Transocean Rigs “Dropping Like Flies”

Transocean has announced yet another canceled contract via its most recent fleet status report released yesterday. Due to that cancellation, Transocean has decided to scrap the GSF Explorer, a 4G drillship built in the ’70s and upgraded in the ’90s. ThisRead More

Offshore Oil and Gas Drillers Had a Tough First Quarter

As oil prices remain depressed due to increased supply, offshore drillers like Houston-based Diamond Offshore, Noble, Transocean and Tidewater suffered mightily during the first quarter of 2015. For example, Houston-based Diamond Offshore’s stock price has dropped 27% since the beginning of theRead More

Transocean Scrapping 4 Rigs, Spending Millions Due to Low Oil Prices

Houston-based Transocean just announced plans to scrap 4 of its rigs, specifically the Deepwater Expedition, Transocean Legend, Transocean Rather and GSF Arctic III. Until very recently, all 4 had been designated as “held for sale.” The move is expected to cost the company $300 million to $325 millionRead More

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