NOV RIG CENSUS
Canadian Available and Active Rigs
1000 Available rigs
Active rigs
900 800
700 600
358 500
400 300
184 200
100 0
2006 2007
2008 2009
2010 2011
2012 2013
2014 2015
2016 2017
2018 2019
2020 2021
2022 Figure 6: The number of active rigs in
Canada continued to increase for the
second year in a row, reaching 184 in
2022. This is 31% higher than in 2021 and
534% higher than the lows in 2020. Fig-
ure 7: There were 470 active rigs in the
global offshore mobile fleet in the 2022
census, the highest number since 2016.

Figure 8: The number of individual rig
owners in the US stayed the same after
two years of significant decreases.

Global Offshore Mobile Fleet, Available and Active Rigs
more semisubmersibles were scrapped
relative to its fleet size since the down-
turn began than the other two MODU
segments. 900
800 700
600 US industry trends
500 400
300 Available rigs
Active rigs
200 100
0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Number of rig owners in US
800 700
600 500
400 300
200 38
2021 2022
2019 2020
2017 2018
2015 2016
2013 2014
2011 2012
2010 2009
2007 2008
2005 2006
2003 waiting for delivery have a scheduled date
in 2022 or 2023, but many will likely be
postponed. The drillship segment has 15 rigs still
waiting for delivery, all ordered pre-down-
turn. Of these, 13 have scheduled delivery
dates for this year or next; however, several
of these are likely to be postponed. With a
tight market in some regions, a few deliv-
eries will come over the next two years
as the preference for reactivations over
newbuilds will not be enough to cover the
demand. Supply chain issues and inflation
2004 2001
2002 1999
2000 1997
1998 1995
1996 1993
1994 1991
1992 1989
1990 1987
0 1988
100 have increased the time to reactivate a
cold-stacked drillship from 9-12 months to
12-18 months, and prices for reactivation
are likely to exceed $100 million in many
cases. The semisubmersible segment is dif-
ferent as only seven semisubmersibles
are currently under construction, three
of which are scheduled for delivery this
year, another three next year and one in
2024. However, most of these will likely
be pushed out further, and there were no
new deliveries last year. Comparatively,
The number of individual rig owners
holding available rigs barely changed this
year, dropping to 171 from 172. The wave
of bankruptcies has ended, and high ask-
ing prices have stifled mergers. A total of
77 rigs are considered operator-owned, or
roughly 4.7% of the US available fleet of
1,640 rigs.

Increasing dayrates was the primary
trend for the year, a welcome change for
drilling contractors that have faced finan-
cial hardships for some time. Tier 1 rigs
have reached the mid-$30,000 dayrate
range. The struggle to crew rigs going
back to work has also been a common
thread. Drilling contractors have indicated
that some operators are choosing to wait
to contract a hot Tier 1 rig with an experi-
enced crew versus attempting to upgrade
and reactive a stacked rig and be forced
to use green drilling crews. Operators con-
tinue to ask for technology that can lower
carbon emissions and meet growing ESG
demands. Forecast for next year
As generally expected, the world has
now learned to live with the impacts of a
global pandemic. Except for inflation fears
and the effects of the Russia-Ukraine con-
flict creating an increase in potential vola-
tility in the oil price, things have settled
down. The oil price should average high
enough that forecasting rig activity with a
bit more confidence is possible.

Oil prices are expected to average just
under $91 in 2023, and countries world-
NOVEMBER/DECEMBER 2022 • DRILLING CONTRACTOR