Analysis of Drill Ships market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
With the demand of the oil and gas industry drillship industry is going to witness stability. Considering the evolving requirements of end-users, market players are focusing on mergers and acquisitions. For instance, Huisman and IHC Merwede are collaborating to provide integrated offshore drilling vessels for their current projects, which include an intervention vessel and two deepwater construction boats. With the increase of demand in the drillship industry manufacturers are gaining new projects and contracts.
For instance, MHWirth, a provider of drilling solutions, has been awarded a contract to deliver a drilling equipment package to a Chinese drill ship. The contract value is USD 80 million is for the delivery of topside drilling equipment to be placed onboard a GMGS drillship, by December 2023.
Another big contract received by a manufacturer - Seadrill announced on Friday that Sonadrill, a 50:50 joint venture between Seadrill and a Sonangol affiliate in Angola, has received a twelve-well contract for the Sonangol Quenguela drillship in the country which includes one option for nine wells and eleven one-well options for the 238.4 meters long drillship is projected to cost around $131 million.
After COVID 19 impact drillship industry is growing again, following an eight-month delay due to the coronavirus pandemic. Saipem 12000, a Saipem-owned drillship, has resumed drilling operations at the Coral Sul (Coral South) project offshore Mozambique. Its drilling activities will resume in January 2021, notwithstanding the consequences of the Covid-19 epidemic. A drill ship is a marine vessel that is created or modified to drill oil and gas wells.
Drill ships are similar to cargo vessels or tankers in terms of structure. Drill ships that are used for offshore upstream operations are equipped with a drilling derrick and moon pool. In addition, drill ships also have extensive mooring and a helipad.
The climatic conditions where the drill ships will be agitated by waves, wind and currents are expected to increase the challenges encountered during drilling operations. In addition, the drill ships face operational challenges if they are connected or attached to equipment thousands of feet under the sea. Choosing an appropriate mooring system on a drill ship is very important for operators as it is one of the integral parts of drilling wells successfully.
The growth of the global drill ships market has been sluggish over the past 3-4 years due to volatility in the prices of oil. The volatile nature of oil prices has severely affected the growth of the global drill ships market. The last sale of a drill ship took place in April 2016. Owing to this uncertainty, offshore oil operators have been hesitant to invest in the drill ships market. The deep-water drilling operations are currently gaining momentum following a rise in the prices of oil to nearly US$80 per barrel.
It is expected that in 2019, the oil and gas industry will gain stability, which is expected to drive the orders for new drill ships. Some of the key challenges faced by the drill ships market are competitive products such as jackups and semi-submersible rigs. However, the key advantage that encourages end users to adopt drill ships as opposed to semi-submersible rigs is the mobility aspect. The latter requires a transport vessel to transfer it from one place to other, unlike a drill ship.
The international offshore drilling domain is currently witnessing a positive growth trend as drillers and oil operators are looking to enhance their production from offshore oil fields. This has boosted the global drill ships market. The key constructors of drill ships are from Asia as they acquire orders from global oil and gas operators. Countries such as Japan and South Korea are the key countries where deep and ultra-deep drill ships are constructed.
Countries such as the US, Canada, Norway, Mexico, China and Brazil are the places from where new orders are coming as oil & gas companies in these countries are looking for drill ships for deep drilling operations. This trend is expected to offer a bigger boost to the constructors of drill ships. It is expected to prevail during the forecast period with some fluctuations.
Some of the key market participants in the global drill ships market are:
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The global drill ships market can be segmented into type and water depth.
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Drill ships market is estimated to grow at a CAGR of 5.7% during the forecast period.
As drillers and oil operators aim to increase their output from offshore oil fields is currently seeing a strong growth trend.
The U.S. is likely to be a region with lucrative opportunities for the drill ships manufacturers.
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