The international drilling slowdown continued in March with drillers across the globe shedding a combined 429 rigs.
The total worldwide rig count slumped to 2,557 last month, down from 3,597 rigs a year ago, Baker Hughes said.
U.S. drillers saw the biggest rig count drops with the country’s total count falling to 1,100 rigs in March, a 238 rig loss over February and 693 less rigs than the same period a year ago.
The U.S. land rig count recorded the steepest fall with a 229 rigs loss from February, a 683 rig drop from last March.
Canadian drillers lost 167 rigs last month bringing to country’s total rig count to 196, a sharp drop from 449 rigs a year ago.
Offshore rig counts have fared far better over the last month.
The international offshore rig count hit 316 in March, an 18 rig drop over last year and down only 8 rigs since February.
Offshore U.S. drillers lost only 9 rigs in February bringing the region’s count to 46 rigs, a slight dip from 54 rigs a year ago.
The worldwide offshore rig count dropped 17 rigs and hit 362 rigs last month, down from 388 rigs from March 2014.