Golden Triangle - One of the Largest Market for Offshore Drilling
The deepwater drilling market is expected to rebound in the near future due to increased activity in the Golden Triangle - Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival after a long time, without any major discovery. In March 2017, Ensco PLC, an offshore drilling contractor, said that they had witnessed a 200% increase in rig years, tendered for jack-up year over year. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” is expected to increase the demand for mobile offshore drilling unit. Several large offshore drilling projects countries such as Mozambique and Nigeria are further expected to drive the market.
Increase in Rig Tendering Activity in the US and Brazil - Driving the Market
In 2018, the rig tendering activity is expected to increase in response to positive outlook for offshore drilling activity. In Brazil, companies such as Chevron, Total, Shell, and others are in talks with drilling contractors for mobile offshore drilling units for drilling Brazil’s pre-salt and post-salt play. Around 14 deepwater projects are expected to come by 2020 in the country. Brazilian state-owned company Petrobras is expected to replace contracts expiring in 2018 and next year, as well as new rig requirements from late 2019. The US government has opened 98% of its coastal waters for exploration. As a result, the market is expected to witness increase in rig tendering activity in the forecast period.
Oversupply of Offshore Drilling Fleet - Restraining the Market
The offshore drilling market is suffering from demand and supply gap, which is too wide to overcome, without an additional impulse. The oversupply had reduced the rig day rates by 50% in 2017 as compared to the 2013—2014 level, and is expected to remain soft in the near future. In 2017, the oversupply was 50% for the offshore drilling fleet globally, including drillships, semisubmersible and jack-ups. Also, rigs sitting in yard become less competitive and the activation costs of new build or old cold stacked rigs increases with increase in idle time. As a result, the lesser revenue for companies and the extra cost for activation of stacked rigs are restraining the market.
Key Developments in the Market
? January 2018 - Maersk Drilling has received a four-year contract for deep water drillship from Tullow Ghana Ltd.
? December 2017 - Total E&P Norge AS has extended the contract with Maersk Drilling for Jackup rig Maersk Intrepid.
? December 2017 - Nabors Industries acquired Tesco Corporation, which is an oilfield service company specializing in designing, manufacturing, and servicing of technology based solutions for upstream oil & gas industry.
? June 2017 - Ensco acquired Atwood Oceanics, Inc., which is an offshore drilling contractor.
Major Players: Aban Offshore Limited, Diamond Offshore Drilling Inc., Ensco PLC, Maersk Drilling, Nabors Industries Ltd, among others.
Reasons to Purchase this Report
? Current and future global offshore drilling rigs market outlook in the developed and emerging markets
? Analyzing various perspectives of the market with the help of Porter’s Five Forces analysis
? The segment that is expected to dominate the market
? Regions that are expected to witness the fastest growth during the forecast period
? Identify the latest developments, market shares, and strategies employed by the major market players
? 3 month analyst support, along with the Market Estimate sheet (in excel)
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2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
4. Market Dynamics
5. Supply Chain Analysis
6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 By Type
7.1.1 Jack Ups
7.2 By Depth
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.2 United Kingdom
8.2.3 Rest of Europe
8.3 South America
8.3.4 Rest of South America
8.4 Middle East & Africa
8.4.1 Saudi Arabia
8.4.4 Rest of Middle East & Africa
8.5.4 Rest of of Asia-Pacific
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 Aban Offshore Limited
9.2 Diamond Offshore Drilling Inc.
9.3 Ensco PLC
9.4 Maersk Drilling
9.5 Nabors Industries Ltd
9.6 Transocean Ltd
9.7 Seadrill Limited
9.8 Pacific Drilling SA
9.9 Rowan Companies PLC
9.10 Noble Corporation
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Market Share Analysis
10.4 Strategies Adopted by Leading Players
11.1 Contact Us
*List not Exhaustive
**Subject to availability on public domain