Transparency Market Research, a leading market intelligence firms, has included a report on its vast database on the oil and gas industry. The report, titled Floating Rigs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” provides a clear visualization of this market’s future for readers. The report can therefore be utilized in formulating successful market and investment strategies.
In 2013, a capacity utilization of 84.70% was achieved through 600 offshore drilling rigs. Concurring with this is the current rate of growth shown by the global floating rigs market. This market is currently showing a high rate of growth, owing to a recent boom in offshore exploration and production activities in the oil and gas industry.
The global floating rigs market is, however, restrained by the large amount of time it takes to install a floating rig, as well as the high capital required to fund the expensive endeavor. As time progresses, this could be mitigated by the growing trend of developments in deep water exploration and the constantly increasing demand for oil and gas around the world. This demand could encourage a larger number of investors, who will be ready to invest in the global floating rigs market.
Segmentation of the global floating rigs market is done on the basis of drilling depth and technology. Compliant tower platforms are used for a drilling depth between 400 to 900 meters. They are narrow and flexible towers with a stack foundation meant for drilling support. Semi-submersible rigs can be used till 1,800 meters and can be mobile. They can be lowered or lifted or even moved from one site to another. The third common type of floating rigs is jack up rigs. They are positioned above the sea level and can be moved using their jack legs.
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Tensions leg platform rigs are used for production at depths of up to 1,500 meters. The vertical movement of tension rigs is completely eliminated by anchoring the platform to the sea bed.
Based on production system, the global floating rigs market can be classified into floating storage and offloading systems, floating production storage and offloading systems, and floating storage units.
119 offshore rigs are currently operating in Asia Pacific. Of these, 22 are present in China, while 36 are belong to India. 53 offshore rigs are operated by Europe to extract crude from sea beds. The U.S. has major offshore rigs present in Texas, Alabama, Mississippi, and the Gulf of Mexico.
The key players in the global floating rigs market are Keppel Offshore & Marine, Technip S.A., Hyundai Heavy Industries Corporation Ltd., RIGZONE, Noble Corporation, and Transocean Limited.
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