HOUSTON – The US offshore drilling rig count is 24, up two from last week, and down five rigs year over year, according to the Baker Hughes Weekly Rig Count of May 20, 2016.
The US Gulf of Mexico rig count rose by two to 23 units, according to the report.
The overall US rig count, onshore and offshore, is down 481 rigs from last year at 885, with oil rigs down 341, gas rigs down 137, and miscellaneous rigs down three.
The current nationwide rig count is less than half the prior-year level of 885. Notably, the count had peaked at 4,530 in 1981. Inversely, an all-time low was recorded at 488 during 1999. However, this was broken in March and since then the rig count has been touching new lows steadily.