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Offshore Drilling Rigs Market Latest Industry Trends & Forecast to 2016-2019

By Akshay0212    15 / Apr / 2019    In Category Business

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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. The 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. Semi-submersibles and jackups dominate the global offshore drilling rigs market, owing to increasing shallow and Deepwater explorations.

Transocean (Switzerland), COSL (China), Nabors (Bermuda), Ensco plc. (U.K.), Diamond Offshore Drilling (U.S.), KCA Deutag (U.K.), and Maersk Drilling (Denmark), are the major players that constitute a significant share of the global offshore drilling rigs market. These players are concentrating on growing markets and are investing heavily to meet the demand from these markets and to reduce contract backlogs.

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Growing demand for deepwater activities in the Asia-Pacific region and further drilling into mid ocean is driving the demand for mid and deep-water floaters. Additionally, increasing investments with high E&P Capex in these regions are also propelling the growth of the deepwater market. Drillships currently have the largest market size because of increasing ultra-deep water activities in growing offshore regions across the world.

The growth of the offshore drilling rigs market in these regions is propelled by factors such as growing offshore activities in the harsh environmental conditions of North Sea and depleting oil and gas reserves in the U.S. The CAGR of the European region is determined by growing offshore activities in the North Sea.

Contracts and Agreements: Key strategy

Most of these companies rely mainly on availing contracts for drilling from operators. This is done in order to gain maximum revenue and avail of niche opportunities in the market. To meet the demand for offshore drilling activities and to enhance oil productivity, drilling contractors have opted for contract extensions and agreements as their key strategy.

The major offshore drilling rig types include jackups, semi-submersibles, and drillships. Semi-submersibles are the largest in terms of market value and jackups are the most widely employed rigs for offshore drilling.

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Scope of the Report:

The global offshore drilling rigs market is analyzed in terms of revenue ($Million) for the aforesaid applications, types, and by region.

By Geography

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Middle East
  • Africa
  • Rest of the World (RoW)

By Application

  • Shallow water
  • Deepwater
  • Ultra-Deep water

By Type

  • Jackup Rigs
  • Semi-Submersible Rigs
  • Drillships

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The global offshore drilling rigs market value is expected to reach $102,473 million by 2019, growing at a CAGR of 9.27% from 2014 to 2019. Some of the factors responsible for this growth include increasing expenditure on exploration and production and the rising demand for energy from emerging economies like Africa, Brazil, and the U.S. Gulf of Mexico. The key concerns for the offshore drilling rigs industry include various environmental concerns and other related government regulations.

Latin America: Largest market for offshore drilling

Latin America is estimated to be the largest market in the offshore drilling industry, followed by Asia-Pacific. The Asia-Pacific market is projected to lead the offshore drilling rigs market by the year 2019, with an estimated market size of $20.7 billion, followed by Latin America with $20.38 billion, and Africa with $19.62 billion.

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