Demand Of Oil And Gas Industry Drive Sales Of Drill Ships Market, Fact.MR Analysis

Posted on 2021-06-30 by Future Market Insights, Inc in Technology // 0 Comments

Drillship Market: Introduction

With the demand of the oil and gas industry, the drillship industry is witnessing stability. Given the evolving requirements of end users, market players are focusing on mergers and acquisitions.

For example, Huisman and IHC Merwede are working together to provide an integrated offshore drillship for the current project. This includes one intervention vessel and two deep-sea construction boats. Manufacturers are acquiring new projects and contracts as demand in the drillship industry grows.

For example, drilling solution provider MHWirth has won a contract to deliver drilling equipment packages to Chinese drillships. The contract amount is US $ 80 million and will be used to deliver the top drilling rigs to be installed on GMGS drillships by December 2023.

Another big deal received by the manufacturer-Seadrill announced on Friday that Seadrill, a 50:50 joint venture between Seadrill and its Sonangol affiliate in Angola, has received a 12-well contract for a domestic Sonangol Quenguela drillship. Did. Nine wells and eleven one well options for a 238.4 meter long drilling vessel are estimated to cost approximately $ 131 million.

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Drill Ship Market: Market Dynamics

Growth in the global drill vessel market has been sluggish for the past three to four years due to fluctuations in oil prices. The volatile nature of oil prices has a profound impact on the growth of the global drillship market. The last sale of the drillship took place in April 2016. Due to this uncertainty, offshore oil operators are hesitant to invest in the drillship market. Deep-sea drilling operations are currently gaining momentum after oil prices have risen to nearly US $ 80 a barrel.

The oil and gas industry is expected to stabilize in 2019, which is expected to boost orders for new drill vessels. Some of the major challenges facing the drillship market are competitive products such as jack-ups and semi-submersible rigs. However, the main advantage of encouraging end users to adopt drilling vessels rather than semi-submersible rigs is the mobility aspect. The latter, unlike drillships, requires a transport vessel to transport from one location to another.

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Drillship Market: Regional Outlook

The international offshore drilling domain is currently witnessing a positive growth trend as drillers and oil operators seek to increase production from offshore oil fields. This has boosted the global drillship market.

The major builders of drill vessels are from Asia, taking orders from oil and gas companies around the world. Countries such as Japan and South Korea are major countries where deep-sea and ultra-deep-sea drill vessels are built.

Countries such as the United States, Canada, Norway, Mexico, China and Brazil are where new orders come in as oil and gas companies in these countries are looking for drill vessels for deep drilling operations.

This trend is expected to provide a great boost to drill ship builders. During the forecast period, it is expected to dominate with some fluctuations.

Drillship Market: Competitive Landscape

The key market participants in the global drill vessel market are:

Astano SA
China Merchandise Twindustry Holdings Co., Ltd.
Daewoo Shipbuilding Marine
Harland & Wolf Heavy Industries Limited
Huisman Equipment BV
Hyundai Heavy Industries Co., Ltd.
IHI Corporation
Irving Shipbuilding Co., Ltd.
Japan Marine United Co., Ltd.
Kawasaki Heavy Industries Co., Ltd.
Keppel Offshore & Marine
Mitsubishi Heavy Industries Co., Ltd.
Cypen SpA

Drillship Market: Market Segmentation

The global drill vessel market can be categorized by type and depth.

Based on type, the global drill vessel market is categorized as follows:
Deep drill ship
Super depth drill ship

Based on water depth, the global drill vessel market is divided as follows:

Less than 3000 feet
3000 – 5000 feet
5000 – 10,000 feet
10,000 feet or more

Based on the transaction, the global drillship market is divided as follows:

Contract type drillship
New drillship

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