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Offshore Oil Rig & Platform Construction in the US Industry Data and Analysis
Offshore oil rig and platform construction contractors have had a challenging run in recent years. Utilization rates for US offshore rigs, a key indicator of construction and maintenance demand, dropped to 39.0% in 2024 from 45.0% in 2023, signaling excess capacity and a decline in demand for new projects. While drillship utilization was at 91.0%, most other vessels sat idle, limiting opportunities for contractors and putting pressure on operating profit, asset use and bidding activity. Many contractors found themselves pivoting away from new builds and focusing on upgrades, maintenance and retrofits just to weather the downturn. Supply chain disruptions and rising material costs, especially for iron, steel and copper, have made new construction less attractive and squeezed profitability. Industry revenue has been declining at a CAGR of 4.3% over the past five years to total an estimated $2.4 billion in 2025, including an estimated decrease of 6.8% in 2025.
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What's included in this industry analysis
IBISWorld's research coverage on the Offshore Oil Rig & Platform Construction industry in the United States includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released November 2025.
About this industry
What's this industry report about?
The Offshore Oil Rig & Platform Construction industry in the United States operates under the NAICS industry code OD4723. This industry constructs offshore drilling platforms, also known as oil rigs, for oil exploration companies. Many operators also provide offshore platform support services. Related terms covered in the Offshore Oil Rig & Platform Construction industry in the United States include pontoon, downtime, backlog and day rate.
What's included in this industry?
Products and services covered in Offshore Oil Rig & Platform Construction industry in the United States include Jack-ups, Semisubmersibles and Drill ships.
What companies are included in this industry?
The Offshore Oil Rig & Platform Construction industry in the United States is highly fragmented with no companies holding a market share greater than 5%.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Offshore Oil Rig & Platform Construction industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Offshore Oil Rig & Platform Construction industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Offshore Oil Rig & Platform Construction industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Offshore Oil Rig & Platform Construction industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Offshore Oil Rig & Platform Construction industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Offshore Oil Rig & Platform Construction industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Offshore Oil Rig & Platform Construction industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Offshore Oil Rig & Platform Construction industry in the United States.
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Frequently Asked Questions
What is the market size of the Offshore Oil Rig & Platform Construction industry in the United States in 2026?
The market size of the Offshore Oil Rig & Platform Construction industry in the United States is $2.4bn in 2026.
How many businesses are there in the Offshore Oil Rig & Platform Construction industry in the United States in 2025?
There are 111 businesses in the Offshore Oil Rig & Platform Construction industry in the United States, which has declined at a CAGR of 3.4 % between 2020 and 2025.
How may import tariffs affect the Offshore Oil Rig & Platform Construction industry in the United States?
The Offshore Oil Rig & Platform Construction industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Offshore Oil Rig & Platform Construction industry in the United States?
The Offshore Oil Rig & Platform Construction industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Offshore Oil Rig & Platform Construction industry in the United States grown or declined over the past 5 years?
The market size of the Offshore Oil Rig & Platform Construction industry in the United States has been declining at a CAGR of 4.3 % between 2020 and 2025.
What is the forecast growth of the Offshore Oil Rig & Platform Construction industry in the United States over the next 5 years?
Over the next five years, the Offshore Oil Rig & Platform Construction industry in the United States is expected to decline.
What does the Offshore Oil Rig & Platform Construction industry in the United States include?
Fabricating oil rig and platform structural component parts and Offshore assembly of oil rigs and platforms are part of the Offshore Oil Rig & Platform Construction industry in the United States.
How competitive is the Offshore Oil Rig & Platform Construction industry in the United States?
The level of competition is moderate and increasing in the Offshore Oil Rig & Platform Construction industry in the United States.
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