Operations have now switched focus to the preparation for the well testing phase of this operation. The registration move allowed Transocean to lower its corporate income tax rate from 35 percent in the US, to 16 percent in Zug. The case alleged that Transocean paid bribes through its freight forwarding agents to Nigerian customs officials. Wetuski, Jodi, "Two Down Offshore Energy Today previously reported that Transocean intends to send seven and another four rigs to the scrapyard.
In a market that demands more than ever from a drilling company, Transocean is raising the standard for what delivery to the customer means. On efficiency. On performance. On safety. Learn About Us. PRESS RELEASE / - Transocean Ltd. Announces Agreement to Acquire Ocean Rig read more > PRESS RELEASE /
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Ten years later it expanded its range of operations to southeast Asia, where it drilled its first deepwater well. In , the company became a wholly owned subsidiary of SNG, which had greatly increased its emphasis on offshore drilling and exploration operations. As a result, Offshore developed one of the largest U. During the s new "floaters" were developed to accomplish deepwater drilling.
Semisubmersible rigs were partially submerged below water and usually moored to the ocean floor for stability. Drill ships, able to reach depths of 3, feet and particularly useful in exploring remote areas, were also introduced as a cost-effective option during this period. By the late s a large number of companies began to build and operate floaters, leading to a highly fragmented industry.
Many service companies went bankrupt or were swallowed up by stronger rivals. During this decade-long lean period, offshore drilling rigs in operation declined precipitously, from more than 1, in the early s to around In this way the parent company hoped to transform itself from a diversified pipeline company into an exploration and production company.
The newly independent Sonat Offshore, as a result of the offering, had a clean balance sheet and money in the bank, and was well positioned to weather an ensuing decline in gas prices.
Moreover, the company's emphasis on deepwater oil drilling also would prove to be a wise strategy. It was recognized that the most desirable energy plays that remained in the world resided under great depths of ocean.
Although the technology existed to tap these deposits, only until oil prices reached a certain level would it become economical for a company like Sonat Offshore to invest in a new generation of drill ships.
The cost of such rigs was so high that only large companies were able to afford them. There were other reasons why consolidation among offshore drilling contractors became desirable in the mids. It would likely bring pricing discipline to a highly fragmented industry, in which the top three companies served just 27 percent of the market. A small drop in the price of gas or oil could result in a major decrease in day rates.
Clearly, companies could not expect to achieve long-term health by simply building more rigs to expand their business. Growth had to come by acquiring existing rigs, to gain some leverage with producers. With fewer but larger contractors in the industry, the addition of new rigs would hopefully become more of a rational and systematic process. In addition, larger players could operate more efficiently around the world, with rigs strategically positioned to save on moving charges while building a more diversified customer base.
Transocean ASA had been created in the mids when a Norwegian whaling company entered the semisubmersible business, then later consolidated with a number of other companies. Because of its large North Sea operations, Transocean ASA was considered a prize catch, one that would automatically make the buyer into the unquestioned leader in deepwater drilling. The deal became effective in September , and Sonat Offshore changed its name to Transocean Offshore.
Rising oil prices, in the meantime, benefited offshore drilling contractors. The chairman of Transocean Offshore, J. Michael Talbot, concluded that the trend could continue for as long as 20 years and made a commitment to expand on the company's fleet. Provides details about our range of products and services including: InfieldLive hosts all of the information which supports your Offshore Energy Database data subscriptions.
Login to run online searches, export results and download the entire data set to use offline. InfieldRigs online service tracks the global offshore jackup, drillship, semisub and tender rig fleets, providing: InfieldMaps online interactive mapping system offers optional layers, both geographic and infrastructure specific and allows the user to interrogate these layers to create custom maps of offshore field developments globally.
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Hurricane releases lancaster appraisal well analysis. Hurricane is pleased to announce that it has completed the drilling phase of the ongoing operation to drill and test a horizontal appraisal well on its Lancaster discovery, West of Shetland. The well has been drilled to plan and a one kilometre horizontal section through the basement reservoir is now being prepared for testing.
Schlumberger Limited announced today that vice chairman Victor Grijalva will retire at the end of the year. North American operations in Having steered Schlumberger through the mid industry downturn, he was named executive vice president of Schlumberger Wireline and Testing and Anadrill in and executive vice president of Oilfield Services in Just under ten years later in , Grijalva became vice chairman of Schlumberger Limited.
Dennis Heagney, executive vice president and chief operating officer, will retire from the company in June , after 33 years of service. Heagney began his career in with The Offshore Company, a predecessor of Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United States and International locations.
The board of directors has appointed Robert L. Long as president of Transocean Sedco Forex Inc. Long will also assume the role of Chief Operating Officer upon the retirement of Heagney in June Long joined the company in and has held numerous operational and financial roles over his year career including division engineer…. Hornbeck-Leevac Marine Services, Inc. Stewart to fill the recently created board vacancy.
Previously, he served as senior vice president and chief operating officer of the original Hornbeck Offshore Services, Inc. Houghton Offshore has enabled the Transocean Sedco Forex to set a new world record for the deepest well drilled to date. Gulf of Mexico, surpassing the previous record of 9, ft. Patin, Global Offshore manager at Houghton Offshore, a division of Houghton International specializing in the manufacture and formulation of water-based fluids for oil and gas production and exploration equipment.
The world leader in the construction of jack-up rigs celebrates the first operating birthday of its rig built in the Caspian Sea. Keppel FELS retraces its trailblazing record as the first Singaporean company to build jack-up rigs there.
44 rows · Our Rigs Unparalleled Capability Transocean has unmatched capacity and . In , Transocean was implicated in the Deepwater Horizon oil spill resulting from the explosion of one of its oil rigs in the Gulf of Mexico Current operations. The company owns 61 rigs including 28 ultra-deepwater In , Transocean merged with Sedco Forex. Transocean Sedco Forex Inc. announced that a joint venture in which the company holds a 25% interest has closed on the sale of two semisubmersible rigs to Pride International Inc. In exchange for.