Offshore Drilling Rigs Market to 2022: Overview, In-Depth Analysis With Market Players Aban Offshore Limited, China Oilfield Services Ltd, Ensco plc, Diamond Offshore Drilling Inc., Vantage Drilling Co.

World Offshore Drilling Rigs Market - Overview
The Offshore Drilling Rigs Market is perceiving an augmented demand worldwide attributing to the rising oil & gas exploration activities around the globe. Simultaneously, ever rising high demand for crude oil, depleting reservoirs coupled with the maturing O&G onshore wells are fostering the growth of Offshore Drilling Rigs market. Moreover, constant development of offshore reserves and rising deep water production influence the growth of the global offshore drilling market positively. Owing to all these factors; the market for Offshore Drilling Rigs is garnering a fabulous demand on the global platform.

Accrediting the exponential accruals the market is garnering currently, demonstrating the growth prospects globally, Market Research Future, recently published a meticulous study report giving out the complete market insights up till 2023. In its analysis MRFR foretells that the global Offshore Drilling Rigs market will ascend up to ~ 99.67 Billion USD by 2023, registering a striking CAGR during the anticipated period (2016 – 2022).

The gap between demand and supply in O&G sector has prompted the need for efficient search and extraction of oil and gas. Recent discoveries of offshore energy reserves in some of the regions have triggered the growth in the offshore drilling rigs market. Offshore drilling rigs systems are implemented to maximize oil and gas extraction. Additionally, a renewed interest in shale gas extraction has also driven the offshore drilling rigs market. Moreover, growth of the offshore drilling rigs market is propelled by factors such as growing offshore activities in the harsh environmental conditions of North Sea and depleting oil and gas reserves in the US Growing demand for deep-water activities in the Asia-Pacific region and further drilling into mid ocean are driving the demand for offshore drilling rigs globally.

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Competitive Analysis
The global market for offshore drilling rigs seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Key Players
The major player operating in the market of offshore drilling rigs are Aban Offshore Limited, China Oilfield Services Ltd, Ensco plc, Diamond Offshore Drilling Inc., Vantage Drilling Co., Pacific Drilling, KCA Deutag, Maersk Drilling, Nabors Industries Ltd, Nobel Corporation and others.

Industry/ Innovation/ Related News:
January 05, 2018 – Rowan Companies plc. (US) announced that it has concluded the purchase of two LeTourneau Super 116E jack-up rigs, the P-59 and P-60. The Company intends to mobilize these modern jack-ups to the Middle East from their current location in Brazil in late first quarter 2018.

January 01, 2018 – Chevron and Shell announced that they are eying expansion of North Sea hubs. Two major operators have submitted plans for incremental developments at their UK North Sea hubs. Chevron had originally envisaged an extra platform for its Captain enhanced oil recovery (EOR) project in the Outer Moray Firth off northeast Scotland, However, the company has instead chosen to drill up to six long-reach horizontal polymer injection wells within the existing platform area under a Stage 1 EOR program.

September 05, 2017 – Nabors Industries Ltd. (UK) a global S&P 500 oil, natural gas and geothermal drilling contractor (on/off shore) announced that it has acquired Stavanger-based Robotic Drilling Systems, AS (RDS) with plans to integrate the RDS team and technology with its rig equipment subsidiary Canrig, strengthening the development of its drilling automation solutions. The transaction advances a trend among drillers to increasingly automate rigs with intelligent solutions to improve performance and cut costs.

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Offshore drilling rigs are an important part for drilling underneath seabed. These drilling methods are used in order to extract natural resources such as oil and gas from the earth. While extracting oil from below the surface of the ocean used to be much more difficult than the traditional onshore drilling method of making wells on land and drilling holes, offshore drilling has become easier through the innovative methods that have surfaced such as making either floating or fixed platforms on the bed of the ocean to support drilling.

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