GOM Rig Utilization Sags

Offshore rig utilization in the U.S. Gulf of Mexico hit a 13-month low during the week ending July 27, according to ODS-Petrodata Group. U.S. Gulf of Mexico rig utilization dropped 1.0 percent percent to 83.0 percent this week, with 176 rigs under contract out of a total of 212. The region's offshore rig utilization has fallen for six consecutive weeks, to the lowest levels since June 2, 2000. European offshore rig utilization increased 1.0 percent to 97.1 percent, with 100 of the regions 103 rigs under contract, according to ODS. Worldwide offshore rig utilization slid 0.4 percent to 88.4 percent with 577 out of 653 rigs with contracts. The ODS total worldwide offshore rig count includes changes in utilization and fleet size in regions beyond just the Gulf of Mexico and Europe.