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Jackup Rigs Market Research Report Information By Type (Independent legged-jackup, Mat-supported jackup), By Operation Depth (Shallow Water, Deep Water, and Ultra-deep Water), By Application (Oil & Gas and Offshore Wind Turbine Installations) and By Region - Global Forecast to 2030

ID: MRFR/E&P/1965-CR | 128 Pages | Author: Priya Nagrale| March 2024

Global Jackup Rigs Market Overview

Jackup Rigs Market Size was valued at USD 1,15,292.8 million in 2022. The Jackup Rigs Market industry is projected to grow from USD 1,21,518.7 million in 2023 to USD 1,75,601.1 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2024 - 2030). A jack-up rig is a type of mobile offshore drilling unit (MODU) used for exploratory drilling and production activities in shallow to intermediate water depths, typically up to around 500 feet (150 meters). It is commonly used in the oil and gas industry for offshore drilling operations. The name "jack-up" comes from the rig's ability to "jack up" or elevate itself above the water surface using extendable legs or columns that are lowered to the seafloor.

Global Jackup Rigs Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Jackup Rigs Market Trends

  • Continuously rising world oil demand will increase the demand for jackup rigs to fuel the jackup rigs market.

Crude has gained more than 60% in 2021 as the roll-out of Covid-19 vaccines lifted movement curbs and, subsequently, oil demand. An energy crisis is gripping major economies with no sign of easing even as major oil producers remain firm on restrained supplies. Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity. At the same time, from Asia to Europe, the global commodity prices, including those used as fuel for power generation such as coal and gas, have also surged. China's government, meanwhile, has ordered miners to ramp up coal production as power prices surge. Global oil demand is now forecast to rise by 5.5 mb/d in 2021 and 3.3 mb/d in 2022 when it reaches 99.6 mb/d, slightly above pre-Covid levels. The energy demand will rise with social and economic development in the world. This makes oil an attractive commodity for generating power and keeps the economic activity steady, and thus the higher demand is pushing crude markets higher. Oil and gas production will continue to be an important part of meeting global energy demand, with total production forecast to grow by 17 million barrels of oil equivalent per day by 2025 Despite significant growth in an unconventional onshore production, offshore production represents 28% of overall oil and gas production today – and expectations are that offshore production will provide approximately 5 million barrels of oil equivalent growth by 2025. Thus, in order to bridge the gap between energy supply and demand, oil and gas companies will accelerate the offshore exploration activities, which in turn will drive the demand for jackup rigs all over the globe.

Maturing of onshore oil and gas wells to propel the jackup rigs market.

According to a survey by Halliburton, one of the leading players in the oil and gas industry, mature fields account for about 70.0% of the global oil & gas production, with many in the secondary or tertiary production phases. The average recovery factor is 70.0% for gas and 35.0% for oil. However, the recovery rates may decline further due to geological characteristics, resource constraints, or operational inefficiencies of old technologies. A mature field is characterized by a decline in overall production after primary recovery efforts or when easily accessible hydrocarbons are recovered. These wells are far from being a decaying resource, as they are likely to cater to the rising demand for energy in the future. The major difficulty with the mature fields is that either their oil production is uneconomical or the operator faces technological limitations to recover oil reserves. Mature fields are often equipped with old equipment and infrastructure. They produce more water than oil, which raises potential environmental issues. Thus, with the rising oil demand offshore exploration activities will continue its upward trajectory in the years ahead. In addition, new major offshore project approvals in 2018 were more than 2.5 times 2016 cyclical lows, with expectations of further increases in sanctioning activity in the coming years. This is also expected to increase the demand for jackup rigs, used for offshore oil and gas exploration in the coming years.

Increasing deepwater and ultra-deepwater discoveries is surging the jackup rigs market.

Currently, deepwater areas have become the hotspot of global oil and gas exploration, and they are also one of the most important fields of oil and gas increase in reserves and production all over the world. In 40 years, global deepwater oil and gas discoveries are mainly distributed along five deepwater basin groups. In deepwater basins of the Atlantic Ocean, giant discoveries of oil are mainly concentrated in Brazil, West Africa and the Gulf of Mexico, and significant discoveries of natural gas are mainly on the west coast of Norway in the northern part of the Atlantic Ocean. In deepwater basins of the East African continental margin, a group of giant gas fields has been found in the Rovuma Basin and Tanzania Basin. In deepwater basins of the West Pacific Ocean, giant discoveries of oil and gas are mainly concentrated in the South China Sea and Southeast Asian waters. The deepwater basins of the Neo-Tethys Region are rich in gas, and the most important gas discoveries are mainly distributed in the northwest shelf of Australia and the eastern Mediterranean; and in deepwater basins around the Arctic Pole, major discoveries of oil and gas have been only found in deepwater areas of the Barents sea. Global deepwater oil resources are mainly concentrated in the middle and south sections of the Atlantic Ocean. With the exploration degree relatively high in these deepwater basins and the potential for modern jackup rigs for deepwater is also expected to increase.

Jackup Rigs Market Segment Insights

Jackup Rigs by Type Insights

The Jackup Rigs Market segmentation, based on type has been segmented as independent legged-jackup and mat-supported jackup. Among these, the independent legged-jackup type is projected to dominate the Jackup Rigs Market revenue through the projected period. Independent-legged jackups are usually three legs with lattice construction. They consists of independent leg cantilever and independent leg slot. These include the LeTourneau designs, the Friede & Goldman L-780, and the Livingston 111. Mobile jack-up rigs with independent legs have played a significant role in offshore oil and gas exploration on the continental shelf areas around the world. The newer, enhanced premium units do a single preload in which the jacking system is strong enough to jack the unit with all the preload water onboard, the basic weight of the hull, and the full transit VDL. This is a significant advantage that a much smaller “weather window” can be acceptable to move the unit. In addition, of the designs in operation, the independent leg rigs with a rack and pinion jacking system were the most suitable for upgrade. Moreover, new jackup rigs are mostly independent-leg, rack-and-pinion jackup designed for moderate environments and cantilevered jack-up, with a drilling derrick mounted on an extending arm.

Jackup Rigs by Operation Depth Insights

The Jackup Rigs Market segmentation, based on Type, the market is segmented as shallow water, deep water, ultra-deep water. Out of which the shallow water segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Jackup rigs are majorly placed in shallow waters, generally less than 120 metres (390 ft) of water. In addition, most drilling still occurs in shallow water. Jack-up rigs are used to drill wells in shallow waters, typically less than 400 ft of water, and can be used to drill wells to a Total Depth (TD) of 30,000–35,000 ft. Due to their mobility, jack-up rigs can be used to drill exploration wells, appraisal wells, and development wells. Whilst deployed in all major offshore production basins, jackups are particularly numerous in the Middle East, SE Asia, the US GoM and the North Sea. Further, drilling contractors are currently placing more orders for jackups due to increasing shallow water exploration activities in emerging markets. With drilling activities for shallow water jack-ups are seen stronger in the Asia-Pacific market such as Malaysia and Australia, jack-up rig fleet utilization for shallow waters are expected to rise over the coming years.

Jackup Rigs by Application Insights

The Jackup Rigs Market segmentation, based on application, the market is segmented as oil & gas and offshore wind turbine installations. Out of which the oil & gas segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Jacked-up drilling rigs are massive structures housing equipment used to drill water wells, oil wells, or natural gas extraction wells for Oil & Gas applications. Mobile jack-up rigs with independent legs have played a significant role in offshore oil and gas exploration on the continental shelf areas around the world. Saudi ARAMCO is one of the largest O&G companies that has deployed majority of jackup rigs. However, as global oil prices are at astonishing lows, Capex spending is being slashed in a sign that global oil companies expect soft prices to continue. In the short term, companies’ are shifting to cash management and meeting debt obligations. In addition, environmental concerns and growing government regulations will also have a negative impact on the use of jacked-up drilling rigs in the Oil & Gas industry.

Jackup Rigs Regional Insights

By Region, the study segments the Jackup Rigs market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The sizable jackup rigs industry in North America is likely to make the region the largest expanding global market for jackup rigs. Most of the drilling activity in the US in support of the offshore oil and gas industry occurs in the Gulf Coast region and is concentrated in Alabama, Mississippi, Louisiana, and Texas. The jackup construction industry in the US has historically supplied most of the shallow water drilling capacity in the GOM. However, shallow water drilling in the US GOM is declining and capital instead has been flowing to onshore natural gas plays which are cheaper to drill and the more prospective deepwater GOM which is oil prone. As deepwater production is expected to hold a bright future, but jackups capable of drilling in these water depths are finding increased applications in the US. Moreover, in 2020, offshore oil and natural gas production in the Federal Gulf of Mexico accounted for about 15% of total U.S. crude oil production and about 2% of total U.S. dry natural gas production. However, a number of states, including California and Florida, have banned leasing of state waters for oil and gas drilling, which in turn will have a negative impact on the growth of the U.S. jackup rigs market.

Jackup Rigs Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Jackup Rigs Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Jackup Rigs Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Jackup Rigs industry to benefit clients and expand the Jackup Rigs market sector is partnerships and acquisitions. The market for Jackup Rigs is recognized as being extremely competitive and fragmented. The market for Jackup Rigs offers considerable potential opportunities for domestic and unorganized companies. Some of the key players operating in the market are Eurasia Drilling (UK), COSL (UK), Nabor Ltd. (India), Valaris (China), Seadrills (Bermuda), BORR Drilling (Bermuda), GSP Offshore (Constanţa), Noble Corporation (Cayman Islands), and Maersk Drilling (Denmark). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

Maersk Drilling.: Maersk Drilling is a drilling-rig operator based in Lyngby, Denmark. With more than 45 years of experience operating in the most challenging offshore environments, Maersk Drilling provides responsible drilling services to energy companies worldwide. Maersk Drilling owns and operates a fleet of 19 offshore drilling rigs and specialises in harsh environment and deepwater operations. Headquartered in Denmark, Maersk Drilling employs around 2,400 people. Recently, in November 20221, Noble Corporation has entered into a definitive business combination agreement with Maersk Drilling  to combine in a primarily all-stock transaction and the combined company will be named Noble Corporation.

Eurasia Drilling: Eurasia Drilling Company Limited is a leading onshore and offshore drilling and well services contractor. The company isknown as one of the world’s largest land rig owners with hundreds of land rigs in its fleet, owns four offshore jack-up rigs: Astra, Saturn, Neptune, and Mercury. Presently, three of the four rigs are currently on drilling contracts, with one – Astra -being cold stacked in Russia.The primary activities of the Group is operating within the Russian Federation, Iraq and the Caspian Sea region. In 2017, Schlumberger announced an agreement to acquire a majority (51%) equity interest in Eurasia Drilling Company Limited.

Key Companies in the Jackup Rigs Market includes

  • Eurasia Drilling (UK)

  • COSL (UK)

  • Nabor Ltd. (India)

  • Valaris (China)

  • Seadrills (Bermuda)

  • BORR Drilling (Bermuda)

  • GSP Offshore (Constanţa)

  • Noble Corporation (Cayman Islands)

  • Maersk Drilling (Denmark)

Jackup Rigs Industry Developments

April 2021: Noble Corporation completed the acquisition of Houston-based offshore driller Pacific Drilling.  The addition of Pacific Drilling’s high-specification ultra-deepwater drillship fleet further enhances its global position as an owner and operator of one of the most modern and technically advanced fleets in the offshore drilling industry.

November 2021, Noble Corporation and Maersk Drilling have entered into a definitive business combination agreement to combine in a primarily all-stock transaction. Following the completion of the transaction, the Maersk Drilling shareholders and Noble shareholders will each own approximately 50% of the outstanding shares of the combined company. The combined company will be named Noble Corporation and its shares will be listed on the New York Stock Exchange (“NYSE”) and Nasdaq Copenhagen. 

October 2021: The Valaris 107 was awarded a two-well contract by Vermilion Oil & Gas offshore Australia, with operations starting in April and expected to last 60 days.

Jackup Rigs Market Segmentation:

Jackup Rigs Type Outlook

  • Independent legged-jackup

  • Mat-supported jackup

Jackup Rigs Operation Depth Outlook

  • Shallow Water

  • Deep Water

  • Ultra-deep Water

Jackup Rigs Applications Outlook

  • Oil & Gas

  • Offshore Wind Turbine Installations

Jackup Rigs Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • Russia

    • Italy

    • France

    • Spain

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

    • South Korea

    • Rest of Asia-Pacific

  • Middle East & Africa

    • Turkey

    • South Africa

    • GCC Countries

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America

Report Attribute/Metric Details
Market Size 2022 USD 1,15,292.8 million
Market Size 2023 USD 1,21,518.7 million
Market Size 2030 USD 1,75,601.1 million
Compound Annual Growth Rate (CAGR) 5.4 % (2024-2030)
Base Year 2023
Forecast Period 2024-2030
Historical Data 2019 & 2021
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Operation Depth, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, and South America
Countries Covered The U.S, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Saudi Arabia, UAE, Argentina,
Key Companies Profiled Eurasia Drilling (UK), COSL (UK), Nabor Ltd. (India), Valaris (China), Seadrills (Bermuda), BORR Drilling (Bermuda), GSP Offshore (Constanţa), Noble Corporation (Cayman Islands), and Maersk Drilling (Denmark)
Key Market Opportunities ·       Increasing deepwater and ultra-deepwater discoveries.
Key Market Drivers ·       Continue rising oil demand.

Frequently Asked Questions (FAQ) :

Jackup Rigs Market was US$ 1,15,292.8 Mn in 2022

The growth rate of the Jackup Rigs Market was 5.4% in 2022.

North America held the largest market share in the Jackup Rigs Market

Key players in Jackup Rigs Market included Eurasia Drilling (UK), COSL (UK), Nabor Ltd. (India), Valaris (China), Seadrills (Bermuda), BORR Drilling (Bermuda), GSP Offshore (Constanţa), Noble Corporation (Cayman Islands), and Maersk Drilling (Denmark)

Independent legged-jackup led the Jackup Rigs Market

Shallow Water had the largest market share in the Jackup Rigs Market

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