The Latest Jackup Rigs Industry Statistics Explained
In 2020, the worldwide jackup rigs market was worth $40 billion.
The statistic that in 2020, the worldwide jackup rigs market was worth $40 billion reflects the total value of the global market for jackup rigs, which are mobile offshore drilling units commonly used for shallow water oil and gas exploration and production. This figure indicates the aggregate financial activity within this specific sector, encompassing the value of all jackup rig sales, leases, services, and related equipment worldwide during the year 2020. It serves as a key indicator for assessing the economic significance and performance of the offshore drilling industry on a global scale, illustrating the substantial investment and revenue involved in this sector during that particular year.
The jackup rigs market is projected to reach $56 billion by 2028, growing at a CAGR of 3.5%.
The statistic indicates that the jackup rigs market, which refers to offshore drilling rigs with supporting legs that can be raised or lowered, is expected to reach a value of $56 billion by the year 2028. This forecast is based on a compound annual growth rate (CAGR) of 3.5%, suggesting a moderate but steady increase in market size over the specified period. The projected growth reflects anticipated trends in the oil and gas industry, increased demand for exploration and production activities, and ongoing investments in offshore drilling technologies. Companies operating in the jackup rigs market may benefit from this expansion by leveraging opportunities for new projects, partnerships, and technological advancements to capitalize on the growing market value.
Around 70% of jackups worldwide are used for drilling operations.
The statistic “Around 70% of jackups worldwide are used for drilling operations” indicates that a significant majority of jackup rigs globally are actively engaged in drilling activities. Jackup rigs are versatile offshore drilling units commonly used for exploring and extracting oil and gas reserves from beneath the seabed. The fact that close to three-quarters of the total jackup fleet are being utilized for drilling operations highlights the crucial role these rigs play in the oil and gas industry. This statistic suggests that drilling remains a primary function for the majority of jackup rigs, reflecting the ongoing demand for energy exploration and production activities worldwide.
The North Sea accounts for over 50% of jackup rig demand in Europe.
This statistic indicates that the North Sea region has a significant demand for jackup rigs compared to other regions in Europe, with over half of the total demand coming from this area. The high demand for jackup rigs in the North Sea could be attributed to the active oil and gas exploration and production activities in the region, as these rigs are commonly used for offshore drilling operations. The statistic suggests that the North Sea is a key market for jackup rig operators, highlighting the importance of this region in the offshore energy industry within Europe.
In September 2021 there were 348 active jackup rigs globally.
The statistic “In September 2021 there were 348 active jackup rigs globally” indicates the number of offshore drilling rigs that were operational and actively engaged in drilling activities during that specific month. Jackup rigs are a type of mobile offshore platform used for exploratory and production drilling in shallow waters. The figure of 348 active jackup rigs highlights the level of ongoing oil and gas exploration and production activities on a global scale. This statistic is significant for the oil and gas industry as it provides insights into the current level of drilling operations, which can impact energy production, supply, and prices in the market.
The Middle East held the second largest share of the jackup rigs market at 26% during the same period.
During the specified period, data shows that the Middle East region accounted for 26% of the total market share of jackup rigs, positioning it as the second largest contributor to the market. This statistic indicates that the Middle East plays a significant role in the global jackup rigs industry, trailing behind another region that holds a higher market share. The fact that the Middle East had such a substantial share highlights the region’s importance and influence in the market, with operators in the area utilizing jackup rigs for various offshore drilling and exploration activities. This statistic suggests that the Middle East is a key player in the jackup rigs market and has a considerable impact on the industry as a whole.
Independent oil and gas operators own more than half of the jackup rigs in the Gulf of Mexico.
The statistic that independent oil and gas operators own more than half of the jackup rigs in the Gulf of Mexico suggests that these smaller, non-integrated companies play a significant role in the exploration and extraction of oil and gas resources in the region. Jackup rigs are essential assets used for offshore drilling operations, and the fact that independents hold a majority stake in these rigs indicates their substantial presence and influence in the Gulf of Mexico’s energy sector. This statistic may reflect a trend towards increased participation and investment by independent operators in offshore drilling activities, potentially driven by market conditions, regulatory changes, or strategic business decisions within the industry.
40% of jackup rigs built after 2000 are known as High-Specification Jackups.
This statistic indicates that 40% of jackup rigs that were constructed after the year 2000 are classified as High-Specification Jackups. High-Specification Jackups refer to a specific category of drilling rigs known for their advanced technological features and capabilities, which set them apart from traditional jackup rigs. The fact that 40% of newer jackup rigs fall into this category suggests a significant trend towards higher technology and capabilities in the offshore drilling industry post-2000. This statistic may also imply that there is a growing demand for more sophisticated and efficient rigs to meet the evolving needs and challenges of the oil and gas exploration and production sector.
As at 2020, Saudi Arabian drilling company, Aramco, owns the largest fleet of jackup rigs.
The statistic indicates that as of the year 2020, the Saudi Arabian drilling company Aramco possesses the largest number of jackup rigs among all other drilling companies worldwide. Jackup rigs are mobile offshore drilling platforms that are equipped with legs that can be lowered to the seabed and then raised to move the rig to different locations. The ownership of the largest fleet of jackup rigs by Aramco suggests that the company has a significant presence and investment in offshore drilling operations, highlighting its importance and influence within the global oil and gas industry.
The global jackup rig day rate average was $88,000 in 2020.
The statistic ‘The global jackup rig day rate average was $88,000 in 2020’ represents the average cost per day to hire a jackup rig for offshore drilling operations worldwide during the year 2020. The jackup rig day rate reflects the prevailing market prices influenced by factors such as market demand, rig availability, oil prices, and regional economic conditions. This average rate of $88,000 provides insight into the overall cost structure within the offshore drilling industry and can be used by industry stakeholders for financial planning, investment decisions, and trend analysis.
In 2019, the number of inactive jackup rigs was 227 worldwide.
The statistic “In 2019, the number of inactive jackup rigs was 227 worldwide” refers to the total count of jackup drilling rigs that were not in operation or actively drilling for oil or gas exploration and production purposes in the given year. Jackup rigs are mobile offshore drilling units that are commonly used in shallow water drilling environments, and their inactivity may be due to various factors such as low oil prices, excess supply, maintenance or repair requirements, or lack of drilling contracts. Monitoring the number of inactive rigs provides insights into the overall state of the offshore drilling industry and can be a key indicator of market conditions and trends impacting the global energy sector.
The world’s oldest operating jackup rig was built in 1976.
The statistic “The world’s oldest operating jackup rig was built in 1976” indicates that the jackup rig currently in operation that was constructed in 1976 holds the title of being the oldest in the world. This information is relevant in the context of offshore drilling operations, as jackup rigs are mobile drilling platforms commonly used in the extraction of oil and natural gas from offshore reserves. The fact that a rig built over four decades ago is still operational highlights the durability and longevity of such equipment, as well as the importance of regular maintenance and upgrades to ensure continued functionality and safety in the offshore drilling industry.
The highest rate ever recorded for a Jackup Rig is $242,000 per day in 2013.
The statistic “The highest rate ever recorded for a Jackup Rig is $242,000 per day in 2013” indicates the peak daily rate achieved by a Jackup Rig for offshore drilling operations in the year 2013. This figure serves as a benchmark for the industry in terms of the maximum amount a company had to pay to charter a Jackup Rig for a single day of operation. The high rate of $242,000 reflects the demand for offshore drilling activities during that time period, potentially driven by factors such as oil prices, exploration activities, and competition among drilling companies. This statistic provides valuable insight into the economic dynamics and pricing strategies within the offshore drilling sector, showcasing the premium rates that operators were willing to pay for accessing these specialized drilling assets.
Ultra-deepwater jackup rigs can operate in depths of up to 500 feet.
The statistic that ultra-deepwater jackup rigs can operate in depths of up to 500 feet indicates the maximum water depth in which these specialized rigs can function effectively. Jackup rigs are mobile drilling platforms typically used for offshore oil and gas exploration and production. Ultra-deepwater jackup rigs are specifically designed to operate in water depths deeper than traditional jackup rigs, making them capable of handling more challenging drilling environments. A depth limit of 500 feet suggests that these rigs are equipped with advanced technologies and engineering capabilities to operate safely and efficiently in relatively deep waters, enabling oil and gas companies to access offshore reserves located at these depths.
The global jackup rig utilization rate as of Q4, 2020 was 62 percent.
The global jackup rig utilization rate of 62% as of Q4, 2020 indicates the proportion of available jackup rigs worldwide that were active and in use during that quarter. A utilization rate of 62% suggests that a substantial portion of the jackup rigs were operational, while the remaining rigs were either undergoing maintenance, idle, or not in use for other reasons. This statistic provides insight into the level of activity within the offshore drilling industry, reflecting the demand for these rigs and overall market conditions. A higher utilization rate typically indicates a stronger market with more demand for drilling services, while a lower rate may suggest oversupply or reduced activity in the sector.
Almost 80% of jackup rigs are owned by international drilling contractors.
The statistic that almost 80% of jackup rigs are owned by international drilling contractors implies that the majority of this type of offshore drilling equipment is possessed by companies operating on a global scale rather than being owned by local or smaller enterprises. This suggests a high level of consolidation and dominance of the market by international players who have the financial resources and operational capabilities to acquire and manage these rigs. This statistic underscores the competitive dynamics within the offshore drilling industry where larger contractors can leverage their scale and expertise to secure a sizable portion of the market share.
In 2019, Keppel FELS in Singapore was the largest builder of jackup rigs, having constructed 21% of the existing fleet.
The statistic indicates that in 2019, Keppel FELS in Singapore held the top position as the largest builder of jackup rigs globally, accounting for 21% of the total existing fleet. This means that out of all the jackup rigs currently in operation worldwide, approximately one-fifth were built by Keppel FELS. This statistic showcases the significant market share and dominance that Keppel FELS commands in the jackup rig construction industry. It highlights the company’s expertise, capacity, and reputation as a major player in the offshore drilling sector, solidifying their position as a key contributor to the global fleet of jackup rigs.
In 2020, there were 51 jackup rigs under construction.
The statistic “In 2020, there were 51 jackup rigs under construction” indicates that during the year 2020, the offshore drilling industry saw significant investment and activity in the construction of new jackup rigs. Jackup rigs are commonly used in offshore drilling operations for exploration and production of oil and gas. The construction of 51 new rigs suggests a positive outlook for the industry, as it signifies a commitment to expanding drilling capabilities to meet future demand. This statistic also reflects the ongoing development and modernization of drilling infrastructure to support energy production in various regions around the world.
Conclusion
The statistics presented for the Jackup Rigs industry provide valuable insights into the current trends, challenges, and opportunities within the sector. By analyzing key metrics such as rig counts, utilization rates, and geographical distribution, stakeholders can make informed decisions to drive success in this dynamic industry. Monitoring these statistics over time is essential for understanding market dynamics and staying ahead of the competition.
References
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