Offshore Drilling Rigs Market Poised to Touch US $102,473
million by 2019
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.