Drilling rig utilization rate

Analysis: US Gulf drillship fleet could be heading into rough

None of these have confirmed new work as of the time of writing. Should the region reach the fourth quarter with seven units off-hire, this would drop the marketed

Petrodata Rigs

For companies working in or evaluating the ofshore drilling industry, Petrodata Rigs is a tool that delivers the most trusted data and market intelligence on the global ofshore drilling rig fleet,

Day Rates in Oil Drilling: Impact, Correlation, and Insights | Hexn

Conclusion The day rate in oil drilling plays a pivotal role in understanding the economics of the oil and gas industry. It encompasses a substantial portion of drilling costs

Offshore rigs utilization rate by region 2025| Statista

Utilization rate is calculated by dividing the number of rigs contracted with the total marketed rig fleet, which includes stacked rigs and

Middle East Rig Market Update & Outlook

Global Rig Market Utilization Since 2021 demand & utilization have risen across all three main rig segments – jackups, semisubs and drillships - buoyed by higher commodity prices and

Rig Utilization Rate: Determining Factors and How to

The rig utilization rate serves as a key performance indicator (KPI) in the oil and gas sector, specifically within the drilling segment. Simply put, it

2024 offshore drilling outlook: Westwood''s top three

The offshore drilling market has been reaping the benefits of the ongoing upcycle, as rising demand and tightening supply brought higher day

Drillship bonanza: utilisation to hit 97% in 2025

At Offshore Support Journal Conference, Americas in June, Ms Edralin put average leading edge day rates at US$470,000, and marketed utilisation rates at 92%. She

Petrodata Rigs

Market sentiment Day rates Global contracted marketed utilization rates for semisubmersibles, drillships, and jackups are at 77.6% (down 1.3% from January), 87.8% (flat), and 90.9% (down

Day rates in Asia-Pacific on the up | S&P Global

Day rates continue to climb in APAC while demand in the region increases and supply tightens. Although this trend presently holds true for

Westwood Insight – Offshore drilling upcycle continues, but 2025

For 2025, Westwood is forecasting a lower marketed committed utilisation rate of 89%, with the semisub market to be the hardest hit of the three rig types. Westwood''s top

Floating rig utilization rebounds to pre-COVID levels

Offshore staff LONDON/HOUSTON/SINGAPORE – Rig utilization has returned to pre-COVID levels and rig day rates are up 40% over the past

Drilling Productivity Report

The metric uses a fixed ratio of estimated total production from new wells divided by the region''s monthly rig count, lagged by two months. The metric does not

Floater utilization hits 90% for first time since 2014

Global floater drilling rig utilization reached 90% in early December 2023 for the first time since 2014. Floating utilization is up 25 percentage points since 2020, supported by a

Rig Efficiency Paper

Abstract This paper examines the methods used to measure drilling efficiency and the difficulties encountered when using various data sources. The analysis examines the

Global Offshore Drilling Rig Dayrate Forecast

Westwood''s Global Offshore Drilling Rig Dayrate Forecast 2024-2028 report provides detailed insight on historical offshore drilling rig dayrate

Rig Dayrates Have Risen, So Where are the New rig Orders?

Much has been written in recent months about the increase in offshore rig utilization and dayrates. With some key segments of the fleet at 95% utilization or higher, dayrates for recent fixtures

2023 NOV Census shows onshore US rig count

Rigs rated between 16,000 and 19,999 ft counted a fleet of 224 rigs and had the highest utilization rate of 76%. Rigs with the lowest drilling depth

7 KPIs for Enhanced Drilling Operations

The Rig Utilization Rate measures the percentage of time a drilling rig is actively engaged in drilling as opposed to being idle due to maintenance

Day Rate (Oil Drilling)

The Difference Between Day Rate (Oil Drilling) and Utilization Rate Like the day rate, the rig utilization rate is a key measurement for determining the overall soundness of the

Drillship bonanza: utilisation to hit 97% in 2025

At Offshore Support Journal Conference, Americas in June, Ms Edralin put average leading edge day rates at US$470,000, and marketed

2024 NOV census shows US onshore is leveling out

Utilization climbed to 82%, the highest since 2014. Activity of the global offshore rig fleet remains high as floater demand is driven by the

Day Rate (Oil Drilling) Definition

The Difference Between Day Rate (Oil Drilling) and Utilization Rate Like the day rate, the rig utilization rate is a key metric for determining the

Offshore Drilling Outlook to 2035

Operators have not increased their ofshore exploration capex, maintaining low activity levels. Marketed utilization has been reduced to ~62-69% for ofshore rigs with an increasingly large

Petrodata Weekly Rig Count | S&P Global

Updated each Friday, the Weekly Rig Count provides accurate offshore drilling rig data by major region and globally. Our team of global analysts compiles oil rig

Drilling rig utilization rate [PDF]

6 FAQs about [Drilling rig utilization rate]

Rig utilization rate is a metric that is used to refer to the number of oil drilling rigs being used by an oil company as a percentage of its total fleet. The higher the rig utilization rate, the higher the revenues for a firm. Rig counts are another metric used to measure activity in the oil and gas industry.

What is the rig utilization rate in 2024?

This compared to an average worldwide marketed utilization rate of 92 percent. Most regions reported an increase in rig utilization in 2024. Utilization rate is calculated by dividing the number of rigs contracted with the total marketed rig fleet, which includes stacked rigs and those under construction in each region.

How do rig utilization rates affect oil and gas industry?

Activity in the oil and gas industry is measured not just by the rig utilization rate. Rigs are required to drill for oil and gas, so the raw number of rigs in the field—the rig count—is an important indicator as well. A high rig utilization rate may signal a need for more rigs in the field, assuming demand remains strong.

Which rigs have the highest utilization rate?

ArkLaTex, however, was the region with the highest utilization, at 78%, for its smaller fleet of 55 available rigs. A total of 601 rigs, or 56% of the available fleet, had a depth capability of 20,000 ft or more. These advanced rigs had the highest utilization rate, with 72% active during the census period.

What is the weekly rig count?

Updated each Friday, the Weekly Rig Count provides accurate offshore drilling rig data by major region and globally. Our team of global analysts compiles oil rig data daily through direct contact with rig owners and offshore operators to derive dependable figures. The rig count tables below include all jackups, semi-submersibles, and drillships.

Why are rig utilization rates so low?

Quite often during times of economic recession, rig utilization rates will be quite low due to a decreased demand for oil. Along with other metrics, the rig count and the utilization rate are reported in business and trade publications to describe the state of the industry.

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