The global offshore drilling industry will stabilise this year, but is unlikely to return to growth until 2011, according to a new report by information services group Datamonitor.
Following a sharp decline in 2009 caused by flagging energy demand, global drilling is predicted to rise 12% during the period 2010-14 compared with the previous five years, said the report.
The report also said that global spending is forecasted to rise 33% over the same period, translating into a total expenditure of $387bn.
Last year saw across-the-board deflation in prices and delays in both shallow and deepwater projects. The Datamonitor report predicts that economic conditions will improve this year and the offshore drilling industry will return to stability.
Global drilling is predicted to increase 12% in 2010-14 compared with the previous five years, while global spending is forecast to rise 33% over the same period, a total expenditure of $387bn.
The forecast for 2010-14 includes a sudden increase in 2011 and 2012 followed by a return to previous levels of growth, but with a small drop-off in 2014.
Asia, which has attracted the highest volume of drilling spending, will see a rise of 24% in spending over the next five years, while North America will attract the second highest volume of spending with a rise of 30% over the period 2010-14, according to the report.