United States: US rotary rigs ///
The US rig count for last year grew 7.0%, on target with our projected 6.9% year-to-year average increase, a modest rate compared with the steep 19.4% growth in 2006. The rig count for 2007 grew the most in Texas, with a 98-rig jump to 844. This year, we are predicting a more modest 4.9% increase, to an average of 1,854 rigs by the end of 2008. The gas/oil-directed drilling split remained essentially flat, averaging 82.9% gas-directed for 2007.
According to the latest ReedHycalog Rig Census, newly manufactured rigs, at 349 units, were the largest addition to the US fleet. The total number of US active rigs increased 9%, while utilization dropped significantly to 85% from 96% in 2006. Rig attrition declined slightly from 2006; 95 units were removed from the US fleet compared with 119 units in 2006. Overall, the ratio of active to available rigs is 85%, down from 96% in 2006.
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