Offshore Drilling Rigs Market Overview:
The Offshore Drilling Rigs market report declares that the market can achieve a CAGR of 6.80% during the forecast period of 2024 to 2032. Market Research Future (MRFR), in their assessment, reveals possibilities that could transform the market outcome.
The offshore drilling rig market outlook reveals factors like the inclusion of top-end instruments to increase safety and reduce cost, which would bring down the cost. The market is also banking on investments in the sector that are rising due to the interests shown by governments and private organizations. Also, it is going to profit from the competition of the giants.
However, the plummet in demand during the pandemic can initiate changes in the market.
Segmentation:
The Offshore Drilling Rigs market has been segmented by MRFR analysts to understand details of the market and devise better strategies. These segments are operating depth and type.
By type, the global market report on the Offshore Drilling Rigs can be segmented into jackup rigs, drillship, and semi-submersible rigs. Among these, the semi-submersible segments had the largest market share due to its ability to withstand the harshest conditions and ultra-deepwater where the depth is more than 3000 km.
By operating depth, the study on the Offshore Drilling Rigs market reveals three segments, deep water, shallow water, and ultra-deepwater. The ultra-deepwater segment had the better market coverage as most of the explorations are now happening in the ultra-deepwater area.
Regional Analysis:
Latin America is leading the global market as the region is witnessing a huge spur in offshore drilling rig market activities. Countries like Brazil is making an impact on the market. Liberalization of Mexican oil is also going to influence the market outcome.
Competitive Landscape:
- Equinor
- Shell PLC
- Schlumberger Limited
- Saipem
- KCA Deutag
- Nobel Corporation
- Pacific Drilling
- Seadrill
- Halliburton
- Weatherford International Inc.
- Aban Offshore Limited
- China Oilfield Services Ltd.
Industry News:
The slow downturn that started taking place in 2014 had hit hard the Offshore Drilling Rigs this year. Since March, there were more than 40 terminations of various types of deals. This happened mostly in Africa and Western Europe. The year started on a positive note with promises of drilling corporations resuming their work in erstwhile closed areas. However, the market had to witness a global plummet in the demand for oil due to the pandemic attack. Regions like the US Gulf of Mexico, Canada, the Mediterranean, Latin America, India, Southeast Asia, Middle East, and Australia/New Zealand witnessed cancellation of contracts. The loss due to the COVID-19 crisis was so huge that several companies failed to cope with the situation. Noble Corp. a major company with influence on the market had to file bankruptcy.
In July 2020, the Danish company, Maersk Drilling, announced that they are planning to introduce technologies that would reduce the carbon emission rate. The company had announced that they intend to invest USD 1m in the California-based company Clean Energy Systems. This is to develop a path-breaking technology called Carbon-Negative Energy
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