Reed-Hycalog: US rig activity at 47-year low

Click here to enlarge imageUS rig activity fell to a 47-year low this summer, according to the latest census by Reed-Hycalog. Rig utilization dropped to 52.3% from 76.5% a year ago (Fig. 1a), while total available rigs declined 61 units, ending a 2-year streak of gains (OGJ, Oct. 5, 1998, p. 36)."The increase between 1995 and 1997 has been negated, and unfortunately we are back to where we were in 1988 before the upward trend began," John Deane, president of Reed-Hycalog, told attendees at the annual meeting of the International Association of Drilling Contractors in Houston last month.Reed-Hycalog's active rig count for the 47th annual census, which began May 8 and ended June 21, r...

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