Offshore Oil Rig & Platform Construction
The Offshore Oil Rig and Platform Construction industry plays an important role in the United States' energy sector. Growth in oil production caused industry revenue to at the beginning of the five-year period to 2019. However, oil price weakness starting in 2014 weighed heavily on industry performance, resulting in sharp revenue declines in 2016 and 2017. Industry operators rely on demand from upstream oil and gas producers. When the price of oil is high, companies are more likely to look for and develop more unconventional resources, such as those located in offshore environments. Over the five years to 2024, the industry will be exposed to a wide variety of exogenous events. Regulatory changes, natural disasters and international affairs can drastically affect the industry's operations. However, assuming that the next five years will be free of significant structural changes in the global oil and gas sector and technologies continue to improve, IBISWorld projects that industry revenue will expand.
This industry constructs offshore drilling platforms, also known as oil rigs, for oil exploration companies. Many operators also provide offshore platform support services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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