Drill Ships Market Shares, Strategies and Forecast Worldwide, 2018 to 2028

From: Fact.MR
Published: Wed Jul 24 2019


Drill Ships Market: Introduction

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.

In 2015, when the prices of crude oil reaches a decade low at US$30 per barrel, oil operators were burdened as their businesses dried up. The cost of an advanced drill ship is more than US$500 million, and a major fall in the prices of oil in 2008 and 2013-14 resulted in a major decrease in the number of new orders as well as the postponement of some of the orders. However, at present, the businesses of constructors of drill ships have improved and they are concentrating on acquiring new orders.

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Drill Ships Market: Market Dynamics

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.

Drill Ships Market: Market segmentation

The global drill ships market can be segmented into type and water depth.

On the basis of type, the global drill ships market is segmented into:

Deep Drill Ships
Ultra-deep Drill Ships
On the basis of water depth, the global drill ships market is segmented into:

Less than 3000 feet
3000 – 5000 feet
5000 – 10,000 feet
More than 10,000 feet
On the basis of deals, the global drill ships market is segmented into:

Contract-based drill ships
New drill ships
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Drill Ships Market: Regional Outlook

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.

Drill Ships Market: Key Market Participants

Some of the key market participants in the global drill ships market are:

ASTANO S.A.
China Merchants Industry Holdings Co., Ltd
DSME Co., Ltd.
Harland & Wolff Heavy Industries Limited
Huisman Equipment B.V.
Hyundai Heavy Industries Co., Ltd.
IHI Corporation
Irving Shipbuilding Inc.
Japan Marine United Corporation
Kawasaki Heavy Industries, Ltd.
Keppel Offshore & Marine
MITSUBISHI HEAVY INDUSTRIES, LTD.
Saipem S.p.A.
Samsung Heavy Industries
Sembcorp Marine’s
Shanghai Waigaoqiao Shipbuilding Co., Ltd.
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