Boston, MA -- (SBWIRE) -- 07/24/2013 -- The growing demand for energy coupled with increasing investment in offshore exploration activities will drive the global market to $121.1 billion by 2018, growing at a CAGR of 10.6% from 2013 to 2018. Asia-Pacific, with its thriving economies and rapidly increasing energy consumption, is expected to experience the highest revenue growth during the next five years.

The factors that drive growth in the market are sustained high oil prices, increased investment from oil and gas operators, and a surge in deep and ultra-deepwater activities. The maturity of onshore oil reserves now shifts the focus of operator companies towards deep water offshore areas. The mount in deepwater and ultra deep-water activities for the oil hunt is now increases offshore production. The operators are interested in investing a lot more in offshore oilfields to meet energy needs.

This report analyses mobile offshore drilling units by types and geography. In terms of offshore drilling services, this report analyses the services market by types of services, geography and application areas. In terms of geography, the report is segmented into Asia-Pacific, Europe, the Middle East, Africa, North America and South America. The services included in this report are offshore contract drilling, directional drilling and logging while drilling. The application areas covered in this report are shallow, deepwater and ultra-deepwater. In order to provide a deeper understanding of the competitive landscape, the report profiles 19 companies in the offshore drilling services market which combines manufacturers as well as service providers.

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Among these services, offshore contract drilling holds the biggest share with 78% of the total revenue in 2012. Coupled with increasing day rates and record backlog orders, offshore contract drilling companies find a bright outlook and add new equipment to their fleet to provide the most versatile fleets of mobile offshore drilling units.

Other services such as directional drilling and logging while drilling, holds 18% and 4% of the total market revenue respectively in 2012.

Offshore Drilling Market Revenue, By Regions, 2011 - 2018

Offshore Drilling Market

Source: MarketsandMarkets Analysis

For this report, major players in the market are identified through secondary and primary research. Based on that, their market shares are evaluated. This includes a study of the annual reports of top market players and interviews with key opinion leaders such as CEOs, Directors, and Marketing personnel.

The size of the overall market is determined by forecasting techniques based on offshore contracted rig count, day rates, and well counts in different geographical regions which are validated through primary sources. The market data is available from 2011 to 2018, growing at a CAGR of 10.6% from 2013 to 2018.

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