No slowdown in drilling market before 2009, says reportNews // December 2, 2005
With many operators becoming increasingly concerned with long-term rig availability and world oil consumption continuing to grow at a dramatic rate, the offshore drilling market is forecast to continue to grow at least until 2009, according to the new edition of ODS-Petrodata's World Rig Forecast - Long Term Trends.
The ODS-Petrodata World Rig Forecast - Long Term Trends projects increased backlog in all six of the world's major rig markets, with floating rig demand expected to increase by more than 40 per cent in the African region over the next five years, and a potential under supply of jack-ups developing in the Asia Pacific region in the near term.
The latest edition of the World Rig Forecast - Long Term Trends also forecasts a continuing increase in offshore rig day rates through the first quarter of 2006 in most offshore drilling markets, followed by a period of stability.
According to report editor and ODS-Petrodata Senior Consultant Tom Kellock: "Although the rig market has, in the past, been notoriously cyclical, it is difficult to see any reason for rig demand to decline in the next few years, other than a massive decline in the price of oil, although rising day rates will to some extent limit its growth. The number of recent orders for new premium jackups, although still small compared to the size of the jackup fleet, will also have a dampening effect on day rates at the top end of this segment of the market."
These are just a few of the findings from the latest edition of the World Rig Forecast - Long Term Trends. Published twice each year by Houston-based ODS-Petrodata, this report provides a wealth of information on global offshore drilling activity, past, present and future. In addition to chapters covering the outlook for global rig supply and demand, oil and gas prices and day rates, the report includes separate detailed sections on each of the world's six major offshore drilling markets. The data is presented in a concise, readable format that includes almost 100 tables and charts.