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
