Baker Hughes Inc. (NYSE: BHI) said March 6 that U.S. rigs continued to fall in February in North America, the only region to see reductions, while international rig counts were up.

The average U.S. rig count for February was 1,348, down 335 from 1,683 in January 2015. Year to year, rigs are down 421 from the 1,769 counted in February 2014, a 26% drop. Offshore rig counts in U.S. waters have remained fairly stable, with 52 in February compared with 55 at the same time last year.

Globally, 2,986 rigs were operating worldwide in February, down 323 rigs from January and down 750 rigs year over year.

U.S. rig counts contributed to the majority of the decline while Canadian rigs fell by five in its seasonally strongest month on a historical basis.

International rig counts actually grew by 17 rigs: Latin America added four, Europe five and Asia Pacific eight.

“While lower oil prices have taken a toll on North American rigs, international and offshore rig counts remained strong in February. But we still anticipate rig count declines to come internationally throughout the year,” according to a report by John Freeman, analyst, Raymond James Equity Research.

Middle East rig counts were flat in February after being the only region to grow internationally in January, and were up five offshore (mainly Saudi Arabia) while down five onshore, Freeman said.

As small-, mid- and large-cap companies continue to cut capex, rig numbers are likely to fall even more.

James Crandell, senior analyst for Cowen & Co., said in mid-February that 25% of all rigs would be mothballed by the end of the first quarter of 2015 compared with the fourth quarter of 2014.

Crandell expects U.S. rig activity at the end of March to hit 1,150.

February 2015 Rotary Rig Counts

February 2014 -2015 Rig Counts: North America Declines

Feb. 2015

Feb. 2014

Land

Offshore

Total

2015 Jan. -Feb
Variance

Land

Offshore

Total

Latin America

283

72

355

4

327

73

400

Europe

77

56

133

5

91

41

132

Africa

88

44

132

0

114

40

154

Middle East

367

48

415

0

351

45

396

Asia Pacific

136

104

240

8

140

119

259

International

951

324

1,275

17

1,023

318

1,341

United States

1,296

52

1,348

-335

1,714

55

1,769

Canada

360

3

363

-5

625

1

626

North America

1,656

55

1,711

-340

2,339

56

2,395

Worldwide

2,607

379

2,986

-323

3,362

374

3,736

Source: BHI