Jackup Rigs Market | CAGR of 6% Estimated during 2018-2022 | Top Key Players Profiles and Size Forecast

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%.

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Competitive Analysis
The market appears to be highly competitive yet consolidated. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players.
January 22, 2018 – Borr Drilling (UAE) a rapidly growing drilling contractor confirmed that it is finally buying six out of Nine jack-up rigs of Keppel Corp (Singapore) the deal is reported to be worth $960m, but the confirmation is still awaited.
January 5, 2018 - Rowan Companies plc. (US) announced acquisition of Two Modern Jackup Rigs from Petrobras. Rowan also confirmed that it has concluded the purchase of two LeTourneau Super 116E jackup rigs.

Key Players
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.) and others.

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.

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Regional Analysis
North America, Europe and Africa account for the large markets for offshore drilling owing to the increasing investments in engineering and procurement activity in the oil & gas exploration activities in these regions.

Growing demand for deep-water activities in the Asia-Pacific region and further drilling into mid ocean is driving the demand for Jackup rigs in these region. Regions such as Africa and Latin America have emerged as attractive prospects for offshore E&P activities, due to their vast unexplored hydrocarbons reserves.

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