From the US-based industry leader Schlumberger to the European Saipem and Chinese COSL, here are the world’s ten most important offshore drilling companies.
What Is an Offshore Drilling Company?
As you are probably well aware, drilling for oil and natural gas is a very profitable business. It started on land, but more than a century ago, the oil companies ventured into the water in search of new oil and gas reservoirs. So, offshore drilling refers to making wells and exploiting oil and natural gas off the shores.
First, they started in waters near coasts of lakes, seas, and oceans and built piers to hold their drilling rigs. However, soon they moved further into the waters and on to building platforms in them. Soon, offshore drilling companies created vessels that could tap into oil and gas sources.
Today, 30% of global oil supplies and 27% of global gas production come from offshore drilling.
So, when we talk about offshore drilling companies, we mostly refer to companies that have and run the drilling rigs. Their task is to find and produce oil and gas from sources beneath the surface of oceans and seas.
In many cases, those companies lease their rigs to other exploration and production companies. For this reason, we place them in the oilfield service and equipment subsector of the energy industry.
Top 10 Offshore Drilling Companies
Before we start, please note that this list was compiled based on each company’s revenues in 2018. So, without further ado, here’s the list of the ten best offshore drilling companies.
1. Schlumberger — $32.8bn
Based in Houston, Texas, Schlumberger is the most prominent oilfield services company in the world. In 2018, this industry leader earned a record-breaking revenue of $32.81bn, a healthy increase of almost 8% from the previous year ($30.44bn).
And to continue with staggering numbers, Schlumberger employs almost 100,000 workers of more than 140 different nationalities. Furthermore, the company operates in more than 85 countries.
When it comes to the services and products Schlumberger provides, they include directional drilling, well completion and productivity, well cementing and stimulation, and formation evaluation. Moreover, to make its offer complete, the company provides IT infrastructure, software services, and consulting.
2. Halliburton — $23.99bn
Number 2 on our list of the most successful offshore drilling companies is Halliburton. This oilfield services provider is based in both the US and Dubai, and in 2018, it made $23.99bn in revenues. Such incredible income means more than 16% growth compared to the year before ($20.62bn).
Halliburton has a long-standing reputation and experience. In fact, the company is more than a century old. Today, it’s one of the biggest players in the energy industry.
Furthermore, Halliburton employs 60,000 workers of 140 different nationalities. Also, it operates in more than 80 countries.
So, it’s no wonder Halliburton offers an array of products and services that include locating reserves, drilling, formation evaluation, well construction and completion, and production optimization.
3. Baker Hughes — $22.9bn
Another one of the Huston-based offshore drilling companies is Baker Hughes. In 2018, this famous company earned an impressive revenue of $22.9bn — a 5% increase from 2017.
Baker Hughes also has a century’s worth of experience in the oil and gas industry, which makes it more than fit to provide products and services such as drilling, completion, and production services.
4. Saipem — $9.75bn
Saipem is an Italian onshore and offshore drilling company, a branch of the energy company called Eni. In 2018, this European company earned around $9.75bn in revenues, 5.3% less than it made in 2017 ($10.3bn).
Still, Saipem stays strong by providing engineering, acquisition, project management, and construction services. Moreover, it is one of the best companies to turn to for the design and execution of both onshore and offshore projects.
The company operates in 70 countries and employs 32,000 workers of 120 different nationalities.
5. Petrofac — $5.83bn
When talking about European offshore drilling companies, we can’t skip over Petrofac. This British oilfield services company has made a name for itself in the international waters to which revenue of $5.83bn can attest. However, the sum was a more than 8% drop from the year before ($6.39bn).
Among other services, Petrofac provides field evaluation and management, well engineering design, well operations performance improvement and optimization, and integrity management.
6. Weatherford — $5.74bn
Weatherford is an Irish natural gas and oil service company. Although it didn’t see a special increase in revenues in 2018 compared to the previous year, its earnings remained steady, with $5.74bn.
The company specializes in drilling services, formation evaluation, well construction, well completion, and artificial lift.
7. China Oilfield Services Limited (COSL) — $3.17bn
China Oilfield Services Limited is China’s leading offshore oilfield services company that has seen revenue of $3.17bn in 2018, which was an incredible 25.36% increase from 2017. However, the company’s income comes mostly from domestic operations.
In March 2019, COSL owned 51 operating drilling rigs, 33 of which were domestic and 18 international.
8. Nabors Offshore — $3.05bn
Number 8 on this list of the best offshore drilling companies belongs to Nabors Offshore, a company with $3.05bn in revenues. That’s an impressive 19.2% increase compared to the year before ($2.56bn).
Nabors’ services include offshore platform workover and drilling rigs, drilling technology and equipment, and extensive oilfield services.
9. Transocean — $3.01bn
Transocean is a Swiss offshore drilling company that specializes in deepwater and harsh-environment drilling. In 2018, the company’s revenue rose by 1.5%, to $3.01bn, compared to 2017, which saw $2.97bn in revenues.
The company offers services with its 48 mobile offshore drilling units.
10. Ensco Rowan (Valaris) — $1.7bn
The last one on our list of the most prominent offshore drilling companies is Valaris. Earlier known as Ensco Rowan, this UK-based contractor changed its name to Valaris in 2019. In 2018, Valaris recorded $1.7bn in revenues, which meant a huge drop (as much as 7.48%) compared to the year before.
In 2019, the company owned 73 drilling rigs operating across six continents.
