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Offshore Oil Rig & Platform Construction - Industry Market Research Report

  • August 2016
  • -
  • Ibisworld
  • -
  • 32 pages

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Lost at sea: Falling oil prices will take a toll on industry revenue



Abstract

Offshore Oil Rig & Platform Construction

The Offshore Oil Rig and Platform Construction industry plays an important role in the United States' energy sector. The Deepwater Horizon oil spill in 2010 brought offshore drilling into the forefront of environmental debates regarding the costs of oil extraction. But the industry performed strongly following the end of the Obama administration's six-month moratorium on offshore drilling. Nonetheless, oil price weakness starting in 2014 is anticipated to weigh heavily on industry performance. Over the five years to 2016, IBISWorld expects industry revenue will decline at an annualized rate 4.9% to $1.7 billion, including a decline of 2.1% in 2016.

This industry constructs offshore drilling platforms, also known as oil rigs, for oil exploration companies. Many operators also provide offshore platform support services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.



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