Latest US Land Rigs Snapshot

Market Summary

• In Q2 2020, the market collapsed in terms of rig count and utilization. US land rig count bottomed in August 2020
• Some signs of recovery - 308 land rigs – highest since May 2020, yet nearly half vs. the same period in 2019
• Very large idle capacity – average utilization levels in the USA are down by c.65-70%
• Average day rates are down by c. 12%, compared to Q2 2020
• Digital technologies that drive efficiencies expected to dominate the theme and be a significant value driver
• Uncertain time ahead

Full Report