Global offshore rig utilization rate by region 2021-2022

South America had the highest marketed utilization rate of offshore oil and gas rigs in the week of August 12, 2022. 100 percent of the total marketed rig fleet in South America were contracted. This compared to an average worldwide marketed utilization rate of 88 percent. Most regions reported an increase in rig utilization following the outbreak of the Russia-Ukraine war in late February. Utilization rate is calculated by dividing the number of rigs contracted with the total marketed rig fleet, which includes stacked rigs and those under construction in each region. The total supply of global offshore oil rigs numbered 679 units that same week.