Industry News - Rig Market - 53rd ReedHycalog® Rig Census verifies significant rig fleet growth, record number of newbuilds53rd ReedHycalog® Rig Census verifies significant rig fleet growth, record number of newbuilds
by: OilOnline
Friday, September 22, 2006
High oil and gas prices have brought increases in most
rig fleet categories and regions, spurring rig owners to mobilize additional units. “Not only has
the market upswing encouraged contractors to reactivate or refurbish their inventory of older
units, but rig building programs have also been established and are now coming to fruition,”
stated ReedHycalog President, John Deane.
ReedHycalog continues to work closely with RigData to compile the U.S. census, Nickle’s Rig
Locator to monitor Canadian activity and ODS-Petrodata to summarize the global offshore
mobile rig fleet. Due to improved market conditions, the numbers of available rigs in the U.S.,
Canada, global offshore mobile and international land rigs all rose this year. The U.S. rig fleet
realized a net gain of about 13.5% over 2005 figures, bringing the fleet size to 2,298. U.S. fleet
utilization levels maintained a record high of 96%, a 1% gain over last year.
The Canadian fleet added 63 new units, reaching a new record high of 799 units. The global
offshore mobile rig fleet experienced 29 additions this year, including 20 reactivated rigs and
nine newbuilds. ODS-Petrodata estimated that more than 90 units are on order or under
construction at this time.
The overall utilization rate for the international rig market climbed to 95% from 83% in 2005.
China, Russia and the former Soviet Union (FSU), who were excluded last year, have re-entered
the census with 100% utilization, which greatly increased Europe’s and Asia’s overall
percentages. Russia and the FSU added nearly 500 rigs, while China added over 1,100 units.
Statistical highlights from the 53rd ReedHycalog Rig Census include the following:
The U.S. rig fleet had a net gain of 272 rigs this year, expanding to 2,298 units from 2,026.
This increase is the result of 391 rig additions (238 newbuilds) and 119 deletions during 2006.
The total number of U.S. rig owners increased by 31 this year to 257, as more companies found
it economically viable to enter the market.
U.S. rig utilization increased another percentage point to a new record number of 96%.
The Canadian rig fleet reached a new record high, up to 799 units from 741. This increase
included an additional 63 newly manufactured rigs that were added to the fleet.
Canadian rig utilization climbed 10 percentage points to 84% during the spring census period.
The global offshore mobile fleet rose by a net 13 units to 654. This total took into account gains
from reactivations and new units, as well as losses due to hurricane damage and retired units.
Outside the U.S. and Canada, utilization in 2006 was up significantly to 95% for land rigs, an
increase from 83% last year.
The full results of the 53rd ReedHycalog Rig Census will be printed in World Oil’s October
issue. A summary of the 53-year census can be downloaded from the Grant Prideco web site at
www.GrantPrideco.com.
Rig Market sponsored by Draka Marine Oil & Gas
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