SPECIAL REPORT: No lulls in dynamic drilling market

Drillers are working at or near capacity in most markets, and many operators continue to pursue ambitious drilling programs despite recent fluctuations in natural gas prices. Utilization rates for land and marine rigs remain high, therefore, even with new builds augmenting the fleets.Around the world, drilling is strong and activity has increased over the past 4 years. The worldwide rig count reached 3,155 in July, a 14% year-over-year increase (Fig. 1). The activity is driven by increasing demand in the face of strong oil and natural gas prices. Click here to enlarge imageDespite continuing additions to the rig fleets, the rig supply is not meeting demand in all areas, pushing up day ra...

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