According to TechNavio 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.
TechNavio’s breakdown of 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, TechNavio 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.
If you are interested in more information on this topic and our upcoming research on the Global Offshore Drilling Market 2014-2018 (http://www.technavio.com/
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TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of Global Offshore Drilling Market. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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