The global offshore drilling market is forecast to grow to a value of around $121.1 billion by the end of 2018, growing at a CAGR growth rate of 10.6% between 2013 and 2018. A key driver of growth in the industry will be the growing demand for energy, and an increase in investment in offshore drilling exploration activities. Asia-Pacific, with its thriving economies and rapidly increasing energy consumption, is expected to experience the highest revenue growth during the next five years.
The offshore drilling service market is on its growth path after the downturn of the 2010 oil spill in the US Gulf of Mexico; the investments are made by the services as well as by operator companies to scrutinize greater exposure for the crude. This market is highly competitive, and hence secures long term contract agreements. Increasing the working fleet is a key strategy for the offshore drilling service providers.
The companies involved in providing offshore service business are expanding their offshore rig fleet and investments in the emerging markets of Asia-Pacific and existing markets of Brazil, US Gulf of Mexico (US GOM), and West Africa. Contract agreements with oil operator companies, technological advancements and innovative new products are the key strategies that help service companies maximize their revenues.
The re-development of current fields and exploring deep to ultra-deep water reserve potentials is the only way to satisfy the demand for hydrocarbons. Hence offshore oilfield drilling service and operators continue to try and assimilate their existing technologies, and develop new technologies extensively through research and development, so as to decrease high risk and associated cost.
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