Global Offshore Rig Construction Market Outlook to 2018

The report titled “Global Offshore Rig Construction Market Outlook to 2018 – Rising Energy Demand & Deepwater Drilling Activities to Intensify the Market” presents a comprehensive analysis of the industry covering aspects including market size by offshore rig deliveries, active offshore rigs, rigs (or platforms) fleet, rigs (or platforms) contracted and value of working rigs and market segmentation by different types of offshore rigs, by geography including regions and countries for offshore deliveries and active offshore rigs; by offshore rig day rates, rig utilization rates and others. The report also entails a detailed description on the recent trends and developments, cost analysis and issues in the market and the competitive scenario of major players in the industry along with the offshore rig deliveries of major companies in the global offshore rig construction market.

The world consumed a colossal 86 million barrels/day (bbl/d) of oil in the year 2013. Hence, to meet the immense demand for fossil fuels, petroleum companies are persistently drilling in the subsurface offshore locations for new reserves. Offshore rigs are utilized by oil and gas companies to explore for hydrocarbons and to simultaneously develop oil and gas fields. The construction of offshore rig initiates with contract orders for newbuild rigs. The rigs are constructed as per the specific requirements which include the consideration for water and drilling depth, offshore environment, method of drilling and others. There are several shipyards around the world that build offshore rigs. The shipyards delivered ~ offshore rigs for the ongoing offshore assets development in 2007. The active offshore rigs in the world have registered a minimal CAGR of 0.6% during the period 2007-2013. Rig rates are volatile in nature as they are highly dependent on oil & gas prices and rig utilization rate. The annual rate of the working rigs was estimated to be gigantic USD ~ million as of July 2014.

The offshore rigs include jackup, semisubmersible, drillship and tender rigs. These rigs are primarily utilized for drilling activities. There has been a massive rise in the supply of tender rigs from ~ rig deliveries in the year 2008 to stupendous ~ tender rig deliveries by the year 2013. Asia Pacific region had accounted for ~ rig deliveries out of the total ~ deliveries in the world in 2013, thus capturing 92.6% of the total rig deliveries during the year. Keppel Offshore and Marine Company shipyard, Keppel FELS in Singapore is the leading shipyard in the region which facilitates the deliveries for offshore rigs peculiarly the jackup rigs. Singapore is the leading country with the highest number of rig deliveries in the world, which Singapore had escalated from ~ deliveries in the year 2011 to noticeable ~ rigs by the year 2013. The US was the leading country as it withheld the topmost position in active offshore rig count in the world in 2013.

The offshore rigs are constructed to involve in E&P activities of hydrocarbons involving oil and gas. The offshore rigs and platforms include jackup, fixed platform, semisubmersible, drillship, drill barge and inland barges. Jackup rigs are usually used for shallow water drilling. It is computed that ~% of the total contracted rigs were jackup rigs as of July 2014. There were ~ contracted inland barges globally followed by a total of rig fleet size of ~ inland barges as of July 2014. Asia Pacific withholds ~% of the total rig or platform fleet of ~ across the globe as of July 2014. Rig utilization rate signifies the number of rigs being used (working rigs) as compared to total rigs fleet. The utilization rate of drill barge in the world has mounted from 80.0% in July 2013to appreciable ~% by July 2014. Day rate is the daily price to lease a rig which encompasses the use of rigs and the crew. The semisubmersible rigs drilling at WD of 1,500 ft or more, drilled with an average day rate of USD ~ per rig in July 2014. . There were ~ working semi submersible rigs globally which eventually led to USD ~ of average day rates for these rigs in July 2014.

The offshore drilling activities are regulated with the hydrocarbon potential in a peculiar geographical location. The urge for energy is persuading contractors and oil & gas E&P companies to find hydrocarbons in deepwater offshore locations. The offshore production is affected by the technological capabilities of an offshore rig. Hence, there is a need for the construction of state of art technology drilling rigs to facilitate the same. The global offshore rig construction industry is forecasted to deliver ~ offshore rigs in the year 2014. It includes delivery of ~ jackup rigs which will account for ~% of the total rig deliveries in the world in 2014. The semisubmersible rigs are anticipated to witness a substantial enhancement from ~ rig deliveries in 2014 to ~ rig deliveries by the year 2015. DSIC Offshore is likely to expand its rigs construction fleet in the forthcoming years. The company has a total of ~ offshore rigs under construction which are to be delivered during the period 2014-2016. China is emerging as a strong contender to construct offshore rigs in the world. The country is developing the competitive edge as exhibited by the other shipyards in South Korea and Singapore. China is likely to capture ~% of the total offshore rig deliveries in the world in 2014 which will further mount to ~% by the year 2016. – PR Newswire

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