Whether in the stormy waters of the North Sea, the deep ocean trenches off Latin America or the hurricane-prone Gulf of Mexico, a race is on to supply the world’s oil and gas drillers with the rigs to do the job.
For years, two companies from the Asian city-state of Singapore – Keppel and Sembcorp Marine – have dominated the market for these massive structures.
The two companies together account for 70 per cent of the global market for so-called jackup rigs that are used to drill in relatively shallow waters. On Friday, Keppel signed an agreement with Pemex, the Mexican state oil company, to build and operate a yard in Mexico that will be used to make jackups.
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