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Offshore Drilling Rigs Market size was valued at USD 68.55 billion in 2022 and is poised to grow from USD 73.25 billion in 2023 to USD 124.55 billion by 2031, at a CAGR of 6.86% during the forecast period (2024-2031).

The offshore drilling Rigs market has a highly dynamic competitive environment and is composed of a range of established players, drilling contractors, as well as rig manufacturers. Most major oil and gas companies run their own rigs, while offshore drilling contractors provide drilling services to many clients. Rig manufacturers provide high technology drilling equipment and technologies which the industry needs. 'Valaris plc (formerly Ensco Rowan)', 'Schlumberger Limited', 'Halliburton Company', 'Seadrill Limited', 'Noble Corporation plc', 'Transocean Ltd.', 'Baker Hughes Company', 'China Oilfield Services Limited (COSL)', 'Nabors Industries Ltd.', 'Saipem S.p.A.', 'Aker Solutions ASA', 'TechnipFMC plc', 'Weatherford International plc', 'Diamond Offshore Drilling, Inc.', 'Petrofac Limited', 'Helmerich & Payne, Inc.', 'Yantai CIMC Raffles Offshore Ltd.', 'Pacific Drilling S.A.', 'CIMC Enric Holdings Limited', 'Maersk Drilling A/S'

Increasing world energy demand, especially for oil and gas, has led exploration and production activities to extend into the offshore realm. As traditional onshore reserves increasingly become difficult to exploit, the focus is naturally turning toward offshore prospects. This in turn means increased demand for drilling rigs. Also important is continuous progress in drilling techniques, automation and digitalization that make offshore operations much safer as well more efficient.

Rising Emphasis on Deepwater and Ultra-deepwater Exploration: A shift toward deepwater and ultra-deepwater exploration. With the decrease in traditional reserves, attention has been turning to more remote and difficult offshore areas. The need for a new generation of advanced drilling rigs qualified to operate in ever deeper waters naturally follows from this trend. One of the main drivers is technological innovation, and advances in drilling technologies, automation and digitalization continue to increase operational efficiency and enhance safety.

The offshore drilling market is expected to continue being dominated by the Middle East and North Africa region. This is because the oil and gas reserves in this region are considerable, especially in Saudi Arabia, United Arab Emirates and Qatar.

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Global Offshore Drilling Rigs Market

Product ID: SQMIG10C2025