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Method for the mobile offshore drilling units contracting probability assessment

UDK: 622.24.085.5
DOI: 10.24887/0028-2448-2018-8-20-23
Key words: offshore drilling, offshore, Mobile offshore drilling unit (MODU)
Authors: I.P. Zaikin (Zarubezhneft JSC, RF, Moscow), K.V. Kempf (Zarubezhneft JSC, RF, Moscow), R.R. Naboka (Zarubezhneft JSC, RF, Moscow), V.A. Guregyants (Gubkin Russian State University of Oil and Gas (National Research University), RF, Moscow), I.A. Romanov (Gubkin Russian State University of Oil and Gas (National Research University), RF, Moscow)

The crisis of prices at the hydrocarbons market has resulted in the decreased demand for the lease of the mobile offshore drilling units (MODU). Every day of MODU downtime, if maintained in “hot stack” mode, costs its owners from $5000 to 25000.

Such situation requires the managers of drilling companies to maintain constant awareness of the events occurring at the offshore drilling services contracting market, and it means not only monitoring the newsfeed, but also possession of up-to-date information on the structure and the content of the market. It needs to be highlighted that inaccurate assessment of the current market condition, including in terms of the MODU contracting opportunity, can result in significant financial losses for the company. As the crisis has shown, mistakes in assessments ultimately resulted in the bankruptcies of several drilling contractors.

This paper reviews one of the possible tools allowing developing a justified strategy for managing the drilling units. The proposed method is sufficiently simple, yet it allows forming a landscape scope of the whole global MODU fleet in part of opportunities for the rigs contracting. The ultimate information is presented in an illustrated and clear form. At this, there is a feature for changing the scale of the presented information (world, region, country) and digitalization of results for the purpose of improving the speed and relevancy of the performed analysis.

The developed method allows the drilling contractors to make more justified managerial decisions in part of the mobile offshore drilling units operation.

References

1. Fleisher C.S. Bensoussan B.E., Business and competitive analysis: Effective application of new and classic methods, FT Press, 2007, 528 p.В 

2. Grant R.M., Contemporary strategy analysis, Wiley, 2010, 516 p.

3. Strategiya (Strategy), Ser. Harvard Business Review: 10 luchshikh statey, Moscow: Al'pina Pablisher, 2017, 288 p.

The crisis of prices at the hydrocarbons market has resulted in the decreased demand for the lease of the mobile offshore drilling units (MODU). Every day of MODU downtime, if maintained in “hot stack” mode, costs its owners from $5000 to 25000.

Such situation requires the managers of drilling companies to maintain constant awareness of the events occurring at the offshore drilling services contracting market, and it means not only monitoring the newsfeed, but also possession of up-to-date information on the structure and the content of the market. It needs to be highlighted that inaccurate assessment of the current market condition, including in terms of the MODU contracting opportunity, can result in significant financial losses for the company. As the crisis has shown, mistakes in assessments ultimately resulted in the bankruptcies of several drilling contractors.

This paper reviews one of the possible tools allowing developing a justified strategy for managing the drilling units. The proposed method is sufficiently simple, yet it allows forming a landscape scope of the whole global MODU fleet in part of opportunities for the rigs contracting. The ultimate information is presented in an illustrated and clear form. At this, there is a feature for changing the scale of the presented information (world, region, country) and digitalization of results for the purpose of improving the speed and relevancy of the performed analysis.

The developed method allows the drilling contractors to make more justified managerial decisions in part of the mobile offshore drilling units operation.

References

1. Fleisher C.S. Bensoussan B.E., Business and competitive analysis: Effective application of new and classic methods, FT Press, 2007, 528 p.В 

2. Grant R.M., Contemporary strategy analysis, Wiley, 2010, 516 p.

3. Strategiya (Strategy), Ser. Harvard Business Review: 10 luchshikh statey, Moscow: Al'pina Pablisher, 2017, 288 p.


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