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.

This makes the Explorer just the latest in a string of scrapped rigs for the company with the total standing at 19, up from 11 planned scrappings as of late 2014.

Gregory Lewis, an analyst for Credit Suisse, even went so far as to say that Transocean’s rigs are “dropping like flies.”

As oil prices remain low and supply high, work for offshore producers is likely to continue to decline.

Unfortunately, that means more cancelled contracts, more scrapped rigs and fewer maritime workers on the job.


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