June 12, 2014
Largest oilfield service companies are taking over control of the market
12 June 2014
The largest service companies raised their market share in 2013 in comparison to smaller service companies. On average, the largest players in subsea equipment, offshore drillers, EPC, well services, seismic and G&G, SURF, land drillers and OCTG grew by 5%.
Rystad Energy observes that the largest growing segment in 2013 was the equipment manufacturers for subsea equipment. Here, the market grew by almost 15%. With the exception of Aker Solutions who were lagging behind due to a smaller realized backlog, FMC, Cameron & GE raised their market share as the top subsea players.
Both the offshore drilling and EPC market has increased by approximately 10%, with Ensco and Noble Drilling experiencing tail-winds in their offshore drilling market growth. Technip and Fluor also beat the market with a growth of 20%.
The “Big 4” well service companies showed an average growth of about 4% in their well service business, however, the total well service market more or less flattened out due to the declining conventional North American market that has been hurting smaller well service companies.
Seismic, SURF, land drillers and OCTG showed close to zero growth in 2013.