U.S. offshore rig count remains flat for second straight week

The number of offshore rigs in the U.S. remained steady for the second straight week but down five units year over year, according to a Friday report by Baker Hughes.

Baker Hughes Rig Count: U.S. +6 to 384 rigs

U.S. Rig Count is up 6 from last week to 384 with oil rigs up 6 to 295, gas rigs unchanged at 88, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is down 406 rigs from last year’s count of 790, with oil rigs down 380, gas rigs down 24 and miscellaneous rigs down 2.

The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.

Baker Hughes Rig Count: Canada +2 rigs to 174 rigs.

Canada Rig Count is up 2 from last week to 174, with oil rigs up 2 to 98, gas rigs unchanged at 76.

Canada Rig Count is down 73 rigs from last year’s count of 247, with oil rigs down 59, gas rigs down 14.

It is worth noting that Baker Hughes booked a $653 million profit in the fourth quarter of 2020, against $48 million at the same time last year.

This result also marks the company’s return to profit after posting a third loss in a row at the end of Q3 last year.

Nevertheless, Baker Huges reported an adjusted net loss attributable to the company of $50 million, compared with a profit of $179 million in Q4 2020.

Revenue for the quarter was approximately $5.5 billion, down 13 per cent from Q3 2019, but up 9 per cent sequentially.