Global Drilling Rig Activity

Gilmore Market Update

Source: https://rigcount.bakerhughes.com/rig-count-overview

Annual Offshore Rig Count Change

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US: +25.0%

INT’L: +6.3%

Annual Onshore Rig Count Change

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US: -24.3%

CA: -13.9%

INT’L: +9.4%

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Drilling Solutions

Gilmore Market Update

Recent Floater Rig Activity:

Rystad Energy

• Noble Valiant – 12/23 - $470k/d

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• COSLPromoter – 12/25 - $337k/d

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• COSLProspector – 12/24 – TBD

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• COSLInnovator – 12/25 - $337k/d

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• Island Innovator – 4/24 – TBD

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• Valaris DS15 – 3/24 - $410k/d

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• Alpha Star – 12/24 - $258k/d

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Production & Downhole Solutions – September Update – Intervention Systems CAPEX Outlook

• Well service units including workover, pulling, hydraulic workover (HWO)/snubbing, and casing jacks for intervention and abandonment operations. Supplier spend includes fabrication of intervention units, both onshore and offshore.
• Market CAPEX spend to peak in 2024, with OPEX continuing.

Gilmore Market Update

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Production & Downhole Solutions – Baker Hughes bags multiple contracts�

• Baker Hughes has procured four significant contracts from ADNOC, Vaar Energi and Venture Global LNG.
• Vaar awarded twin contracts to the supplier in the North Sea for exploration logging, well intervention technology and subsea production systems. This Exploration Logging will include downhole sampling which creates demand for Gilmore’s Dirty Fluid valves.
• A nine-year agreement has been signed where Baker Hughes will enhance well intervention and exploration logging services, along with a 15-year engagement to deliver vertical tree system for the Balder field, located in the central part of the Norwegian North Sea.

Gilmore Market Update

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