Floating rigs are one of the maximum vital components of the oilfield production chain, as they offer services and equipment to oil explorators, manufacturers and shipping of crude oil & herbal gas. Rigs are large systems used in the technique of extracting crude oil from oil wells. Drilling offshore oil wells requires floating rigs that facilities for well drilling to extract, store, explore, and process petroleum & natural gas. As the oil prices deviated from natural gas prices, engineering and procurement companies have altered their drilling projects to target oil, rising demand of floating rigs and building a backup for the universal drilling players.

Market Scope and Structure Analysis

COVID-19 Impact Analysis

• At the beginning of 2020, the COVID-19 pandemic began to spread around the world. Millions of people worldwide are infected with the COVID-19 disease. The major economies in the world have issued permanent bans and orders to stop operations. Most life support industries have been hit hard, and the Floating Rigs industry has also been hit hard.
• Moreover, the exploration activities of major companies were also affected due to the lack of workforce caused as a result of the lockdowns and travel restrictions. This has also caused serious effects on the floating rigs market.

Top Impacting Factors 

• The rapid industrial development and urbanization across the world have created an ever-increasing demand for fuel in the market which results as the oil and gas companies have increased the exploration activities, and this has acted as a major driver for the rise in demand for floating rigs around the world.
• Technological improvement and growing deepwater and ultra-deepwater projects are propelling the boom of the floating rigs market.
• Government guidelines and numerous environmental policies is the important thing hindering thing for the increase of the offshore drilling rigs market.
• Developing investment in oil and gas, coupled with the rising energy demand, is predicted to drive the growth of the floating rigs market.

Market Trends

• In the southern hemisphere, a new exploration permit was awarded in April 2019 by the Argentine government to the consortium formed by Exxon Mobil Corporation and Qatar Petroleum for exploration in Malvinas Oeste Basin.
• In 2019, Argentina’s neighboring country, Brazil, held its sixth successful oil and gas bid round in just over a year and awarded all four blocks in the prospective pre-salt area for BRL 6.82 billion.
• The recent waves of cost reductions and critical technological breakthroughs have enabled many oil and gas exploration and production companies to expand their portfolio of sustainable deepwater developments.
• With the increase in deepwater activities and the technology breakthrough, the deepwater and ultra-deepwater segment is expected to witness significant growth during the next upcoming years.
• In January 2020, Eni started production at the Agogo-1 deepwater field and won exploration rights to Block 28 in the Namibia Basin, while Total, active in Angola for more than 60 years, was awarded Block 29.
• The Angolan offshore acreage is among the most prospective plays in Africa and continues to draw high levels of investment. Drilling results are broadly positive, with exploration yielding several high-impact discoveries in recent years.

 
Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the Floating Rigs industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Floating Rigs market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the Floating Rigs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Floating Rigs market analysis based on competitive intensity and how the competition will take shape in coming years