It’s reset time in the oil services sector as an uncertain 2013 gets under way. Domestic rig count did its own reprise of a fiscal cliff tumble as the fourth quarter 2012 spiraled to an end, dropping 41 units in the final week of December and exacerbating a trend that saw fourth-quarter 2012 average rig count finish 4.5% below third-quarter levels.

While late fourth-quarter seasonal drops in rig count are the long-term norm in the industry, thanks to a combination of weather, year-end budget expiry and smaller privately held operators ...