Drilling Market Indicators 

Most Midcontinent drillers surveyed to date in May report no improvement in market conditions but instead said rig wait lists, bid inquiries, and work backlogs have remained the same compared to the prior survey. Drillers are hopeful that work may increase incrementally over the next 6 months, and one said his company had received a few more calls from operators recently. “Business is still bad, but luckily we got a few calls with customers wanting to drill,” he said. Rig pricing is expected to remain at during the next 6 months, and leading-edge day rates have remained unchanged the past 3 months. 

The Day Rate Flash Report is a feature of RigData’s Day Rate Report Service and is published intermittently each month. For more information go here.