Drilling Market Focus: Drilling boom continues worldwide

Drilling activity and rig counts continue to climb worldwide, despite increasing day rates and the cost of steel tubulars.Houston-based Raymond James energy analysts J. Marshall Adkins and James M. Rollyson noted in a mid-March energy update that operators are taking a long-term focus due to concerns about offshore rig availability. Recent contracts specify “significantly higher day rates than [Wall] St. had been modeling,” fueling their speculation that rates will continue to trend upward.Rig countsBaker Hughes Inc.’s North American rig count for Apr. 1, 2005, showed 1,559 rigs operating, up 205 rigs from a year ago (up 15%).There were 230 rigs operating in Canada, down...

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