Offshore Drilling Rigs Market Ongoing Trends and Recent Developments | Key Players like:Transocean, Ensco, Seadrill, COSL

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.
Demand for well intervention services in offshore areas has been increasing due to rise in demand for crude oil and fuel, increase in preventive steps taken for aging wells, rise in the number of drill rigs, and decrease in productivity of various gas and oil wells.

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Major Players Covered in Offshore Drilling Rigs Market Report are: Transocean, Ensco, Seadrill, COSL, Diamond Offshore, Paragon Offshore, Ocean Rig, Shelf Drilling, Borr Drilling, and Nabors Industries Limited.

Imbalance in the demand and supply is observed over past three years. Moreover, aging and maturing onshore oilfields have opportunities for development of offshore drilling rigs over the past few decades and is anticipated to grow at a fast pace over the forecast period. Increasing environmental concerns and regulations are restraining the growth of 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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Growing Activities of Extracting Oil and Gas Drives Growth

Exhausting resources of the non-renewable such as coal, oil, and fossil fuel coupled with over reliance on the non-renewable energy sources are encouraging offshore drilling. Most of the resources of oil and fossil fuels are inside the earth’s crust or on the offshore. The offshore reservoirs are producing near about one third of the total oil and gas production. This is boosting adoption of offshore drilling rigs and propelling growth of the global offshore drilling rigs market. Additionally, offshore drills were built on coastline 7500 feet deep and 200 miles away from shore. The production of oil and gas was very difficult before the uptake of offshore drilling rigs which is propelling growth of the global offshore drilling rigs market.

Impact of COVID-19 on Offshore Drilling Rigs Industry: The coronavirus recession is an economic recession happening across the world economy in 2020 due to the COVID-19 pandemic. The pandemic could affect three main aspects of the global economy: production, supply chain, and firms and financial markets. The report offers complete version of the Offshore Drilling Rigs Market will include the impact of the COVID-19 and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social and technological parameters.

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