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RigData - July 8, 2010 - Weekly Brief on U.S. Land Drilling

Fort Worth, TX, July 10, 2010 --( A lot of newbuild land rigs are in the pipeline despite a persistent overall capacity surplus. Most are >1,000-1,500 hp, considered the ideal size rig for tackling the shale plays that dominate U.S. land drilling today.

According to a survey of data in RigData’s rig equipment database, The Land Rig Newsletter has been able to identify 85 newbuild land rigs under construction or planned. Of that total, 58 will have been built by yearend, and two are on tap for 2011. At least 25 of these newbuilds have passed their 2009 and 2010 availability dates and are still in the yard; 64 are under construction, and the rest are planned.

The horsepower breakout was 23 at 1,000 hp, 22 at 1,500 hp, 2 at 1,200, 1 each at 1,400 hp and 2,000 hp, 6 at 500-999 hp, and 3 at <500 hp. Seventeen of the rigs are being built in China, all of them 1,000 hp or 1,500 hp and all of them for the same major public driller.

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Jamie Matlin

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