Offshore Drilling Rigs Is Fastest Growing Segment Fueling The Growth Of Offshore Drilling Rigs Market

OFFSHORE DRILLING RIGS MARKET
Offshore Drilling Rigs Market

Offshore drilling rigs provide various operations for exploration, development, and production of oil & gas from offshore fields located beneath the seabed. Semi-submersible and jack-up rigs are commonly used offshore drilling rigs for their stability in rough sea conditions and ability to operate in shallow to ultra-deep waters.

The global Offshore Drilling Rigs Market is estimated to be valued at Us$ 75.40 Bn in 2023 and is expected to exhibit a CAGR Of 6.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:


One of the key trends in the offshore drilling rigs market is increasing deployment of new and advanced rigs suitable for deepwater and ultra-deepwater drilling activities. With rising deepwater and ultra-deepwater discoveries, demand is growing for technologically advanced floating rigs such as drillships and semi-submersible rigs. Major players are heavily investing in development and delivery of innovative, high-spec rigs suited for deep and challenging offshore environments. For instance, in 2023, Noble Corporation plans to deliver two new hulls of its patented N700 design drillship fitted with advanced automation and digital technologies.

Segment Analysis


The offshore drilling rigs market can be segmented based on type and application. By type, jackup rigs dominate the market as they are more cost-effective and can operate in water depths up to 200 feet. Jackup rigs are mounted on telescoping legs that lift the drilling platform above the sea surface and enable easy maneuvering and positioning operations.

Key Takeaways


The Global Offshore Drilling Rigs Market Demand is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing demand for oil and gas. The global offshore drilling rigs market size is projected to reach US$ 75.40 billion by 2023.

Regional analysis:

The North Sea region currently dominates the offshore drilling rigs market, accounting for over 30% share due to abundant oil reserves. The Gulf of Mexico is expected to witness fastest growth owing increasing deepwater and ultra-deepwater drilling activities in the region.

Key players:

Key players operating in the offshore drilling rigs market include Equinor, Shell PLC, Schlumberger Limited, Saipem, KCA Deutag, Nobel Corporation, Pacific Drilling, Seadrill, Halliburton, Weatherford International Inc., Aban Offshore Limited, and China Oilfield Services Ltd. Equinor operates one of the largest offshore drilling fleets in the world with 25 drilling rigs. Shell also owns a diversified offshore drilling fleet across major oil producing regions.



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