Drilling rig rates

Empirical relations characterize rig day rates

Global active rig count and oil prices. Source: Data from RigLogix, 2011; EIA 2011. When regional utilization is low, the supply of stacked units is large relative to demand, and

Day Rate in Oil Drilling: Definition, Calculation, and

Day rate is the daily cost of renting a drilling rig and is calculated by dividing the total contract value by the contract duration. Day rates are influenced by oil

U.S. day rates extend slump, but most drillers foresee busier H1

U.S. drilling day rates took a tumble in 2024, finishing the year lower than they began for the first time since the COVID-19 pandemic. The Enverus Day Rate Survey''s U.S.

Westwood: Onshore Rig Counts, Rates to Rise

Land drill rig day rates have increased in a number of regions due to an increase in drilling demand combined with higher commodity pricing. In the U.S., in particular, day rates

2024 offshore drilling outlook: Westwood''s top three

The offshore drilling market has been reaping the benefits of the ongoing upcycle, as rising demand and tightening supply brought higher day

Rig Dayrates Have Risen, So Where are the New rig Orders?

Much has been written in recent months about the increase in offshore rig utilization and dayrates. With some key segments of the fleet at 95% utilization or higher, dayrates for recent fixtures

Petrodata Rigs

For companies working in or evaluating the ofshore drilling industry, Petrodata Rigs is a tool that delivers the most trusted data and market intelligence on the global ofshore drilling rig fleet,

Offshore rigs utilization rate by region 2025| Statista

South America had the highest marketed utilization rate of offshore oil and gas rigs in the week of August 15, 2025. *** percent of the

Global Land Drilling Rigs Tracker

Each month Westwood''s onshore team provides a global update on land drilling rig supply, with data sourced from and analysed using Westwood''s Global Land Rig tool.

Clarksons Research: Offshore oil and gas vessel

Offshore oil and gas markets continued to strengthen in 2023, with the Clarksons Offshore Index rising by a further 27% to a multi-year high of

Indian rig rates, Day rates, offshore rigs, Rig

The rig movement database compiles information on rigs active in India, both inland and offshore helps E & P operators rig movement, availability and day

day rate | Energy Glossary

The daily cost to the operator of renting the drilling rig and the associated costs of personnel and routine supplies. This cost may or may not include fuel, and usually does not include capital

Rate of Penetration ROP in Drilling: A Guide

In the drilling industry, the rate of penetration (ROP), also known as penetration rate or drill rate, is the speed at which a drilling bit breaks the

U.S. day rates extend slump, but most drillers foresee busier H1

The rig utilization rate ended December at 74.01%, the lowest of the year. "There is no wait time for just any rig, but a short wait time to engage a specific rig," an Ark-La-Tex

Middle East Rig Market Update & Outlook

The Middle East, is expected to see a major increase in onshore rig demand with an average of 654 rigs operational expected in 2027, up 36% on 2022, driven by activity in GCC countries.

Offshore drillers see tightening rig market, increasing day rates

Signs of an improving global offshore drilling market appear to be flourishing, with longer contract durations not seen in years, rising day rates and upstream customers asking to secure rigs

Upstream Solutions | S&P Global

By enhancing decision-making and streamlining workflows, we help teams assess above and below-ground risks, navigate market trends, refine carbon abatement, and optimize

U.S. drilling rig day rates decline for fourth straight month | Enverus

Drilling rig day rates in the U.S. declined for the fourth consecutive month, although the pace of the decline slowed a bit, according to the monthly Enverus Day Rate Survey, as rig

8.2: Drilling Contracts | PNG 301: Introduction to Petroleum and

In addition, the operating company leases the rig and its rig crew at a specified daily rate (day rate) which accounts for approximately one half of the daily expenditures. The actual daily rate

Rate of penetration

Rate of penetration In the drilling industry, the rate of penetration (ROP), [1] also known as penetration rate or drill rate, is the speed at which a drill bit breaks the rock under it to deepen