Offshore rigs’ demand on fast decline

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OilandPower South-Sudan  2020

Rig count at the end of 2015 across regions of the world, according to Baker Hughes, had suffered further decline as oil prices worldwide continued its downward slide.

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Worst hit was the US with reported number of rigs in offshore operation as at December 2014 at 59 rigs that eventually fell to 24 as at the end of 2015, which also meant a drop of about 59.3%.

Worldwide, the rig count dropped 31.3% from 399 in December 2014, to 274 within the same period in 2015.

With exception to North America, rigs dropped in the international market from 338 in December 2014, to 250 the same period in 2015, with Africa taking the hardest hit.

The rig count for Africa in December 2015 was 27, marking a 42.6% slump from 47 recorded in December 2014. There was however slight increase in the region from 26 offshore rigs in November 2015 to 27 in December, representing a 3.8% increase.

There was a drop of 32.7% from 113 rigs in December 2014 to 76 within the same period in 2015 in the Asian Pacific.

Offshore Europe took a 31.3% hit year-on-year from 51 rigs in December 2014 to 35 in 2015. Rig numbers offshore Europe only fell 5.4% month-on-month from 37 rigs to 35 in December.

Latin America dropped from 82 rigs in December 2014 to 57 rigs in December 2015, representing a 30.5% decrease.

Last but not the least, the Middle East, was the only region to see an increase in rig numbers, with 22.2% more rigs in December 2015 at 55, compared to December 2014 of about 45.

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