Table of Contents
Jackup rigs are mobile, self-elevating drilling platforms equipped with legs that can be lowered to the ocean floor until a foundation is established to support the drilling platform. Once a foundation is established, the drilling platform is then jacked further up the legs so that the platform is above the highest expected waves. Generally, Jackup rigs are subject to a maximum water depth of approximately 350 to 400 feet according to leg length, while some Jackup rigs have hulls that allow them to drill in water depths as shallow as ten feet. The principle difference between Jackup rigs lies in the areas of leg length, seabed/leg interaction (mat versus independent leg), and drilling mode capabilities (cantilever versus slot).
The global market for Jackup rigs witnessed a decline in 2009 for the first time since 2004, mainly as a result of the global economic crisis. The market registered a notable fall in the demand of Jackup rigs, in addition to a historic fall in the rigs utilization rate, reaching below 80%. The market in 2013 reported the highest orders ever in the history of Jackup building due to which market reported high day rates. Furthermore, the notably increasing offshore exploration and productivity operations across the globe are certain to fuel the growth of the worldwide Jackup rigs market in the years to come.
Factors like growing oil demand due to rising population rates, increasing E&P expenditures, and improving worldwide economic conditions are boosting the growth in Jack-up rig market. Despite the existence of various growth drivers, there are certain challenges faced by the industry including environmental concerns, offshore accidents, and depletion of oil reserves which can potentially hinder the growth of the industry.
The report, “Global Jack-up Rig Market” analyzes the development of the respective market, with a focus on regions including the South East Asia, Middle East and Mexico. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The industry is predominated by a handful of players including Keppel Corporation, Sembcorp Marine, and COSCO Corporation contending and vying for capturing market share. The profiles of these leading players are also included in the report along with their key financials and strategies for growth.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
Get Industry Insights. Simply.
Talk to Ahmad
+1 718 618 4302
Global Oil Storage Industry Outlook to 2021 - Capacity and Capital Expenditure Forecasts with Details of All Operating and Planned Terminals Summary "Global Oil Storage Industry Outlook to 2021 - Capacity ...
Malaysia is one of the few developing countries in the Asia pacific region which has used its abundant natural resources to grow sustainably. From being a major exporter of raw materials the country has ...
Angola is one of the fastest growing and most promising economies in Africa. Angola's high GDP growth is driven by high international oil prices. However, the worldwide slump in oil prices has affected ...