REPORT DESCRIPTION
Floating rig is one of the most important segments of oil field production chain as it provides services and equipments to oil explorers , producers and transportation of crude oil and natural gas . Rigs are huge structures that are used in the process of extraction of crude oil from oil wellbore . Either floating or bottom supported rigs are required for drilling of oil wells offshore . Global market for floating rig is tough with high capacity utilization and high day rates . As the oil prices deviated from natural gas prices , engineering and procurement companies have altered their drilling projects to target oil , rising demand of floating rigs and building a backup for the universal drilling players . According to Rigzone till 28 March 2013 600 rigs were drilling offshore representing a capacity utilization of 84.7 %.
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The global increase in offshore expenditure , dynamic oil prices and ultra deep water exploration & production of crude oil and natural gas are the major drivers for the floating rigs market . High capital investments and time associated with manufacturing of rigs are the major constraints of the floating rigs market . Complex deep water developments and ever increasing demand for oil and gas brings new opportunities for the investors to invest in the floating rigs market .
The market for the floating rigs is segmented on the basis of technology and depth of drilling . Compliant tower platforms consist of flexible and narrow towers and a stack foundation supporting the deck for drilling and other operations . This type of rig is used in at a depth ranging from 400-900 meters . Semi submersible rigs have legs of adequate buoyancy to support the structure to float . Semi submersible rigs can move from one place to another and can be raised or lowered by altering the volume of buoyancy tanks . The drilling depths for these rigs are 200-1800 meters . Jack up platforms can be jacked up above the sea level . These types of rigs are usually used in low depths and can be moved from one place to another and can anchor themselves by their jack legs . Floating production rigs are large rigs equipped with various processing facilities and can do drilling in a particular location for a longer period of time . Main types of floating production systems are FSU ( floating storage unit ), FPSO ( floating production storage and offloading system ) and FSO ( floating storage and offloading system ). Tension leg platform rigs are used for