Mobile Offshore Drilling Unit Market Research Report - Global Forecast till 2027

Mobile Offshore Drilling Unit Market Research Report: Information by Type (Jackup, Semi-submersible and Drillship), Application (Shallow Water and Deepwater) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2027

ID: MRFR/E&P/8618-HCR | February 2021 | Region: Global | 111 pages

Mobile Offshore Drilling Unit Market Scenario


Mobile Offshore Drilling Unit (MODUs) Market to grow at a rate of 7.8% during the forecast period 2020-2027.


The global mobile offshore drilling unit market is expected to witness high growth during the forecast period owing to the increasing per capita energy consumption, exploration, and production of oil and gas and technological advancement in the exploration of offshore reserves.


The major factors driving the growth of the global mobile offshore drilling unit market is the growing demand for crude oil and technical advances of mobile offshore drilling units. Moreover, the increasing offshore activities are also likely to boost the market growth as drilling is an important part of exploring offshore reserves, of which mobile offshore drilling units are essential parts.  Offshore oil and gas fossil fuel production are expected to increase at a steady rate during the study period due to the growing need for fossil fuels. Furthermore, shale production techniques such as fracking are witnessing high demand from various countries across the globe. All these factors are expected to drive the demand for mobile offshore drilling units as they are used to locate the offshore oil & gas reservoirs. However, the falling crude oil prices are expected to restrict the growth of the global mobile offshore drilling unit market.


The global mobile offshore drilling unit market has been segmented based on type and application. Based on type, the global mobile offshore drilling unit market is divided into jackup, semi-submersible, and drillship. The jackup segment is projected to hold the largest share of the market and grow at the highest rate during the study period owing to its various features such as self-sustained drilling structure and easy installation on the platform of the seafloor. All these factors are responsible for the jackups segment holding the highest market share.


Global Mobile Offshore Drilling Unit Market is expected to grow at a healthy CAGR during the forecast period.


Key Players


The key players operating in the global mobile offshore drilling unit market are Keppel Corporation Limited (Singapore), Samsung Heavy Industries Co., Ltd (South Korea), Sembcorp Marine Ltd (Singapore), Daewoo Shipbuilding & Marine Engineering Co. Ltd (South Korea), Hyundai Heavy Industries Co., Ltd (South Korea), Friede & Goldman, Ltd (Us), Damen Shipyards Group (Netherlands), Yantai Cimc Raffles (China), Offshore Limited (Norway), Irving Shipbuilding Inc. (Canada), Diamond Offshore Drilling Inc. (Us), Nabors Industries Ltd. (Bermuda), Noble Corp. Plc (Uk), and Transocean Ltd. (Switzerland).


Market Segmentation
Mobile Offshore Drilling Unit Market


 


Based on region, the global mobile offshore drilling unit market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America accounts for the largest market share due to the increasing offshore exploration of reserves. According to the BP Statistical Review of World Energy report 2019, the primary energy consumption per capita of North America increased by 1.9% from 235.3 Gigajoules per capita (GJ/Capita) in 2017 to 239.8 GJ/Capita in 2018. The increase in the offshore exploration surges the demand for mobile drilling units, which are an essential part of offshore oil and gas exploration. These factors are expected to drive the demand for mobile offshore drilling units during the forecast period.


Many major players such as Keppel Corporation Limited (Singapore), Samsung Heavy Industries Co., Ltd (South Korea), Sembcorp Marine Ltd (Singapore), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), and Hyundai Heavy Industries Co., Ltd (South Korea) are actively focusing on signing contracts and agreements with various industries. For instance, in January 2018, Keppel Corporation entered into a contract with Borr Drilling Limited for supplying six jackups. Such developments are expected to drive the growth of the global mobile offshore drilling unit market during the forecast period.


A mobile offshore drilling unit is a floating drilling unit, which is used in offshore drilling operations for the exploration and production of subsea oil and gas resources. The major types of mobile offshore drilling units are semi-submersibles, drilling barges, submersibles, and jackups, among others. Drilling barges are generally used in shallow water in steady water conditions. Jackups are self-contained drilling structures and are positioned onto the site by lowering and rooting their three or four giant legs on the seafloor. On the other hand, submersible drilling units are necessary drilling equipment that is fitted on the platform’s deck. Semi-submersibles are designed for offshore drilling in ultra-deep waters of the oil and gas-rich areas across the world.


Industry News


In June 2021, Temasek-backed Singapore conglomerate Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) began discussions about merging their struggling offshore and marine (O&M) operations. A prospective merger would bring together one of the world's top offshore oil rig builders and smaller rival Sembcorp after the industries were battered by years of oversupply, a continuous slump in oil prices, and a reduction in new orders.


In June 2021, Saipem, in collaboration with Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME), a major South Korean specialized shipbuilding and offshore contractor, has been given the contract by Petróleo Brasileiro (Petrobras) for the construction of the P-79 Floating Production Storage and Offloading Vessel (FPSO) for the development of the Bzios offshore field in Brazil.


Intended Audience



  • Government and Research Organizations

  • Consulting Companies in the Oil & Gas Market

  • Research Consultants

  • Investors and Shareholders



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   2019-2027: 7.8% CAGR
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Keppel Corporation Limited (Singapore), Samsung Heavy Industries Co., Ltd (South Korea), Sembcorp Marine Ltd (Singapore), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), Hyundai Heavy Industries Co., Ltd (South Korea), Friede & Goldman, Ltd (Us), Damen Shipyards Group (Netherlands), Yantai Cimc Raffles (China), Offshore Limited (Norway), Irving Shipbuilding Inc. (Canada), Diamond Offshore Drilling Inc. (Us), Nabors Industries Ltd. (Bermuda), Noble Corp. Plc (Uk), and Transocean Ltd. (Switzerland).
  Key Market Opportunities   growing demand for crude oil and technical advances of mobile offshore drilling units
  Key Market Drivers   Technological advances and increasing per capita energy consumption


Frequently Asked Questions (FAQ) :


A mobile offshore drilling unit, simply put, is a floating drilling unit that is utilized in offshore drilling operations for production and exploration of gas resources and subsea oil.

The jackup segment will have a major share in the market.

Technological advances and increasing per capita energy consumption are driving the global mobile offshore drilling unit market growth.

North America will lead the global mobile offshore drilling unit market.

Key contenders profiled in the global mobile offshore drilling unit market include Keppel Corporation Limited (Singapore), Samsung Heavy Industries Co., Ltd (South Korea), Sembcorp Marine Ltd (Singapore), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), Hyundai Heavy Industries Co., Ltd (South Korea), Friede & Goldman, Ltd (Us), Damen Shipyards Group (Netherlands), Yantai Cimc Raffles (China), Offshore Limited (Norway), Irving Shipbuilding Inc. (Canada), Diamond Offshore Drilling Inc. (Us), Nabors Industries Ltd. (Bermuda), Noble Corp. Plc (Uk), and Transocean Ltd. (Switzerland).