Global Jackup Rigs Market Analyzed For a Booming Growth with CAGR of 6% by 2022

Global Jackup Rigs Market
Global Jackup Rigs Market Information Report by Type (Independent leg type, Mat-type jackups), by Application (Oil & Gas and Offshore wind turbine installations), by Operating Depth (Shallow water, Deep water, Ultra deep water) and by Regions – Global Forecast To 2022

Market Research Future published a Half Cooked research report on “Global Jackup Rigs Market Research Report – Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022 

Prominent Players

Rowan Companies Inc.(U.K.), Noble Corporation plc (UK), KCA DEUTAG Ltd.(Scotland), Maersk Drilling (Denmark), Diamond Offshore Drilling, Inc. (U.S), COSL (China), Transocean Ltd. (Switzerland), Seadrill Limited(Bermuda), ENSCO Plc (UK), and Halliburton (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Jackup Rigs Market.

Jackup Rigs Global Market – Overview

A jackup rig or a self-elevating units is a type of mobile platform that consists of buoyant hull fitted with a number of movable legs, capable of raising its hull over the surface of the sea. The buoyant hull enables transportation of the unit and all attached machinery to a desired location. One of the most widely used offshore drilling rigs are jackup rigs. They are self-elevating mobile drilling platforms equipped with legs which can be lowered to the ocean floor to establish foundation for support. They integrate a drilling rig, jacking system, loading and unloading facilities, crew stations, storage areas, helicopter landing deck and other drilling equipment. They are predominantly deployed in all major offshore production basins and can operate in water depths of up to 490 feet. Jackup rigs operations have become cost effective because of the recent technological advancements in equipment operations. The increasing global demand for energy and the rising number of investments for off shore drilling activities is driving the growing application of Jackup drill rigs. During prior periods of high day rates and rig utilization rates, drilling contractors have responded to increased E&P operator demand by increasing the supply of rigs, through the ordering of construction of new units. This growth in new construction led to an oversupply of rigs and has caused a subsequent decline in day rates and rig utilization rates, due to intense competition in pricing among the suppliers and renegotiation of contracts by E&P companies. As per the study conducted by Market Research Future, the global market for Jackup Rigs is likely to grow at the CAGR of around 6%.

The recent discoveries of new oil & gas reserves in remote areas, combined with growing technological advancements in terms of equipment, have made offshore drilling operations more feasible and cost-effective. The global offshore drilling industry has been witnessing a decent growth caused by the increasing global demand for energy. In addition to that, there has been significant investment by operators into deep water oil & gas exploration activities.  The factors such as accelerating economic growth, growing population worldwide, increasing oil demand and investment growth in offshore drilling exploration activities will fuel the growth of Jackup rigs in near future. The jackup type mobile offshore drilling unit (MODU) has become the premier bottom-founded drilling unit, displacing submersibles and most platform units. The primary advantage of the jackup design is that it offers a steady and relatively modern-free platform in the drilling position and mobilizes relatively quickly and easily. The Jackup rigs are primarily segmented into two types, Independent-leg type jackup unit and Mat-type jackup unit. For the independent-leg units, preloading is required to drive the legs into the ocean before the hull is completely jacked out the water. The newer and enhanced premium units do a single preload in which the jacking systems is strong enough to jack the unit with all the preload water on-board, This is a significant advantage in that a much smaller weather window can be acceptable to move the unit. Jackups are most susceptible to major damage or loss when they are floating. The mat-type jackup also usually consists of three legs that are cylindrical and are from 8 to 12 ft in diameter. Their key advantages are that they were relatively inexpensive to build and leave no footprint at the drilling location. However, they are very susceptible to damage from any object on the ocean bottom.

There have been some noticeable technological advances in jackup unit, unlike typical earlier 1-million-lbm cantilever load units, the new premium jackups have ratings of at least 2 million lbm. With the advent of extended reach wells (ERWs), deeper gas wells, and high-pressure/high-temperature requirements, the higher load ratings are required, so many older jackups have been upgraded and enhanced, although not to the extent of some of the newer premium units built in the late 1990s and early 2000s. Unlike platform rigs, submersibles, and ships, jackups and semis are upgradeable from a technical and commercial standpoint. Rowan Co. and Noble Drilling, both large offshore drilling contractors with large jackup fleets, have done extensive upgrades and enhancements to units built in the 1970s and 1980s.

Geographically, the global Jackup Rigs market has been divided into Americas, Europe and Asia Pacific. Among these regions, Currently, North America, Europe and Africa are the largest markets for offshore drilling rigs and there have been increasing investments in engineering and procurement activity in the oil & gas exploration activities in these regions. Growing demand for deep-water activities in the Asia-Pacific region and further drilling into mid ocean is driving the demand for Jackup rigs in this region. On the other hand, the Middle East & Africa is projected to witness the highest growth rate during the forecast period, followed by Latin America and Europe. The active participation of countries such as Saudi Arabia and Iran are expected to propel the high growth for the market. Latin America & Europe is driven by the deep-water and unconventional oil & gas projects that are more challenging and require jackup units for increased productivity.

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Industry News

In November, 2017 – Norwegian oil firm Aker BP ASA entered into separate agreements with Maersk Drilling and Halliburton for jack-up drilling rigs, and with Odfjell Drilling and Halliburton for semi-submersible drilling rigs. The intent is that the Drilling & Wells alliances will plan and execute sanctioned production and exploration drilling activities by using an integrated well delivery model. Halliburton will provide Aker BP’s well construction activities performed from either a Jack-Up (Maersk) or Semi-submersible (Odfjell) drilling unit, provided the model is approved in the respective licenses.

In July, 2017 – GE (NYSE: GE) and Maersk Drilling extended the scope of their digital partnership. The collaboration brought the next big step in innovative efficiency services to the offshore market and constitutes great value for customers by enhancing drilling productivity.

In January, 2017 – China Oilfield Services (COSL), the Chinese dominant offshore oil and gas drilling services provider, planned a substantial increase its revenue contribution from overseas projects in coming years, as it gradually recovers from the worst industry downturn since going public in 2002.

In June, 2016 – Diamond Offshore Drilling, Inc. (NYSE: DO) and Trelleborg’s offshore operation announced a Joint Development Agreement to develop, manufacture and market Helical Buoyancy riser technology developed by Diamond Offshore. This innovative, patented riser buoyancy design reduces riser drag and mitigates Vortex-Induced Vibration in offshore applications and enables improved operational efficiency.

Jackup Rigs Global Market – Segmentation

The scope of global Jackup Rigs market is segmented into three major segments which are explained below:

  • By Type
    • Independent Leg type
    • Mat type
  • By Application
    • Mobile Offshore Drilling Units (MODU)
    • Offshore wind turbine installations
  • By Operating Depth
    • Shallow water
    • Deep water
    • Ultra deep water

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Jackup Rigs Global Market – Competitive Analysis

The global market for Jackup Rigs is primarily dominated by the few big firms. All these players work on a collaborative basis so as to maintain their dominance and do not create a space for the new entrant in the market. Also entering the jackup rigs market is highly competitive and requires high capital investment. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, increasing investments in research and development and cost-effective exploration and production operations.

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