Global offshore rig utilization rate by region 2021-2024
South America had the highest marketed utilization rate of offshore oil and gas rigs in the week of May 17, 2024. 100 percent of the total marketed rig fleet in South America were contracted. This compared to an average worldwide marketed utilization rate of 91 percent. Most regions reported a decrease in rig utilization in the first half of 2024. Utilization rate is calculated by dividing the number of rigs contracted with the total marketed rig fleet, which includes stacked rigs and those under construction in each region. The total supply of global offshore oil rigs numbered 693 units that same month.