The global deepwater and ultra deepwater market has been growing rapidly over the last ten years. The primary reason behind this development is the advancement in technology which allowed companies to explore deepwater and ultra deepwater petroleum geologies. Since drilling of the first well below 3,000 metres in 2003, there have been numerous major discoveries in previously unexplored ultra deepwater territories around the world. In a time where oil production is declining in many of the traditional oil producing countries in Europe and North America and increasing political tensions in the Middle East increase supply insecurity, deepwater and ultra deepwater exploration offers a great alternative to secure rising world oil demand. The additional benefit of deepwater and ultra deepwater oil & gas, while it incurs higher risk and upfront capital costs, is that new finds tend to be significantly larger than recent onshore discoveries. The pre-salt finds offshore Brazil are a prime example of the potential benefit deepwater and ultra deepwater reservoirs can hold and since the discovery of the fields offshore Brazil interest in deepwater and ultra deepwater E&P around the world has significantly increased. As a consequence, has determined that the value of the global deepwater & ultra deepwater exploration & production market in 2013 will reach $83.2bn.