Offshore Drilling Rigs Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The offshore drilling rigs market is expected to register a CAGR of more than 2% during the forecast period (2022–2027). The COVID-19 pandemic severely affected the market due to the decline in oil prices in 2020 and delays in oil and gas upstream projects in offshore areas. However, the recovery of crude oil prices after 2020 is expected to make offshore drilling profitable, which may aid in the market’s growth, especially in the new exploration done in different offshore regions across the world. In addition, the improved viability of deepwater and ultra-deepwater projects is anticipated to drive the offshore drilling market during the forecast period. However, the volatility in crude oil is expected to majorly restrain the growth of the offshore drilling market during the forecast period.
Key HighlightsThe offshore drilling rigs market is moderately fragmented. Some of the major players include Keppel Corporation Limited, Samsung Heavy Industries Co. Ltd, Sembcorp Marine Ltd, Transocean Ltd, and Seadrill Ltd.
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