Rig counts the world over showed over an average 31% drop in 2015 as oil prices continued to fall and projects stalled. Africa fared worse than average, going from 47 in December 2014 to just 27 in December 2015, a 42.6% difference, according to services firm Baker Hughes.
While Africa took the worst hit in what Baker Hughes terms international rig counts, the North American rig market took the worst hit globally, dropping nearly 60% in one year, going from 59 rigs operating offshore in December 2014 to just 24 in December 2015.
One region however showed growth, the Middle East. The region was the only one to see an increase in rig numbers, with 22.2% more rigs in December 2015 at 55, compared to December 2014’s 45.