Excessive reliance on non-renewable energy is directly impacting the offshore drilling space. Unlike terrestrial sources of energy which are receding at an astral pace, the deep sea storage still holds potential hope, thus encouraging massive investments and cost efficient returns in offshore drilling. Economic sustenance and onward growth is directly proportional to oil resources which has steadily shown immense price volatility and fluctuations. Factors as such are likely to encourage big ticket off-shore drilling expeditions which in turn is expected to create ample demands for offshore drilling rigs that are designed to explore deep sea beds to draw petroleum from underwater rock formations.
Offshore drilling is likely to remain highly acceptable to balance massive price and supply discrepancies in oil supply. Offshore drilling maximizes scope for oil availability thereby significantly lowering price burden. Besides ample availability, offshore drills have improved lifespan as opposed to their onshore counterpart. This is yet another factor encouraging growth in offshore rigs market. Additionally, significant investments towards new reserve discovery is also amounted to favor optimistic outlook in offshore drilling rigs space.
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North America Leads with Teeming Opportunities in Offshore Drilling Rigs Market, APAC Follows Suit
North America holds promising prospects in offshore oil drilling space and simultaneous opportunities for offshore drilling rigs market. Favorable developments such as liberalization of oil and gas segment in Mexico is a cornerstone, pushing growth limits in offshore oil rigs market. Presence of several international vendors and technological advances in drilling expeditions are likely to keep growth steady in the regions for offshore drilling rigs market.
Yet another potential regional hub is APAC which is acknowledged for both its high consumption patterns and significant investments in offshore drilling. The recent offshore drilling expeditions in Pakistan carried out in Arabian Sea is a major mile stone, suggesting ample possibilities in offshore oil and reciprocal growth in offshore drilling rigs market. In the same line, India’s offshore reserves in Kutch region also hint similar advances, thereby further expanding growth scope in offshore drilling rigs market.
Vendors Invest in Jack-up Offshore Drilling Rigs Owing to its Massive Demand Upsurge
Jack up offshore drill rigs have recently garnered mass attention owing to its impeccable design expertise comprising legs, hull, and lifting apparatus allowing stability and efficient performance amidst unfavorable wind speeds and wave heights. Additionally, this offshore drilling rig aided by its superlative navigational support drills in deep sea. Owing to its demand upsurge, manufacturers are akin on developing novelties, especially in the premium section. In this light, Borr Drilling has recently announced the signing of a contract with Petroleos Mexicons to provide a pair of jack up offshore drill rigs.