Offshore Drilling Rigs Global Market Report 2024

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.

The offshore drilling rigs market research report is one of a series of new reports 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 $86.84 billion in 2023 to $93.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The expansion observed in the historical period can be ascribed to the demand for oil and gas, global energy trends, and the regulatory environment.

The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $123.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be linked to economic factors, environmental concerns, sustainability efforts, geopolitical factors, and the transition to renewable energy. Key trends in the projected period encompass the adoption of floating rig technology, the integration of digitalization and automation, exploration in alternative energy sources, the development of collaborative business models, and advancements in remote monitoring and maintenance.

The anticipated rise in the number of exploratory wells is poised to drive the expansion of the offshore drilling rigs market. These wells, conducted by oil and gas exploration companies both onshore and offshore, serve as deep test holes to uncover proven reserves of recoverable gas and oil. As reported in a March 2021 press release by RYSTAD Energy, a Norway-based independent energy research and business intelligence company, offshore drilling activity is expected to experience a year-on-year increase of approximately 10% in both 2021 and 2022. This surge is projected to result in nearly 2,500 offshore wells drilled in 2021, up from less than 2,300 in 2020, with a forecasted number exceeding 2,700 for 2022. Consequently, the heightened number of exploratory wells is a driving force behind the growth of the offshore drilling rigs market.

The growing demand for crude oil is also expected to fuel the expansion of the offshore drilling rigs market. Crude oil, also known as petroleum, is a fossil fuel composed of naturally occurring hydrocarbon compounds. It represents a liquid mixture of various organic compounds, predominantly hydrocarbons consisting of hydrogen and carbon atoms. According to the US Energy Information, approximately 15.2% of the crude oil produced in the United States in 2021 contributes to the escalating demand. Hence, the increasing demand for crude oil plays a significant role in propelling the growth of the offshore drilling rigs market.

Technological advancements stand out as a prominent trend gaining traction in the offshore drilling rigs market. Major companies operating in this sector are adopting cutting-edge technologies to enhance their market position. For instance, in December 2021, Maersk Drilling, a Denmark-based drilling-rig operator, introduced RigFlow, a groundbreaking digital product that revolutionizes how the drilling sector coordinates operations. RigFlow digitalizes information flow between well plans and rig operations, facilitating more efficient and transparent collaboration through real-time plans and operational instructions. This technology is being utilized across various rigs by diverse operators.

Strategic partnerships and collaborations with start-ups and mid-sized companies are a strategic move by major companies in the offshore drilling rigs market to broaden their product and service offerings. Such collaborative efforts aid in expanding product portfolios and geographical reach. An example of this is the long-term strategic cooperation announced in June 2023 between Var Energi, a Norwegian offshore oil and gas producer, and Halliburton, a US oilfield services firm. This collaboration focuses on drilling services to enhance performance and value creation in Var Energi's exploration and production drilling across the Norwegian Continental Shelf. The contractual agreement spans five years, with an option for an additional four years.

In April 2022, Keppel Corp., a Singapore-based manufacturer of offshore rigs, merged with Sembcorp Marine. Through this merger, the combined business seeks opportunities in renewable energy. Sembcorp Marine, a Singapore-based marine and offshore engineering company specializing in oil rig construction, is part of this strategic move toward diversification.

Major companies operating in the in the offshore drilling rigs market report are Samsung Heavy Industries Co. Ltd., Rowan Companies Inc., Keppel Corporation Limited, Irving Shipbuilding Inc., Hyundai Heavy Industries Co. Ltd., Friede & Goldman Ltd, Schlumberger NV, TRINIDAD DRILLING Ltd., Halliburton Company, Baker Hughes Company, Transocean Ltd., Ensco Plc, 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., Hercules Offshore Inc., Aban Offshore Limited, Maersk Drilling

North America was the largest region in the offshore drilling rigs market in 2023. 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, 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, Russia, South Korea, UK, USA, Italy, Canada, 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.


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