Jack-Up Rig Market Report 2026

The jack-up rig market size has grown strongly in recent years. It will grow from $3.65 billion in 2025 to $3.85 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to offshore oil exploration growth, shallow water drilling demand, reliance on conventional rigs, energy demand increase, marine engineering advances.

The jack-up rig market size is expected to see strong growth in the next few years. It will grow to $4.9 billion in 2030 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to offshore wind energy expansion, digital rig monitoring, energy security focus, automation in offshore operations, modernization of drilling fleets. Major trends in the forecast period include growth of offshore drilling activities, expansion of offshore wind installations, demand for high-capacity jack-up rigs, focus on operational safety, integration of digital monitoring systems.

An expansion of offshore wind energy is expected to propel the growth of the jack-up rig market going forward. Offshore wind energy involves harnessing wind power from turbines installed in bodies of water, typically oceans or seas, to generate electricity. Offshore wind energy utilizes jack-up rigs to install and maintain wind turbines in deeper waters, providing stability during construction due to their ability to elevate above the water level. For instance, in August 2024, according to the National Renewable Energy Laboratory (NREL), a US-based research institute, eight states have established procurement mandates aiming for a total of 45,730 MW of offshore wind capacity by 2040. The U.S. offshore wind energy market remains propelled by state-level procurement efforts, strategic planning, and energy policies. As of May 31, 2024, these mandates across the eight states amount to 45,730 MW. Additionally, five other states have set formal planning goals, and when combined with the existing mandates, the overall target reaches 115,130 MW by 2050. Therefore, an expansion of offshore wind energy is driving the growth of the jack-up rig market.

Companies in the jack-up rig market are focusing on developing advanced high-specification rigs to improve operational efficiency, enhance safety standards, and meet the growing needs of offshore oil and gas exploration. These high-specification jack-up rigs are sophisticated offshore drilling platforms designed for deeper water operations, featuring enhanced drilling capabilities, safety measures, and automated systems for optimal performance. For example, in May 2024, ARO Drilling, a joint venture between Saudi Aramco and Valaris, launched the Kingdom 2 jack-up rig. Designed to the Letourneau Super 116E Class standard, this rig is optimized for operations in the Arabian Gulf, capable of functioning in water depths between 200 and 330 feet, with a maximum drilling depth of 30,000 feet. It is equipped with a state-of-the-art drilling control and power management system that enhances operational efficiency through integrated equipment and a mechanized drill floor, supporting up to 120 personnel for significant offshore drilling activities.

In November 2025, ADES International Holding, a Saudi Arabia-based provider of offshore drilling services including jack-up rigs and onshore/offshore drilling operations, acquired Shelf Drilling, Ltd. for an undisclosed amount. With this acquisition, ADES aims to build a global offshore drilling powerhouse by combining complementary fleets and geographic reach, thereby significantly expanding its jack-up rig fleet and reinforcing its competitive position in shallow-water drilling markets worldwide. Shelf Drilling, Ltd. is a UAE-based operator of shallow-water offshore jack-up drilling units, offering rig operations, chartering, and drilling services across key basins, including the Middle East, Southeast Asia, West Africa, and the North Sea.

Major companies operating in the jack-up rig market are Transocean Ltd., Diamond Offshore Drilling Inc., Nabors Industries Ltd., Rowan Companies Inc., Shelf Drilling Ltd., China Oilfield Services Limited, Seadrill Limited, Noble Corporation, ENSCO Inc., Stena Drilling Ltd., Northern Offshore Ltd., Maersk Drilling AS, A.P. Moller - Maersk A/S, Seajacks Limited, Van Oord Dredging and Marine Contractors BV, Ulstein Group ASA, Lamprell Plc, Keppel Offshore And Marine, Sembcorp Marine, GustoMSC.

North America was the largest region in the jack-up rig market in 2025. The regions covered in the jack-up rig market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the jack-up rig market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The jack-up rig market consists of sales of independent leg type and mat leg type. 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.

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