Monthly Service Rig Report
Service rig monthly utilization is a calculation based on the determination that if the fleet was at full utilization for one year, each rig would average 10 hours per day for 365 days. By this calculation, full utilization for one rig for one month averages out to 304 hours.
Please Note: We have changed our formula for calculating service rig utilization. The previous formula was: Actual reported hours/(registered rigs X 304).
The NEW formula is as follows: Actual reported hours/(reported rigs X 304) where "reported rigs" equals the total number of rigs from all companies that reported hours for the month.
For more information, please email us.