Selected offshore drilling companies by revenue 2018-2021
Global rig fleet and the decommissioning marketOffshore rigs are facilities built to explore, extract, process, and store petroleum and natural gas from subsea formations. Some of the risks associated with such platforms are explosions, fires, ecological disasters, and endangerment of native marine species. As many stationary rigs will reach the end of their lifecycle and resources of previously productive oilfields are depleted, the market value of offshore decommissioning worldwide is expected to increase to 8.3 billion U.S. dollars by 2024. By comparison, the use of mobile rigs has become more common in recent years as they allow for more flexible usage. Valaris has the largest mobile offshore rig fleet of any company.
At the end of 2020, the number of global offshore oil rigs stood at 173 units, compared with 843 units of land-based oil rigs.