re: Anyone buying RIG?

quote:

---

I don't really agree with this.

---

Cool don't take my word for it.

quote:

---

Transocean Ltd, the owner of the world's largest offshore drilling fleet, said it was likely to retire additional rigs as the company continued to face pressure due to slowdown in an oversupplied rig market

---

LINK

quote:

---

Tumbling oil prices and a glut in rig supply have been a double blow for the owner of the world’s largest deep-water drilling fleet. A four-year low in crude has pushed energy companies to consider spending cuts, which could further damp demand for leasing rigs. Transocean has the biggest exposure to rigs that could go idle in 2015, said Robert Pinkard of RBC Capital Markets.

---

LINK

quote:

---

Since Offshore published the last survey in 2012, the number of deepwater rigs capable of drilling in 4,000 ft of water or more and to reservoir depths of 25,000 ft or greater has grown to 197. This represents a 22% increase from the 161 rigs counted in the 2012 survey. It also represents a 67% jump from four years ago, when the deepwater drilling industry was still in the early days of the US drilling moratorium imposed after the Macondo well spill in the Gulf of Mexico (GoM).

---

Again JMHO but RIG is circling the toilet bowl as an independent company. Their next fleet status report is due in April and from what I have been able to gather it is going to be ugly.

quote:

---

I don't really agree with this. If oil would reach $75+ the deepwater rigs will stay working

---

Dude deepwater is as dead as Jimmy Hoffa at $75 oil. Sure there will be some exploration but not near enough to go around and tote the note on all the existing rigs + all the newbuilds rolling out.