Global Offshore Drilling Rigs Market Benefits from Ceaseless Demand for Energy

Thursday 5 October 2017, Amsterdam

The offshore drilling rigs market is benefitting from the incessantly increasing demand for energy and technological advancements to harness the most difficult resources to generate energy. An offshore rig is typically a platform to drill underwater wells, extract product, and in most cases also to store oil or gas before it is transported to refineries or other destinations.

Offshore drilling rigs have come a long way from the wharf-based rigs that were used in the late 1800s thus enabling oil companies to take deep-sea exploration to new heights. Offshore drilling rig systems that are presently used are to tap petroleum reserves in waters more than 7,500 feet deep, and are as much as 200 miles away from the nearest shore. The deep-water rigs that are used today are equipped with advanced technology and are held by poles as high as 10,000 feet long, which was unimaginable with predecessor rigs. With unprecedented development in oil drilling technology, rigs that include elements from different models have been developed to deliver specific needs.

In the U.S., of the 9.8 million individuals involved in the oil and gas industry, offshore drilling gives occupation to a large number of individuals. So much so, offshore drilling has been anticipated to be the key to reduce and eventually eliminate America’s dependence on foreign oil and petroleum products. However, offshore drilling has been under controversy in recent years, with many people viewing this drilling method to be harmful to the environment. On the contrary, the benefits of offshore drilling of reducing incidents of natural oil seepage into the ocean far outweighs risks associated with offshore drilling.

According to a report the global offshore drilling rigs market is likely to expand at a CAGR of 3.5% between 2017 and 2022, for the market to become worth US$41,922.8 mn by the end of 2022 from US$35,336.2 mn in 2017. The report presents valuable insights about how the global offshore drilling rigs market will sail through between 2017 and 2022.