US land rig day rates have kicked off 2Q 2015 by continuing to probe the downside. So far, the bottom isn’t in sight, and the deterioration in rates seems to be accelerating rather than slowing. The overall average day rate, as aggregated across all rig classes and all regions, fell by -4.5% IN April after dropping by -3.6% in March. The collapse in average day rate has been a cumulative drop of -10.6% since yearend 2014. On a quarter-to-quarter basis, the decline from Q1 to early Q2 (through April) was -6.75%. It was the biggest QTQ drop in average day rates since 3Q 2009. Marketed utilization has plummeted nearly 40 percentage points over a time span comparable to the bust in 2008–2009, which saw utilization decline by 20 percentage points. That speaks to the blinding speed of the current rig count collapse. Inasmuch as the marketed utilization rate pegs to rigs that have drilled a well in the preceding 90 days, active rigs recently were being sidelined faster than the rigs could be dropped from the marketed ranks.