According to Rigzone, Baker Hughes’ latest North America rotary rig count, published March 27, shows the continent dropped 33 rigs in a single week, bringing the total to 696. The US shed nine rigs to sit at 543, while Canada dropped 24 to reach 153. Year over year, North America is down 59 rigs total, with the US accounting for 49 of that decline. The Permian Basin dropped two rigs on the week.
What It Means for Subcontractors
- The Permian’s continued slide, now down two rigs on the week, points to tightening workloads for West Texas completion, flowback, and wellsite services crews heading into Q2.
- A five-rig drop in US oil rigs and a four-rig drop in gas rigs signals broad softening, not a single-basin pullback. Subs across multiple regions should watch utilization and pricing pressure closely.
- Canada’s 24-rig single-week drop is partly seasonal spring breakup, but the 10-rig year-over-year decline suggests structural softness that could spill into cross-border equipment and labor demand.
