Offshore Drilling Rigs Market Economic Impact, Development Strategy and Outlook 2018-2023 | Industry Analysis Report Forecast to 2023

The global offshore drilling rigs market is expected to expand at 11.25% CAGR during the forecast period.

Global Offshore Drilling Rigs Market Research Report: Information by Type , Operating Depth (shallow water, deep water, ultra-water), and Region – Forecast till 2023

Offshore Drilling Rigs Global Market – Overview

Offshore drilling rigs are used for drilling and exploration activities in the offshore arena. The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs. Offshore oil production which was complicated at one time and is increasingly becoming routine. At present, there are almost 900 large-scale oil and gas platforms that are used for the exploration of deep-water reserves. According to the U.S. Energy Information Administration, in 2017, more than 27 million barrels of oil was produced offshore across 50 countries. The world’s largest offshore oil producing countries are Saudi Arabia, Brazil, Mexico, Norway, and the United States.

Globally, there is an increase in the number of investments from operators, especially for deep and ultra-deep water activities, fuels the growth of the offshore drilling rigs market.  The crude prices have started to increase after mid-2017 and so the offshore oil & gas industry activities started to stabilize. The price crossed USD 60 per barrel mark in November 2017. In 2017, the rig contacting activity and utilization also showed improvements. Additionally, increasing investments with high E&P Capex in these regions are also propelling the growth of the deepwater market. However, concerns of environmental impact of offshore drilling and threat to marine life acts as restraint to the market.

Top Key Player:-

  • Atwood Oceanics
  • China Oilfield Services Limited. 
  • Diamond Offshore Drilling Inc. 
  • Ensco PLC 
  • Hercules Offshore Inc. 
  • KCA Deutag 
  • Maersk Drilling
  • Nabors Industries Ltd. 
  • Noble Corporation

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Industry News

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.

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.

Global Offshore Drilling Rigs Global Market – Segmentation

The scope of global offshore drilling rigs market is segmented into four major segments which are explained below:

  • By Type
    • Jackups
    • Semi-Submersibles
    • Drillships
    • Platform Rigs
    • Tender Assist Rig
  • By Application
    • Shallow water
    • Deepwater
    • Ultra-deep water
  • By Regions
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

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Global Offshore Drilling Rigs Market- Regional Analysis:-

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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