Who is the largest drilling company?
World's Biggest Offshore Drilling Companies: Leaders in Oil
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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 , a 7.8% increase from its 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 , recording a 16.37% growth over its 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.
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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 , 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 , a 5.3% drop compared to $10.3bn in .
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 revenues in comparison to $5.83bn from $6.39bn in .
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 remained steady at $5.74bn compared to $5.69bn in .
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 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 .
COSL had a total of 51 (33 domestic and 18 international) operating drilling rigs as of March . 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 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 .
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 to $3.01bn from $2.97bn in .
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 , earned $1.7bn in revenues in , witnessing a 7.48% decrease over .
The company was formed through the merger of two offshore drilling companies Ensco and Rowan in April . 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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Sign up15 Largest Drilling Companies in the World
In this article we will present the 15 largest drilling companies in the world. Click to skip ahead and see the 5 largest drilling companies in the world.
Our article focuses on the offshore drilling industries and the biggest companies contributing the most to this sector, which is estimated to be worth over $50 billion and expected to reach nearly $57 billion in . Unlike many other industries, this is a severely struggling one, whose troubles have been exacerbated over the last several years and despite the anticipation of an increase in the demand of hydrocarbons, demand which is the reason behind the estimate of the industry's worth increasing by , the existence of the industry is severely under threat.
But maybe I am getting too far ahead of myself. First, let's take a look at the definition of an offshore drilling company. An offshore drilling company engages in the process whereby a wellbore is drilled under the seabed. This is mostly done to be able to extract petroleum, which is generally present in the rock formations that lie below the seabed. While the process can be applied in lakes, rivers, inland seas and inshore waters, it is generally referred to describe any drilling activities taking place on the continental shelf.
The industry itself has been a controversial for many years now, and anything regarding the exploration and extraction of oil and other fossil fuels attracts controversy, which is why the industry has been at the center of a debate regarding whether this practice should even continue in the future, restrictions to be associated with it and whether the industry may one day be entirely banned. While the discussion below centers mostly around the US and US administered waters, similar discussions are taking place across the world as well, especially in developed economies. The controversy started in when a blowout, which is the uncontrolled release of oil from an oil well or natural gas from a gas well, at a Unocal rig resulted in millions of gallons being spilled in the ocean, and saw drilling bans enforced in both Florida and California.
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There are of course several reasons that support offshore drilling; with energy independence being one of the primary reasons used to support offshore drilling. After all, if there's one thing that the US hates more than anything, it is being dependent on any country for oil. In fact, this is one of the reasons why the joke about US invading countries for oil is so popular; there is a ring of truth to it. However, it may surprise people to know that the US is actually the largest producer of oil in the world, and is responsible for a fifth of the global production. It's just that since its usage within the country is so extensive, it is still dependent on imports from other countries as well. You can learn more about this by visiting the 11 largest oil reserves by the country. Another reason behind supporting offshore drilling in the US is to control the prices of oil, which were steady from the s to , after which prices started to rise exponentially and we will discuss more about oil prices later on. However, reliable studies state that increasing US production would have only a marginal impact on prices and it's unlikely to provide substantial contributions to controlling oil prices.
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Of course, there are several arguments against offshore drilling as well, with the aforementioned oil spills and their devastation on the environment being quite apparent. Furthermore, drills in offshore areas threaten endangered species as well, and this was only exacerbated by the infamous BP oil spill, also known as the Deepwater Horizon oil spill, which is the biggest oil spill in history and was instrumental in getting public opinion to become against offshore drillings, though public opinion on this tends to fluctuate.
Of course, Covid-19 has completely changed the world. The pandemic, which has thrown all forecasts and expectations out of the window, having infected over 50 million people and having killed over 1.3 million people. Due to the nature of transmission of the virus, and the fact that until Pfizer's recent breakthrough, there was no way to avoid the virus, most countries across the world went into lockdown and businesses were closed as people were told to stay home to stay safe. This has resulted in a drastic decrease in the price of oil, with futures dipping below $0 a few months ago for the first time in history, and for an industry where costs are already astronomically high in setting up rigs and the equipment and process in offshore drilling, this has been a fatal blow for many. Even earlier in the year, when lockdowns were just starting, thousands of offshore jobs were cut as demand fell significantly over the period of time. Even before this happened, the number of active offshore drilling sites had decreased by 50% when compared to , as oil prices kept falling and poor cashflows in the industry. Many contracts have had to be cancelled within this time, and even though customers are paying cancellation fees, this is still a huge blow for an already ailing industry. Whether the companies below survive the pandemic, or even if this industry survives, remains to be seen.
To determine the current biggest drilling companies in the world, we visited Forbes and ranked each company according to its revenue, assets and net income. An interesting thing to note is that even in , many of these companies had significant losses, which shows how precarious the position of the company is. So without further ado, let's take a look at the companies engaged in one of the most controversial practices, right now starting with number 15:
15. Diamond Offshore Drilling (OTCMKTS: DOFSQ)
Latest revenue for the company (in billions of dollars): 0.98
Latest assets of the company (in billions of dollars): 5.8
Latest net income for the company (in millions of dollars): -357
Diamond Offshore Drilling is based in Texas, while also having a strong presence in Australia, Norway, Mexico, Brazil, Singapore and Scotland. The company was founded 56 years ago in , and has faced a difficult few years, with revenues, assets and income all falling further in . The company has 2,500 employees.
Diamond Offshore Drilling Inc (NYSE:DO)
Pixabay/Public Domain
14. Rowan
Latest revenue for the company (in billions of dollars): 0.94
Latest assets of the company (in billions of dollars): 6.6
Latest net income for the company (in millions of dollars): 736.8
The company was only founded in the last decade, coming into existence in . The company operates in three different segments; drilling products, drilling services and mining, forestry and steel products. The company is headquartered in Houston, Texas and operates both in the US and internationally as well.
Workers in an Oilfield Oil Drilling Halliburton HAL BHI SLB XOM CVX BP Stocks
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13. Stena Drilling
Latest revenue for the company (in billions of dollars): 4.05
Latest assets of the company (in billions of dollars): N/A
Latest net income for the company (in millions of dollars): -N/A
Stena Drilling is a subsidiary of Stena AB, which is one of the largest family owned Swedish companies. The company has several drillships and semi-submersible platforms, and is a UK based company headquartered in Aberdeen, Scotland.
Antero Resources
Pixabay/Public Domain
12. Noble Corp (OTCMKTS: NEBLQ)
Latest revenue for the company (in billions of dollars): 3.4
Latest assets of the company (in billions of dollars): 12.9
Latest net income for the company (in millions of dollars): 500.3
Another UK company makes our list though Noble Corp. is headquartered in London, and operates 25 drilling rigs which includes 8 drillships, 13 jackup rigs and 4 semi-submersible platforms. Noble Corp. derives most of its revenues from Royal Dutch Shell, which contributes 36.5% of the revenue, Exxon Mobil, which contributes 13.7% of the revenue, Equinor which contributes 13.1% of the revenue and Saudi Aramco, which contributes 11.9% of the revenue.
Noble Corporation (NYSE:NE)
Pixabay/Public Domain
11. Fluor Corporation (NYSE:FLR)
Latest revenue for the company (in billions of dollars): 17
Latest assets of the company (in billions of dollars): 7.9
Latest net income for the company (in millions of dollars): -1,300
Another American drilling company which is located in America, Fluor is one of the biggest companies in America, even though its operations are suffering significantly as evidenced by a $1.3 billion loss in , in addition to falling revenue.
Fluor Corporation (NEW) (NYSE:FLR)
Pixabay/Public Domain
10. Nabors Industries (NYSE:NBR)
Latest revenue for the company (in billions of dollars): 6.2
Latest assets of the company (in billions of dollars): 12.2
Latest net income for the company (in millions of dollars): 141.7
Most of the American companies are headquartered in Texas with Houston being the preferred city within the state and Nabors is no exception. The company employs 15,000 people.
Nabors Industries Ltd. (NYSE:NBR)
Pixabay/Public Domain
9. Ensco
Latest revenue for the company (in billions of dollars): 2.8
Latest assets of the company (in billions of dollars): 14.4
Latest net income for the company (in millions of dollars): 874.2
Ensco was a company listed in the UK, and one of the most profitable drilling companies in the world. In , it merged with Rowan and is now named Valaris, though there isn't a lot of information available about Valaris as of now.
Pixabay/Public Domain
8. Baker Hughes (NYSE:BKR)
Latest revenue for the company (in billions of dollars): 9.8
Latest assets of the company (in billions of dollars): 19
Latest net income for the company (in millions of dollars): -2,700
Baker Hughes is another American company in our list, and in , merged with GE Oil and Gas, to become Baker Hughes, a GE Company (BHGE), only to divest in and become known as Baker Hughes Company again. In September , GE was no longer a majority owner, and intends to divest completely over the next few years.
Baker Hughes Incorporated (NYSE:BHI)
Pixabay/Public Domain
7. Seadrill (OTCMKTS:SDRLF)
Latest revenue for the company (in billions of dollars): 4.3
Latest assets of the company (in billions of dollars): 23.5
Latest net income for the company (in millions of dollars): -739
Seadrill is one of the many major drilling companies which is making a major loss, and was founded in . The company is headquartered in Hamilton, Bermuda.
Seadrill Ltd (NYSE:SDRL)
Pixabay/Public Domain
6. Weatherford International (OTCMKTS:WFTLF)
Latest revenue for the company (in billions of dollars): 5.2
Latest assets of the company (in billions of dollars): 7.3
Latest net income for the company (in millions of dollars): 3,600
The company has more than 20,000 employees and is one of the few really profitable drilling companies. It, like most drilling companies, is headquartered in Houston, Texas.
Click to continue reading and see the 5 largest drilling companies in the world. Disclosure: None. 15 largest drilling companies in the world is originally published at Insider Monkey.
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