Drilling Rig safety emphasizes on the identification of Hazards during the drilling operation. Availability and Maintenance of Safety and Firefighting equipment, in line with the drilling operation emphasizes on training and awareness of the employees and workers associated with the operation. Accident reporting and investigation are seriously taken up for identifying the root cause of the accident and to avoid the reoccurrence. Special emphasis is given to Personal Protective Equipment (PPE) for protection of the employees working in critical areas. The accident dates should be collected and analyzed correctly. Risk Analysis is an effective tool to assess the various risks present in the rig, which is continuously getting sophisticated to identify possible hazards, quantify them and to implement required mitigation measures. Since the Degasser and Shale Shaker are identified as severe hazard equipments by Fire and Explosion Index (F & EI) and Event Tree Analysis (ETA), Hazard and Operability (HAZOP) study is carried out which recommends some more, in addition to the safeguards available there for the safe operation of the unit. The probabilities are also found out for the head events using ETA techniques and minimal cut sets are also found out for a single head event. This paper concludes with suitable recommendations to the drilling rig to mitigate the hazards.