(MENAFN- America News Hour) One of the most widely used offshore drilling rigs is jackup rigs. They are self-elevating mobile drilling platforms equipped with legs that can be lowered to the ocean floor to establish a foundation for support. The Europe jackup rig market is expected to grow at a CAGR of more than 5% over the forecast period. Factors, such as increasing demand for modern new rigs and increasing offshore oil & gas activities, are likely to drive the Europe jack-up rig market growth during the forecast period. However, factors, such as the negative impact of COVID-19, and volatile crude oil and gas prices are likely to hinder the market growth during the forecast period.
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– Upcoming offshore oil & gas activities are expected to drive the Europe jackup rig market during the forecast period.
– EU's energy targets by 2030 aim at 32% clean and sustainable power generation, which leaves 68% to be filled by other sources, including oil & gas. Hence, Europe's offshore exploration and production is expected to have more potential in the market, which, in turn, is likely to provide an opportunity to the jackup rig providers in the near future.
– Norway is expected to dominate in the Europe jackup rig market over the forecast period.
Key Market Trends
Upcoming Offshore Oil & Gas Activities to Drive the Market
– The majority of oil and gas production in Europe comes from offshore reserves. Most of the production is from the North Sea region, and most of the oil comes from the United Kingdom and Norway. The increasing offshore activities are expected to drive the demand for the Europe jack-up rig market.
– With investment in the shallow water, resulting in few discoveries, and with various fields development going on in the shallow water areas in the United Kingdom, the demand for jack-up rig increased in 2019.
– In April 2019, Corallian Energy issued an update on its appraisal drilling program on the Colter field in shallow water off the Dorset coast of southern England. The field is expected to be developed during the forecast period, which is likely to increase jackup rig demand.
– Additionally, VALARIS JU-248 (Gorilla VI) was awarded a four-well contract with Neptune Energy in the North Sea, which is expected to commence in September 2020, with an estimated duration of 492 days.
– In October 2018, the PAO Novatek subsidiary announced the discovery of a large gas/condensate field in the shallow waters of Ob Bay off northern Russia. The development of the discovered resources in the shallow waters is likely to promulgate the growth of the market being studied during the forecast period.
Norway is Expected to Dominate the Market
– Norway is leading the market with new oil and gas discoveries, including the giant Johan Sverdrup field. As of May 2020, Norway accounted for 17 offshore rigs, highest in Europe, which in turn supports the market growth of the target market over the forecast period.
– In 2019, there were considerably higher exploration activities in Norway. About 57 exploration wells were drilled, and 17 discoveries were made on the Norwegian continental shelf. The discoveries have a preliminary total estimate of 72 million standard cubic meters of recoverable oil equivalents.
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– In October 2018, Equinor ASA announced that a two-well contract with five options for single-well drilling was awarded to Rowan Cos. PLC for its Rowan Stavanger N-Class ultra-harsh environment jack-up rig for use in Gudrun field in the Norwegian North Sea. The rig began its work in 2019 and is expected to continue work until 2025.
– The Norwegian Petroleum Directorate has estimated that the undiscovered resources on the Norwegian shelf are at approximately 4 billion standard cubic meters of recoverable oil equivalents. This corresponds to around 47% of all the remaining resources on the shelf.
– With such an enormous resources and oil & gas activities, Norway offshore oil and gas industry is likely to grow further. This, in turn, is expected to drive the demand for jackup rig in Norway during the forecast period.
Competitive Landscape
The Europe jackup rig market is moderately fragmented. Some of the major players in the market include Noble Corporation Plc, Maersk Drilling A/S, Seadrill Ltd, Borr Drilling Ltd, and Damen Shipyards Group NV.
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion,
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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