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MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
GLOBAL OFFSHORE OIL & GAS RIG MARKET
FORECAST AND OPPORTUNITIES
2017 – 2027
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© TechSci Research
Table of Contents
S. No. Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Offshore Oil & Gas Rig Market
5. Voice of Customer
5.1. Brand Awareness
5.2. Factors Considered For Choosing Offshore Oil & Gas Rig Vendor
5.3. Major Challenges Related to Offshore Oil & Gas Rig
6. Global Offshore Oil & Gas Rig Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Type (Jackups, Semisubmersibles, Drill Ships, and Others)
6.2.2. By Water Depth (Shallow Water, Deepwater and Ultra-deepwater)
6.2.3. By Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America)
6.2.4. By Company (2021)
6.3. Market Map
7. Asia-Pacific Offshore Oil & Gas Rig Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Water Depth
7.2.3. By Country
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7.3. Asia-Pacific: Country Analysis
7.3.1. China Offshore Oil & Gas Rig Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value & Volume
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type
7.3.1.2.2. By Water Depth
7.3.2. India Offshore Oil & Gas Rig Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value & Volume
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Type
7.3.2.2.2. By Water Depth
7.3.3. Malaysia Offshore Oil & Gas Rig Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value & Volume
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Type
7.3.3.2.2. By Water Depth
7.3.4. Singapore Offshore Oil & Gas Rig Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value & Volume
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Type
7.3.4.2.2. By Water Depth
7.3.5. Indonesia Offshore Oil & Gas Rig Market Outlook
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7.3.5.1. Market Share & Forecast
7.3.5.1.1. By Value & Volume
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Type
7.3.5.2.2. By Water Depth
7.3.6. South Korea Offshore Oil & Gas Rig Market Outlook
7.3.6.1. Market Size & Forecast
7.3.6.1.1. By Value & Volume
7.3.6.2. Market Share & Forecast
7.3.6.2.1. By Type
7.3.6.2.2. By Water Depth
7.3.7. Australia Offshore Oil & Gas Rig Market Outlook
7.3.7.1. Market Size & Forecast
7.3.7.1.1. By Value & Volume
7.3.7.2. Market Share & Forecast
7.3.7.2.1. By Type
7.3.7.2.2. By Water Depth
8. Middle East & Africa Offshore Oil & Gas Rig Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Water Depth
8.2.3. By Country
8.3. Middle East & Africa: Country Analysis
8.3.1. Saudi Arabia Offshore Oil & Gas Rig Market Outlook 4
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8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value & Volume
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Type
8.3.1.2.2. By Water Depth
8.3.2. UAE Offshore Oil & Gas Rig Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value & Volume
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Type
8.3.2.2.2. By Water Depth
8.3.3. Qatar Offshore Oil & Gas Rig Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value & Volume
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Type
8.3.3.2.2. By Water Depth
8.3.4. Iran Offshore Oil & Gas Rig Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value & Volume
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Type
8.3.4.2.2. By Water Depth
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8.3.5. Egypt Offshore Oil & Gas Rig Market Outlook
8.3.5.1. Market Share & Forecast
8.3.5.1.1. By Value & Volume
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Type
8.3.5.2.2. By Water Depth
8.3.6. Bahrain Offshore Oil & Gas Rig Market Outlook
8.3.6.1. Market Size & Forecast
8.3.6.1.1. By Value & Volume
8.3.6.2. Market Share & Forecast
8.3.6.2.1. By Type
8.3.6.2.2. By Water Depth
9. Europe Offshore Oil & Gas Rig Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value & Volume
9.2. Market Share & Forecast
9.2.1. By Type
9.2.2. By Water Depth
9.2.3. By Country
9.3. Europe: Country Analysis
9.3.1. Norway Offshore Oil & Gas Rig Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value & Volume
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Type
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9.3.1.2.2. By Water Depth
9.3.2. United Kingdom Offshore Oil & Gas Rig Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value & Volume
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Type
9.3.2.2.2. By Water Depth
9.3.3. Spain Offshore Oil & Gas Rig Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value & Volume
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Type
9.3.3.2.2. By Water Depth
9.3.4. Azerbaijan Offshore Oil & Gas Rig Market Outlook
9.3.4.1. Market Size & Forecast
9.3.4.1.1. By Value & Volume
9.3.4.2. Market Share & Forecast
9.3.4.2.1. By Type
9.3.4.2.2. By Water Depth
9.3.5. Turkey Offshore Oil & Gas Rig Market Outlook
9.3.5.1. Market Size & Forecast
9.3.5.1.1. By Value & Volume
9.3.5.2. Market Share & Forecast
9.3.5.2.1. By Type
9.3.5.2.2. By Water Depth
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9.3.6. Russia Offshore Oil & Gas Rig Market Outlook
9.3.6.1. Market Size & Forecast
9.3.6.1.1. By Value & Volume
9.3.6.2. Market Share & Forecast
9.3.6.2.1. By Type
9.3.6.2.2. By Water Depth
9.3.7. Netherlands Offshore Oil & Gas Rig Market Outlook
9.3.7.1. Market Size & Forecast
9.3.7.1.1. By Value & Volume
9.3.7.2. Market Share & Forecast
9.3.7.2.1. By Type
9.3.7.2.2. By Water Depth
10. North America Offshore Oil & Gas Rig Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value & Volume
10.2. Market Share & Forecast
10.2.1. By Type
10.2.2. By Water Depth
10.2.3. By Country
10.3. North America: Country Analysis
10.3.1. United States Offshore Oil & Gas Rig Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value & Volume
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Type
10.3.1.2.2. By Water Depth
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10.3.2. Mexico Offshore Oil & Gas Rig Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value & Volume
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Type
10.3.2.2.2. By Water Depth
10.3.3. Canada Offshore Oil & Gas Rig Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value & Volume
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Type
10.3.3.2.2. By Water Depth
11. South America Offshore Oil & Gas Rig Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value & Volume
11.2. Market Share & Forecast
11.2.1. By Type
11.2.2. By Water Depth
11.2.3. By Country
11.3. South America: Country Analysis
11.3.1. Brazil Offshore Oil & Gas Rig Market Outlook
11.3.1.1. Market Size & Forecast
11.3.1.1.1. By Value & Volume
11.3.1.2. Market Share & Forecast
11.3.1.2.1. By Type
11.3.1.2.2. By Water Depth
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11.3.2. Trinidad Offshore Oil & Gas Rig Market Outlook
11.3.2.1. Market Size & Forecast
11.3.2.1.1. By Value & Volume
11.3.2.2. Market Share & Forecast
11.3.2.2.1. By Type
11.3.2.2.2. By Water Depth
11.3.3. Colombia Offshore Oil & Gas Rig Market Outlook
11.3.3.1. Market Size & Forecast
11.3.3.1.1. By Value & Volume
11.3.3.2. Market Share & Forecast
11.3.3.2.1. By Type
11.3.3.2.2. By Water Depth
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends and Developments
14. Policy and Regulatory Landscape
15. O&G Construction and Service/Refurbishment
16. Digital Solutions and Innovations for Oil & Gas Industry
17. Global Energy Consumption, By Region and By Segment
18. Overview on Repair, Modification and Upgradation of Offshore Rigs
19. Company Profiles
19.1. Global Company Profiles
19.1.1. Halliburton Co.
19.1.2. Valaris Limited
19.1.3. Baker Hughes Company
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19.1.4. Sembcorp Marine Ltd
19.1.5. Schlumberger Limited
19.1.6. China Oilfield Services Limited
19.2. Asia-Pacific Company Profiles
19.2.1. Samsung Heavy Industries Co. Ltd
19.2.2. Jindal Drilling & Industries Limited
19.2.3. Keppel Offshore & Marine
19.3. Middle East & Africa Company Profiles
19.3.1. ADNOC Drilling
19.3.2. Arabian Drilling Company
19.3.3. Shelf Drilling, Ltd
19.4. Europe Company Profiles
19.4.1. Saipem S.p.A.
19.4.2. Maersk Drilling A/S
19.4.3. Transocean Ltd
19.5. North America Company Profiles
19.5.1. Scientific Drilling International
19.5.2. Leam Drilling Systems, Inc.
19.5.3. Nov Inc.
19.5. South America Company Profiles
19.5.1. Petróleo Brasileiro S.A.
19.5.2. Nabors Industries Ltd.
19.5.3. Seadrill Limited
20. Strategic Recommendations
21. About Us Disclaimer
11
Product Overview
13
© TechSci Research
Product Overview
Scope of Report: Offshore Oil & Gas Rig
Review Period
2017 – 2020
Base Year
2021
Estimated Year
2022
Forecast Period
2023 – 2027
Year Range
GLOBAL OFFSHORE OIL & GAS RIG
MARKET
BY TYPE
• Jackups
• Semisubmersibles
• Drill Ships
• Others
BY REGION
• Europe
• North America
• Asia-Pacific
• South America
• Middle East & Africa
A massive structure with facilities to extract and process petroleum and natural gas that lies in rock
formations beneath the seabed is known as an offshore oil & gas rig platform. It is a large structure on or in
the water with facilities for drilling wells, extracting and processing oil and natural gas and temporarily storing
the product until it can be refined and marketed.
Market Segmentation
13
BY WATER DEPTH
• Shallow Water
• Deep Water
• Ultra-deep Water
Research Methodology
15
© TechSci Research
Research Methodology
✓ Identifying Key Opinion
Leaders
✓ Questionnaire Design
✓ In-depth Interviews
Data
Collection
Developing List of
Respondents
Formulating
Questionnaire
Market
Profiling
Data
Validation
Data
Analysis
In-depth secondary
research was conducted to
determine overall market
size, segmental market size
and top companies in the
Global Offshore Oil & Gas
Rig Market.
In order to conduct
industry experts’
interviews, TechSci
formulated a detailed
discussion guide.
List of top companies
and industry
specialists was
developed.
TechSci conducted
interviews with
industry experts and
leading companies for
data collection and
verification.
Data obtained as a
result of primary
and secondary
research was
validated through
rigorous
triangulation.
The data was scrutinized
using MS-Excel, statistical
tools and internal
proprietary database to
obtain qualitative and
quantitative insights about
Global Offshore Oil & Gas
Rig Market.
Data
Collection
Data Filter
& Analysis
Research &
Intelligence
Actionable
Insights
Business
Solution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing
Aspects/Dynamics
✓ Government Policies
✓ Conclusion
✓ Market Participants
✓ Key Strengths
✓ LinkedIn
✓ TechSci Internal
Database
✓ Factiva
✓ Hoovers
Paid Sources
✓ Company Websites
✓ Company Annual
Reports
✓ White Paper Study
✓ Financial Reports
✓ Investor Presentations
✓ Regulatory Body
Secondary Research
Primary Research
15
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© TechSci Research
Research Methodology
16
Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the global offshore oil & gas rig market.
The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as
increasing investments in renewable energy, growing initiatives by government and companies to reduce carbon emissions, etc.,
and speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients
to take better decisions while planning their strategy to achieve sustainability in the global offshore oil & gas rig market.
Methodology Followed for Calculation of Market Size:
Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through
exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts.
The team interviewed more than 10 companies, 20 industry experts and other value chain stakeholders in the global offshore oil
& gas rig market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique. Taking
standard deviation into consideration, the market size was averaged out, to arrive at the market size data for 2017-2021.
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© TechSci Research
Research Methodology
17
Respondents were asked about the current and future market growth rates, as well as market shares by type, by water depth,
by region and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise
revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares
generated across various segments were further triangulated from other stakeholders depending upon the component.
Methodology Followed for Calculation of Market Shares:
Market shares by type, by water depth, by region and by company were calculated based on the responses received through
primary surveys with industry experts, in which the respondents were asked about the market shares of the leading offshore
oil & gas rig companies. The final shares were calculated by taking the geometric mean of the responses gathered from key
opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the
Global Offshore Oil & Gas Rig Market.
Methodology Followed for Forecasting:
TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the
survey results.
18
© TechSci Research
Research Methodology
18
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the
Global Offshore Oil & Gas Rig Market, TechSci Research used various forecast techniques such as:
o Moving Average
o Time Series Analysis
o Regression Analysis
o Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci
Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario.
Note: (a): Sum of some shares may not be 100% due to round off till two decimal places.
Partial List of Companies
Interviewed
Halliburton Co., Valaris Limited, Baker Hughes Company, Sembcorp Marine Ltd,
Schlumberger Limited, China Oilfield Services Limited, Samsung Heavy Industries Co. Ltd,
Jindal Drilling & Industries Limited, Keppel Offshore & Marine, ADNOC Drilling, Arabian
Drilling Company, Shelf Drilling, Ltd, Saipem S.p.A., Maersk Drilling A/S, Transocean Ltd,
Scientific Drilling International, Leam Drilling Systems, Inc., Nov Inc., Petróleo Brasileiro
S.A., Nabors Industries Ltd., Seadrill Limited, among others.
Partial List of Secondary
Sources
US Oil & Gas Association, International Association of Oil & Gas Producers, ARPEL, Latin
American Oil & Gas Association, Company Annual Reports, Press Releases, Industry
Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database &
Knowledge Repository, etc.
19
© TechSci Research
Industry Brief
19
Increasing investments and oilfield services concepts to drive the global offshore oil and gas rig market growth in the forecast period, 2023-2027.
According to TechSci Research report, “Offshore Oil & Gas Rig Market - Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2017-2027”, the global offshore oil and gas rig market was valued at USD14735.78 million in 2021 and is expected to grow at a CAGR
of 5.69% to reach USD22522.64 million by 2027. The demand for oil & gas is rising rapidly owing to the strong economic activities and growth of
prominent industry verticals, including the automotive, construction, and manufacturing industries across the globe. The growing oilfield services
industry can provide assets, labor, technology, and project management services. They help the exploration and production operators by
enabling them to explore, drill and develop oil & gas fields. Also, the market players are making high-end investments in research and
development activities to find innovative solutions to make the oil exploration activity profitable, which is expected to create lucrative growth
opportunities for the market players in the next five years. Setting up a rig and digging wells to extract oil and gas is a costly process which is
major reason organizations are not willing to spend a significant amount of money and effort in an ineffective location. The advent of 3-D seismic
imaging technology is one of the significant advancements in oil exploration activities. The 3-D seismic imaging bounces and travels differently
based on the material it goes through. In this procedure, an energy source is used to send sound waves deep through the earth's surface.
Geophones are placed on the earth's surface that receives the noises that bounce back up and transfer the data to recorder trucks. Engineers
and geophysicists study the data obtained and, with that data, are able to create a 3-D structure of the contents inside the surface. The
information gained is useful and used by the oil & gas market players to make informed decisions. Similarly, the advent of different techniques
and offshore drilling procedures that can help with the oil exploration and production process is expected to influence the market demand
positively.
However, unstable oil prices and the high operational costs may hinder the global offshore oil & gas rig market growth in the forecast period.
The global offshore oil & gas rig market is segmented into type, water depth, regional distribution, and company.
Based on water depth, the market is divided into shallow water, deepwater, and ultra-deepwater. Shallow water depth dominated the market in
2021 and captured 64.67% of the overall market share. Jackups have 82% utilization, followed by drills at around 79% and semi-drills at around
64%, covering a large percentage in shallow water. Jackups are used in shallow and intermediate water depth as they have limitations on leg
length. The growing Jackups market is expected to fuel the segment demand over the next five years.
Major market players operating in the global offshore oil & gas rig market are Halliburton Co., Valaris Limited, Baker Hughes Company,
Sembcorp Marine Ltd, Schlumberger Limited, China Oilfield Services Limited, Samsung Heavy Industries Co. Ltd, Jindal Drilling & Industries
Limited, Keppel Offshore & Marine, ADNOC Drilling, Arabian Drilling Company, Shelf Drilling, Ltd.
“Asia-pacific dominated the market in 2021 and captured 33.17% of the total market share. The market is expected to grow at a CAGR of 5.20%
in the Asia-pacific region over the forecast period. There is a rise in the number of offshore development projects to support the growth of the
developing economies across the region. China, India, Japan, Indonesia, and Thailand are developing at a significant rate, increasing energy
resource consumption. The government of the emerging economies is investing substantial amounts in offshore exploration and production and
promoting the non-conventional energy resources across their country. The surge in demand for offshore gas and oil rigs, along with growing
exploration and production activities, are expected to propel the global offshore oil & gas rig market growth till 2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management consulting firm.
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© TechSci Research
Sample Data - Snapshot
20
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Value (USD Million)
Global Offshore Oil & Gas Rig Market Size, By Value (USD Million), 2017-2027F
CAGR 2017-2021
By Value: xx%
CAGR 2022E-2027F
By Value: xx%
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Jackups 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Semisubmersibles 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Drill Ships 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Others 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
Asia-Pacific Offshore Oil & Gas Rig Market Share, By Type, By Value, 2017-2027F
China Offshore Oil & Gas Rig Market Share, By Water Depth, By Value, 2017-2027F
2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F
Shallow Water 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Deepwater 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Ultra-deepwater 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
21
© TechSci Research
Industry Brief
21
Report Name: GLOBAL OFFSHORE OIL & GAS RIG MARKET
FORECAST AND OPPORTUNITIES
2017 – 2027
To View Sample OR Purchase Report
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The
proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,
accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers
reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or
omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this
report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market
size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.
TechSci Research – North America
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Global Offshore Oil and Gas Rigs Market Forecast 2027

  • 1. 1 MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com GLOBAL OFFSHORE OIL & GAS RIG MARKET FORECAST AND OPPORTUNITIES 2017 – 2027
  • 2. 2 © TechSci Research Table of Contents S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on Global Offshore Oil & Gas Rig Market 5. Voice of Customer 5.1. Brand Awareness 5.2. Factors Considered For Choosing Offshore Oil & Gas Rig Vendor 5.3. Major Challenges Related to Offshore Oil & Gas Rig 6. Global Offshore Oil & Gas Rig Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 6.2.1. By Type (Jackups, Semisubmersibles, Drill Ships, and Others) 6.2.2. By Water Depth (Shallow Water, Deepwater and Ultra-deepwater) 6.2.3. By Region (Asia-Pacific, Europe, North America, Middle East & Africa, South America) 6.2.4. By Company (2021) 6.3. Market Map 7. Asia-Pacific Offshore Oil & Gas Rig Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Type 7.2.2. By Water Depth 7.2.3. By Country 2
  • 3. 3 © TechSci Research Table of Contents S. No. Contents 7.3. Asia-Pacific: Country Analysis 7.3.1. China Offshore Oil & Gas Rig Market Outlook 7.3.1.1. Market Size & Forecast 7.3.1.1.1. By Value & Volume 7.3.1.2. Market Share & Forecast 7.3.1.2.1. By Type 7.3.1.2.2. By Water Depth 7.3.2. India Offshore Oil & Gas Rig Market Outlook 7.3.2.1. Market Size & Forecast 7.3.2.1.1. By Value & Volume 7.3.2.2. Market Share & Forecast 7.3.2.2.1. By Type 7.3.2.2.2. By Water Depth 7.3.3. Malaysia Offshore Oil & Gas Rig Market Outlook 7.3.3.1. Market Size & Forecast 7.3.3.1.1. By Value & Volume 7.3.3.2. Market Share & Forecast 7.3.3.2.1. By Type 7.3.3.2.2. By Water Depth 7.3.4. Singapore Offshore Oil & Gas Rig Market Outlook 7.3.4.1. Market Size & Forecast 7.3.4.1.1. By Value & Volume 7.3.4.2. Market Share & Forecast 7.3.4.2.1. By Type 7.3.4.2.2. By Water Depth 7.3.5. Indonesia Offshore Oil & Gas Rig Market Outlook 3
  • 4. 4 © TechSci Research Table of Contents S. No. Contents 7.3.5.1. Market Share & Forecast 7.3.5.1.1. By Value & Volume 7.3.5.2. Market Share & Forecast 7.3.5.2.1. By Type 7.3.5.2.2. By Water Depth 7.3.6. South Korea Offshore Oil & Gas Rig Market Outlook 7.3.6.1. Market Size & Forecast 7.3.6.1.1. By Value & Volume 7.3.6.2. Market Share & Forecast 7.3.6.2.1. By Type 7.3.6.2.2. By Water Depth 7.3.7. Australia Offshore Oil & Gas Rig Market Outlook 7.3.7.1. Market Size & Forecast 7.3.7.1.1. By Value & Volume 7.3.7.2. Market Share & Forecast 7.3.7.2.1. By Type 7.3.7.2.2. By Water Depth 8. Middle East & Africa Offshore Oil & Gas Rig Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Type 8.2.2. By Water Depth 8.2.3. By Country 8.3. Middle East & Africa: Country Analysis 8.3.1. Saudi Arabia Offshore Oil & Gas Rig Market Outlook 4
  • 5. 5 © TechSci Research Table of Contents S. No. Contents 8.3.1.1. Market Size & Forecast 8.3.1.1.1. By Value & Volume 8.3.1.2. Market Share & Forecast 8.3.1.2.1. By Type 8.3.1.2.2. By Water Depth 8.3.2. UAE Offshore Oil & Gas Rig Market Outlook 8.3.2.1. Market Size & Forecast 8.3.2.1.1. By Value & Volume 8.3.2.2. Market Share & Forecast 8.3.2.2.1. By Type 8.3.2.2.2. By Water Depth 8.3.3. Qatar Offshore Oil & Gas Rig Market Outlook 8.3.3.1. Market Size & Forecast 8.3.3.1.1. By Value & Volume 8.3.3.2. Market Share & Forecast 8.3.3.2.1. By Type 8.3.3.2.2. By Water Depth 8.3.4. Iran Offshore Oil & Gas Rig Market Outlook 8.3.4.1. Market Size & Forecast 8.3.4.1.1. By Value & Volume 8.3.4.2. Market Share & Forecast 8.3.4.2.1. By Type 8.3.4.2.2. By Water Depth 5
  • 6. 6 © TechSci Research Table of Contents S. No. Contents 8.3.5. Egypt Offshore Oil & Gas Rig Market Outlook 8.3.5.1. Market Share & Forecast 8.3.5.1.1. By Value & Volume 8.3.5.2. Market Share & Forecast 8.3.5.2.1. By Type 8.3.5.2.2. By Water Depth 8.3.6. Bahrain Offshore Oil & Gas Rig Market Outlook 8.3.6.1. Market Size & Forecast 8.3.6.1.1. By Value & Volume 8.3.6.2. Market Share & Forecast 8.3.6.2.1. By Type 8.3.6.2.2. By Water Depth 9. Europe Offshore Oil & Gas Rig Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 9.2.1. By Type 9.2.2. By Water Depth 9.2.3. By Country 9.3. Europe: Country Analysis 9.3.1. Norway Offshore Oil & Gas Rig Market Outlook 9.3.1.1. Market Size & Forecast 9.3.1.1.1. By Value & Volume 9.3.1.2. Market Share & Forecast 9.3.1.2.1. By Type 6
  • 7. 7 © TechSci Research Table of Contents S. No. Contents 9.3.1.2.2. By Water Depth 9.3.2. United Kingdom Offshore Oil & Gas Rig Market Outlook 9.3.2.1. Market Size & Forecast 9.3.2.1.1. By Value & Volume 9.3.2.2. Market Share & Forecast 9.3.2.2.1. By Type 9.3.2.2.2. By Water Depth 9.3.3. Spain Offshore Oil & Gas Rig Market Outlook 9.3.3.1. Market Size & Forecast 9.3.3.1.1. By Value & Volume 9.3.3.2. Market Share & Forecast 9.3.3.2.1. By Type 9.3.3.2.2. By Water Depth 9.3.4. Azerbaijan Offshore Oil & Gas Rig Market Outlook 9.3.4.1. Market Size & Forecast 9.3.4.1.1. By Value & Volume 9.3.4.2. Market Share & Forecast 9.3.4.2.1. By Type 9.3.4.2.2. By Water Depth 9.3.5. Turkey Offshore Oil & Gas Rig Market Outlook 9.3.5.1. Market Size & Forecast 9.3.5.1.1. By Value & Volume 9.3.5.2. Market Share & Forecast 9.3.5.2.1. By Type 9.3.5.2.2. By Water Depth 7
  • 8. 8 © TechSci Research Table of Contents S. No. Contents 9.3.6. Russia Offshore Oil & Gas Rig Market Outlook 9.3.6.1. Market Size & Forecast 9.3.6.1.1. By Value & Volume 9.3.6.2. Market Share & Forecast 9.3.6.2.1. By Type 9.3.6.2.2. By Water Depth 9.3.7. Netherlands Offshore Oil & Gas Rig Market Outlook 9.3.7.1. Market Size & Forecast 9.3.7.1.1. By Value & Volume 9.3.7.2. Market Share & Forecast 9.3.7.2.1. By Type 9.3.7.2.2. By Water Depth 10. North America Offshore Oil & Gas Rig Market Outlook 10.1. Market Size & Forecast 10.1.1. By Value & Volume 10.2. Market Share & Forecast 10.2.1. By Type 10.2.2. By Water Depth 10.2.3. By Country 10.3. North America: Country Analysis 10.3.1. United States Offshore Oil & Gas Rig Market Outlook 10.3.1.1. Market Size & Forecast 10.3.1.1.1. By Value & Volume 10.3.1.2. Market Share & Forecast 10.3.1.2.1. By Type 10.3.1.2.2. By Water Depth 8
  • 9. 9 © TechSci Research Table of Contents S. No. Contents 10.3.2. Mexico Offshore Oil & Gas Rig Market Outlook 10.3.2.1. Market Size & Forecast 10.3.2.1.1. By Value & Volume 10.3.2.2. Market Share & Forecast 10.3.2.2.1. By Type 10.3.2.2.2. By Water Depth 10.3.3. Canada Offshore Oil & Gas Rig Market Outlook 10.3.3.1. Market Size & Forecast 10.3.3.1.1. By Value & Volume 10.3.3.2. Market Share & Forecast 10.3.3.2.1. By Type 10.3.3.2.2. By Water Depth 11. South America Offshore Oil & Gas Rig Market Outlook 11.1. Market Size & Forecast 11.1.1. By Value & Volume 11.2. Market Share & Forecast 11.2.1. By Type 11.2.2. By Water Depth 11.2.3. By Country 11.3. South America: Country Analysis 11.3.1. Brazil Offshore Oil & Gas Rig Market Outlook 11.3.1.1. Market Size & Forecast 11.3.1.1.1. By Value & Volume 11.3.1.2. Market Share & Forecast 11.3.1.2.1. By Type 11.3.1.2.2. By Water Depth 9
  • 10. 10 © TechSci Research Table of Contents S. No. Contents 11.3.2. Trinidad Offshore Oil & Gas Rig Market Outlook 11.3.2.1. Market Size & Forecast 11.3.2.1.1. By Value & Volume 11.3.2.2. Market Share & Forecast 11.3.2.2.1. By Type 11.3.2.2.2. By Water Depth 11.3.3. Colombia Offshore Oil & Gas Rig Market Outlook 11.3.3.1. Market Size & Forecast 11.3.3.1.1. By Value & Volume 11.3.3.2. Market Share & Forecast 11.3.3.2.1. By Type 11.3.3.2.2. By Water Depth 12. Market Dynamics 12.1. Drivers 12.2. Challenges 13. Market Trends and Developments 14. Policy and Regulatory Landscape 15. O&G Construction and Service/Refurbishment 16. Digital Solutions and Innovations for Oil & Gas Industry 17. Global Energy Consumption, By Region and By Segment 18. Overview on Repair, Modification and Upgradation of Offshore Rigs 19. Company Profiles 19.1. Global Company Profiles 19.1.1. Halliburton Co. 19.1.2. Valaris Limited 19.1.3. Baker Hughes Company 10
  • 11. 11 © TechSci Research Table of Contents S. No. Contents 19.1.4. Sembcorp Marine Ltd 19.1.5. Schlumberger Limited 19.1.6. China Oilfield Services Limited 19.2. Asia-Pacific Company Profiles 19.2.1. Samsung Heavy Industries Co. Ltd 19.2.2. Jindal Drilling & Industries Limited 19.2.3. Keppel Offshore & Marine 19.3. Middle East & Africa Company Profiles 19.3.1. ADNOC Drilling 19.3.2. Arabian Drilling Company 19.3.3. Shelf Drilling, Ltd 19.4. Europe Company Profiles 19.4.1. Saipem S.p.A. 19.4.2. Maersk Drilling A/S 19.4.3. Transocean Ltd 19.5. North America Company Profiles 19.5.1. Scientific Drilling International 19.5.2. Leam Drilling Systems, Inc. 19.5.3. Nov Inc. 19.5. South America Company Profiles 19.5.1. Petróleo Brasileiro S.A. 19.5.2. Nabors Industries Ltd. 19.5.3. Seadrill Limited 20. Strategic Recommendations 21. About Us Disclaimer 11
  • 13. 13 © TechSci Research Product Overview Scope of Report: Offshore Oil & Gas Rig Review Period 2017 – 2020 Base Year 2021 Estimated Year 2022 Forecast Period 2023 – 2027 Year Range GLOBAL OFFSHORE OIL & GAS RIG MARKET BY TYPE • Jackups • Semisubmersibles • Drill Ships • Others BY REGION • Europe • North America • Asia-Pacific • South America • Middle East & Africa A massive structure with facilities to extract and process petroleum and natural gas that lies in rock formations beneath the seabed is known as an offshore oil & gas rig platform. It is a large structure on or in the water with facilities for drilling wells, extracting and processing oil and natural gas and temporarily storing the product until it can be refined and marketed. Market Segmentation 13 BY WATER DEPTH • Shallow Water • Deep Water • Ultra-deep Water
  • 15. 15 © TechSci Research Research Methodology ✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews Data Collection Developing List of Respondents Formulating Questionnaire Market Profiling Data Validation Data Analysis In-depth secondary research was conducted to determine overall market size, segmental market size and top companies in the Global Offshore Oil & Gas Rig Market. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of top companies and industry specialists was developed. TechSci conducted interviews with industry experts and leading companies for data collection and verification. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Global Offshore Oil & Gas Rig Market. Data Collection Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Primary Research Desk Research Company Analysis ✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion ✓ Market Participants ✓ Key Strengths ✓ LinkedIn ✓ TechSci Internal Database ✓ Factiva ✓ Hoovers Paid Sources ✓ Company Websites ✓ Company Annual Reports ✓ White Paper Study ✓ Financial Reports ✓ Investor Presentations ✓ Regulatory Body Secondary Research Primary Research 15
  • 16. 16 © TechSci Research Research Methodology 16 Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the global offshore oil & gas rig market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing investments in renewable energy, growing initiatives by government and companies to reduce carbon emissions, etc., and speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global offshore oil & gas rig market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 10 companies, 20 industry experts and other value chain stakeholders in the global offshore oil & gas rig market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for 2017-2021.
  • 17. 17 © TechSci Research Research Methodology 17 Respondents were asked about the current and future market growth rates, as well as market shares by type, by water depth, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component. Methodology Followed for Calculation of Market Shares: Market shares by type, by water depth, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading offshore oil & gas rig companies. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the Global Offshore Oil & Gas Rig Market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results.
  • 18. 18 © TechSci Research Research Methodology 18 Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the Global Offshore Oil & Gas Rig Market, TechSci Research used various forecast techniques such as: o Moving Average o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. Note: (a): Sum of some shares may not be 100% due to round off till two decimal places. Partial List of Companies Interviewed Halliburton Co., Valaris Limited, Baker Hughes Company, Sembcorp Marine Ltd, Schlumberger Limited, China Oilfield Services Limited, Samsung Heavy Industries Co. Ltd, Jindal Drilling & Industries Limited, Keppel Offshore & Marine, ADNOC Drilling, Arabian Drilling Company, Shelf Drilling, Ltd, Saipem S.p.A., Maersk Drilling A/S, Transocean Ltd, Scientific Drilling International, Leam Drilling Systems, Inc., Nov Inc., Petróleo Brasileiro S.A., Nabors Industries Ltd., Seadrill Limited, among others. Partial List of Secondary Sources US Oil & Gas Association, International Association of Oil & Gas Producers, ARPEL, Latin American Oil & Gas Association, Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.
  • 19. 19 © TechSci Research Industry Brief 19 Increasing investments and oilfield services concepts to drive the global offshore oil and gas rig market growth in the forecast period, 2023-2027. According to TechSci Research report, “Offshore Oil & Gas Rig Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the global offshore oil and gas rig market was valued at USD14735.78 million in 2021 and is expected to grow at a CAGR of 5.69% to reach USD22522.64 million by 2027. The demand for oil & gas is rising rapidly owing to the strong economic activities and growth of prominent industry verticals, including the automotive, construction, and manufacturing industries across the globe. The growing oilfield services industry can provide assets, labor, technology, and project management services. They help the exploration and production operators by enabling them to explore, drill and develop oil & gas fields. Also, the market players are making high-end investments in research and development activities to find innovative solutions to make the oil exploration activity profitable, which is expected to create lucrative growth opportunities for the market players in the next five years. Setting up a rig and digging wells to extract oil and gas is a costly process which is major reason organizations are not willing to spend a significant amount of money and effort in an ineffective location. The advent of 3-D seismic imaging technology is one of the significant advancements in oil exploration activities. The 3-D seismic imaging bounces and travels differently based on the material it goes through. In this procedure, an energy source is used to send sound waves deep through the earth's surface. Geophones are placed on the earth's surface that receives the noises that bounce back up and transfer the data to recorder trucks. Engineers and geophysicists study the data obtained and, with that data, are able to create a 3-D structure of the contents inside the surface. The information gained is useful and used by the oil & gas market players to make informed decisions. Similarly, the advent of different techniques and offshore drilling procedures that can help with the oil exploration and production process is expected to influence the market demand positively. However, unstable oil prices and the high operational costs may hinder the global offshore oil & gas rig market growth in the forecast period. The global offshore oil & gas rig market is segmented into type, water depth, regional distribution, and company. Based on water depth, the market is divided into shallow water, deepwater, and ultra-deepwater. Shallow water depth dominated the market in 2021 and captured 64.67% of the overall market share. Jackups have 82% utilization, followed by drills at around 79% and semi-drills at around 64%, covering a large percentage in shallow water. Jackups are used in shallow and intermediate water depth as they have limitations on leg length. The growing Jackups market is expected to fuel the segment demand over the next five years. Major market players operating in the global offshore oil & gas rig market are Halliburton Co., Valaris Limited, Baker Hughes Company, Sembcorp Marine Ltd, Schlumberger Limited, China Oilfield Services Limited, Samsung Heavy Industries Co. Ltd, Jindal Drilling & Industries Limited, Keppel Offshore & Marine, ADNOC Drilling, Arabian Drilling Company, Shelf Drilling, Ltd. “Asia-pacific dominated the market in 2021 and captured 33.17% of the total market share. The market is expected to grow at a CAGR of 5.20% in the Asia-pacific region over the forecast period. There is a rise in the number of offshore development projects to support the growth of the developing economies across the region. China, India, Japan, Indonesia, and Thailand are developing at a significant rate, increasing energy resource consumption. The government of the emerging economies is investing substantial amounts in offshore exploration and production and promoting the non-conventional energy resources across their country. The surge in demand for offshore gas and oil rigs, along with growing exploration and production activities, are expected to propel the global offshore oil & gas rig market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
  • 20. 20 © TechSci Research Sample Data - Snapshot 20 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Value (USD Million) Global Offshore Oil & Gas Rig Market Size, By Value (USD Million), 2017-2027F CAGR 2017-2021 By Value: xx% CAGR 2022E-2027F By Value: xx% 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Jackups 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% Semisubmersibles 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Drill Ships 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Others 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Asia-Pacific Offshore Oil & Gas Rig Market Share, By Type, By Value, 2017-2027F China Offshore Oil & Gas Rig Market Share, By Water Depth, By Value, 2017-2027F 2017 2018 2019 2020 2021 2022E 2023F 2024F 2025F 2026F 2027F Shallow Water 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Deepwater 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% Ultra-deepwater 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
  • 21. 21 © TechSci Research Industry Brief 21 Report Name: GLOBAL OFFSHORE OIL & GAS RIG MARKET FORECAST AND OPPORTUNITIES 2017 – 2027 To View Sample OR Purchase Report License Type Price Single User License $4900 Multi-User License $5900 Custom Research License $8900
  • 22. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports • Global Drilling Tools Market, Forecast and Opportunities, 2027 • Global Oil and Gas Drill Bits Market, Forecast and Opportunities, 2027 • Global Oil Country Tubular Goods Market, Forecast and Opportunities, 2027 • Global Oilfield Services Market, Forecast and Opportunities, 2027 • Global Oil & Gas Storage Services Market, Forecast and Opportunities, 2027 • Global Drill Pipe Market, Forecast and Opportunities, 2027 • Global Oil & Gas Accumulator Market, Forecast and Opportunities, 2027 • Global Directional Drilling Market, Forecast and Opportunities, 2027 The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research. TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Table of Contents