Offshore Rig Count

Definition - What does Offshore Rig Count mean?

Offshore Rig Count is the totaling of all the rigs installed in an offshore site. This count process is the main source of accumulating the data related to the functional and non-functional rigs that are in use. There are organizations which offer the Offshore Rig Count services. The count can be carried out weekly, monthly or annually to help in understanding the drilling activities of petroleum manufacturing organizations. This count is essential as it helps in getting oil rig data and analyzing various factors such as the production range, well drilling activity and well depth.

Petropedia explains Offshore Rig Count

Offshore Rig Count is the census of all the offshore drilling rigs installed, whether floating or fixed. The rig count process is helpful in determining various factors related to the production of petroleum products. It also determines the health of an oil well and its production range, daily or annually. Most organizations offer Offshore Rig Count for different kinds of rig platforms such as rotary, jackups and drillships to name a few. There can be an international Offshore Rig Count done on monthly or annual basis. The data collected by the Offshore Rig Count is used by analysts for forecasting.

This definition was written in the context of Oil Rigs

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