Monthly Service Rig Report
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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/(reported rigs X 304).
The NEW formula is as follows: actual reported hours/(active rigs X 304) where "active rigs" equals the total number of rigs that have reported at least one hour during the past 12 months.
For more information, please email us.