(Dow Jones) Jefferies says Chevron’s (CVX) sublet of a Transocean (RIG) ultra-deep-water drillship from Indian energy giant Reliance and plans to bring the rig to the US later this year signals recovery in the Gulf of Mexico. Built last year, the rig can drill in 10,000 feet of water and is leased to Reliance for 10 years at $508,000/day. By passing on cheaper and nearer available rigs, firm says CVX’s decision also shows the lengths international oil companies will go to employ the newest, most capable equipment — good news for drillers with similar ships on order.
(c) 2011 Dow Jones & Company, Inc.
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President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.
One of the world's top offshore wind developers, Germany's RWE, has stopped work on its U.S. projects for now in light of recent moves against the industry by the Trump administration, its CEO said in a text published ahead of the firm's annual meeting.
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy.
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