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Oil near $60: How's the Offshore Drilling Industry Faring?

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Part 3
Oil near $60: How's the Offshore Drilling Industry Faring? PART 3 OF 5

Take a Look at the Weekly and Monthly Rig Count

Weekly US rig count

The rig count is an important indicator to gauge the offshore drilling industry’s status. The US offshore rig count was at 20 in the week ending October 27, 2017. The rig count didn’t change from the previous week. However, it’s still down by two year-over-year. The total US rig count fell by four to 909 in the week ending October 27, 2017. The total rig count is 63% or 352 higher than the rig count in the same period last year.

Take a Look at the Weekly and Monthly Rig Count

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Importance of the rig count

The rig count is the number of rigs that are actively drilling. An increase in the rig count indicates a rise in the demand for drilling activity. A decrease indicates a fall in demand.

International rig count

In September 2017, the international offshore rig count was 190—down by 11 rigs from 201 in the previous month. Compared to September 2016, the rig count is down by 31 rigs. The total international rig count (land and offshore) was at 931, which was lower than 952 in August 2017 and 934 in September 2016.

Monthly rig count

The number of US offshore rigs rose to 18 in September 2017 from 17 in August. The rig count was the same as in September 2016. The onshore rig count rose by eight from the previous month to 922 in September. In the past year, the onshore rig count grew by 431.

A falling rig count suggests that the offshore drilling (IYE) industry is still struggling. It suggests a bleak outlook for companies like Transocean (RIG), Ensco (ESV), Pacific Drilling (PACD), Rowan Companies (RDC), and Diamond Offshore (DO).

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