Posted on 05/19/2015 9:10:37 AM PDT by thackney
Offshore driller Transocean has idled three more deep water rigs, bringing its number of out-of-work units to 15, it said Monday, as the oil slump continued to hammer the drilling market.
The Swiss rig contractor with corporate offices in Houston has idled 10 rigs and stacked five others, and it has said it plans to sell 19 units for scrap. Idle rigs are between contracts; stacked machines are shut down for longer periods, and scrapped rigs are torn apart for their steel hides. Transocean owns or has a stake in 65 offshore rigs around the world.
The three Transocean rigs that went idle after their contracts expired in mid-April were working off the coasts of South Africa, Angola and Malaysia. But the contractor also said it was signed on for $52 million in new contracts. Still, there’s little room for hope in the drilling market.
“We are now expecting less rigs than we did three or four months ago to get re-contracted this year,” Transocean chief financial officer Esa Ikäheimonen said during a conference call with investors earlier this month. The company estimates that of the 270 active floaters around the world this year, roughly 220 to 230 will still be drilling in 2016, executives said.
And yet the prices at the pump stay the same ain’t gouging fun.
Maybe you invest your dollars differently than most.
As for the gasoline prices?
Memorial Day gas prices to set five-year low?
http://www.bizjournals.com/charlotte/news/2015/05/18/memorial-day-gas-prices-to-set-five-year-low.html
Memorial Day gas prices to set five-year low?
There down to what they should not be up to.
Gouging?
Oil priced are hedged so they won’t jump around too much on a daily basis. The oil coming out of the ground today was sold months ago.
Take out the federal and state taxes (40 cents a gallon in my state) and the cost of stupid boutique refining and the prices of gas is very inexpensive.
This isn’t as surprising as the article suggests. RIG owns a lot of old equipment and will probably stack or scrap even more going forward. At some point, they are going to become a smaller company, or they will need a major increase in capex.
Yet the public willingly, and without complaint, continues to spend more per gallon for bottled water, or flavored sugar water, than for gasoline. It’s a strange world we live in.
If not a user of bottled water, or flavored sugar water or milk the public is still being held up at the pump no matter how many excuses the use like maintenance season change gas fire.
You can’t cover up some smells.
Your willful ignorance on this subject runs deep so I’ll leave to it.
I'm not sure what that was supposed to mean, but based upon your comments to the others...
God Bless and have a nice day.
Numbers look good but crude dropped by 50% I still pay 3.95 a gallon at the pump?.
Gas has been over priced for years profit is fine but gouging stinks good day..
How would you know?.
$ 2.39
Valero
1910 Nasa Rd 1 & 3rd St
Seabrook, Texas
Can’t prove it but the numbers kind of smell.
Valero
$3.95
Devonshire
Chatsworth , California
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