Global Offshore Drilling Rigs Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

The global offshore drilling rigs market is estimated to register a CAGR of X.X% in terms of value during the forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the global offshore drilling rigs market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.

The report offers insightful and detailed information regarding the various key players operating in the global offshore drilling rigs market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global offshore drilling rigs market report has been segmented on the basis of type, application, and region.

offshore drilling rigs Market Overview:

Offshore drilling rigs are an essential part of drilling below the seabed. This drilling method is employed to extract natural sources of oil & gas from the earth. Offshore drilling rigs can be listed as semi-submersible rigs, jack-up rigs, and drillships. The application areas of drilling rigs in offshore areas are deep-water, shallow water, and ultra-deep-water. Semi-submersible rigs are employed in the deep-water drilling, jack-up rigs are employed in shallow water drilling, and drillships are employed in the ultra-deep-water drilling of the offshore areas.

Semi-submersible offshore rigs are submerged using a water counterweight system so that during drilling operations the rig's lower hull portion will remain under the water surface. Semi-submersible rig float over the reservoir with the help of a computer-operated DP thruster system or an anchoring system.

Most of the semi-submersibles are portable and can relocate with the assistance of a tugboat. Semi-submersible rigs are commonly engaged in challenging water conditions as compared to the drillships and in water levels where the depth is ranging from 500 feet to 8,000+ feet.

Jackup rigs are implemented using pillars that can be lowered to the seabed so that a foundation can support the drilling floor. Once the infrastructure is installed, the drilling floor is further jacked up till the anticipated highest waves based on leg length. Jackup rigs can operate in water depths ranging from 350 to 450 feet.

Latin America dominates the offshore drilling rig market, owing to the factors such as increased investments in E&P CAPEX in this region. Accelerating the growth of offshore exploration & production activities, thereby enhancing the demand for offshore rigs and drilling equipment in this region.

Rising demand for deep-water drilling operations in the Asia Pacific region and various new drilling operations in the mid-ocean is driving the market for mid-water drilling and also propelling the growth of the deep-water offshore rigs market.

Global Offshore Drilling Rigs Market Segmentation:

Global offshore drilling rigs market segmentation by type:

• Semi-Submersible
• Jackup Rigs
• Drill Ships

Global offshore drilling rigs market segmentation by application:

• Shallow Water Drilling
• Deep Water Drilling
• Ultra-Deep Water Drilling

Global offshore drilling rigs market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa