utilization rate is still 5% better than the 50-year mean of 73%. Utilization peaked in 1981 at 98%, and the historical low came in 1986 at 26% (Fig. 1a). Click here to enlarge imageLand rig utilization mirrored that of the entire US fleet, dropping to 78% in 2003 from 93% in 2001. Offshore rig utilization historically lags that of land rigs, dropping to 75% in 2003 from 90% in 2001. Decreasing number of rigsRig availability increased to 1,719 in 2003 from a low of 1,636 rigs when the market ...

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