GLG Network Survey: Drilling Market Overview
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GLG interviewed 65 senior executives working in the drilling space (onshore and/or offshore) in Americas and EMEA.
What will you learn from this survey?
- These respondents discussed about their drilling activity and contractual impact in the last 12 months.
- The survey investigated the impact of COVID-19 on the drilling market and the respondents’ projections for the short and medium term.
- Lastly, respondents commented on initiatives taken to mitigate client pricing pressures and factors they believe will affect the most their activity levels for the next years.
Examples of findings:
- 45% of the respondents mentioned that their drilling activity has decreased by more than 20% in the last 12 months.
- 63% of the participants have had their contracts terminated/ suspended by clients due to COVID-19, of which 54% have been compensated by their clients.
- 73% of the sample believe COVID-19 will likely cause an increase/acceleration in digitalisation in their operations (e.g. remote equipment performance data collection and equipment malfunction trouble shooting).
The GLG Surveys team drafted the questionnaire with the support of GLG Network Member, Roger Hodgson, former Commercial and Marketing Director at Weatherford Drilling International.
The standard deliverable includes:
- 1 x Individual responses (“raw data”), in Excel.
- 1 x PPT report with aggregated data.
- In-depth PowerPoint report of survey findings presented by the Network Member via webcast (optional).
- Have you seen a decrease or increase in rig activity over the last 12 months?
- In order to mitigate client pricing pressures, which initiatives has your company implemented?- options were bucketed and not free text
- Do you think that the OPEC/OPEC+ agreement and resulting production cuts has had an impact on your drilling activity?
- How do you think that COVID-19 (and recent variants and developments such as vaccination roll-out) will affect your operations in 2021 vs 2020?
- Were you compensated by your clients for personnel costs incurred due to contract termination or suspension?- options were bucketed and not free text
- How do you see your organisation’s capital expenditure budget in 2021?- options were bucketed and not free text
- Which factors do you believe will most affect your activity levels over the next 1 to 2 years?
- How likely do you think recent events will lead to new technical innovations regarding rig designs or modifications?
- How likely will COVID-19 cause price increases for rig related equipment, parts and services?
- Do you think the commitments announced by major oil companies to reduce carbon emissions will affect future rig activity?
This survey is available to subscribers of the Energy and Industrials (EI) sector (Limited subscriptions and above). This offer includes the raw data file and a high-level presentation through PowerPoint. Please contact your GLG representative for details on your firm’s access.
Request other available and upcoming Network Surveys within the sector:
Energy and Industrials (EI)
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