U.S. rig fleet contracts further, as activity continues to climb ///

The total available rig count for the U.S. continued to decline in 2012, even though activity strengthened, according to the 59th annual NOV Downhole Rig Census. Sliding commodity prices since last year did not seem to impact drilling momentum during this year’s census period in the early summer. While activity grew, the fleet continued to shrink, despite another large number of newly manufactured rigs that came online over the past year. This combination of increasing demand and declining supply further tightened U.S. rig utilization in 2012.

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