Jackup Rigs Market Key Players Analysis- Rowan Companies Inc, Noble Corporation plc, KCA DEUTAG Ltd., Maersk Drilling, Diamond Offshore Drilling, Inc., Transocean Ltd.

Prominent Players
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), and Halliburton (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Jackup Rigs Market.

Jackup Rigs Global Market – Overview
A jackup rig or a self-elevating units is a type of mobile platform that consists of buoyant hull fitted with a number of movable legs, capable of raising its hull over the surface of the sea. The buoyant hull enables transportation of the unit and all attached machinery to a desired location. One of the most widely used offshore drilling rigs are jackup rigs. They are self-elevating mobile drilling platforms equipped with legs which can be lowered to the ocean floor to establish foundation for support. They integrate a drilling rig, jacking system, loading and unloading facilities, crew stations, storage areas, helicopter landing deck and other drilling equipment. They are predominantly deployed in all major offshore production basins and can operate in water depths of up to 490 feet. Jackup rigs operations have become cost effective because of the recent technological advancements in equipment operations. The increasing global demand for energy and the rising number of investments for off shore drilling activities is driving the growing application of Jackup drill rigs. During prior periods of high day rates and rig utilization rates, drilling contractors have responded to increased E&P operator demand by increasing the supply of rigs, through the ordering of construction of new units. This growth in new construction led to an oversupply of rigs and has caused a subsequent decline in day rates and rig utilization rates, due to intense competition in pricing among the suppliers and renegotiation of contracts by E&P companies. As per the study conducted by Market Research Future, the global market for Jackup Rigs is likely to grow at the CAGR of around 6%.

The recent discoveries of new oil & gas reserves in remote areas, combined with growing technological advancements in terms of equipment, have made offshore drilling operations more feasible and cost-effective. The global offshore drilling industry has been witnessing a decent growth caused by the increasing global demand for energy. In addition to that, there has been significant investment by operators into deep water oil & gas exploration activities. The factors such as accelerating economic growth, growing population worldwide, increasing oil demand and investment growth in offshore drilling exploration activities will fuel the growth of Jackup rigs in near future. The jackup type mobile offshore drilling unit (MODU) has become the premier bottom-founded drilling unit, displacing submersibles and most platform units. The primary advantage of the jackup design is that it offers a steady and relatively modern-free platform in the drilling position and mobilizes relatively quickly and easily. The Jackup rigs are primarily segmented into two types, Independent-leg type jackup unit and Mat-type jackup unit. For the independent-leg units, preloading is required to drive the legs into the ocean before the hull is completely jacked out the water. The newer and enhanced premium units do a single preload in which the jacking systems is strong enough to jack the unit with all the preload water on-board, This is a significant advantage in that a much smaller weather window can be acceptable to move the unit. Jackups are most susceptible to major damage or loss when they are floating. The mat-type jackup also usually consists of three legs that are cylindrical and are from 8 to 12 ft in diameter. Their key advantages are that they were relatively inexpensive to build and leave no footprint at the drilling location. However, they are very susceptible to damage from any object on the ocean bottom.

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There have been some noticeable technological advances in jackup unit, unlike typical earlier 1-million-lbm cantilever load units, the new premium jackups have ratings of at least 2 million lbm. With the advent of extended reach wells (ERWs), deeper gas wells, and high-pressure/high-temperature requirements, the higher load ratings are required, so many older jackups have been upgraded and enhanced, although not to the extent of some of the newer premium units built in the late 1990s and early 2000s. Unlike platform rigs, submersibles, and ships, jackups and semis are upgradeable from a technical and commercial standpoint. Rowan Co. and Noble Drilling, both large offshore drilling contractors with large jackup fleets, have done extensive upgrades and enhancements to units built in the 1970s and 1980s.

Industry News
In November, 2017 – Norwegian oil firm Aker BP ASA entered into separate agreements with Maersk Drilling and Halliburton for jack-up drilling rigs, and with Odfjell Drilling and Halliburton for semi-submersible drilling rigs. The intent is that the Drilling & Wells alliances will plan and execute sanctioned production and exploration drilling activities by using an integrated well delivery model. Halliburton will provide Aker BP’s well construction activities performed from either a Jack-Up (Maersk) or Semi-submersible (Odfjell) drilling unit, provided the model is approved in the respective licenses.
In July, 2017 – GE (NYSE: GE) and Maersk Drilling extended the scope of their digital partnership. The collaboration brought the next big step in innovative efficiency services to the offshore market and constitutes great value for customers by enhancing drilling productivity.
In January, 2017 – China Oilfield Services (COSL), the Chinese dominant offshore oil and gas drilling services provider, planned a substantial increase its revenue contribution from overseas projects in coming years, as it gradually recovers from the worst industry downturn since going public in 2002.
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.

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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.

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