Transocean
| File:Transocean Logo.png | |
| Company type | Public (NYSE: RIG, SIX: RIGN) |
|---|---|
| Industry | Oil Equipment & Services |
| Founded | 1973 as Sonat Offshore |
| Headquarters | , |
Key people | Steven Newman, Chief Executive Officer |
| Products | Drilling Oil and Gas Exploration |
| Revenue | $12.674 billion (2008) |
| $4.202 billion (2008) | |
Number of employees | 26,300 (2008) |
| Website | www.deepwater.com |
Transocean LTD. NYSE: RIG is the world's largest offshore drilling contractor. The company rents floating mobile drill rigs, along with the equipment and personnel for operations, to oil and gas companies at an average daily rate of $142,000 (2006). Transocean's day rates extend as high as $650,000 for its deepwater drillships, which house dual activity derricks and can drill in ultra-deep ocean depths of 10,000 ft (3,000 m).[1]
The company was spun-off from its parent, Birmingham, Alabama-based Sonat, Inc. in 1993 and was originally called Sonat Offshore Drilling, Inc. Sonat Offshore acquired the Norwegian group Transocean ASA in 1996 and adopted its name. In 2000 the company merged with Sedco Forex, and was renamed Transocean Sedco Forex. In 2001 the company bought Reading & Bates Falcon. The name of the company was simplified to Transocean in 2003. Sedco Forex was part of Schlumberger until 2000 when it was spun off. Sedco Forex was formed from the merger of two drilling companies, the Southeast Drilling Company (Sedco) and French drilling company Forex.
Transocean employs 26,300 people, and has a fleet of 136 vessels and units (March, 2009). It was incorporated in the Cayman Islands, the principal office is in Houston, Texas. On December 8, 2008, shareholders voted to move its incorporation from the Caymans to Zug, Switzerland.[2] The company has offices in 20 countries, with major offices in Stavanger, Aberdeen, Perth, Brazil, Indonesia and Malaysia.
On July 23, 2007, Transocean announced a merger with GlobalSantaFe Corporation. The merger was completed on November 27, 2007.
Deepwater Horizon drilling rig explosion
On April 21, 2010, a fire was reported on a Transocean-owned semisubmersible drilling rig named Deepwater Horizon. The Deepwater Horizon was a Reading & Bates Falcon RBS8D design, a firm that was acquired by Transocean in 2001. The fire broke out at 10:00 p.m. CST in the US sector of the Gulf of Mexico. The rig was 41 mi (66 km) off Lousiana coast. The majority of the 126 member crew escaped from the rig but eleven were reported missing after the explosion. Seven people were critically injured and hospitalized.[3] The US Coast Guard launched a rescue operation after the explosion.[4] Deepwater Horizon subsequently sank.
Louisiana Gov. Bobby Jindal declared a state of emergency Thursday April 29, as the oil slick grew and headed toward the most important and most sensitive wetlands in North America, threatening to destroy wildlife and the livelihood of thousands of fishermen. The head of BP Group told CNN's Brian Todd on April 28 that the accident could have been prevented, and focused blame on rig owner Transocean. [5]
Coercive waivers by survivors controversy
At 4:10 PM EDT of May 6, 2010, NPR's All Things Considered reported that Transocean had kept the survivors sequestered in hotels for 15 hours after the survivors were brought to shore and asked to sign waivers saying that they were not hurt and had not been first hand witnesses to the accident. [1]
References
- ^ Wikinvest:Transocean (RIG)
- ^ "Transocean shareholders OK Swiss move". 2008-12-08..
- ^ "At least 11 missing after blast on oil rig in Gulf". CNN. 2010-04-21. Retrieved 2010-04-21.
- ^ "Transocean Ltd. Reports Fire on Semisubmersible Drilling Rig Deepwater Horizon" (Press release). Transocean Ltd. 21 April 2010. Retrieved 21 April 2010.
- ^ CNN Oil slick just a few miles from Louisiana coast
See also
- Al Shaheen oil field
- Deepwater Millennium
- Discoverer Clear Leader Drillship
- Ixtoc I
- Transocean John Shaw
- USNS Glomar Explorer (T-AG-193)