Offshore Drilling Rigs Market: Opportunities, Emerging Trends, Competitive Strategies and Forecasts 2022

Market Highlights

Offshore drilling rigs are an important part for drilling underneath seabed. These drilling methods are used in order to extract natural resources such as oil and gas from the earth. While extracting oil from below the surface of the ocean used to be much more difficult than the traditional onshore drilling method of making wells on land and drilling holes, offshore drilling has become easier through the innovative methods that have surfaced such as making either floating or fixed platforms on the bed of the ocean to support drilling.


The global market of offshore drilling rigs is growing rapidly due to increased oil & gas exploration activities around the world. Recent discoveries of offshore energy reserves in regions have triggered the growth in the offshore drilling rigs market. Offshore drilling rigs systems are implemented to maximize oil and gas extraction. The existing supply and demand gap in the oil & gas sector has increased the need for efficient search and extraction of oil and gas. Additionally, a renewed interest in shale gas extraction has also driven the offshore drilling rigs market. The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for offshore drilling rigs.


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Key Players

The major player operating in the market of offshore drilling rigs are Aban Offshore Limited, China Oilfield Services Ltd, Ensco plc, Diamond Offshore Drilling Inc., Vantage Drilling Co., Pacific Drilling, KCA Deutag, Maersk Drilling, Nabors Industries Ltd, Nobel Corporation and others.


Industry/ Innovation/ Related News:

January 05, 2018 – Rowan Companies plc. (US) announced that it has concluded the purchase of two LeTourneau Super 116E jack-up rigs, the P-59 and P-60. The Company intends to mobilize these modern jack-ups to the Middle East from their current location in Brazil in late first quarter 2018.


January 01, 2018 – Chevron and Shell announced that they are eying expansion of North Sea hubs. Two major operators have submitted plans for incremental developments at their UK North Sea hubs. Chevron had originally envisaged an extra platform for its Captain enhanced oil recovery (EOR) project in the Outer Moray Firth off northeast Scotland, However, the company has instead chosen to drill up to six long-reach horizontal polymer injection wells within the existing platform area under a Stage 1 EOR program.


September 05, 2017 – Nabors Industries Ltd. (UK) a global S&P 500 oil, natural gas and geothermal drilling contractor (on/off shore) announced that it has acquired Stavanger-based Robotic Drilling Systems, AS (RDS) with plans to integrate the RDS team and technology with its rig equipment subsidiary Canrig, strengthening the development of its drilling automation solutions. The transaction advances a trend among drillers to increasingly automate rigs with intelligent solutions to improve performance and cut costs.


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Regional Analysis

Latin American is the leading region due to high offshore potential reserves of oil and gas. Moreover, factors such as increasing investments in exploration & production (E&P) lead to the increase the demand for drilling equipment and offshore rigs. The increase in global oil & gas production from North America and the Middle East has made operators focus on offshore markets. Secondly, liberalization of the Mexican oil & gas industry drives the demand for offshore drilling.


Asia-Pacific is one of the leading regions for growth in offshore drilling rigs market. The growing demand for energy coupled with the increasing investment in offshore exploration activities will drive the market in the forecast period. Asia-Pacific is among the largest consumers of oil & gas following North America. This demand will lead to more exploration and production in the region.


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