The oilfield equipment market is worth an estimated 211 billion U.S. dollars. In 2019, the average number of oil rigs was 2,177. Numbers have been decreasing since 2014, when the oil boom led to a spike in rig deployment not seen since 1985. As the world is currently embattled in the coronavirus pandemic, oil extraction has been severely impacted and rig numbers have been notably reduced across all regions. Most land drilling operations are located in the Middle East, while Asia Pacific is home to the greatest number of offshore rigs. In 2019, there were some 91 offshore oil and gas projects with a capital expenditure exceeding 250 million U.S. dollars awaiting approval. However, it is unclear in how far the coronavirus pandemic may affect these projects going forward.
Switzerland based contractor Transocean is the largest offshore drilling company worldwide. In 2019, it had an estimated revenue of 3.2 billion U.S. dollars. Its closest competitor is Valaris plc, which was formed in mid-2019 from a merger between Ensco and Rowan.
With reserves in previous strongholds depleting, many more stationary rigs will become redundant. The offshore decommissioning market is expected to value at 8.3 billion U.S. dollars in 2024, of which the United Kingdom would be the greatest contributor.