Offshore drilling rigs market is driven by many factors including, increase in offshore discoveries, increasing demand for oil and gas, and strict regulations against onshore drilling projects
Offshore drilling rigs are robust and are capable of withstanding in the harshest temperature and environmental conditions. The current projects in offshore drilling are gaining attention from the oil industry. Libra Field in Brazil Santos Basin holds around 8-12 billion barrels of recoverable oil. Thus major giants such as Petrobras, Shell, Total, CNPC, and CNOOC are holding stakes in the oilfield. The estimated project cost is around USD 91 billion.
The global offshore drilling rigs market, owing to increasing shallow and deepwater explorations. The semi-submersibles are a type of offshore rigs that are submerged by means of a water ballast system, such that during drilling operations, the lower hull portion is below the water surface. Most of the semi-submersibles are not mobile and are relocated with the help of tugs. Jackup rigs are offshore rigs typically equipped with legs that can be lowered to the seabed such that a foundation is established to support the drilling platform.
In December, 2018 – Nabors Industries Ltd. (“Nabors”) (NYSE: NBR) and Tesco Corporation (“Tesco”) (NASDAQ:TESO) today announced the completion of the previously announced acquisition of Tesco by Nabors.
In December, 2017 – Maersk Drilling has been awarded a four year contract for the deep-water drillship Maersk Venturer by Tullow Ghana Ltd. The contract, which was signed December 2017, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana.
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Industry Major Key Players:-
Offshore drilling rigs are Halliburton (U.S.), Schlumberger (U.S.), Weatherford International Inc (U.S.), Seadrill (Bermuda), and Aban Offshore Limited (India). China Oilfield Services Ltd. (China), Ensco plc (UK), Diamond Offshore Drilling Inc. (U.S.), Vantage Drilling Co. (U.S.), Pacific Drilling (U.S.), KCA Deutag (UK), Maersk Drilling (Denmark), and Nabors Industries Ltd (Bermuda), Nobel Corporation (U.K.) are among others.
The offshore drilling rigs market is segments on the basis of type, operating depth, and region. On the basis of type the market is classified as drillship, jackup rigs, and semi-submersible rigs. Amongst these, semisubmersible segments holds the largest market share due to its capability of withstanding the harshest conditions and ultra-deepwater at the depth of more than 3000 km based on operating depth, the offshore drilling rigs market is segmented into three segments, which are shallow water, deep water, and ultra-deepwater. Ultra-deepwater segment is dominating the market position due to increasing discoveries from ultra-deepwater.
Major Point of Virtual Power Plant Market TOC:-
Table Of Contents
1 Executive Summary
2 Research Methodology
3 Market Dynamics
4 Global Offshore Drilling Rigs Market, By Type
5 Global Offshore Drilling Rigs Market, By Operating Depth
6 Regional Market Analysis
7 Competitive Analysis
Offshore Drilling Rigs Global Market – Competitive Analysis
These players have adopted growth strategies such as new product launches, contracts & agreements, partnerships, collaborations, alliances, and joint ventures, mergers & acquisitions, and investments & expansions to capture a larger share of the offshore drilling rigs market
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Global Offshore Drilling Rigs Market:-
Latin American is the leading region due to high offshore potential reserves of oil and gas. Moreover, factors such as high investments in exploration & production (E&P) lead to an increase in demand for drilling equipment and offshore rigs. The increase in production of oil & gas in North America and the Middle East has driven operators to focus on offshore markets. Secondly, liberalization of the Mexican oil & gas sector drives the demand for offshore drilling.
Asia Pacific is one of the leading regions for growth in offshore drilling rigs market. The growing demand for energy coupled with the increasing investment in offshore exploration activities will drive the market in the forecast period. Asia Pacific is among the largest consumers of oil & gas. This demand will lead to more exploration and production in the region.
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