Reportstack has announced a new market research publication on Global Offshore Drilling Market 2014-2018 which finds the market to be growing steadily at a CAGR of 10.9 percent by 2018.
According to analysts, depleting onshore oil reserves are at odds with the increased demand for oil and gas globally. This has forced vendors and governments to shift their focus to offshore reserves and invest in deep sea drilling in order to meet demand and increase production levels significantly. This helps in correcting the current supply-demand imbalances affecting the market, and in stabilizing volatile oil prices.
Offshore drilling is categorized into two types: shallow water drilling and deep water drilling. The offshore drilling activity that takes place in a range of 0-650 feet fall under shallow water drilling, and drilling activity beyond 650 feet is categorized as deep water drilling. The total drilling depth depends on the location of the reservoirs and the type of drilling facilities used. Different types of drilling equipment used in the industry are jack-up rigs, barges, platform rigs, submersible rigs, semi-submersible rigs, and drilling ships.
The top companies in this market includes those directly involved in offshore drilling such as Atwood Oceanics Inc., China Oil Field Services Ltd., and Diamond Offshore Drilling Inc., as well as those offering industry-related services, technology and equipment, such as Haliburton Co. and Ensco PLC.
To determine the scenario for these vendors in the next 3-4 years, the analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentation, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
To view the table of contents and know more details please visit Global Offshore Drilling Market 2014-2018 report.