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Oil price volatility hugely impacts the demand for onshore drilling rigs, as less wells are drilled throughout the market recession. Historically, apart from Russia and the CIS, The United States and Canada has actually held the largest share of demand, followed by the Middle East and Latin America. In the Middle East, Oman, Saudi Arabia and Kuwait are the most significant locations for land rigs.

The need patterns in between the areas worldwide are somewhat various, whereby the majority of the growth in North America is for hi-spec rigs (1,500/ 2,000/ 3,000 hp) used in horizontal drilling. Historically the Middle East and Russia have used lower specs rigs, with more demand for 2,000 hp rigs (and above) starting to construct up from 2014 onwards.

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Regionally, around 75 % of the systems are drilling rigs, with the rest being work-over units.  Key Reference  in the GCC area has been growing significantly over the last numerous years, reaching near 370, with major purchases in UAE, KSA, and Oman. Latest global active land rig count (Source: Baker Hughes, numerous quotes for Russia and CIS) Onshore rigs have different power supply mechanisms, i.

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SCR or A/C. SCR is old technology, whereas AC-powered (with variable speed) rigs permits adjusting the load and torque as needed. This not only provides drilling performance and control but takes in less fuel and minimizes wear and tear. Most of new onshore rigs globally are equipped with the AC power system.

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In the USA, around 70% of the land rigs are AC powered. It is expected that AC powered and rigs will control the increase in rig supply capability around the world. The Middle East market for onshore drilling rigs consists of national/domestic rig specialists, as well as global players, with the domestic companies prevailing and controlling more than 70% of the rig fleet (including work-over rigs).

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Around 40% of the rig count in the region is high specification 2,000 hp to 3,000 hp rigs, with circa 25% of the units being 1,500 hp to 2,000 hp rigs and c. 15% 1,000 hp to 1,500 hp rigs. This information is since Q4 2020 and based upon different companies reports and discussions and our price quotes.