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Fewer, Better, Land Rigs

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Richard Mason
October 1, 2012

When it comes to new capacity in the U.S. rig market, two clichés describe the industry in transition. The first is, “What a difference a year makes.”

Turn back the page to second-quarter 2011, when publicly held land contractors announced an astounding 83 newbuild rigs during earnings season, most accompanied by a term contract of three years, or longer.

The composition of the U.S. onshore rig fleet changed between 2008 and 2012 as wells grew more complex. Newbuild Tier I rigs accounted for a greater level of rig count as ...

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