Rig Demand Indicators
Overall Review: Weak Market Conditions continue. Among drillers responding to changes in key rig demand indicators month to month during the current survey:
- .23% reported no change vs. 19% in the prior survey.
- .77% reported worsening indicators vs. 81% in the prior survey.
- .0% reported improving conditions, same as in the prior survey.
All drilling contractors surveyed to date reported having rigs stacked within their ranks. Among them, 42% reported that their entire eets were idle, similar to ndings in the prior survey. Meanwhile, 89% of all work performed in the eld by surveyed contractors is spot work only, slightly more than the 85% reported in the prior survey. Only 6% of work performed is tied to term contracts, and the remaining 6% is multi-well programs.