The world’s biggest offshore drilling companies

29 June 2019 (Last Updated September 21st, 2020 08:51)

From Texan drilling giant Schlumberger to London-based offshore contractor Ensco Rowan, Offshore-technology.com profiles the world’s ten biggest offshore drilling companies, based on 2018 revenues.

The world’s biggest offshore drilling companies

Schlumberger – $32.8bn

Schlumberger, the world’s biggest oilfield services company, earned a record full-year revenue of $32.81bn in 2018, a 7.8% increase from its 2017 revenues of $30.44bn.

Headquartered in Houston, Texas, Schlumberger provides products and services such as formation evaluation, directional drilling, well cementing and stimulation, well completion and productivity, as well as information management, consulting, IT infrastructure and software services.

Its offshore drilling services include extended-reach, deepwater, and high-pressure, high-temperature wells, as well as multilateral and unconventional gas. Schlumberger provided drilling management services for the Epsilon Oilfield in the Aegean Sea, Greece. It was also involved in the development of oilfields such as the Avouma Field in Gabon and the Bream Area Project, Central North Sea, Norway.

Halliburton – $23.99bn

Halliburton, an oilfield services provider based in the US and Dubai, earned $23.99bn in revenues in 2017, recording a 16.37% growth over its 2017 revenues of $20.62bn.

Halliburton provides products and services to the oil and gas industry throughout the reservoir lifecycle, from locating reserves to drilling and formation evaluation, well construction and completion, and production optimisation.

Offshore drilling systems and services offered by Halliburton include directional and horizontal drilling, logging-while-drilling, measurement-while-drilling, underbalanced applications, multilateral systems, and rig site information systems. Halliburton provided drilling services on the Jasmine field in the North Sea, UK. It was also involved in the development of offshore fields such as Tupi, and Barracuda and Caratinga fields in Brazil.

Baker Hughes – $22.9bn

Houston-based oilfield services company Baker Hughes recorded revenues of $22.9bn in 2018, a 5% increase over the previous year.

Baker Hughes provides drilling, completion, and production services for oil, gas and alternative energy industries. Offshore drilling services provided by the company include directional drilling, coiled tubing and re-entry, measurement-while-drilling, logging-while-drilling, drilling optimisation, casing/liner drilling systems, and remote drilling.

The Skuld offshore field in the Norwegian Sea and the Who Dat field in the US Gulf of Mexico are some of the major offshore oil fields for which Baker Hughes provided drilling services.Saipem – $9.75bn

Italian offshore and onshore oil and gas contractor Saipem, a subsidiary of Italian energy company Eni, earned revenues of approximately $9.75bn in 2018, a 5.3% drop compared to $10.3bn in 2017.

Saipem provides engineering, procurement, project management, and construction services for the design and execution of offshore and onshore projects. It operates an advanced drilling fleet in shallow and deep water, composed of 14 units, including drillships, semi-submersibles and jack-ups, apart from 84 onshore drilling rig units.

Saipem has drilled more than 1,750 offshore wells and was involved in the development of offshore oil fields, including the Kashagan offshore oilfield in Kazakhstan, the Kaombo Ultra-Deep Offshore Project in Angola, and the Eldfisk Oil and Gas Field in the North Sea, Norway.

Petrofac – $5.83bn

British oilfield services company Petrofac witnessed an 8.85% decrease in 2018 revenues in comparison to $5.83bn from $6.39bn in 2017.

Petrofac offers well engineering design, field evaluation and management, well operations performance improvement and optimisation, and well integrity management. Offshore drilling services provided by the company include deepwater drilling; coiled tubing drilling; extended reach drilling; high-pressure, high-temperature (HPHT) drilling; hydraulic workover operations (HWU); and multilateral wells.

Petrofac was involved in the development of the West Don oil field in the North Sea, Satah al-Razboot offshore oilfield in Abu Dhabi, and the Bacchus oil field in the Central North Sea.

Weatherford – $5.74bn

Irish oil and natural gas service company Weatherford’s revenues in 2018 remained steady at $5.74bn compared to $5.69bn in 2017.

Weatherford’s portfolio includes well construction, formation evaluation, well completion, and artificial lift. The company provides drilling services, including rotary-steerable systems (RSSs), performance drilling, highly advanced logging-while-drilling (LWD) technologies, measurement-while-drilling (MWD), underbalanced drilling, and managed pressure drilling.

Weatherford provided drilling services for the Cliff Head Field in Australia and participated in the development of the Grane oil field in Norway and the Tindalo oil field in the Philippines.

China Oilfield Services Limited (COSL) – $3.17bn

China Oilfield Services (COSL), the biggest offshore oilfield services company in China, recorded $3.17bn in 2018 revenues, a 25.36% increase over the previous year. Domestic operations accounted for 74% of the total revenue while international operations contributed the remaining 26%.

Revenue from drilling services increased by 22.2%, while that from well services and marine and transportation services respectively increased by 40% and 10.7%. COSL’s earnings from geophysical services, however, decreased 2.3% over 2017.

COSL had a total of 51 (33 domestic and 18 international) operating drilling rigs as of March 2019. It provided drilling rigs for the Mako gas field development in Indonesia and the Luno II oilfield development in Norway.

Nabors Offshore – $3.05bn

The 2018 revenue of Nabors, an oil, natural gas, and geothermal drilling contractor based in Bermuda, rose by 19.2% to $3.05bn compared to $2.56bn in 2017.

Nabors provides drilling technology and equipment, offshore platform workover and drilling rigs, and comprehensive oilfield services. It also provides directional drilling and measurement-while-drilling services.

Nabors provided drilling rigs for the development of the Nikaitchuq oilfield and the Oooguruk offshore oilfield near the North Slope of Alaska.

Transocean – $3.01bn

The revenue of Swiss offshore drilling contractor Transocean increased by 1.5% in 2018 to $3.01bn from $2.97bn in 2017.

Transocean provides offshore contract drilling services for energy companies and is specialised in deepwater and harsh-environment drilling. It owns and operates a fleet of 48 mobile offshore drilling units, including high-specification rigs consisting of ultra-deepwater, deepwater, and premium jack-up rigs.

Some of the offshore projects that utilised Transocean’s services include the Leviathan gas field in the Mediterranean Sea near Israel, the Jack / St Malo Deepwater Oil Project in the US Gulf of Mexico, and the Tyrihans oil and gas field in the Norwegian Sea.

Ensco Rowan (Valaris) - $1.7bn

The UK-based offshore drilling contractor Ensco Rowan, which announced its name change to Valaris in July 2019, earned $1.7bn in revenues in 2018, witnessing a 7.48% decrease over 2017.

The company was formed through the merger of two offshore drilling companies Ensco and Rowan in April 2019. Ensco Rowan currently has 73 drilling rigs, including 45 jack-ups, 16 drillships and 12 semi-submersibles, operating across six continents.

Ensco provided drilling rigs for Clipper South and Tolmount gas fields in the North Sea, as well as the Zama and Big Foot oil fields.

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