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Oil rate volatility extremely affects the demand for onshore drilling rigs, as fewer wells are drilled throughout the industry decline. Historically, apart from Russia and the CIS, North America has actually held the biggest share of demand, followed by the Middle East and Latin America. In the Middle East, Oman, Saudi Arabia and Kuwait are the greatest areas for land rigs.

The demand patterns in between the areas internationally are somewhat various, where 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 actually utilized 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. The rig fleet in the GCC region has actually been growing significantly over the last a number of years, reaching near to 370, with significant purchases in UAE, KSA, and Oman. Newest worldwide active land rig count (Source: Baker Hughes, different quotes for Russia and CIS) Onshore rigs have different power supply mechanisms, i.

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SCR or A/C.  This Is Cool  is old technology, whereas AC-powered (with variable speed) rigs enables adjusting the load and torque as needed. This not just supplies drilling effectiveness and control however takes in less fuel and reduces wear and tear. The bulk of brand-new onshore rigs internationally are geared up with the Air Conditioner power system.

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In the U.S.A., around 70% of the land rigs are A/C powered. It is anticipated that Air Conditioner powered and rigs will control the increase in rig supply capability worldwide. The Middle East market for onshore drilling rigs includes national/domestic rig professionals, as well as worldwide 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 area 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 details is since Q4 2020 and based on different companies reports and discussions and our estimates.