Drillships Market Report 2026

The drillships market size has grown strongly in recent years. It will grow from $5.57 billion in 2025 to $6.02 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to expansion of offshore oil exploration, discovery of deepwater reserves, technological advancements in marine drilling, rise in offshore investments, demand for mobile drilling units.

The drillships market size is expected to see strong growth in the next few years. It will grow to $8.08 billion in 2030 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increased deepwater exploration spending, development of ultra deepwater fields, replacement of aging offshore fleets, demand for advanced drilling capabilities, offshore energy security initiatives. Major trends in the forecast period include rising demand for ultra deepwater drillships, growth in dynamic positioning systems, increasing adoption of dual activity drillships, expansion of harsh environment offshore drilling, focus on operational safety and efficiency.

The rising offshore exploration is expected to drive the growth of the drillship market in the coming period. Offshore exploration refers to operator activities to identify, bid for, and acquire offshore acreage and subsurface resources for potential oil and gas discovery and development. Its growth is supported by expanding government lease offerings and renewed investment in deepwater energy resources. Drillships facilitate offshore exploration by providing high-mobility, deepwater drilling capabilities that enable energy companies to access and evaluate offshore reserves efficiently. For example, in March 2023, according to the Bureau of Ocean Energy Management, a US-based federal agency, thirty-two companies participated in the sale, with a total of $263.8 million in high bids offered on 313 tracts. Therefore, the rising offshore exploration is fueling the growth of the drillship market.

Key companies in the drillship market are focusing on developing technologically advanced products, such as dynamic positioning systems, to enhance safety and operational efficiency. Dynamic positioning systems (DPS) are computer-controlled systems that automatically maintain a vessel’s position and heading using its own propellers and thrusters. For example, in April 2025, Hanwha Ocean Co. Ltd., a South Korean shipbuilder, launched the Tidal Action drillship, designed on its proprietary platform. This ultra-deepwater vessel can drill at depths up to 12,000 meters in waters as deep as 3,600 meters. It features advanced dynamic positioning for stable station keeping and is equipped to accommodate 20,000 psi blowout preventers, enhancing safety and operational efficiency. The launch marked a significant advancement in deepwater drilling technology, highlighting the industry's shift toward safer, more efficient, and higher-pressure-capable vessels, and reflected renewed confidence in offshore exploration as energy companies pursue complex reserves in ultra-deepwater environments.

In July 2025, Turkish Petroleum Corporation (TPAO), a Turkey-based oil and gas exploration and production company, acquired two sister drillships, the West Draco and West Dorado, from Eldorado Drilling AS for $490 million. Through this acquisition, TPAO aims to expand its deepwater drilling fleet and strengthen offshore exploration capabilities in the Eastern Mediterranean and North African regions, enhancing its strategic position in regional energy development. Eldorado Drilling AS is a Norway-based company specializing in the ownership and management of ultra-deepwater drillships.

Major companies operating in the drillships market are Mitsubishi Heavy Industries Ltd., COSCO Shipping Heavy Industry Co. Ltd., China State Shipbuilding Corporation Limited, Fincantieri Group, Hyundai Heavy Industries Co. Ltd., Samsung Heavy Industries Co. Ltd., Hanwha Ocean Co. Ltd., Valaris Limited, Keppel Offshore And Marine Limited, Odfjell Drilling Ltd., Yantai CIMC Raffles Offshore Ltd., Estaleiro Atlantico Sul S.A., Aban Offshore Limited, Seatrium Ltd., Dalian Shipbuilding Industry Co. Ltd., Daewoo Shipbuilding And Marine Engineering Co. Ltd., Hyundai Samho Heavy Industries Co. Ltd., China Merchants Heavy Industry Co. Ltd., Sembcorp Marine Ltd., Lamprell plc, Gulf Island Fabrication Inc.

North America was the largest region in the drillships market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the drillships market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the drillships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The drillships market consists of sales of derrick, draw works, mud pumps, blowout preventer, drill pipe, dynamic positioning systems, marine riser tensioners, subsea well control equipment, and onboard drilling support systems. 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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