Market conditions

Global spending in the Onshore Drilling sector during 2013 registered an increase, due mainly to an increase in conventional drilling carried out using advanced rigs and the exploration and development of non-conventional reserves.

In the United States, the number of rigs deployed dropped slightly during 2013, while day rates were essentially unchanged from 2012. In Canada, investments were essentially unchanged, while the number of active rigs fell slightly. Globally, onshore drilling operations followed the positive trend registered in 2012. The Middle East confirmed during the year that it is a growing market, with Saudi Arabia showing good levels of demand and other countries situated in the area such as Kuwait and the United Arab Emirates also posting buoyant performances. The Caspian Sea area also registered strong levels of activity despite being a relatively small market. The European market on the other hand remained small and fragmented. North Africa showed a degree of dynamism, with growth registered in a number of areas, such as Morocco. Finally, conditions in Latin America continued to be difficult, with high levels of competition and with 2013 showing little in the way of significant growth in spending.