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Orbis Research has announced the addition of the "Global Mobile Offshore Drilling Units Market - Segmented by Type, Depth, and Geography - Growth, Trends, and Forecast (2018 - 2023)” report to their offering.The crude price started to increase after mid-2016 and the offshore oil & gas industry started to stabilize with less decline in offshore rig count, as compared to that in 2014 and 2015, and hence, similar trend in demand for mobile offshore drilling units (MODUs).
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The number of MODU purchased increased in 2017, both in terms of transaction and value. Crude oil price crossed USD 60 per barrel mark in November 2017. Opening of coastal water in the United States for exploration and production, and recovery of Brazil oil & gas industry, along with increasing crude oil price, are expected to increase the demand for MODUs during the forecast period.
Golden Triangle - One of the Largest Markets for MODU
The deepwater drilling market is expected to rebound in the near future due to increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival after a long time, without any major discovery. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” is expected to increase the demand for mobile offshore drilling units. Several large offshore drilling projects countries such as Mozambique and Nigeria are further expected to drive the MODU market.
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Recovery in Brazilian Offshore Industry - Driving the Market
Brazilian offshore oil & gas industry has been on a setback due to lack of investment in the past few years. The new conservative government in the country has introduced several reforms such as ending Petrobras’ monopoly over the countries prolific hydrocarbon resources and has opened the hydrocarbon reserves to foreign companies. Several foreign companies like ExxonMobil, CNOOC, Repsol, etc. have already acquired stakes in both post-salt and pre-salt blocks, and are likely to start exploration in the near future. Around 14 deepwater projects are expected to come by 2020 in the country. The country is aiming for additional oil production capacity of around 2 MMb/d by 2027, that too mostly from deepwater. As a result, the tender for MODUs, especially drillships in the country, is expected to increase.
Oversupply of Floaters and Jack-up – Restraining the Market
The offshore drilling market is oversupplied with floaters and jack-up rigs. As of August 2017, more than 100 floaters and 200 jack-up rigs were stacked. The new build order book includes approximately 40 floaters and 100 jack-up rigs, majority of which do not have contracts. As a result, the stacked floaters and jack-up rigs are expected to be chosen first, by drilling contractors and then look for new ones.
Key Developments in the Market
January 2018: Keppel Corporation is in discussion with Borr Drilling Limited for the possible sale of six jack-ups for around USD 960 million to Borr Drilling. The jack-up rigs are currently being made by Keppel Corporation’s subsidiary Keppel Offshore & Marine Limited.
October 2017: PPL Shipyard Pte Ltd, a wholly owned subsidiary of Sembcorp Marine Ltd has signed an agreement for the sale of nine Pacific Class 400 jack-up drilling rigs to Borr Drilling Limited and its subsidiaries.
MAJOR PLAYERS: Keppel Corporation Limited, Samsung Heavy Industries Co., Ltd, Sembcorp Marine Ltd, Daewoo Shipbuilding & Marine Engineering Co., Ltd, Hyundai Heavy Industries Co., Ltd, Friede & Goldman, Ltd, Damen Shipyards Group, Yantai CIMC Raffles Offshore Limited, Irving Shipbuilding Inc., among others.
Reasons to Purchase this Report
Current and future global mobile offshore drilling unit market outlook in the developed and emerging markets
Analyzing various perspectives of the market with help of Porter’s Five Forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
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Companies Mentioned:
Keppel Corporation Limited, Samsung Heavy Industries Co., Ltd, Sembcorp Marine Ltd, Daewoo Shipbuilding & Marine Engineering Co., Ltd, Hyundai Heavy Industries Co., Ltd, Friede & Goldman, Ltd, Damen Shipyards Group, Yantai CIMC Raffles Offshore Limited, Irving Shipbuilding Inc.
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