What's driving the Offshore Drilling Rigs Market Share ? Transocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragon Offshore, Ocean Rig, and Nabors Industries Limited.

Offshore drilling is the process of extracting petroleum from rock formation, which lies beneath the seabed. Several types of offshore rigs are used in different depth and offshore environmental conditions, such as jack up rigs (up to 500 feet), semisubmersible rigs (up to 10,000 feet), and drillships (up to 12,000 feet). Advancement in technology to compete harsh environment and increasing demand for energy has driven the offshore drilling rigs market globally.

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The major players operating the global offshore drilling rigs market are Transocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragon Offshore, Ocean Rig, and Nabors Industries Limited.

Jackup rigs segment hold the largest share in the global offshore drilling rigs market, owing to its easy installation and low cost as compared to other rig types. Jackup rigs segment has opportunities for advancement and development.

Deep and Ultra-Deep waters are projected to be grow at a fast pace over the forecast period, owing to the major investment in this segment especially in regions such as Africa, North-America, and Europe. According to Seatrade Maritime News, offshore rig market will pick up from 2017 and will rebound to a new height by 2021.

Global Offshore Drilling Rigs Market Outlook

The North America & Latin America are projected to be the significant markets in the offshore drilling rigs market and they are anticipated to grow rapidly over the forecast period. Advancement in technology and development in offshore facilities is expected to further eliminate the regions dependency on foreign petroleum products. Additionally, it is estimated that, plenty of reserves in the oceans are present near North America. Increasing exploration and production activities in the Gulf of Mexico have globally driven the offshore drilling rigs market.

Global Offshore Drilling Rigs Market Taxonomy

On the basis of type, the global offshore drilling rigs are segmented as:
Jackup Rigs
Fixed Platform rigs
Submersible
Ultradeepwater units
Tender Assist Drilling
Semisubmersible Rigs
Drillships
Others

On the basis of application depth, the global offshore drilling rigs are segmented as:
Shallow Water Depth
Deep Water
Ultra-Deep Water

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This release was published on openPR.