PUBLISHER: The Business Research Company | PRODUCT CODE: 1929080
PUBLISHER: The Business Research Company | PRODUCT CODE: 1929080
Offshore drilling involves extracting oil or natural gas from beneath the seabed using drilling rigs positioned off the coast, often in deep waters. This process requires specialized equipment and techniques to penetrate the ocean floor and reach underwater reservoirs for energy extraction. It is a crucial component of the global energy supply, especially in areas with abundant offshore hydrocarbon resources.
There are several main types of offshore drilling, contract drilling, directional drilling, logging while drilling, and measurement while drilling. Contract drilling occurs when a drilling contractor provides services and equipment to oil and gas companies based on a contract, usually for a specific time frame or project. Various types of platforms are employed, including jack-up rigs, floating semisubmersibles, and drillships, each suited to different needs such as ultra-deepwater, shallow-water, or deepwater drilling.
Tariffs have affected the offshore drilling market by increasing costs of imported rigs, drilling equipment, and specialized components. Higher duties have impacted deepwater and ultra deepwater projects, particularly in regions dependent on imported offshore technology such as Asia Pacific. Capital expenditure and project timelines are under pressure. However, tariffs are encouraging regional fabrication yards, local equipment sourcing, and long term offshore capability development.
The offshore drilling market research report is one of a series of new reports from The Business Research Company that provides offshore drilling market statistics, including offshore drilling industry global market size, regional shares, competitors with a offshore drilling market share, detailed offshore drilling market segments, market trends and opportunities, and any further data you may need to thrive in the offshore drilling industry. This offshore drilling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The offshore drilling market size has grown strongly in recent years. It will grow from $36.28 billion in 2025 to $39.27 billion in 2026 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to growth in offshore reserves, global energy demand, technological advancements in rigs, expansion of offshore fields, investment in exploration activities.
The offshore drilling market size is expected to see strong growth in the next few years. It will grow to $53.63 billion in 2030 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to development of deepwater resources, rising offshore gas projects, demand for energy security, automation in drilling operations, higher safety regulations. Major trends in the forecast period include expansion of deepwater and ultra deepwater drilling, growing use of advanced drilling rigs, increased adoption of real time monitoring, rising demand for directional drilling, focus on operational safety and efficiency.
The increasing demand for natural gas and oil is expected to drive the growth of the offshore drilling market in the coming years. Natural gas and oil are fossil fuels used as primary energy sources for heating, electricity generation, and transportation, playing a vital role in the global energy supply. This rising demand is fueled by growing energy needs, economic expansion, and the shift toward cleaner-burning fuels in power generation and transportation. Offshore drilling facilitates the extraction of oil and gas deposits beneath the ocean floor, expanding access to offshore reserves and boosting overall production. For example, in September 2025, the UK's Department for Energy Security and Net Zero (DESNZ) reported that in Quarter 3 of 2025, indigenous production of primary oils increased by 2.5% compared to the same period the previous year. Therefore, the growing demand for natural gas and oil is supporting the offshore drilling market.
Key players in the offshore drilling industry are integrating robotics and artificial intelligence (AI) into their drilling operations to enhance their competitive position. Robotics and AI involve using automated systems and advanced algorithms to perform tasks that typically require human skills. For instance, in January 2024, Schlumberger, a U.S.-based oilfield services company, introduced autonomous drilling operations on the Peregrino C platform with the Delfi digital platform, in collaboration with Equinor, a Norwegian petroleum refining company. This initiative aims to boost operational efficiency, improve safety, and optimize drilling performance. The Delfi platform features DrillOps and DrillPlan solutions, which utilize cloud-based applications, AI, and integrated data to improve various aspects of drilling and energy operations. SLB and Equinor marked a significant achievement in autonomous drilling by completing 99% of a 2.6-kilometer section autonomously, leading to faster drilling and reduced costs while minimizing environmental impact.
In June 2024, ABL Group ASA, a Norwegian engineering services company, acquired Ross Offshore for $9.3 million. This acquisition is part of ABL Group's AGR division's strategy to enhance its expertise and capacity in drilling project management, well engineering, subsurface evaluations, and marine operations. Ross Offshore, a Norway-based provider of offshore drilling services, will bring additional technical capabilities to ABL Group.
Major companies operating in the offshore drilling market are Schlumberger NV, Baker Hughes Company, Halliburton Company, Saipem S.p.A., NOV Inc., TechnipFMC plc, China Oilfield Services Limited, Subsea 7 S.A., Keppel Corporation, Weatherford International plc, Aker Solutions ASA, Nabors Industries Limited, Petrofac Limited, Transocean Ltd., Oceaneering International Inc., Valaris Limited, KCA Deutag, Noble Corporation plc, Diamond Offshore Drilling Inc., Seadrill, Shelf Drilling Holdings Ltd., Borr Drilling, Pacific Drilling S.A., Odfjell Drilling Ltd., Lamprell plc, Vantage Drilling International, CIMC Raffles Offshore Engineering Pte Ltd
Asia-Pacific was the largest region in the offshore drilling market in 2025. The regions covered in the offshore drilling market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the offshore drilling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The offshore drilling market includes revenues earned by entities by providing services such as drilling, exploration, well intervention, and platform maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Offshore Drilling Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses offshore drilling market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for offshore drilling ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The offshore drilling market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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