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More damning informatrion on Transocean Ltd.

 
Looky
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User ID: 982930
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06/01/2010 12:58 AM
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More damning informatrion on Transocean Ltd.
It would seem they had too many deep water oil rigs in the gulf.

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GoM: Deepwater rig rentals sinking on rig glut

08 Dec 2009


Transocean Ltd. and Diamond Offshore Drilling Inc., the world’s biggest deepwater oil drillers, may face a drop in rig-rental revenue because of a glut of vessels that can operate in oceans two miles (3.2 kilometers) deep. The oversupply will develop in 2011 as rigs that drillers started building when oil prices surged to a record last year are completed, said Jud Bailey, an analyst at investment bank Jefferies & Co. in Houston.

Rig rents are likely to drop some 10 to 15% and stay down until new deepwater developments create enough demand to end the surplus in 2012 or 2013, he said.

“It was a classic case of panic on the part of operators when oil was over $100,” Bailey said. “A part of that panic was just the fact that they couldn’t get a rig. When that psychology reverses, it can be a pretty powerful dynamic.”

More at link.
[link to www.energy-pedia.com]
:Looky Kermit:The space between mass is reality. Not the mass itself.- His Royal Dudeness 8/9/10:Looky Kermit:

:LOOKY: :looky fire:
Looky  (OP)

User ID: 982930
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06/01/2010 01:13 AM
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Re: More damning informatrion on Transocean Ltd.
I will spell it out I guess.

"Let" the flagship rig go down and collect the insurance. Then have a market for the extra rigs that where over bought.
Another piece in the follow the money scenario.
:Looky Kermit:The space between mass is reality. Not the mass itself.- His Royal Dudeness 8/9/10:Looky Kermit:

:LOOKY: :looky fire:





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