U.S. Offshore Rig Count Increases

Friday, December 10, 1999
The U.S. Gulf of Mexico offshore rig count increased for the third consecutive week, according to Offshore Data Services' weekly mobile offshore rig count. Today, the U.S. Gulf rig count stands at 151, a one-rig increase since last week. Total fleet size is unchanged at 191 rigs. Fleet utilization this week is 79.1 percent. The European offshore rig count is unchanged from last week. Of the 107 mobile offshore drilling rigs deployed in the area, 74 are under contract to oil and gas companies. European offshore rig fleet utilization is a lackluster 69.2 percent. No significant increase in European offshore rig demand is expected in the near term due to continued volatility in worldwide oil prices. The one-rig increase in the worldwide offshore rig count reflects the like increase in the U.S. Gulf. This week, 480 of the world's 632 mobile offshore drilling units are under contract. Worldwide offshore rig utilization is 75.9 percent.
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