36th annual Reed rig census
- Reed Tool Co., Houston, TX (US)
For the sixth straight year, the number of rigs available in the U.S. declined. Five hundred and seventy-nine rotary rigs dropped out of drilling industry competition during the past 12 months as attrition forced rig supply closer toward balance with demand. Significant highlights of this year's census are: The U.S. rig fleet now stands at 2,752 drilling rigs, a 17.4% reduction from the census count in 1987. This is the largest percentage decline and the third largest absolute decline in available rigs in census history; The 1988 census active count was 1,532 rigs, up 10% over 1987; The 1988 census utilization rate was 55.7%, up from the 41.7% reported last year and a 110% improvement over the all-time low of 26.3% in 1986; Every region in the country reported a reduction in total available rigs. Each region also reported an increase in the active ring count with the exception of Ark-La-Tex; California had the highest utilization rate in the census (63.9%), and all regions reported a utilization rate greater than 50% with the exception of Ark-La-Tex, which reported a 45.5% rate; The number of rig owners declined 12% from 691 to 608. The decline in available rigs would have been greater, but owners brought back 226 rigs that had been dropped from previous census tabulations.
- OSTI ID:
- 6504301
- Journal Information:
- World Oil; (United States), Vol. 207:4
- Country of Publication:
- United States
- Language:
- English
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