Offshore Drilling Market Worth $121.1 Billion by 2018

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8 Νοε 2013 (πριν από 4 χρόνια και 5 μέρες)

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Offshore Drilling Market Worth $121.1 Billion by 2018






The Report "Offshore Drilling Market By Services (Contract Drilling, Directional Drilling, Logging
While Drilling), Applications (Shallow Water, Deepwater, Ultra deepwater)

&

Geography

-

Global
Trends & Forecasts to 2018", defines and segments the global offshore drilling services market with
an analysis and forecast of the global revenue. Offshore drilling services market will grow from an
estimated $73.1 billion in 2013 to $121.1 bill
ion by 2018, growing at a CAGR of 10.6% from 2013 to
2018.

The offshore drilling services market is driven by increasing offshore discoveries and exponentially
increasing demand for energy across the globe. The major existing areas of offshore activities

such
as the golden triangle which includes Brazil, US Gulf of Mexico, and West Africa are the key markets
where offshore operators and service providers have their focus. Asia
-
Pacific is the emerging market
in terms of demand for energy and offshore drill
ing activities.

The re
-
development of current fields and exploring deep to ultra
-
deep water reserve potentials is
the only way to satisfy the demand for hydrocarbons. Hence offshore oilfield drilling service and
operators continue to try and assimilate t
heir existing technologies, and develop new technologies
extensively through research and development, so as to decrease high risk and associated cost.

In the current

Offshore Drilling Global Market
, shallow water activities dominate offshore spending
and are projected to grow at a significant rate in the near future. On the other hand, deepwater and
ultra
-
deepwater activities are also projected
to increase, escalating the requirement for
semisubmersibles and drill ships in offshore applications.

The Offshore Drilling Market is on its growth path after the downturn of the 2010 oil spill in the US
Gulf of Mexico; the investments are made by the s
ervices as well as by operator companies to
scrutinize greater exposure for the crude. This market is highly competitive, and hence secures long
term contract agreements. Increasing the working fleet is a key strategy for the offshore drilling
service prov
iders.