The market for offshore drilling rigs has grown significantly in Europe, then in Africa. The Offshore Drilling Rigs Market has been further boosted by the burgeoning growth in the North Sea and rising offshore exploration and production activity in Nigeria. Exxon Mobil and its partners announced the finding of oil in the Owowo-2 and Owowo-3 areas off the coast of Nigeria in November 2016. An estimated 500 million to 1 billion barrels of crude oil were found. The Rovuma basin in Mozambique is thought to contain 85 trillion cubic feet of gas, which has increased the number of offshore drilling rigs in Africa. Due to its simple installation and low cost in comparison to other rig types, jackup rigs occupy the highest proportion of the global offshore drilling rigs market. There are prospects for growth and advancement in the jackup rigs market.
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