The offshore rig industry is composed of five fragmented markets. Cash enters the contract drilling services market when the exploration and production (E&P) firms lease rigs from contractors. Contractors use this case to operate their units, acquire new rigs, and upgrade and maintain their fleet. The new build and upgrade markets are the primary mechanisms by which capital leaves the service market. In the contract drilling market, rigs owned and operated by contractors are leased to E&P firms on a day rate basis to drill or service wells. The sustained low oil and gas prices has resulted E&P companies to trim their budgets, thus postponing exploration and production program plans, amid weaker cash flows. 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 market players and renegotiation of contracts by E&P companies. As per the study conducted by Market Research Future, the global market for offshore drilling rigs is likely to grow at the CAGR of around 9%.
The global market for offshore drilling rigs seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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The major player operating in the market of offshore drilling rigs are Aban Offshore Limited, China Oilfield Services Ltd, Ensco plc, Diamond Offshore Drilling Inc., Vantage Drilling Co., Pacific Drilling, KCA Deutag, Maersk Drilling, Nabors Industries Ltd, Nobel Corporation and others.
Industry/ Innovation/ Related News:
January 05, 2018 – Rowan Companies plc. (US) announced that it has concluded the purchase of two LeTourneau Super 116E jack-up rigs, the P-59 and P-60. The Company intends to mobilize these modern jack-ups to the Middle East from their current location in Brazil in late first quarter 2018.
January 01, 2018 – Chevron and Shell announced that they are eying expansion of North Sea hubs. Two major operators have submitted plans for incremental developments at their UK North Sea hubs. Chevron had originally envisaged an extra platform for its Captain enhanced oil recovery (EOR) project in the Outer Moray Firth off northeast Scotland, However, the company has instead chosen to drill up to six long-reach horizontal polymer injection wells within the existing platform area under a Stage 1 EOR program.
Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Offshore Drilling Rigs Market, By Type
4.3 Jackup Rigs
5 Global Offshore Drilling Rigs Market, By Operating Depth
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LIST OF TABLES
TABLE 1 GLOBAL OFFSHORE DRILLING RIGS MARKET, BY TYPE
TABLE 2 GLOBAL OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH
TABLE 3 GLOBAL OFFSHORE DRILLING RIGS MARKET, BY REGIONS
TABLE 4 NORTH AMERICA OFFSHORE DRILLING RIGS MARKET, BY TYPE
TABLE 5 NORTH AMERICA OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH
TABLE 6 U.S. OFFSHORE DRILLING RIGS MARKET, BY TYPE
TABLE 7 U.S. OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH
TABLE 8 CANADA OFFSHORE DRILLING RIGS MARKET, BY TYPE
TABLE 9 CANADA OFFSHORE DRILLING RIGS MARKET, BY OPERATING DEPTH
TABLE 10 EUROPE OFFSHORE DRILLING RIGS MARKET, BY TYPE
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