By David Wethe (Bloomberg) -- Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year, Jeremy Thigpen, Transocean’s Chief Executive officer told … [Read more...]
Transocean to Take $112 Million Hit Over Rig Breakdown
Offshore driller Transocean will take a $112 million hit from a drilling contract amendment for its harsh-environment semi-submersible Transocean Leader. Transocean revealed Thursday that the rig experienced equipment breakdown that could not be repaired in-time, entitling its customer with the right to terminate the contract. However, Transocean says the customer instead … [Read more...]
Oil’s Biggest Rigs Get Sent to Junkyard as Daily Losses Mount
By David Wethe (Bloomberg) -- Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day. The move by the world’s biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials … [Read more...]
Two-Year Contract for Ultra-Deepwater Drillship ‘Deepwater Invictus’
Transocean Ltd. (NYSE:RIG) announced Tuesday that its ultra-deepwater drillship Deepwater Invictus has been awarded a two-year contract with options by a subsidiary of BHP Billiton. Transocean said the backlog associated with the firm contract is approximately $106 million and the contract will commence in the second quarter of 2018. It includes three one-year priced … [Read more...]
Transocean to Scrap Six Floaters from Fleet
Transocean has announced its plan to scrap six deepwater and ultra-deepwater floating drilling rigs, aka "floaters", as the offshore drilling company continues to shed older and less-competitive rigs from its fleet. The floaters to be retired include the ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the … [Read more...]