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Offshore Contract Drilling Market Trend 2020 – Covid-19 Impact – Industry Size, Growth Factors, Top Leaders, Development Strategy, Future Trends, Historical Analysis, Competitive Landscape and Regional Forecast 2024

Offshore

Global “Offshore Contract Drilling Market” Report 2020 trend offers Complete examination of industry status and standpoint of significant areas dependent on of central participants, nations, item types, and end enterprises. This report focuses on the Offshore Contract Drilling in Global market, especially in United States, Europe, China, Japan, South Korea, North America, India. Offshore Contract Drilling Market report categorizes the market based on manufacturers, regions, type and application. Offshore Contract Drilling Report 2020 (value and volume) by company, regions, product types, end industries, history data and estimate data.

Also, Report contains a comprehensive analysis of the important segments like market opportunities, import/export details, market dynamics, key manufacturers, growth rate, and key regions. Offshore Contract Drilling Market report categorizes the market based on manufacturers, regions, type, and application. Offshore Contract Drilling Market reports offer a detailed assessment of the Offshore Contract Drilling including enabling technologies, current market situation, market assumptions, restraining factors.

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List of Top Key-players in 2020 of Offshore Contract Drilling Market:-

  • Transocean LTD
  • Seadrill Ltd
  • ENSCO PLC
  • Noble Drilling PLC
  • Diamond Offshore Drilling Inc
  • China Oilfield Services
  • Rowan Companies PLC
  • Maersk Group
  • Ocean Rig UDW Inc
  • Saipem SpA

The Global Offshore Contract Drilling market swot is provided for the international markets including progress trends, competitive landscape breakdown, and key in regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.

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Demand for offshore drilling rigs is directly related to the regional and worldwide levels of offshore exploration and development spending by oil & gas companies. The sustained decline in oil prices in the past from 2014 high had caused a significant decrease in the demand for offshore drilling services as many projects became uneconomical, resulting in fewer market tenders in the recent periods. Since the beginning of the downturn, drilling contractors have retired approximately 100 floaters and 50 jackups. As the market improves and demand increases, newer and high-spec rigs are expected to obtain contract awards first, increasing the likelihood that older and less capable ones do not return to the global active fleet. With the sign of recovery, the utilization rate has shown some improvement, along with contract length. However, the day rates are still to show significant improvement.

Lower Operating Cost Driving the Market

Several major oil producing companies such as ExxonMobil, Shell, ConocoPhillips, and Chevron has succeeded in bringing the breakeven prices from around high level of USD 80 per barrel to about or less than USD 40 per barrel between 2014 and 2016, in different regions. The decline in breakeven cost is mainly due to the improvement in enhanced ultimate recovery, lower drilling and completion cost and structural changes. Though the breakeven price has increased somewhat in the recent times, it is still lower than crude oil price. In June 2018, the Norwegian parliament approved the USD 5.85 billion development plan for the Johan Castberg project which is expected to start production in 2022. The development cost was cut since the 2013 plan to enable the project to break even at USD 31 per barrel rather than USD 80 per barrel.

Jackups is one of the Largest Market

Jackups are the most popular bottom supported MODUs generally used for up to 400 feet of water depth, i.e., shallow water. Approximately 125 jackups which are older than 30 years are idle, and contracts for approximately 65 jackups which are 30 years or older are expiring by the end of 2018 without follow-on work. Expenditure required to recertify these aging rigs are cost intensive and is expected to be scrapped or cold-stacked, which is expected to continue during 2018 and into 2019. The shallow-water jackups segment is on the road of recovery due to high commodity prices, and its utilization is anticipated to improve in the second half of 2018, as the rigs get deployed with increasing demand. Demand for jackups rigs is expected to be driven by the Middle East, followed by Europe and Asia between 2018 and 2020. Competition is also expected to be significant as the new builds which were ideals in the past few years also start competing.

Brazil Holds the Largest Share in the Market

The Brazilian offshore industry has started to witness recovery as the state oil & gas firm Petrobras is trying to clean itself up from a corruption scandal and an increase in crude oil price. The market is driven mainly due to two reasons: opening up of new acreage to international oil companies and Petrobras’ requirement for more rigs as their current contract starts to expire. Also, a significant number of offshore rigs operating in Brazil are either more than 15 years old or have DP2. As Petrobras is looking for newer rigs with modern equipment, these older rigs less likely to secure the contract extension in the coming years. The entrance of international oil companies is expected to have a positive impact on the domestic market. The reforms in local regulations are expected to result in high participation as the companies compete for acreage that has a higher potential for being developed compared to past rounds.

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The global Offshore Contract Drilling market covers the vision of participant analysis by product types, market share, applications, sales, and revenue.

Highlighted points of Offshore Contract Drilling Market Size:

  • Covers the varying market dynamics of the industry.
  • In-depth analysis of market risks, opportunities, limitations, and growth of the market.
  • Includes market driving and restraining factors.
  • Participants profiles along with product description, overview, and business data.
  • Include details of five years of forecast analysis by types, regions, and applications.

Key Developments in the Offshore Contract Drilling Market:
July 2018: Transocean Ltd. received a contract for ultra-deepwater semisubmersible GSF Development Driller I, an 11-well contract (approximately 955 days) commencing offshore Australia in the first half of 2019 with Chevron Australia.Excluding integrated services, the estimated firm contract backlog is approximately USD 158 million. Additionally, the contract includes four one-well options.
The m

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This Offshore Contract Drilling Market Research/analysis Report Contains Answers to your following Questions

  • Which Manufacturing Technology is Used for Offshore Contract Drilling? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Offshore Contract Drilling Market? What’s Their Company Profile, Their Product Information, Contact Information?
  • What Was Global Market Status of Offshore Contract Drilling Market? What Was Capacity, Production Value, Cost and PROFIT of Offshore Contract Drilling Market?
  • What Is Current Market Status of Offshore Contract Drilling Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Offshore Contract Drilling Market by Taking Applications and Types in Consideration?
  • What Are Projections of Global Offshore Contract Drilling Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What About Import and Export?
  • What Is Offshore Contract Drilling Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is Economic Impact On Offshore Contract Drilling Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Offshore Contract Drilling Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, Marketing Channels for Offshore Contract Drilling Industry?

Reasons to Purchase this Report

  • Current and future offshore contract drilling 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 fastest growth during the forecast period
  • Identify the latest developments, and strategies employed by the major market players
  • 3 months analyst support along with the Market Estimate sheet (in excel)

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    Finally, the report Global Offshore Contract Drilling Market 2020 describes the Offshore Contract Drilling industry expansion game plan, the Offshore Contract Drilling industry knowledge supply, appendix, analysis findings, and the conclusion.

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