North American rig fleet shrinks as activity climbs ///

The total available rig counts for both the US and Canada receded somewhat in 2011 in spite of an uptick in activity for both markets, according to NOV Downhole’s 58th annual rig census (previously known as the ReedHycalog rig census). Numerous newly manufactured and refurbished units didn’t overtake the abundance of older rigs retired from the fleet after being dormant for several years. Strong oil prices, however, prompted an activity increase, helping to tighten fleet utilization for the US and Canada.

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