2022 Onshore Outlook – Spears 2

US onshore rig count increased by 53% from 2021 to 2022, as activity rebounded from the post-COVID oil price downturn. Spears and Associates anticipates a more modest 9.2% increase in rig count for 2023 because most of the high-spec rigs are already under contract. This means there will also be less upward movement in dayrates next year.

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