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Offshore Rig Construction Market to 2015 Premium Jack up Segment Witnessing High Growth Despite Ma by GBIResearch

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Offshore Rig Construction Market to 2015 - Premium Jack-up Segment Witnessing High Growth Despite Massive Supplies During the Rig Construction Boom Summary GBI Research report “Offshore Rig Construction Market to 2015 - Premium Jack-up Segment Witnessing High Growth Despite Massive Supplies During the Rig Construction Boom” provides an in-depth analysis of the global offshore rigs construction market and highlights the various concerns and shifting trends in the region. The report provides forecasts of the global market to 2015. The report also provides segmental forecasts of the market. The report provides in-depth analysis of the key trends and challenges in the global offshore rigs construction industry. The report also provides an analysis of the geographical trends in each of the market segments. An analysis of the competitive scenario and market share analysis is also provided for each of the market segments. Scope The report provides in-depth analysis on the global offshore rig construction industry. Its scope includes: - Complete overview of the future prospects of the global offshore rig construction Industry - Analyzes the offshore rig construction Industry in the major regions of the world. Regions covered include North America, South and Central America, Europe, Middle East and Africa and Asia Pacific - Analyzes each of the different segments of the offshore rig construction Industry. - Analyzes the competitive scenario providing a market share analysis of the key competitors in the industry for 2009. - Analysis of the key drivers and restraints, with review of the various concerns, shifting trends and major regions in the global offshore rig construction Industry. Trends are also provided at a regional and segment level. Reasons to buy - Develop business strategies with the help of specific insights about the offshore rigs market. - Identify oppurtunities and challenges in the global offshore rigs industry. - Understand the mar

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									      Offshore Rig Construction Market to 2015 - Premium Jack-
          up Segment Witnessing High Growth Despite Massive
              Supplies During the Rig Construction Boom
     Reference Code: GBIGE00044MR                                                                                                         Publication Date: January 2011

                                     The period between 2004 and 2008 saw a tremendous rise in offshore rig construction activity as a
                                     result of a rapidly rising demand. Huge offshore rig construction orders by offshore exploration and
                                     production companies have led to this period being popularly known as the rig construction boom.
                                     In 2009, the rig construction cycle clearly peaked and the number of rig orders for construction is
                                     expected to temporarily reduce. The current oversupply of rigs is a result of the excess rig
                                     production during the rig construction boom. However, rig construction majors from SouthEast Asia
                                     have largely benefited by the rig construction boom. Besides, they are expected to continue
                                     witnessing major business developments for the period 2011 to 2015.
                                     Offshore Rig Construction Sector Would Witness a Significant Rise in Shallow Water Rig
                                     Construction Activity
                                     As the majority of countries possessing commercial potential in terms of their offshore reserves
The offshore exploration             worldwide, seek to achieve self-reliance in terms of energy, the offshore exploration and production
and production industry is           industry is expected to make significant investments in the discovery and development of fresh
expected to make                     offshore reserves. This, in turn, will mean major infrastructure investments by exploration and
significant investments in           production companies in the form of new-build offshore rigs, especially for untapped shallow water
the discovery and                    regions with exploration potential. Subsequently, the offshore rig construction expenditure is
development of fresh                 expected to rise between the period of 2011 and 2015.
offshore reserves.
                                     However, the cost per shallow water rig, which has declined by 15-20% from 2008 values by 2010,
                                     will continue to witness a decline until 2012.


                                       Total Annual New-build Construction Expenditure Forecasts ($bn), 2000–2015

                                                                                            60




                                                                                            50
                                              Total Newbuild Construction Expenditure,$bn




                                                                                            40




                                                                                            30




                                                                                            20




                                                                                            10




                                                                                             0
                                                                                                 2000                    2009                         2015


                                       Source: GBI Research




Offshore Rig Construction Market to 2015 - Premium Jack-up                                                                              GBIGE00044MR /Published JAN 2011
Segment Witnessing High Growth Despite Massive Supplies
During the Rig Construction Boom                                                                                                                                       Page 1
                                                                                                        © GBI Research. This is a licensed product and is not to be photocopied
                                     Technological Developments in Offshore Rig Construction Will Be the Key to Ambitious
                                     Exploration and Production in Areas Geographically Challenging For Exploitation of
                                     Reserves
                                     As deep sea and Arctic areas continue to be developed for energy reserves, oil and gas exploration
                                     technology also needs to technologically evolve.
                                     For instance, Samsung Heavy Industries (SHI) has been developing an advanced drillship type to
                                     drill in ice in the Arctic Ocean, which conventional drillships are not capable of. This drillship has
                                     the ability to drill target depths of up to 36,000ft (feet). A design able to withstand ice and
                                     geographically challenging conditions are the key characteristics of this drillship. Technological
                                     developments in offshore rig construction could be the only enablers for successful exploration, for
                                     production in geographically challenging areas, and for the exploitation of energy reserves
                                     worldwide.
                                     Rise in Deep and Ultra-Deep Water Drilling in Brazil is Expected to Boost the Drillship
                                     Construction Industry
                                     Offshore Brazil is a major potential region for deepwater exploration and production by oil
                                     exploration and production companies. Major global offshore drilling contractors such as
                                     Transocean and Seadrill have invested considerable capital for ensuring the future deployment of
                                     deepwater rigs in offshore Brazil, in the form of orders for drillships and semisubmersibles. Also,
                                     Petrobras, the national oil company of Brazil, has ordered a substantial number of drillships to be
                                     deployed in the region. These developments are expected to boost the business development of
                                     global rig construction companies, mainly based in South Korea. The business scenario has also
                                     fueled rig construction activity in Brazil, with local companies such as Odebrecht having heavy
                                     investment plans with regards to deepwater rig construction until 2013. The federal government of
                                     Brazil is also expected to encourage investments in offshore rig construction through various
                                     initiatives.
                                     However, the key to business success for the relatively inexperienced Brazilian rig construction
                                     companies with regards to deepwater rig construction will be to initially partner with international rig
                                     construction companies to gain technological know-how and expertise, along with valuable
                                     experience in rig building. Besides, in order to gain substantial business advantage and thrive in
                                     competition, Brazilian shipyards will need to focus on providing rigs to offshore drilling contractors
                                     at competitive prices, such as those offered by South Korean shipyards. With this being a
                                     possibility, the Brazilian shipbuilding industry is expected to witness impressive growth in terms of
                                     its rig building business.
                                     Rapidly Growing Demand for Premium and Ultra-Premium Jack-ups will create a Shortage of
                                     Premium Jack-ups by 2015
                                     With offshore drilling in shallow waters demanding advanced drilling capabilities such as the ability
                                     to operate jack-up rigs in water depths exceeding 350ft, or in harsher environments, premium and
                                     ultra-premium jack-up rigs are expected to witness a tremendous rise in demand in the next few
                                     years. It could be noted that premium and ultra-premium class jack-up rigs have higher offshore rig
                                     day rates than the conventional, standard jack-up rigs.
                                     Advanced shallow water drilling activity is forecast to be on the rise, and as a result, the demand for
                                     premium and ultra-premium jack-up rigs is expected to rise to a great extent.
                                     Stricter Offshore Regulations for Safety and Environmental Protection Enhancement Will
                                     Mean Technological Modifications in Engineering Design of Offshore Rigs by Shipyards
                                     In the wake of 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 worldwide are expected to become stringent, as a measure to
                                     ensure avoidance, or at least reductions in accident occurrences during offshore drilling operations.
                                     For instance, the government of the United Kingdom has recently announced that it will be
                                     conducting rigorous safety checks of offshore oil and gas drilling rigs deployed in the North Sea, in
                                     the wake of the US GOM Deepwater Horizon tragedy.
                                     This, in turn, will translate into offshore rig manufacturing shipyards worldwide focusing on
                                     innovative rig designs to enhance operational and safety standards to meet regulatory
                                     requirements of drilling. in many countries.




Offshore Rig Construction Market to 2015 - Premium Jack-up                                               GBIGE00044MR /Published JAN 2011
Segment Witnessing High Growth Despite Massive Supplies
During the Rig Construction Boom                                                                                                        Page 2
                                                                         © GBI Research. This is a licensed product and is not to be photocopied
                                     1 Table of Contents
                                     1   Table of Contents ........................................................................................................................ 3
                                         1.1    List of Tables..................................................................................................................... 5
                                         1.2    List of Figures ................................................................................................................... 6
                                     2   Offshore Rig Construction Market to 2015 – Introduction ............................................................ 7
                                         2.1    Report Guidance ............................................................................................................... 7
                                     3   Offshore Rig Construction Market – Overview............................................................................. 8
                                         3.1    Significance of the Offshore Rig Construction Industry as Part of the Value Chain in the
                                                Upstream Oil and Gas Sector ........................................................................................... 8
                                         3.2    Key Segments of the Offshore Rig Construction Industry ................................................. 8
                                            3.2.1    Jack-up Rigs .............................................................................................................. 8
                                            3.2.2    Semisubmersibles ..................................................................................................... 8
                                            3.2.3    Drillships .................................................................................................................... 8
                                            3.2.4    Fixed Platforms.......................................................................................................... 8
                                            3.2.5    Compliant Towers...................................................................................................... 9
                                            3.2.6    Tension Leg Platforms (TLPs) ................................................................................... 9
                                            3.2.7    Spar Platforms ........................................................................................................... 9
                                            3.2.8    Barges ....................................................................................................................... 9
                                            3.2.9    Tender Rigs ............................................................................................................... 9
                                            3.2.10 Premium and Ultra-Premium Jack-up Rigs – Specialized Rig Types ........................ 9
                                     4   Offshore Rig Construction Market to 2015 — Geographic and Segment Analysis .................... 10
                                         4.1    Geographic Scenario of the Global Offshore Rig Construction Industry ......................... 10
                                         4.2    Segment Analysis of the Global Offshore Rig Construction Industry .............................. 11
                                     5   Key Trends and Challenges in the Offshore Rig Construction Industry .................................... 13
                                         5.1    Key Trends of the Offshore Rig Construction Industry .................................................... 13
                                            5.1.1    Offshore Upstream Sector is expected to Witness a Significant Rise in Jack-up Rig
                                                     Construction Activity Due to Increasing Demand for Shallow Water Offshore
                                                     Development ........................................................................................................... 13
                                            5.1.2    Rapidly Growing Demand for Premium and Ultra-Premium Jack-ups Will Create a
                                                     Shortage of Premium Jack-ups by 2015 .................................................................. 13
                                            5.1.3    Improved Risk Assessment Will Slash Costs and Reduce Time Delay for Rig
                                                     Construction Projects .............................................................................................. 13
                                            5.1.4    Rig Construction is Expected to be Fueled by the South East Asian Rig Construction
                                                     Industry for a Considerable Period .......................................................................... 13
                                            5.1.5    Rise in Deep and Ultra-Deep Water Drilling in Brazil is expected to boost the
                                                     Drillship Construction Industry ................................................................................. 14
                                         5.2    Major Challenges of the Offshore Rig Construction Industry .......................................... 14
                                            5.2.1    Technological Developments in Offshore Rig Construction could be the Only
                                                     Enablers for Successful Exploration and Production in Areas, which are
                                                     Geographically Challenging for Exploitation of Reserves ........................................ 14
                                            5.2.2    Stricter Offshore Regulations for Safety and Environmental Protection Enhancement
                                                     Will Mean Technological Modifications in Engineering Design of Offshore Rigs by
                                                     Shipyards ................................................................................................................ 15
                                         5.3    Profiles of the Major Offshore Rig Construction Industry Players ................................... 15
                                            5.3.1    Hyundai Heavy Industries ........................................................................................ 15
                                            5.3.2    Samsung Heavy Industries ...................................................................................... 15
                                            5.3.3    Daewoo Shipbuilding and Marine Engineering ........................................................ 15
                                            5.3.4    Mitsui Ocean Development and Engineering Company, Inc ................................... 15
                                            5.3.5    PPL Shipyard........................................................................................................... 15
                                     6   Offshore Rig Construction Industry Forecasts to 2015 .............................................................. 16
                                         6.1    Offshore Rig Construction New Build Expenditure Forecasts to 2015 ............................ 16
                                         6.2    Offshore Rig Construction New Build Expenditure Forecasts to 2015, by Segment ....... 18
                                            6.2.1    Offshore Rig Construction New Build Expenditure Forecasts to 2015, Jack-up Rigs
                                                      ................................................................................................................................ 18
                                            6.2.2    Offshore Rig Construction New-build Expenditure Forecasts to 2015,
                                                     Semisubmersible Rigs ............................................................................................. 22

Offshore Rig Construction Market to 2015 - Premium Jack-up                                                                           GBIGE00044MR /Published JAN 2011
Segment Witnessing High Growth Despite Massive Supplies
During the Rig Construction Boom                                                                                                                                               Page 3
                                                                                        © GBI Research. This is a licensed product and is not to be photocopied
                                          6.2.3    Offshore Rig Construction New-build Expenditure Forecasts to 2015, Drillships .... 24
                                       6.3    Offshore Rig Order Costs, Forecasts to 2015, by Segment ............................................ 26
                                          6.3.1    Offshore Rig Order Costs, Forecasts to 2015, Jack-up Rigs ................................... 26
                                          6.3.2    Offshore Rig Order Costs, Forecasts to 2015, Semisubmersible Rigs .................... 30
                                          6.3.3    Offshore Rig Order Costs, Forecasts to 2015, Drillships ......................................... 32
                                       6.4    Demand versus Supply Analysis of Offshore Rig Markets Worldwide — Past, Present,
                                              and the Future................................................................................................................. 33
                                       6.5    Regional Offshore Drilling Expenditures and their Influence on Offshore Rig Construction
                                              Orders ............................................................................................................................. 34
                                       6.6    New-build Rig Orders by Offshore Drilling Contractors ................................................... 36
                                       6.7    Pending Rig Orders by Rig Segment and Rig Availability in Future ................................ 41
                                          6.7.1    Pending Rig Orders and Rig Availability, Jack-up Rigs ........................................... 41
                                          6.7.2    Pending Rig Orders and Rig Availability, Semi Submersibles ................................. 44
                                          6.7.3    Pending Rig Orders and Rig Availability, Drillships ................................................. 47
                                          6.7.4    Pending Rig Orders and Rig Availability, Tender Rigs ............................................ 50
                                       6.8    Current Status of Number of Worldwide Offshore Rigs and Expected New-builds ......... 51
                                          6.8.1    Current Status, Number of Worldwide Offshore Rigs and Expected New-builds ..... 51
                                       6.9    Expected New-build Offshore Rigs, by Country of Manufacturing Shipyard ................... 53
                                          6.9.1    Expected New-build Jack-up Rigs, by Country of Manufacturing Shipyard ............. 53
                                          6.9.2    Expected New-build Semisubmersible Rigs, by Country of Manufacturing Shipyard
                                                   ................................................................................................................................ 55
                                          6.9.3    Expected New-build Drillships, by Country of Manufacturing Shipyard ................... 56
                                          6.9.4    Expected New-build Tender Rigs, by Country of Manufacturing Shipyard .............. 57
                                       6.10 Offshore Rig Fleet Statuses of Major Offshore Drilling Contractors ................................ 58
                                          6.10.1 Transocean Ltd........................................................................................................ 58
                                          6.10.2 Diamond Offshore ................................................................................................... 59
                                          6.10.3 Ensco International .................................................................................................. 60
                                          6.10.4 Noble Corporation ................................................................................................... 61
                                          6.10.5 Seadrill .................................................................................................................... 62
                                          6.10.6 Pride International ................................................................................................... 63
                                          6.10.7 Hercules Offshore.................................................................................................... 64
                                          6.10.8 Rowan Drilling ......................................................................................................... 65
                                          6.10.9 Saipem .................................................................................................................... 66
                                          6.10.10 KCA Deutag............................................................................................................. 67
                                          6.10.11 China Oilfield Services ............................................................................................ 68
                                          6.10.12 Maersk Drilling ......................................................................................................... 69
                                          6.10.13 Nabors Offshore ...................................................................................................... 70
                                          6.10.14 PDVSA .................................................................................................................... 71
                                          6.10.15 Seahawk Drilling ...................................................................................................... 72

								
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