global drillship market report: 2014 edition – new report by koncept analytics
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The Global Drillship Market or Industry Report also provides an exhaustive study of some of the key players. For more [email protected]TRANSCRIPT
Global Drillship Market Report -----------------------------------------
2014
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Executive Summary
A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In most recent years, the vessels are used in deepwater and ultra-deepwater applications, equipped with the latest and most advanced dynamic positioning systems. A drill ship is a particular type of mobile offshore drilling unit (MODU) that is composed of a ship with a drilling rig on its top deck. These ships can go right to the drill site.
Deepwater exploration and drilling have shown a remarkable increase over the past few years. This is due in part to the development of new technologies which have reduced operational costs and risks, as well as the finding of reservoirs that will produce high production wells. Factors like growing oil demand due to rising population rates, increasing E&P expenditures, and improving worldwide economic conditions are boosting the growth in drillship market. Despite the existence of various growth drivers, there are certain challenges faced by the industry including environmental concerns, offshore accidents, and depletion of oil reserves which can potentially hinder the growth of the industry. The year 2013 witnessed slowdown in orders for drillships due to the uncertain outlook for oil prices and inventory of unchartered vessels from previous orders.
The report, “Global Drillship Market” analyzes the development of the respective market, with a focus on regions including the Brazil, West Africa and the US GOM as these areas has long been considered part of the ‘Golden Triangle’ for deepwater drilling. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report.
The industry is predominated by a handful of players including Samsung Heavy, Hyundai Heavy and DSME. These are Korea’s big three shipbuilders and have an oligolopoly in the offshore platform segment, especially drillships, due to their competitive advantages like infrastructure; track record with international oil companies; and technological capabilities. The profiles of these leading players are also included in the report along with their key financials and strategies for growth.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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A drillship is a particular type of mobile offshore drilling unit (MODU) that is composed of a ship with a drilling rig on its top deck.
Drillships account for a significant portion of offshore assets on order and have fourth largest global rig fleet (…%) as of 2013.
Driven by deepwater activity and demand for high-specification assets, the number of active drillships in the offshore drilling fleet has more than doubled in past decade, from … operating units in 2004 to … units in 2013.
As many as … new drillship orders worth nearly US$... billion were placed in 2013 as compared to … orders worth US$... billion in 2012, marking a decline of …%.
The global drillship market has been able to absorb … new build deliveries in 2013.
Global Drillship Order by Volume (2004-2013)
Drillship Market by Fleet Size (2004-2013)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Global Drillship Delivery Trend (2004-2013)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Areas like Brazil, West Africa and the US GOM has long been considered part of the ‘Golden Triangle’ for deepwater drilling. …
There were … drillships in Brazil as of 2013 against … rigs in 2012. During 2012, the number increased to … as compared to only … drillships in 2011. The staggering increase in number of drillships in 2012 was due to growing oil reserves and increasing operational shipyards in the country.
West Africa is one of the largest markets for drillships, having … drillships as of 2013 as compared to … in 2012.
The US Gulf of Mexico has a fleet of … drillships as of 2013 as compared to … drillships in 2012.
The worldwide drillship utilization has increased to …% as compared to …% a year ago. Highest utilization is observed in North Sea and Brazil. The utilization is highest (..%) for drillships with rated water depth of 6000-7999 ft.
Drillships in West Africa (2008-2013)
Drillships in Brazil (2008-2013)
2008 2009 2010 2011 2012 2013
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Drillships in US GOM (2008-2013)
2008 2009 2010 2011 2012 2013
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2008 2009 2010 2011 2012 2013
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The expected growth in drillship rig market is attributed to the recovering global economy, coupled with the rising world population which will not only increase worldwide energy consumption but also the demand…..
• The global drillship rigs fleet was …. units in 2013 and the forecast is indicating an additional …. units in the drillship fleet by the end of 2017.
• World Population has a high correlation with the demand for the global drillships as rise in the world population results in increase in energy demand. The increase in the energy demand drives the energy prices upwards which results in increase in the deepwater production and exploration activity. Thus, overall impact is an increase in the demand for drillships.
• Global Deepwater expenditure has a high correlation with the global drillship market. The increase in the global deepwater expenditure results in increase in demand for drillships which acts as platform for the exploration and production activity. A rise in demand for drillships globally will increase the drillship day rate resulting in overall industry growth.
• Global oil demand has a high correlation with the demand for the global drillship market as increase in the demand for oil results in increase in the demand for the drillship due to increase in production & exploration activity. Also, increase in oil consumption results in higher crude oil prices which makes offshore oil exploration and production more feasible.
Global Drillship Market Forecast (2013-20147F)
2013 2014E 2015E 2016E 2017E
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