Global Jackup Rigs Market –Overview
Jackup Rigs are the most widely used drilling platforms for carrying out primarily drilling activities in the offshore and wind farm service platforms by the upstream Oil & Gas companies. Jackup rigs integrate a drilling rig, jacking system, loading and unloading facilities, crew stations, storage areas, helicopter landing deck and other drilling equipment. Jackup rigs are predominantly deployed in all major offshore production basins and can operate in water depths of up to 490 feet. With the recent technological advancements in equipment operations Jackup rigs operations have become cost effective. Due to which the Global Market of Jackup Rigs is surging fantastically well.
On account of the recent progression the Jackup Rigs Market is perceiving; the Market Research Future rolled out/published a deep diving study report, according to which the global market for Jackup rigs is estimated to grow enormously further with a whooping CAGR during the forecasted period (2016 – 2022). Attributing to the increasing global demand for energy and the rising number of investments for off shore drilling activities; the Jackup rigs market is predicted to grow in the future; witnessing an augmented growth surpassing its previous growth records in terms of value, States the MRFR Research Analyst while commenting upon the analysis.
Increasing global demand for energy is predominantly driving the global market growth of Jackup Rigs. The recent discoveries of new oil & gas reservoirs in remote areas, combined with growing technological advancements in terms of equipment have made offshore drilling operations more feasible and cost-effective eventually fostering the market growth . Additionally, significant investments made by operators into deep water Oil & gas exploration activities is providing impetus to the market growth. Moreover, the factors such as accelerating growth in economy and population worldwide, coupled with the increasing oil demand and investment growth in offshore drilling exploration activities will fuel the market growth of Jackup rigs market.
The key players of Global Jackup Rigs Markets are
- Rowan Companies Inc.(U.K.),
- Noble Corporation plc (UK),
- KCA DEUTAG Ltd.(Scotland),
- Maersk Drilling (Denmark),
- Diamond Offshore Drilling, Inc. (U.S),
- COSL (China),
- Transocean Ltd. (Switzerland),
- Seadrill Limited(Bermuda),
- ENSCO Plc (UK),
- Halliburton (U.S.)
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Global Jackup Rigs Market –Competitive Analysis
The Jackup market appears to be highly competitive yet consolidated. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players. The key players operating in the market strive to provide high quality customized and regular solutions for safe and hazardous working areas in the global oil and gas sector and premium or ultra-premium jackups having operational capability in water depths up to 190 meters. They try to build a significant reputation that held in high regard for complex problem solving and the unique ability to provide reliable and workable monitoring and measurement solutions, with the extensive industry experience, innovation and commitment of technical and engineering teams which can position them as the preferred vendor to an increasing number of leading drilling companies and rig owners.
As the global Demand for Jackup Rigs is recuperating leading to escalate the demand for offshore (harsh-environment) exploration; well established key players are getting engrossed catalyzing sumptuous M&A and Collaboration activities and think that it’s the best time to make counter-cyclical investments in the highest-specification assets.
Oct. 17, 2017, Rowan Companies plc. announced a joint venture with ARO Drilling which is a 50/50 joint venture with the Saudi Arabian Oil Company (Saudi Aramco). As part of the initial startup of ARO Drilling, Rowan and Saudi Aramco contributed equal amounts of cash into the joint venture. Following these contributions, Rowan sold three of its jack-up drilling rigs to ARO Drilling, including the J.P. Bussell, which was previously idle, and Saudi Aramco sold one of its jack-up drilling rigs to ARO Drilling.
Oct.6, 2017, Borr Drilling Ltd. announced acquisition of nine premium jack-up rigs from Singapore PPL. Shipyard PTE Ltd. Total consideration for transaction is expected to be approximately USD 1.3 billion.
March 2017, Transocean (RIG.N) announced buying Norway’s Songa Offshore (SONG.OL).
March 2017, Borr Drilling announced acquisition of 15 jack-up rigs from Transocean.
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Market Research Analysis
Recent technological advancements in offshore drilling activities have made jackup rig operations, feasible and considerably cost effective than other methods. This has also resulted in increased operation depths of these rigs. Additionally, the technology is also now used in offshore wind turbine installations because of it’s the operational feasibility. There has also been continuous investment in the oil & gas exploration activities in Asia Pacific and Middle East regions. Recent discoveries of offshore energy reserves in these regions have triggered the need for jackup rigs.
North America is expected to be the largest market for jackup rigs market, especially in the Gulf of Mexico region. Europe is also expected to contribute to the further growth with exploration activities in the North Sea region. The Asia-Pacific and the Middle East regions are also expected to drive the market as there is an increasing requirement for offshore drilling undertakings here. All these factors increase the demand of jackup rigs, thereby leading to the growth of the market.
Table of Content
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Jackup Rigs Market, By Type
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