Offshore Drilling Rigs Market Report 2026

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.

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