North America rig count drops 11 units as drilling activity softens
According to Rigzone, North America’s rig count dropped 11 units week-over-week, falling to 764 total rigs as of February 27. Canada led the decline with 10 fewer rigs, while the US shed one rig, bringing the totals to 214 Canadian rigs and 550 US rigs, based on Baker Hughes’ latest rotary rig count.
The year-over-year picture shows deeper cuts, with North America down 77 rigs compared to the same period last year. The US has reduced its count by 43 rigs while Canada cut 34 rigs during the same period.
What It Means for Subcontractors
- Expect softer demand for drilling support services in the near term, particularly in Canada where rig activity dropped more sharply
- US markets remain relatively stable with only modest weekly declines, suggesting steady work for established service providers
- Year-over-year trends point to continued market tightening, which could pressure day rates and contract terms for field services companies
