The Increasing Demand for the Energy drives the Offshore Drilling Market
The offshore drilling market is likely to witness a CAGR of over 10.6% from 2014 to 2019. Currently, Asia-Pacific is the largest market in the offshore drilling market.
New contract agreements, and new product launch have been the key strategies adopted by companies in the offshore drilling market.
The main factors driving innovations in the offshore drilling market include rising energy demand, environmental regulations and capital investments. The offshore drilling market is likely to witness a CAGR of over 10.6% from 2014 to 2019. Currently, Asia-Pacific is the largest market in the offshore drilling market.
The companies involved in providing offshore service business are thus expanding their offshore rig fleet and investments in the emerging markets of Asia-Pacific and existing markets of Brazil, US Gulf of Mexico (US GOM), and West Africa. Contract agreements with oil operator companies, technological advancements and innovative new products are the key strategies that help service companies maximize their revenues.
Companies such as Baker Hughes Inc. (U.S.), Halliburton Co. (U.S.), Schlumberger Ltd. (U.S.), Weatherford (Switzerland), Transocean (Switzerland), Ensco (U.K.), Seadrill (Bermuda) have been some of the most active companies with respect to market developments from 2011 to 2014. Most of these market players have their presence in the North American and European region and actively participate in competitive developments for offshore drilling market. Transocean (U.S.) is the leader in the offshore contract drilling services. The other leading companies in the contract drilling are Ensco Plc (U.K.), Seadrill (Bermuda), Noble Corporation (U.K.).
Related Reports:
Offshore Drilling Market by Services (Contract Drilling, Directional Drilling and Logging while Drilling), Applications (Shallow Water, Deepwater, Ultra-Deepwater) & by Geography - Global Trends & Forecasts to 2019
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