Jackup Rigs Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027
Jackup Rigs: Introduction
- Drilling rigs are used in offshore exploration such as deep water, shallow water, and ultra-deep water.
- Seven different types of drilling rigs are currently used for offshore operations such as jackup rigs, semi-submersible rigs, drill ships, and others. Jackup rigs are offshore rigs equipped with legs that descend to the seabed to form a foundation to support the drilling platform.
- Jackup rigs are a type of drilling rigs known as mobile offshore drilling units (MODUs). The primary advantage of the jackup design is that it offers a steady and relatively motion-free platform in the drilling position and mobilizes quickly and easily.
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Key Drivers & Restraints of Jackup Rigs Market:
- Rise in demand for oil and gas due to industrialization, urbanization, and population growth is driving the drilling market across the globe. This, in turn, is boosting the jackup rigs market.
- Increase in exploration and new discovery of oil and gas deposits in deep and ultra-deep water are fueling the market. In January 2019, BP announced a discovery of more than 1 billion barrels of oil in its Thunder Horse field in the Gulf of Mexico. These discoveries are likely to spark long-term drilling and exploration operations over the coming years, leading to a steady rise in the demand from the global jackup rigs market over the forecast period.
- Furthermore, rise in investments in the oil & gas sector is boosting the demand of jackup rigs. For instance, in April 2017, Eni an Italy-based company signed a memorandum of understanding (MoU) with state-owned Oman Oil Co. (OOC) to explore the Sultanate’s only offshore block for oil & gas reserves, in partnership with OOC subsidiary Oman Oil Company for Exploration & Production (OOCEP).
- High cost of drilling projects and implementation of stringent government regulations on offshore drilling are projected to hamper the market.
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Shallow Water Depth Segment to Offer Attractive Opportunities:
- The global jackup rigs market can be segmented based on type, operating depth, and region.
- Based on type, the jackup rigs market can be bifurcated into independent leg type and mat type jackups. The independent leg, usually consist of three legs with lattice construction, while the legs in the mat type jackup are attached to a very large mat that rests on the bottom of the ocean. The choice of rig depends on the conditions of the bottom of the ocean and weather general conditions and variability.
- In terms of operating depth, the market can be segmented into shallow water and deep water. The shallow water segment dominates the market. Jackup rigs are largely preferred for waters depth up to 500 feet.
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Key Players Operating in the Jackup Rigs Market:
Demand within jackup rigs market is highly concentrated with top companies accounting approximately 45-50% of the market. Few of the key players operating in the jackup rigs market include
- Rowan Companies Inc.
- Noble Corporation plc
- Daleel
- KCA DEUTAG Ltd
- Shelf Drilling
- Maersk Drilling
- Diamond Offshore Drilling, Inc.
- COSL
- Transocean Ltd.
- Seadrill Limited
- ENSCO Plc
- Halliburton Inc.
Global Jackup Rigs Market: Research Scope
Global Jackup Rigs Market, by Type
- Independent Leg Type
- Mat Type
Global Jackup Rigs Market, by operating Depth
- Shallow Water
- Deep Water
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