Offshore drilling is the process of extracting petroleum from rock formation, which lies beneath the seabed. Several types of offshore rigs are used in different depth and offshore environmental conditions, such as jack up rigs (up to 500 feet), semisubmersible rigs (up to 10,000 feet), and drillships (up to 12,000 feet). Advancement in technology to compete harsh environment and increasing demand for energy has driven the offshore drilling rigs market globally.

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Imbalance in the demand and supply is observed over past three years. Moreover, aging and maturing onshore oilfields have opportunities for development of offshore drilling rigs over the past few decades and is anticipated to grow at a fast pace over the forecast period. Increasing environmental concerns and regulations are restraining the growth of offshore drilling rigs market.
Jackup rigs segment hold the largest share in the global offshore drilling rigs market, owing to its easy installation and low cost as compared to other rig types. Jackup rigs segment has opportunities for advancement and development.

Deep and Ultra-Deep waters are projected to be grow at a fast pace over the forecast period, owing to the major investment in this segment especially in regions such as Africa, North-America, and Europe. According to Seatrade Maritime News, offshore rig market will pick up from 2017 and will rebound to a new height by 2021.


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