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Slow Down In All The Drilling Activity Around The World

Aug 12, 2016

At the moment, the drilling market is downturn. It has influence in China, USA even all over the world.

US market is not recovering as the US rig count continues to fall and is now at its lowest level since the year 1949. With just 480 rigs drilling, Middle East activity remains constant but is not growing or declining in activity, but global pricing pressures from our customers due to the market conditions are increasing. The direct result of the downturn in the US Oil and Gas borehole survey industry is the downturn market, maybe no products needs at the moment. US market is depressed specially. In 2014 there were more than 1900 drilling rigs operations, now there is close to 450 a 75% reduction!

Global oil supply and stocks still exceed demand, thereby continuing to suppress the price per barrel of oil which today sits less than 50$.



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