Pune, India, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global Offshore Drilling Rigs Market Size is likely to gain impetus from advancements in drilling such as cloud-integrated scalable drilling. According to a report by Fortune Business Insights, titled "Offshore Drilling Rigs Market Size, Share and Global Trend By Type (Bottom Supported Rigs, Floaters Rigs), By Depth of Water (Shallow Water, Deepwater, Ultra Deepwater) and By Geography Forecast till 2026," the market is likely to expand considerably in the coming years due to advancements in related equipment and machinery in drilling purposes.
The offshore drilling rigs market is a critical component of the oil and gas industry, responsible for extracting crude oil and natural gas from undersea wells. The market is driven by the increasing global demand for oil and gas, as well as the growing need for exploration and production activities to find new sources of these resources. The market is highly competitive, with several prominent players competing on the basis of service quality, technology, and pricing.
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Key Industry Developments
Saipem has secured a deal worth $200 million for two offshore drilling contracts in Norway and Middle East. First agreement was signed with Wintershall for drilling of two wells plus two optional wells in offshore Norway. Second agreement was obtained for a four-year extension of the use of the high specs Jack up Perro Negro7 in Middle East.
Halliburton has signed up two contracts with Eni Iraq BV (Eni) to provide integrated drilling services at Eni's Zubair Oil Field in Southern Iraq. Under this contract Halliburton will deploy 4-6 rigs for drilling development wells over the next two years.
The demand for fossil fuels has increased massively in recent years. The ever-increasing human population has contributed to the huge demand for fossil fuels. Rising uptake of vehicles and automobiles has also added to the demand for fossil fuels. The soaring demand for fossil fuels has aided the growth of the global offshore drilling market. The report includes several other factors that are likely to favor the growth of the global market in the forthcoming years.
Drivers & Restraints –
Diamond's ‘Offshore Block-chain Drilling' will Enable the Market Chart Impressive Growth Trajectory
The offshore drilling rigs market will witness growth opportunities due to recent trend of innovations in offshore drilling equipment as well as the drilling process in its entirety. The report stresses on product innovations and identifies key innovations that are likely to have a huge impact on the global offshore drilling rigs market in the comic years. Influenced by the impact of innovations and a high demand for innovative products, many companies have identified this as an excellent strategy. In 2018, Diamond Offshore launched a new Block-chain drilling service. The system was integrated with cloud services and would provide accurate drill-levels in the form of digital readings. This, in turn, helped to minimize the errors in offshore drilling and enabled efficient offshore drilling activities within a low time gap. The block-chain drilling is also useful in reducing wastes. The report includes product advancements similar to Diamond's Block-chain Offshore Drilling and gauges the impact of such innovations on the global market.
The offshore drilling rigs market is also characterized by several emerging trends, including the increasing focus on safety and environmental sustainability, the growing adoption of automation and digitalization technologies, and the rising popularity of drilling in unconventional resources.
COVID-19 Impact:
The outbreak of the COVID-19 pandemic has negatively impacted various business sectors across the world. Various impositions like lockdown, social distancing and ban on imports & exports have impacted the production and distribution of various goods and services, which were considered as non-essential by the governments
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/offshore-drilling-rigs-market-100280
Highlights Of the Report:
Influx of New Entrants to Bolster Growth Opportunities
The soaring demand for offshore drilling as result from a demand for fossil fuels. This, in, turn has created opportunities for existing companies as well as paved the way for newer companies. Prevailing companies have been adopting newer strategies to improve sales and products. Furthermore, the demand for fossil fuels has reached an extent where even newer companies are finding it easy to flourish in the market. The growing market entrants will bode well for the future of the global offshore drilling rigs market.
Offshore Drilling Rigs Market Segmentation:
The offshore drilling rigs market can be segmented based on rig type and water depth. In terms of rig type, the market is divided into bottom-supported rigs and floaters rigs. Bottom-supported rigs are fixed to the seafloor and include jack-up rigs and platform rigs, while floaters rigs include drill ships and semisubmersibles, which float on the water's surface and are anchored to the seafloor.
Among these, floaters rigs are expected to hold the largest market share, driven by their ability to operate in deeper waters and harsher environments. Floaters rigs can be further segmented into drill ships and semisubmersibles. Drill ships are self-propelled vessels that can drill in ultra-Deepwater, while semisubmersibles are partially submerged and can operate in harsh weather conditions.
In terms of water depth, the market is segmented into shallow water, Deepwater, and ultra-Deepwater. The shallow water segment includes depths up to 500 feet, while Deepwater includes depths from 500 feet to 5,000 feet. The ultra-Deepwater segment includes depths greater than 5,000 feet.
The Deepwater segment is expected to dominate the market, driven by the increasing demand for offshore exploration and production activities in Deepwater areas. The ultra-Deepwater segment is also expected to witness significant growth, driven by the increasing need for new sources of oil and gas. The shallow water segment is expected to witness modest growth, driven by the increasing number of aging offshore platforms and increasing demand for maintenance and repair activities.
Regional Insights:
The global offshore drilling rigs market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Latin America have proven offshore oil and gas reserves which mainly include Western Hemisphere, Canada, Venezuela, and the United States. The Gulf of Mexico is a large basin for oil production since the last decade. Abundant energy sources are available in these regions and government & private entities are investing to develop offshore drilling which enhances the oil production in the region. Asia Pacific countries are increasing their offshore exploration and production (E&P) activities in order to increase domestic production of energy sources and reduce their rising dependence on imported oil and gas.
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Top Offshore Drilling Rigs Market Size Manufacturers covered in the Market Report include:
- Schlumberger
- Halliburton
- Baker Hughes
- Transocean,
- Ensco Plc
- Diamond Offshore Drilling
- Rowan Companies
- Noble Corporation
- Seadrill
- Weatherford International
- Stena Drilling
- China Oilfield Services Limited (COSL)
- Nabors Industries
- Saipem
- KCA Deutag
- Parker Drilling.
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter's Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
Continued…
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