Offshore Drilling Rigs Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Offshore Drilling Rigs Market is segmented by Type (Jackups, Semisubmersibles, Drill Ships, and Other Types), Water Depth (Shallow Water and Deepwater and Ultra-Deepwater), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in revenue (USD) for all the above segments.

Offshore Drilling Rigs Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Offshore Drilling Rigs Market Size

Offshore Drilling Rigs Market Summary
Study Period 2019 - 2030
Market Size (2025) USD 78.16 Billion
Market Size (2030) USD 108.51 Billion
CAGR (2025 - 2030) 6.78 %
Fastest Growing Market Middle-East and Africa
Largest Market North America
Market Concentration Medium

Major Players

Offshore Drilling Rigs Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Offshore Drilling Rigs Market with other markets in Energy & Power Industry

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Offshore Drilling Rigs Market Analysis

The Offshore Drilling Rigs Market size is estimated at USD 78.16 billion in 2025, and is expected to reach USD 108.51 billion by 2030, at a CAGR of 6.78% during the forecast period (2025-2030).

  • Over the long term, factors such as increased global energy demand and exploration activities for untapped regions are expected to drive the market during the forecasted period.
  • On the other hand, the rising environmental concerns over offshore drilling and its impact on the aquatic environment are expected to hinder the market's growth.
  • Nevertheless, increasing deepwater and ultra-deepwater activities for exploration and production are expected to create several future market opportunities.
  • North America is expected to be a major market due to the latest technology and infrastructure for offshore activities.

Offshore Drilling Rigs Industry Overview

The offshore drilling rig market is semi-consolidated. Some major players (in no particular order) include Keppel Corporation Limited, Samsung Heavy Industries Co. Ltd, Sembcorp Marine Ltd, Transocean Ltd, and Seadrill Ltd., among others.

Offshore Drilling Rigs Market Leaders

  1. Samsung Heavy Industries Co. Ltd

  2. Sembcorp Marine Ltd

  3. Seadrill Ltd

  4. Keppel Corporation Limited

  5. Transocean Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Offshore Drilling Rigs Market Concentration
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Offshore Drilling Rigs Market News

  • June 2023: Var Energi, a Norwegian offshore oil and gas producer, announced a long-term strategic cooperation with Halliburton, a US oilfield services firm, for drilling services to improve drilling and well performance and increase value creation. The partnership includes drilling services for Var Energi relating to exploration and production drilling across the Norwegian Continental Shelf. The contract is for five years with an option for an extra four years.
  • June 2023: Vestigo Petroleum issued a Letter of Award to Malaysian offshore drilling company Velesto Drilling to provide a jack-up drilling rig. The deal is for Velesto's jack-up drilling rig NAGA 2, worth an estimated USD 10.9 million. The NAGA 2 is a high-end independent-leg cantilever jack-up rig with a drilling depth of 30,000 feet (9144 meters) and a rated operational water depth of 350 feet (106.68 meters).

Offshore Drilling Rigs Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2028
  • 4.3 Historical Average Day Rates of Floaters and Jackup Rigs, till 2022
  • 4.4 Major Offshore Upstream Projects
  • 4.5 Recent Trends and Developments
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.1.1 Increasing Global Energy Demand
    • 4.6.1.2 Exploration of Untapped Offshore Reserves
    • 4.6.2 Restraints
    • 4.6.2.1 Environmental Concerns and Regulations
  • 4.7 Supply Chain Analysis
  • 4.8 Porter's Five Forces Analysis
    • 4.8.1 Bargaining Power of Suppliers
    • 4.8.2 Bargaining Power of Consumers
    • 4.8.3 Threat of New Entrants
    • 4.8.4 Threat of Substitutes Products and Services
    • 4.8.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Jackups
    • 5.1.2 Semisubmersibles
    • 5.1.3 Drill Ships
    • 5.1.4 Other Types
  • 5.2 Water Depth
    • 5.2.1 Shallow Water
    • 5.2.2 Deepwater and Ultra-deepwater
  • 5.3 Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
    • 5.3.1 North America
    • 5.3.1.1 United States
    • 5.3.1.2 Canada
    • 5.3.1.3 Rest of North America
    • 5.3.2 Europe
    • 5.3.2.1 United Kingdom
    • 5.3.2.2 Russia
    • 5.3.2.3 Norway
    • 5.3.2.4 Netherlands
    • 5.3.2.5 Rest of Europe
    • 5.3.3 Asia-Pacific
    • 5.3.3.1 China
    • 5.3.3.2 India
    • 5.3.3.3 Australia
    • 5.3.3.4 Malaysia
    • 5.3.3.5 Rest of Asia-Pacific
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Venezuela
    • 5.3.4.4 Rest of South America
    • 5.3.5 Middle-East and Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 United Arab Emirates
    • 5.3.5.3 Egypt
    • 5.3.5.4 Nigeria
    • 5.3.5.5 Rest of Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Offshore Rig Manufacturers
    • 6.3.1.1 Keppel Corporation Limited
    • 6.3.1.2 Samsung Heavy Industries Co. Ltd
    • 6.3.1.3 Sembcorp Marine Ltd
    • 6.3.1.4 Daewoo Shipbuilding & Marine Engineering Co. Ltd
    • 6.3.1.5 Hyundai Heavy Industries Co. Ltd
    • 6.3.1.6 Friede & Goldman Ltd
    • 6.3.1.7 Damen Shipyards Group
    • 6.3.1.8 Irving Shipbuilding Inc.
    • 6.3.2 Offshore Drilling Contractors
    • 6.3.2.1 Transocean Ltd
    • 6.3.2.2 Seadrill Ltd
    • 6.3.2.3 ENSCO PLC
    • 6.3.2.4 Noble Drilling PLC
    • 6.3.2.5 Diamond Offshore Drilling Inc.
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Rising Demand for Deepwater Discoveries
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Offshore Drilling Rigs Industry Segmentation

Offshore drilling rigs, or offshore platforms or drilling units, are structures used for drilling and extracting oil and gas reserves from beneath the seabed in offshore locations. These rigs are specifically designed to operate in various water depths, ranging from shallow to ultra-deepwater.

Type, water depths, and geography segment the Offshore Drilling Rigs Market. By types, the market is segmented into jack-ups, semisubmersibles, drill ships, and other types. The market is segmented by water depth into shallow water, deepwater, and ultra-deepwater. The report also covers the market size and forecasts for the offshore drilling rigs market across major regions. Each segment's market sizing and forecasts are based on revenue (USD).

Type Jackups
Semisubmersibles
Drill Ships
Other Types
Water Depth Shallow Water
Deepwater and Ultra-deepwater
Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} North America United States
Canada
Rest of North America
Europe United Kingdom
Russia
Norway
Netherlands
Rest of Europe
Asia-Pacific China
India
Australia
Malaysia
Rest of Asia-Pacific
South America Brazil
Argentina
Venezuela
Rest of South America
Middle-East and Africa Saudi Arabia
United Arab Emirates
Egypt
Nigeria
Rest of Middle-East and Africa
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Offshore Drilling Rigs Market Research FAQs

How big is the Offshore Drilling Rigs Market?

The Offshore Drilling Rigs Market size is expected to reach USD 78.16 billion in 2025 and grow at a CAGR of 6.78% to reach USD 108.51 billion by 2030.

What is the current Offshore Drilling Rigs Market size?

In 2025, the Offshore Drilling Rigs Market size is expected to reach USD 78.16 billion.

Who are the key players in Offshore Drilling Rigs Market?

Samsung Heavy Industries Co. Ltd, Sembcorp Marine Ltd, Seadrill Ltd, Keppel Corporation Limited and Transocean Ltd are the major companies operating in the Offshore Drilling Rigs Market.

Which is the fastest growing region in Offshore Drilling Rigs Market?

Middle-East and Africa is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Offshore Drilling Rigs Market?

In 2025, the North America accounts for the largest market share in Offshore Drilling Rigs Market.

What years does this Offshore Drilling Rigs Market cover, and what was the market size in 2024?

In 2024, the Offshore Drilling Rigs Market size was estimated at USD 72.86 billion. The report covers the Offshore Drilling Rigs Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Offshore Drilling Rigs Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Offshore Drilling Rigs Industry Report

Statistics for the 2025 Offshore Drilling Rigs market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Offshore Drilling Rigs analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.