PUBLISHER: The Business Research Company | PRODUCT CODE: 1929081
PUBLISHER: The Business Research Company | PRODUCT CODE: 1929081
Offshore drilling rigs are substantial structures constructed to facilitate the extraction, processing, and storage of oil and natural gas. These rigs are employed for drilling wells, extracting and processing oil and natural gas, and temporarily storing products until they are transported for refining and sale.
The primary categories of offshore drilling rigs include jackups, semisubmersibles, drill ships, and various other types. Jackups are self-contained drilling rigs and floating barges with lengthy support legs that can be independently raised and lowered. When the legs are elevated and the barge part is afloat, the jackup is towed to its designated location. Its diverse applications encompass shallow water, deepwater, and ultra-deep water.
Tariffs have affected the offshore drilling rigs market by increasing costs for imported rig components, heavy machinery, and specialized equipment. Higher duties on steel structures, drilling systems, and electronic controls have impacted rig construction and refurbishment, particularly in asia pacific and north america. These tariffs have led to project cost inflation and delayed rig deployment schedules. However, tariff pressures have also encouraged domestic manufacturing, local sourcing, and strategic partnerships, supporting regional rig building capabilities.
The offshore drilling rigs market research report is one of a series of new reports from The Business Research Company that provides offshore drilling rigs market statistics, including offshore drilling rigs industry global market size, regional shares, competitors with a offshore drilling rigs market share, detailed offshore drilling rigs market segments, market trends and opportunities, and any further data you may need to thrive in the offshore drilling rigs industry. This offshore drilling rigs 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 rigs market size has grown strongly in recent years. It will grow from $99.61 billion in 2025 to $106.4 billion in 2026 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growth in offshore oil and gas exploration, rising global energy demand, expansion of shallow water drilling activities, technological advancements in rig construction, investments by national oil companies.
The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $138.01 billion in 2030 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing offshore exploration in deepwater basins, rising investments in ultra-deepwater projects, adoption of digital drilling technologies, focus on cost optimization in offshore operations, growing demand for high efficiency rigs. Major trends in the forecast period include increasing deployment of deepwater and ultra-deepwater rigs, rising adoption of automated drilling systems, growing demand for high specification drill ships, shift toward modular and mobile rig designs, increasing focus on operational safety and efficiency.
The increasing demand for crude oil is expected to drive the growth of the offshore drilling rigs market. Crude oil, also known as petroleum, is a fossil fuel composed of naturally occurring hydrocarbon compounds. It is a liquid mixture of various organic compounds, primarily consisting of hydrocarbons, which are molecules made up of hydrogen and carbon atoms. For instance, according to the U.S. Energy Information Administration, crude oil production, based on historical data, is projected to increase by an average of 0.2 million barrels per day (b/d) in 2024. This reflects the updated assessment that Iraq is utilizing more crude oil in its new refining capacity than previously estimated. Therefore, the demand for crude oil is propelling the growth of the offshore drilling rigs market.
Major companies in the offshore drilling rigs sector are concentrating on technological advancements, such as comprehensive emissions management, to improve environmental compliance, enhance operational efficiency, and minimize the carbon footprint of their operations while adhering to regulatory requirements and promoting sustainability within the industry. An emissions management suite for offshore oil and gas encompasses tools and technologies designed to monitor, report, and mitigate greenhouse gas emissions stemming from drilling and production activities. For example, in August 2024, Honeywell Technology Inc., a U.S.-based multinational conglomerate operating in various sectors, including aerospace, building technologies, performance materials, and safety and productivity solutions, launched a comprehensive emissions management suite tailored for offshore oil and gas. This suite provides integrated tools for real-time monitoring, reporting, and analytics of greenhouse gas emissions, assisting companies in ensuring regulatory compliance and reducing their environmental impact.
In June 2024, Noble Corporation plc, a U.S.-based offshore drilling services provider and operator of offshore drilling rigs, acquired Diamond Offshore Drilling Inc. for approximately $1.59 billion in a stock-and-cash transaction. Through this acquisition, Noble aims to expand its offshore drilling fleet and contract backlog by integrating Diamond Offshore's portfolio of drillships, semisubmersibles, and jack-up rigs. Diamond Offshore Drilling Inc. is a U.S.-based company specializing in offshore drilling services and the operation of offshore drilling rigs.
Major companies operating in the offshore drilling rigs market are Samsung Heavy Industries Co. Ltd., Rowan Companies Inc., Keppel Corporation Limited, Hyundai Heavy Industries Co. Ltd., Schlumberger NV, TRINIDAD DRILLING Ltd., Halliburton Company, Baker Hughes Company, Transocean Ltd., Diamond Offshore Drilling Inc., Noble Corporation, Seadrill, Weatherford International plc, Stena Drilling Ltd, China Oilfield Services Limited, Nabors Industries Limited, Saipem s. p. a., KCA Deutag, Parker Drilling Company, Sembcorp Marine Ltd., COSCO Shipyard Group Co. Ltd., NOV Inc., Pacific Drilling Company LLC, Hanwha Ocean Co. Ltd., Aban Offshore Limited, Maersk Drilling
North America was the largest region in the offshore drilling rigs market in 2025. Middle East and Africa are expected to be the fastest growing regions in the forecast period. The regions covered in the offshore drilling rigs 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 rigs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The offshore drilling rigs market consists of sales of barges, submersibles, platforms, jackups, and floaters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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 Rigs 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 rigs 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 rigs ? 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 rigs 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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