Walking the walk

摘要

The latest versions of land drilling rigs that are designed for pad drilling, automation and 360-degree movement are picking up momentum in replacing older rigs. Earlier this year Hart Energy market surveys reported that new higher spec rigs with walking packages were displacing older electric rigs in the Marcellus and Bakken shales. The replacement is picking up speed in shale plays where pad drilling has become the norm. The February 2014 survey found seven of eight manufacturers reporting strong demand. At the time, the rig builders expected international demand to outpace domestic orders. All of the increased demand stems from emphasis on horizontal drilling. In Patterson-UTI Drilling Co.'s second quarter report July 24, 2014, CEO Andy Hendricks said, "We completed six new APEX rigs during the second quarter, bringing our APEX rig fleet to 133 rigs. In response to strong customer demand, we expect to complete 25 new APEX rigs during the four quarters ending June 2015, of which 22 are currently contracted." The company has customer contracts for three additional rigs to be completed in the second half of 2015. The strong demand for high-spec rigs is impacting rig pricing for all classes of its rigs, resulting in higher day rates. Average U.S. rig revenue rose to $23,490 per day, an increase of 2%, the company noted.