Baker Hughes Rig Count Up 81 Over Jan. 2007

Baker Hughes Incorporated reported that the international rig count for January 2008 was 1,053, up 17 from the 1,036 counted in December 2007, and up 81 from the 972 counted in January 2007. The international offshore rig count for January 2008 was 291, unchanged from the 291 counted in December 2007 and up 15 from the 276 counted in January 2007.

The international rig count for January 2008 reflects a 16 rig increase in Europe. Included in the European rig count is a 17 rig increase in Romania compared to December 2007. The increase in Romania is attributable to improved visibility and coverage of rig activity in the country as well as higher levels of overall activity.

The US rig count for January 2008 was 1,749, down 62 from the 1,811 counted in December 2007 and up 35 from the 1,714 counted in January 2007. The Canadian rig count for January 2008 was 494, up 134 from the 360 counted in December 2007 and down 74 from the 568 counted in January 2007.

The worldwide rig count for January 2008 was 3,296, up 89 from the 3,207 counted in December 2007 and up 42 from the 3,254 counted in January 2007.

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