MODU Market to Reach USD 54.8 Bln Value in 2013
Within the global oil and gas industry the mobile offshore drilling unit (MODU) market is taking on an increasingly important role, say Visiongain in its report. Offshore hydrocarbon reserves will be one of the most important sources for the global oil and gas sector over the next decade and MODUs are an indispensable element of the global offshore E&P process.
Simultaneously, the global MODU market is undergoing great changes. The market is in a phase of rapid expansion and reorientation. The latest technological developments which allow drilling for oil and gas in waters below 3,000m and in increasingly harsh environment has resulted in a steep increase in dayrates and an undersupplied offshore drilling market.
The market has overcome the negative effects of the financial crisis and the Macondo-blowout and is currently experiencing the biggest newbuild cycle for over 30 years. Rapidly growing offshore drilling activity around the world will keep driving up demand for MODUs over the next decade. This 169 page report, ‘The Mobile Offshore Drilling Unit (MODU) Market 2013-2023’ has determined that the value of the global mobile offshore drilling unit (MODU) market in 2013 will reach $54.8bn.
Press Release, April 26, 2013: Image: Seadrill