Companies and Markets
Call us on +44 (0) 203 086 8600
Market Research A to Z | Company Profiles A to Z | RegisterRegister | Contact UsContact Us | Shopping Basket Shopping Basket
+44 (0) 203 086 8600 Call us on

Deepwater drilling market set for substantial growth

Industry Sector

Energy and Utilities

Published

5 December 2012

Author

Mike King

Type of News

Market

The deepwater drilling market is expected to grow substantially during the next few years, and is likely to witness aggressive steps by Exploration and Production (E&P) companies. As oil and gas E&P activity moves into deeper water depths, the market for the services of deepwater drilling contractors and offshore rigs operating in deepwater and ultra-deepwater environments will witness strong growth.

Deepwater drilling refers to drilling beginning at water depths of more than 500 feet. Companies in this field contract out their UDW drilling rigs along with the necessary equipment and work crew on a daily rate basis to drill wells for customers.

As crude oil prices remain substantially high, oil exploration companies are going farther offshore to obtain new supply sources, supporting the demand for deepwater drilling. At the same time, the cost of purchasing deepwater drillships remains low, as shipbuilders clamour for any sort of construction orders (rigs and ships) because of the extreme downturn in the shipping industry.

Offshore day rates for drillships and semisubmersibles are already steadily rising, and this in turn will drive the construction industry for offshore drilling technologies. Depleting shallow water reserves and a lack of new shallow water discoveries means that offshore exploration and production activity in deepwater regions is becoming a new fashion.Deepwater drilling

Deepwater drilling affects the environment in both negative and positive ways. Although Deepwater drilling rarely causes oil spills it is still a hazardous possible outcome. Oil spills result in oil sinking to the bottom of the ocean smothering plant life leaving fish without food and shelter to survive.

On the other hand deepwater drilling effects the environment in a positive ways too. In time once the deepwater oil well is not in use anymore plants will grow on and around the well making a cave or cavern like shelter ideal for animals to thrive in. Deepwater drilling also lets us see the depths of the ocean floor that are hardly ever seen.

For more information on the deepwater drilling market, see the latest research: Deepwater Drilling Market

Follow us on Twitter @CandMResearch

Visitor Comments

All posts are pre-moderated and must obey the house rules.

Change Currency

GBP
USD

Change Currency

GBP
USD

Use our research skills: Get free support

Free Research Support: Let us do the work for you and find information from public and private sources of information. Contact us now and we can save you time and money.......Free Research Support

December Discounted Prices: Contact us to ask about our special discounts available in December

For the last month in 2014 we are offering discounted prices on a selection of new reports. Please contact us on 00 44 (0) 203 0868600 or via email (click here to email) to ask about prices and special discounts.

Available during December and the run-up to Christmas; Discounted prices on a selection of our reports.

Find all the research at the best prices. Great promotions being offered during December!

We are offering our clients substantial savings on the best research available during December. Please contact us either via emailor by calling our team to discuss your specific research needs on Tel: 00 44 (0) 203 0868600. We look forward to being able to find you the research you require at good prices.

Accessibility
Close

Contrast settings

Text size settings