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In this paper, the thrust allocation problem for semi-submersible oil rig platform is formulated as an optimization problem, with an objective to minimize the power consumption. The electrical power consumed by the oil rig platform depends on the thrust generated by the thrusters and the efficiency of the electrical propulsion system. A detailed mathematical model to compute the efficiency of the electrical propulsion system is developed and the numerical results obtained are compared with experimental test results. The formulated energy-efficient thrust allocation problem is solved using Improved Harmony Search (IHS) algorithm. The percentage savings in total power consumption for the oil rig platform as compared to the Mincon method for Genetic Algorithm (GA), Harmony Search (HS), and IHS methods are 48.76%, 51.13%, and 53.90%, respectively. In addition, the total power consumption for energy-efficient thrust allocation approach is lesser as compared to conventional thrust allocation approach for all the considered algorithms.