Offshore Drilling Rigs Market Report 2025

This Offshore Drilling Rigs report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The offshore drilling rigs market size has grown strongly in recent years. It will grow from $92.83 billion in 2024 to $100.03 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to oil and gas demand, global energy trends, regulatory environment.

The offshore drilling rigs market size is expected to see strong growth in the next few years. It will grow to $129.76 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to economic factors, environmental concerns and sustainability, geopolitical factors, renewable energy transition. Major trends in the forecast period include floating rig technology, digitalization and automation, alternative energy exploration, collaborative business models, remote monitoring and maintenance.

An increase in the number of exploratory wells is anticipated to drive the growth of the offshore drilling rigs market. Exploratory wells are deep test holes drilled by oil and gas exploration companies, both onshore and offshore, to identify proven reserves of recoverable oil and gas. For example, in December 2023, the U.S. Energy Information Administration, a government entity in the United States, reported that in December 2022, oil production rose to 12.1 million barrels per day (b/d), while natural gas production increased to 121.1 billion cubic feet per day (Bcf/d). Therefore, the rise in the number of exploratory wells is contributing to the expansion of the offshore drilling rigs market.

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.

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 offshore drilling rigs market include 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 2024. 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.

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 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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