Global Offshore Drilling Rigs Market by Type (Jack Up, Semi-Submersibles, Drill Ships), by Application (Shallow Water, Deep Water, Ultra-Deep Water) - Trends and Forecasts (2015-2020)
The offshore drilling rig market is expected to reach USD XX billion by 2021, growing at a CAGR of XX% from 2016- 2021. Continued development of offshore reserves and rising deepwater production to offset declining production from onshore reserves are the major factors driving the market.
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 dayrates 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 dayrates and rig utilization rates, due to intense competition in pricing among the market players and renegotiation of contracts by E&P companies.
Despite current market conditions, longâ€‘term outlook for the offshore drilling sector remains positive, as there is an increased interest of E&P companies to explore new prospects in deepwater fields and rise in demand for energy and petrochemicals. The oil prices are expected to stabilize by early 2017, which is expected to lead to an increased E&P activity resulting in a promising scenario for offshore drilling rig market.
Some of the prominent players of the market include â€“
Market Overview - market analysis and identification of key drivers, restraints and opportunities. Major trends and economic outlook. Supply chain analysis. Porters five force analysis. A comprehensive summary on the industry sectors and regions poised for the fastest growth. Offshore drilling rig market analysis by region and rig type (Jackups, Semisubmersible, and Drillships) which has rig dayrate analysis, rig utilization analysis, and orderbook analysis. Future outlook of the market. Extensively researched competitive landscape section with profiles of major companies along with their estimated market shares.
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