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Offshore Rig Construction Market to 2015 and Current Rig Deployment Scenario - Acquisition of Rivals a Prominent Strategic Option

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“Offshore Rig Construction Market to 2015 and Current Rig Deployment Scenario - Acquisition of Rivals a Prominent Strategic Option”. The study, which is an offering from the company’s Energy Research Group, provides an in-depth analysis of the global offshore rig construction market and highlights various concerns, key trends and challenges, along with major companies in the industry. The report provides forecasts for the offshore rig construction industry to 2015. It also provides segmental forecasts of the offshore rig construction market worldwide by rig type, and provides comprehensive data on current offshore rigs deployed globally, by rig type. The report also provides in-depth information on new build rig orders by major offshore drilling contractors, by country of rig manufacturing shipyard, and expected new builds and their expected deployment time. The report is built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by GBI Research’s team of industry experts.

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									    Offshore Rig Construction Market to 2015 and Current Rig
    Deployment Scenario - Acquisition of Rivals a Prominent
                        Strategic Option
 Reference Code: GBIGE00050MR                                                                            Publication Date: October 2011


The current scenario              From 2004–2008 there was a large rise in offshore rig construction activity as a result of rapidly
                                  increasing demand. Huge offshore rig construction orders by offshore exploration and production
 (as of August 2011) of the
financial market is of a          companies led to this period being popularly referred to as the rig construction boom.
credit crunch, which is           In 2009, the rig construction cycle peaked, and since then, the number of rig orders has temporarily
affecting the offshore rig        reduced. The current oversupply of rigs is a result of excess rig production during the rig
contractors in terms of the       construction boom. However, rig construction majors from South East Asia have benefited from the
number of newbuild rig            rig construction boom and are expected to continue to record business developments from 2011–
orders they would make.           2015.
                                  Offshore Rig Contractors are Acquiring Rivals as a Beneficial Business Strategy Due to
                                  Increasing Cost of Rig Manufacturing and the Poor Credit Situation
                                  Since August 2011, the financial markets have been in a poor credit situation, and this has affected
                                  offshore rig contractors in terms of the number of newbuild rig orders they can generate. Due to
                                  financial uncertainty, rig contractors and managers have reduced newbuild rig orders to offshore rig
                                  construction shipyards. Also, the cost of constructing offshore rigs has increased by 10% in the
                                  past six months, and this has led to a temporary stalling of new rig orders. As a result, the smaller
                                  players in offshore rig contracting business are considerably losing out on their net asset value, and
                                  hence are unable to economically sustain their operating expenses. Due to these difficulties
                                  associated with hampering of their regular business functioning, smaller offshore drilling contractors
                                  are left with little options than to get acquired by their larger rivals, in a situation of bankruptcy. The
                                  latter see an advantage in the same, as a beneficial strategy to inorganically grow by benefiting
                                  from the niche technological and marketing forte of smaller players in specific segments and
                                  geographies, at relatively lower costs of acquisition in such a financial situation.
                                  For example, deepwater drilling companies Transocean Ltd. and Seadrill recently agreed to fully or
                                  partially purchase offshore drilling companies as part of their business expansion plans. In August
                                  2011, Aker Drilling ASA was fully purchased by Transocean as part of its ultra-deepwater rig fleet
                                  expansion plans, and Seadrill bought 33.75% of Asia Offshore Drilling. Prior to this, Seadrill
                                  acquired Scorpion Offshore and lost a bid against Ensco plc to buy Pride International Inc, in
                                  February 2011.
                                  In summary, demand for offshore drilling activity and offshore rigs is expected to increase as the
                                  global search for fresh hydrocarbon reserves continues. For example, there are currently
                                  deepwater and ultra-deepwater explorations offshore Brazil and West Africa, successful
                                  discoveries offshore Norway and explorations in harsh offshore environments such as the Arctic
                                  region.
                                  Cost Dynamics are Proving to be Unfavorable to the Brazilian Offshore Rig Construction
                                  Industry Due to Inadequate Workforce Training and an Unattractive Labor Market
                                  In August 2011, the management of Sete Brazil, an offshore rig construction shipyard in Brazil,
                                  expressed concerns that due to the poor Brazilian labor market and high inflation, the cost of rig
                                  manufacturing in Brazilian shipyards had grown so high as to prevent the industry from being cost
                                  competitive in relation to South Korea, Brazil’s rival in terms of rig building.
                                  It has been found that offshore rigs constructed in Brazil are 15% more expensive than those built
                                  in South Korea. In addition, many offshore rigs built in Brazil do not meet international industry
                                  norms, and the poor labor market and inadequate industry workforce training contribute to the
                                  economically unattractive cost of production in Brazil. If the situation persists further, it could
                                  damage business in the Brazilian rig construction industry.




Offshore Rig Construction Market to 2015 and Current Rig                                              GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                      Page 1
                                                                       © GBI Research. This is a licensed product and is not to be photocopied
                                  Offshore Rig Construction Industry will Record a Significant Rise in Shallow Water Rig
                                  Construction Activity
                                  As most countries which possess commercial potential in terms of their offshore reserves seek to
                                  achieve energy self-sufficiency, the offshore exploration and production industry is expected to
                                  make significant investments in the discovery and development of new offshore reserves. In turn,
                                  this will lead to infrastructure investments by exploration and production companies in the form of
                                  newbuild offshore rigs, particularly for untapped shallow water regions with exploration potential.
                                  Subsequently, offshore rig construction expenditure is expected to rise from 2011–2015.
                                  However, the cost per shallow water rig, which declined by 15%–20% from 2008–2010, will
                                  continue to decline until 2012.
                                  Technological Developments in Offshore Rig Construction Will Lead to Ambitious
                                  Exploration and Production in Geographically Challenging Areas
                                  As deep sea and Arctic areas continue to be developed for energy reserves, oil and gas exploration
                                  technology is evolving in line with these developments.
                                  For example, Samsung Heavy Industries (SHI) has developed an advanced drillship to drill ice in
                                  the Arctic Ocean, which conventional drillships are not capable of doing. This drillship has the
                                  ability to drill target depths of up to 36,000 feet (ft), and it is able to withstand ice and
                                  geographically challenging conditions. Technological developments in offshore rig construction may
                                  be the key factors behind successful exploration for production in geographically challenging areas.
                                  Rise in Deep and Ultra-Deep Water Drilling in Brazil is Expected to Strengthen the Drillship
                                  Construction Industry
                                  Offshore Brazil is considered a region with strong potential for deepwater exploration and
                                  production by oil exploration and production companies. Global offshore drilling contractors such as
                                  Transocean and Seadrill have invested considerable capital to ensure the future deployment of
                                  deepwater rigs in offshore Brazil, in the form of orders for drillships and semisubmersibles. In
                                  addition, Petrobras, the national oil company of Brazil, has ordered a substantial number of
                                  drillships to be deployed in the region. For example, Transocean Ltd., Pride International and Noble
                                  Drilling have ordered 17 drillships for drilling operations in offshore Brazil. This is expected to
                                  strengthen the business development of global rig construction companies, which are primarily
                                  based in South Korea. The business scenario has also led to an increase in rig construction activity
                                  in Brazil, as local companies such as Odebrecht have investment plans for deepwater rig
                                  construction until 2013. The federal government of Brazil is also expected to encourage
                                  investments in offshore rig construction through a number of initiatives.
                                  However, business success for Brazilian rig construction companies, with regard to deepwater rig
                                  construction, will be to initially partner with international rig construction companies in order to gain
                                  technological expertise and experience in rig building. In order to gain substantial market
                                  advantage and competitive standing, Brazilian shipyards will need to provide rigs to offshore drilling
                                  contractors at competitive prices, such as those offered by South Korean shipyards. As a result of
                                  this, the Brazilian shipbuilding industry is expected to record high levels of growth in terms of its rig
                                  building business.




Offshore Rig Construction Market to 2015 and Current Rig                                             GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                     Page 2
                                                                      © GBI Research. This is a licensed product and is not to be photocopied
                                  Rapidly Growing Demand for Premium and Ultra-Premium Jack-Ups is Expected to Create a
                                  Shortage of Premium Jack-Ups by 2015
                                  As offshore drilling in shallow waters demands advanced drilling capabilities, such as the ability to
                                  operate jack-up rigs in water depths exceeding 350ft, demand for premium and ultra-premium jack-
                                  up rigs is expected to increase by 2015. Premium and ultra-premium jack-up rigs have higher
                                  offshore rig day rates than standard jack-up rigs.
                                  Advanced shallow water drilling activity is forecast to rise, and as a result, demand for premium and
                                  ultra-premium jack-up rigs is expected to rise in line with this.

                                   Newbuild Jack-Up Rig Construction Expenditure Forecasts, Premium/Ultra-Premium
                                   Segment ($bn), 2000–2015

                                           Newbuild Premium Jack-Up Rig Construction Expenditure   7


                                                                                                   6


                                                                                                   5
                                                        Forecasts ($bn), 2000–2015




                                                                                                   4


                                                                                                   3


                                                                                                   2


                                                                                                   1


                                                                                                   0
                                                                                                       2000                    2010                     2015


                                   Source: GBI Research




                                  Stricter Offshore Regulations for Safety and Environmental Protection Will Lead to
                                  Technological Modifications in the Engineering Design of Offshore Rigs
                                  After the US Gulf of Mexico (USGOM) Deepwater Horizon disaster and the Montara oil spil off the
                                  coast of Australia, environmental and safety regulations imposed and implemented by governments
                                  of various countries are expected to become more stringent in order to avoid and reduce offshore
                                  drilling accidents. For example, the UK government recently announced that it will conduct safety
                                  checks on offshore oil and gas drilling rigs deployed in the North Sea as a result of the USGOM
                                  Deepwater Horizon incident.
                                  As a result of this, offshore rig manufacturing shipyards worldwide are focusing on innovative rig
                                  designs to enhance operational and safety standards in order to meet global regulatory
                                  requirements for drilling.




Offshore Rig Construction Market to 2015 and Current Rig                                                                                 GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                                                         Page 3
                                                                                                          © GBI Research. This is a licensed product and is not to be photocopied
                                  1         Table of Contents
                                  1   Table of Contents ........................................................................................................................ 4
                                      1.1    List of Tables..................................................................................................................... 6
                                      1.2    List of Figures ................................................................................................................... 7
                                  2   Future of the Offshore Rig Construction Market and Current Rig Deployment Scenario –
                                      Introduction .................................................................................................................................. 8
                                      2.1    Report Guidance ............................................................................................................... 8
                                  3   Offshore Rig Construction Market – Overview............................................................................. 9
                                      3.1    Significance of the Offshore Rig Construction Industry as Part of the Value Chain in the
                                             Upstream Oil and Gas Sector ........................................................................................... 9
                                      3.2    Key Segments of the Offshore Rig Construction Industry ................................................. 9
                                         3.2.1    Jack-Up Rigs ............................................................................................................. 9
                                         3.2.2    Semisubmersibles ..................................................................................................... 9
                                         3.2.3    Drillships .................................................................................................................... 9
                                         3.2.4    Fixed Platforms.......................................................................................................... 9
                                         3.2.5    Compliant Towers.................................................................................................... 10
                                         3.2.6    Tension Leg Platforms (TLPs) ................................................................................. 10
                                         3.2.7    Spar Platforms ......................................................................................................... 10
                                         3.2.8    Barges ..................................................................................................................... 10
                                         3.2.9    Tender Rigs ............................................................................................................. 10
                                         3.2.10 Premium and Ultra-Premium Jack-Up Rigs ............................................................. 10
                                  4   Offshore Rig Construction Market to 2015 – Geographic and Segment Analysis...................... 11
                                      4.1    Geographic Scenario of the Global Offshore Rig Construction Industry ......................... 11
                                      4.2    Segmental Analysis of the Global Offshore Rig Construction Industry ........................... 12
                                  5   Key Trends and Challenges in the Offshore Rig Construction Industry .................................... 14
                                      5.1    Key Trends of the Offshore Rig Construction Industry .................................................... 14
                                         5.1.1    Offshore Rig Contractors are Acquiring Rivals as a Beneficial Business Strategy
                                                  Due to Increasing Cost of Rig Manufacturing and the Poor Credit Situation ........... 14
                                         5.1.2    Offshore Upstream Sector is Expected to Record a Significant Rise in Jack-Up Rig
                                                  Construction Activity Due to Increasing Demand for Shallow Water Offshore
                                                  Development ........................................................................................................... 14
                                         5.1.3    Rapidly Growing Demand for Premium and Ultra-Premium Jack-Ups will Create a
                                                  Shortage of Premium Jack-Ups by 2015 ................................................................. 14
                                         5.1.4    Improved Risk Assessment Will Reduce Costs and Time Delay for Rig Construction
                                                  Projects ................................................................................................................... 15
                                         5.1.5    Rig Construction is Expected to be Strengthened by the South East Asian Rig
                                                  Construction Industry............................................................................................... 15
                                         5.1.6    Rise in Deep and Ultra-Deep Water Drilling in Brazil is Expected to Strengthen the
                                                  Drillship Construction Industry ................................................................................. 15
                                      5.2    Major Challenges of the Offshore Rig Construction Industry .......................................... 16
                                         5.2.1    Cost Dynamics are Proving to be Unfavorable to the Brazilian Offshore Rig
                                                  Construction Industry Due to Inadequate Workforce Training and the Unattractive
                                                  Labor Market ........................................................................................................... 16
                                         5.2.2    Technological Developments in Offshore Rig Construction could Lead to Successful
                                                  Exploration and Production in Geographically Challenging Areas ........................... 16
                                         5.2.3    Stricter Offshore Regulations for Safety and Environmental Protection Will Lead to
                                                  Technological Modifications in the Engineering Design of Offshore Rigs ................ 16
                                  6   Offshore Rig Construction Industry Forecasts to 2015 and Current Status of Worldwide
                                      Offshore Fleet in Operation ....................................................................................................... 17
                                      6.1    Offshore Rig Construction Newbuild Expenditure Forecasts to 2015 ............................. 17
                                      6.2    Offshore Rig Construction Newbuild Expenditure Forecasts to 2015, by Segment ........ 19
                                         6.2.1    Offshore Rig Construction Newbuild Expenditure Forecasts to 2015, Jack-Up Rigs
                                                   ................................................................................................................................ 19
                                         6.2.2    Offshore Rig Construction Newbuild Expenditure Forecasts to 2015,
                                                  Semisubmersible Rigs ............................................................................................. 23
                                         6.2.3    Offshore Rig Construction Newbuild Expenditure Forecasts to 2015, Drillships ..... 25


Offshore Rig Construction Market to 2015 and Current Rig                                                                         GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                                                             Page 4
                                                                                     © GBI Research. This is a licensed product and is not to be photocopied
                                    6.3    Offshore Rig Order Costs, Forecasts to 2015, by Segment ............................................ 27
                                       6.3.1    Offshore Rig Order Costs, Forecasts to 2015, Jack-Up Rigs .................................. 27
                                       6.3.2    Offshore Rig Order Costs, Forecasts to 2015, Semisubmersible Rigs .................... 31
                                       6.3.3    Offshore Rig Order Costs, Forecasts to 2015, Drillships ......................................... 32
                                    6.4    Newbuild Rig Orders by Offshore Drilling Contractors .................................................... 34
                                    6.5    Pending Rig Orders by Rig Segment and Rig Availability in Future ................................ 39
                                       6.5.1    Pending Rig Orders and Rig Availability, Jack-Up Rigs, Updated August 2011 ...... 39
                                       6.5.2    Pending Rig Orders and Rig Availability, Semisubmersibles, Updated August 2011
                                                ................................................................................................................................ 44
                                       6.5.3    Pending Rig Orders and Rig Availability, Drillships, Updated August 2011 ............. 46
                                       6.5.4    Pending Rig Orders and Rig Availability, Tender Rigs, Updated August 2011 ........ 50
                                       6.5.5    Pending Rig Orders and Rig Availability, Inland Barges, Updated August 2011 ..... 51
                                    6.6    Current Status of Worldwide Offshore Rigs and Expected Newbuilds ............................ 51
                                       6.6.1    Current Status, Number of Worldwide Offshore Rigs and Expected Newbuilds ...... 51
                                    6.7    Current Status of Worldwide Fleet in Operation by Individual Offshore Structure and
                                           Type, and Deployment Location ..................................................................................... 56
                                       6.7.1    Current Status, Worldwide Fleet in Operation, Jack-Up Rigs, by Structure Name,
                                                Deployment Location and Region............................................................................ 56
                                       6.7.2    Current Status, Worldwide Fleet in Operation, Semisubmersible Rigs, by Structure
                                                Name, Deployment Location and Region ................................................................ 73
                                       6.7.3    Current Status, Worldwide Fleet in Operation, Drillships, by Structure Name,
                                                Deployment Location and Region............................................................................ 79
                                       6.7.4    Current Status, Worldwide Fleet in Operation, Inland Barges, by Structure Name,
                                                Deployment Location and Region............................................................................ 82
                                       6.7.5    Current Status, Worldwide Fleet in Operation, Drill Barges, by Structure Name,
                                                Deployment Location and Region............................................................................ 85
                                       6.7.6    Current Status, Worldwide Fleet in Operation, Tender Rigs, by Structure Name,
                                                Deployment Location and Region............................................................................ 87
                                       6.7.7    Current Status, Worldwide Fleet in Operation, Platform Rigs, by Structure Name,
                                                Deployment Location and Region............................................................................ 88
                                       6.7.8    Current Status, Worldwide Fleet in Operation, Submersibles, by Structure Name,
                                                Deployment Location and Region............................................................................ 96
                                    6.8    Expected Newbuild Offshore Rigs, by Country of Manufacturing Shipyard .................... 97
                                       6.8.1    Expected Newbuild Jack-Up Rigs, by Country of Manufacturing Shipyard.............. 97
                                       6.8.2    Expected Newbuild Semisubmersible Rigs, by Country of Manufacturing Shipyard 98
                                       6.8.3    Expected Newbuild Drillships, by Country of Manufacturing Shipyard .................... 99
                                       6.8.4    Expected Newbuild Inland Barges, by Country of Manufacturing Shipyard ........... 100
                                       6.8.5    Expected Newbuild Tender Rigs, by Country of Manufacturing Shipyard ............. 100
                                  7 Appendix ................................................................................................................................. 101
                                    7.1    Methodology ................................................................................................................. 101
                                       7.1.1    Coverage ............................................................................................................... 101
                                       7.1.2    Secondary Research ............................................................................................. 101
                                       7.1.3    Primary Research .................................................................................................. 101
                                       7.1.4    Expert Panel Validation ......................................................................................... 102
                                    7.2    Abbreviations ................................................................................................................ 102
                                    7.3    Contact Us .................................................................................................................... 103
                                    7.4    About GBI Research ..................................................................................................... 103
                                    7.5    Disclaimer ..................................................................................................................... 103




Offshore Rig Construction Market to 2015 and Current Rig                                                                       GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                                                         Page 5
                                                                                    © GBI Research. This is a licensed product and is not to be photocopied
                                  1.1       List of Tables
                                  Table 1:  Offshore Rig Construction Industry, Global Revenue (%), 2010 .................................... 11
                                  Table 2:  Global Offshore Rig Construction Industry, Segment Analysis, Number of Rigs, 2011–
                                            2015 ............................................................................................................................... 13
                                  Table 3: Total Annual Newbuild Construction Expenditure Forecasts ($bn), 2000–2015 ............ 18
                                  Table 4: Newbuild Jack-Up Rig Construction Expenditure Forecasts ($bn), 2000–2015 ............. 20
                                  Table 5: Newbuild Jack-Up Rig Construction Expenditure Forecasts, Standard Segment ($bn),
                                            2000–2015 ..................................................................................................................... 21
                                  Table 6: Newbuild Jack-Up Rig Construction Expenditure Forecasts, Premium/Ultra-Premium
                                            Segment ($bn), 2000–2015 ........................................................................................... 22
                                  Table 7: Newbuild Semisubmersible Rig Construction Expenditure Forecasts ($bn), 2000–2015
                                             ....................................................................................................................................... 24
                                  Table 8: Newbuild Drillship Construction Expenditure Forecasts ($bn), 2000–2015.................... 26
                                  Table 9: Jack-Up (Standard and Premium/Ultra-Premium Segment Combined) Rig Order Cost
                                            ($m Per Rig), 2000–2015 ............................................................................................... 28
                                  Table 10: Standard Jack-Up Rig Order Cost ($m Per Rig), 2000–2015 ........................................ 29
                                  Table 11: Premium and Ultra-Premium Jack-Up Rig Order Cost ($m Per Rig), 2000–2015 .......... 30
                                  Table 12: Semisubmersible Rig Order Cost ($m Per Rig), 2000–2015.......................................... 31
                                  Table 13: Drillship Order Cost ($m Per Rig), 2000–2015 ............................................................... 33
                                  Table 14: Newbuild Rig Orders, Updated August 2011 ................................................................. 34
                                  Table 15: Newbuild Rig Construction Orders by Offshore Drilling Contractor, Updated August 2011
                                             ....................................................................................................................................... 35
                                  Table 16: Worldwide Jack-Ups Construction Survey, Updated August 2011 ................................. 39
                                  Table 17: Expected Number of Jack-Ups to be Delivered, by Year ............................................... 43
                                  Table 18: Worldwide Semisubmersibles Construction Survey, Updated August 2011 .................. 44
                                  Table 19: Expected Number of Semisubmersibles to be Delivered, by Year ................................. 45
                                  Table 20: Worldwide Drillships Construction Survey, Updated August 2011 ................................. 46
                                  Table 21: Expected Number of Drillships to be Delivered, by Year................................................ 49
                                  Table 22: Worldwide Tender Rigs Construction Survey, Updated August 2011 ............................ 50
                                  Table 23: Expected Number of Tender Rigs to be Delivered, by Year........................................... 51
                                  Table 24: Worldwide Inland Barges Construction Survey, Updated August 2011.......................... 51
                                  Table 25: Offshore Rigs and Expected Newbuilds, as of August 2011 .......................................... 51
                                  Table 26: Global In-Service Rig Fleet Status as of August 2011, by Rig Type .............................. 52
                                  Table 27: Number of Offshore Rigs, by Current Status and Rig Type ........................................... 54
                                  Table 28: Current Status, Worldwide Fleet in Operation, Jack-Up Rigs, by Structure Name,
                                            Deployment Location and Region .................................................................................. 56
                                  Table 29: Current Status, Worldwide Fleet in Operation, Semisubmersible Rigs, by Structure
                                            Name, Deployment Location and Region....................................................................... 73
                                  Table 30: Current Status, Worldwide Fleet in Operation, Drillships, by Structure Name,
                                            Deployment Location and Region .................................................................................. 79
                                  Table 31: Current Status, Worldwide Fleet in Operation, Inland Barges, by Structure Name,
                                            Deployment Location and Region .................................................................................. 82
                                  Table 32: Current Status, Worldwide Fleet in Operation, Drill Barges, by Structure Name,
                                            Deployment Location and Region .................................................................................. 85
                                  Table 33: Current Status, Worldwide Fleet in Operation, Tender Rigs, by Structure Name,
                                            Deployment Location and Region .................................................................................. 87
                                  Table 34: Current Status, Worldwide Fleet in Operation, Platform Rigs, by Structure Name,
                                            Deployment Location and Region .................................................................................. 88
                                  Table 35: Current Status, Worldwide Fleet in Operation, Submersibles, by Structure Name,
                                            Deployment Location and Region .................................................................................. 96
                                  Table 36: Expected Newbuild Jack-Up Rigs, by Country of Manufacturing Shipyard .................... 97
                                  Table 37: Expected Newbuild Semisubmerible Rigs, by Country of Manufacturing Shipyard ........ 98
                                  Table 38: Expected Newbuild Drillships, by Country of Manufacturing Shipyard ........................... 99
                                  Table 39: Expected Newbuild Inland Barges, by Country of Manufacturing Shipyard ................. 100
                                  Table 40: Expected Newbuild Tender Rigs, by Country of Manufacturing Shipyard .................... 100
                                  Table 41: Abbreviations ............................................................................................................... 102




Offshore Rig Construction Market to 2015 and Current Rig                                                                         GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                                                             Page 6
                                                                                      © GBI Research. This is a licensed product and is not to be photocopied
                                  1.2       List of Figures
                                  Figure 1: Offshore Rig Construction Industry, Global Revenue (%), 2010 ...................................... 11
                                  Figure 2: Global Offshore Rig Construction Industry, Segment Analysis, Number of Rigs, 2011–
                                             2015 ............................................................................................................................... 12
                                  Figure 3:Total Annual Newbuild Construction Expenditure Forecasts ($bn), 2000–2015 ............... 17
                                  Figure 4: Newbuild Jack-Up Rig Construction Expenditure Forecasts ($bn), 2000–2015 ............... 19
                                  Figure 5: Newbuild Jack-Up Rig Construction Expenditure Forecasts, Standard Segment ($bn),
                                             2000–2015 ..................................................................................................................... 21
                                  Figure 6: Newbuild Jack-Up Rig Construction Expenditure Forecasts, Premium/Ultra-Premium
                                             Segment ($bn), 2000–2015 ........................................................................................... 22
                                  Figure 7: Newbuild Semisubmersible Rig Construction Expenditure Forecasts ($bn), 2000–2015. 23
                                  Figure 8: Newbuild Drillship Construction Expenditure Forecasts ($bn), 2000–2015...................... 25
                                  Figure 9: Jack-Up (Standard and Premium/Ultra-Premium Segment Combined) Rig Order Cost ($m
                                             Per Rig), 2000–2015 ...................................................................................................... 27
                                  Figure 10: Standard Jack-Up Rig Order Cost ($m Per Rig), 2000–2015......................................... 29
                                  Figure 11: Premium and Ultra-Premium Jack-Up Rig Order Cost ($m Per Rig), 2000–2015 .......... 30
                                  Figure 12: Semisubmersible Rig Order Cost ($m Per Rig), 2000–2015 .......................................... 31
                                  Figure 13: Drillship Order Cost ($m Per Rig), 2000–2015 ............................................................... 32
                                  Figure 14: Newbuild Rig Orders, Updated August 2011.................................................................. 34
                                  Figure 15: Expected Number of Jack-Ups to be Delivered, by Year ............................................... 43
                                  Figure 16: Expected Number of Semisubmersibles to be Delivered, by Year ................................. 45
                                  Figure 17: Expected Number of Drillships to be Delivered, by Year ................................................ 49
                                  Figure 18: Expected Number of Tender Rigs to be Delivered, by Year ........................................... 50
                                  Figure 19: Global In-Service Rig Fleet Status as of August 2011, by Rig Type .............................. 52
                                  Figure 20: Global Newbuild Rig Fleet Status as of August 2011, by Rig Type ................................ 53
                                  Figure 21: Number of Offshore Rigs, by Current Status and Rig Type............................................ 53
                                  Figure 22: Expected Newbuild Jack-Up Rigs, by Country of Manufacturing Shipyard .................... 97
                                  Figure 23: Expected Newbuild Semisubmerible Rigs, by Country of Manufacturing Shipyard ........ 98
                                  Figure 24: Expected Newbuild Drillships, by Country of Manufacturing Shipyard ........................... 99
                                  Figure 25: Expected Newbuild Tender Rigs, by Country of Manufacturing Shipyard .................... 100




Offshore Rig Construction Market to 2015 and Current Rig                                                                       GBIGE00050MR / Published OCT 2011
Deployment Scenario - Acquisition of Rivals a Prominent
Strategic Option                                                                                                                                                          Page 7
                                                                                     © GBI Research. This is a licensed product and is not to be photocopied
                                  2       Future of the Offshore Rig Construction Market and Current Rig
                                          Deployment Scenario – Introduction
                                  The offshore rig construction market is linked to the demand-supply scenario of offshore rigs
                                  worldwide, which both directly and indirectly affects offshore rig day rates, and the availability and
                                  deployment of rigs globally. This demonstrates how important a part of the value chain the market
                                  is with regards to the upstream oil and gas industry.
                                  The report “Future of the Offshore Rig Construction Market and Current Rig Deployment Scenario
                                  – Rig Contractors Currently Preferring to Acquire Rival Companies as Part of Business Strategy”
                                  provides an in-depth analysis of the offshore rig construction market, key trends and challenges,
                                  geographic and segmental analysis, and all the key information and relevant historic, present and
                                  forecast data with regards to the offshore rig construction market. It also provides an extensive data
                                  and information coverage on all major offshore rig types currently deployed worldwide.
                                  The three key segments of the offshore rig construction industry are covered under jack-up rigs,
                                  semisubmersibles and drillships. However, other rig types are used by offshore drilling contractors
                                  for specific applications.

                                  2.1     Report Guidance
                                  ·     The report starts with an executive summary which covers the key points regarding the future
                                        of the offshore rig construction market until 2015.
                                  ·     Chapter 2 provides introductory details for the topics covered in this offshore rig construction
                                        market report.
                                  ·     Chapter 3 provides an overview of the offshore rig construction market, with brief explanations
                                        of key segments within the offshore rig construction industry and its significance in the
                                        upstream value chain.
                                  ·     Chapter 4 contains a geographic and seg
								
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