Worldwide offshore rig count and utilization rate

February saw improvements across every category for the second month in a row, but they were quite modest.

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February saw improvements across every category for the second month in a row, but they were quite modest. The total number of jackups, semis, and drillships under contract grew by three units to 437 rigs.

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However, only one rig has been removed from the global fleet, taking the total supply down to 757. As a result, rig utilization had a very mild bump up to 57.7% from 57.3% in January. The number of rigs working experienced a similar increase, climbing from 403 in January to 404 in February.

– Justin Smith, Petrodata by IHS Markit

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