ReedHycalog: North American rig fleets grow; US fleet's net rise highest in 22 years

The annual ReedHycalog rig census shows that US and Canadian rig fleets are growing and worldwide rig utilization is strong.John Deane, president of ReedHycalog, a unit of Houston-based Grant Prideco Inc., presented results of ReedHycalog's 2004 US rig census, Sept. 24, at the annual meeting of the International Association of Drilling Contractors in New Orleans. Click here to enlarge imageAccording to the latest census, US fleet utilization rose to 84% from 78% in 2003. The 2004 utilization rate is 11% higher than the 50-year mean of 73% but falls short of 1981's historical peak of 98% utilization (Fig. 1a).Land rig utilization mirrored that of the entire US fleet, rising to 8...

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