Global rig utilization at record low levels, U.S. land activity will rebound in 2017 ///

This year’s NOV Annual Rig Census gave us an opportunity to analyze the composition of the global drilling fleet just as the North American land rig markets began to rebound. Land rig utilization during this census period was historically low, at 22% and 15% for the U.S. and Canada, respectively. Around the world, overall land rig demand continues to drift lower, perhaps showing signs of an inflection point in 2017, as oil prices stabilize.

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