The US drilling rig count dropped 7 units during the week ended June 5 to settle at 868 rigs working, according to data from Baker Hughes Inc. For the second straight week, the decline represents the second-smallest of the now 26-week slump, during which time the count has lost 1,052 units ( OGJ Online, Dec. 5, 2014 ). Compared with this week a year ago, the count is down 992 units. Last week the count officially fell below the nadir of 876 during the 2008-09 downturn ( OGJ Online, May 29, 2015 ). BHI also reported that the average US rig count for May was 889, down 87 from April and 970 from May 2014. A total of 857 land rigs represented a decline of 86 month-to-month and 944 year-over-year, while a total of 32 offshore rigs represented a decline of 1 unit month-over-month and 26 units year-over-year. Raymond […]