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re: Anyone buying RIG?
Posted on 2/24/15 at 3:27 pm to cave canem
Posted on 2/24/15 at 3:27 pm to cave canem
I don't understand why the deepwater drilling companies got hammered so bad. The deepwater is the most static of oil and gas fronts in the US. I don't think the rig count has changed much, of at all
1
Posted on 2/24/15 at 7:04 pm to TheIndulger
quote:
I don't understand why the deepwater drilling companies got hammered so bad. The deepwater is the most static of oil and gas fronts in the US. I don't think the rig count has changed much, of at all
There was a coming rig glut in the deepwater business downturn or not, too many newbuilds and not enough contracts to go around. The companies are getting hammered on future contracts and revenue as much as the present. All that being said there has been a pretty good reduction in both day rate and rig count and it looks to get worse soon. Transocean was in limp mode already and had this currant downturn not occurred they would have been on thin ice anyway.
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