The global offshore rig count for May 2016 has fallen 20%, when compared to May 2015, with Latin America seeing the biggest drop by 57%.
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Image from Saudi Aramco. |
According to Houston-based Baker Hughes, a total of 255 offshore rigs were operating globally last month, a 20% decline from May 2015’s 318 rigs, and down 17% from April 2016’s 36 operating vessels.
The Middle East was the only region to see an increase when compared to May 2015. Rig count jumped 24% from 41 in May 2015 to 51 rigs in May 2016. However, when compared to last month, rig count fell 6% from 54 rigs in April to 51 in May.
Once again, Latin America experienced the steepest fall from 69 vessels in May 2015, to 30 in May 2016, representing a 57% decline. Compared to last month, the region’s rig count fell 17% from 36 to 30.
Africa saw a 35% drop from May 2015’s 31 vessels, to 20 vessels in May 2016. Its month-to-month rig count stayed the same, at 20 rigs operating.
The US rig count fell 25% over last year, from 32 to 24. Compared to April 2016, rig count fell 8% from 26 to 24.
Europe’s rig count declined 12.5% when compared to May 2015, from 48 to 42. However, the region did see a 17% increase from April 2016’s 36 rigs, to last month’s 42 rigs.
The Asia Pacific region fell 9.5% from 95 rigs in May 2015, to 86 rigs operating last month. There was also a monthly jump of 16%, from 74 rigs in April.
Canada was the only region to stay the same when compared to last year at two rigs operating. The region, which fell to only one rig in April 2016, went back up to two in May.
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