Oil Prices

[HitandRun]

Can come friends help to explain what does it mean by '' oil rigs fall " ?
Thought oil rigs are  oil drilling  platforms , quantum fell  because some oil rigs were scrapped  or any other reason ?

Many thanks .

Baker Hughes rig count data refers to active rigs, i.e. rigs on contract and drilling actively. If the rigs become inactive, they can just be idle but warm stacked or cold stacked/mothballed/decommissioned. If they are cold stacked, the crew will be laid off. 

Typically, oil producing companies do not own drilling rigs per se, they will hire the rig and crew from the drillers to help them drill a hole in the ground. 

Oil platforms are offshore structures that production, drilling or maintenance activities are carried out.