U.S. onshore day rates for drilling rigs increased in May to exceed their pre-pandemic levels of early 2020, according to Enverus day rate survey. Enverus said last month the combination of more demand and higher costs increased the U.S. average onshore day rate to $18,517 in May – the 14th straight monthly increase and first time above $18,000 since January 2020.
Enverus said between January 2020 and March 2021 the average day rate fell $3,641 to $14,380 from $18,021 for a decline of 20 percent in 15 months. The rate rose $20 in April 2021 and climbed every month since. Gulf Coast average day rate grew the most of any region in May – adding $1,842 (9.3 percent) to $19,129.