Global Offshore Drilling Rigs Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Enhanced vaccination, improving economies, and rising demand for energy owing to the global energy crisis point to a significant growth for crude oil and subsequently offshore drilling(since offshore oilfields tend to last longer and have significant reserves). However, re-emerging health concerns due to the Omicron variant and increasing focus towards sustainable energy sources as witnessed by growing government support for renewable energy poses significant challenges to the global offshore drilling rig market. 

Increasing exploration and development drilling is estimated to increase demand for floaters, resulting in a CAGR of 6% between 2021 and 2025. In addition, Brazil is seeking to double production by 2030. With offshore sources that can deliver production at attractive economies, Brazil is anticipated to be a significant driver of offshore demand in the next few years.  

However, the following conditions prove challenging to the global offshore drilling market:

1. OPEC's decision to revive oil supply slowly
2. Sinking oil prices in the wake of new Covid variant 
3. Jet fuel demand vagaries due to border restrictions to curb the spread of newer Covid variants

 An offshore drilling rig creates the same working conditions as an onshore rig and facilitates easy mobility. It enables the exploration, production, and extraction of hydrocarbons from the sea. An Offshore rig has several additional features such as a Heliport, Living Quarters, Cranes, and Risers to adapt to the marine environment. Offshore drilling rigs are segmented into threee main categories: Jackup rigs ,Semi submersible rigs, and Drill ships.

A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. A semi-submersible platform is a specialised marine vessel used in offshore roles such as an offshore rig, safety vessel, oil production platform, and heavy lift cranes.

Regional Analysis

North America Region Analysis

With the sale of drilling rights in the Gulf of Mexico and conventional gulf wells having the potential to produce for decades at a stretch, offshore drilling rigs could have a bright outlook in the region. However, Biden's "Build Back Better" Bill would ban Offshore drilling in Florida and increase royalty rates if approved by the Senate. This Bill can potentially influence capital spending of upstream oil and gas companies, which usually cascades to offshore drilling contractors and influences offshore drilling activity. 

Europe Region Analysis

The New Norwegian government has declared that Norway will continue Offshore Oil and Gas exploration. New PM Mr.Store underlined that Norway's current oil licensing system would remain in place and asserted that Norway would offer new acreage to the oil industry on the Norwegian continental shelf. With most Western Europe relying on Norway for its energy needs and Russia being the only other major supplier, Norway's decision seems prudent.

In line with Norway, the UK is set to offer new offshore oil and gas licenses in the future. Despite the UK's goal to achieve zero emissions by 2050, citing security of supply concerns, the UK continues to offer exploration and drilling licenses. 

South America Region Analysis

The discovery of nearly 2 billion barrels of recoverable oil resources in offshore Suriname, the discovery of the Stabroek Block with approximately 10 billion barrels of oil reserves in offshore Guyana, the Guyana-Suriname region of South America is bound to be the regional hotspot for oil exploration and production. An abundant supply of light, sweet, low sulphur crude makes these oil plays extremely attractive in light of the stringent rules associated with carbon-intensive oil production and the IMO 2020 regulation. 

Brazil, Guyana, and the andean region are auctioning oil reserves despite a global call to end fossil fuel development. The rebound in energy prices coupled with a sense of urgency about getting oil and gas reserves before the world transitions to renewables highlights South America as a hotspot in the near future with plenty of unexplored oil reserves.

Brazil plans to strengthen its auctions by adding offshore pre-salt oil areas to further its national interests. Trinidad and Tobago has offered 17 deepwater blocks and is yet to auction two more blocks for exploration and production in 2022. Offshore oil and gas exploration in Guyana had a success rate of 80% with 26 discoveries, and it is forecasted that Guyana could produce one million barrels per day by 2026. The South American market looks promising for the offshore rig/drill ship industry with its burgeoning offshore oil and gas industry. 

What we cover in the report?

Offshore Drilling Rigs Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Offshore Drilling Rigs Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Offshore Drilling Rigs Market demand.

Offshore Drilling Rigs Market Size and Demand Forecast

The report provides Global Offshore Drilling Rigs Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

Offshore Drilling Rigs Market Industry Analysis

The report examines the critical elements of the Offshore Drilling Rigs industry supply chain, its structure, and participants.

Using Porter's five forces framework, the report covers the assessment of the Offshore Drilling Rigs industry's state of competition and profitability.

Offshore Drilling Rigs Market Segmentation & Forecast

The report dissects the Global Offshore Drilling Rigs Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), Russia, and Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Offshore Drilling Rigs industry. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

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