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Cole joined the company in in Corporate Planning and has since held a number of management roles in the company's Operations and Marketing departments, including Division Manager in Egypt ad Scotland and Senior vice President of European Operations. He is a graduate of the University of Virginia in Charlottesville, Va. At its extraordinary general meeting held Dec.
Shareholders approved an increase in authorized ordinary share capital, the issuance of ordinary shares in the merger, anincrease in the maximum size of the company's board of directors to 13 persons and an increase in the number of ordinary shares reserved for issuance under the company's Long-Term Incentive Plan and Employee Stock Purchase Plan.
This contract, once it is finalised, will be a major step for FELS Setal, as the last time any work of this magnitude was performed in Brazil was over four years ago. It is expected to re-vitalise the offshore and marine fabrication industry in Brazil, with projections to create thousands of new jobs for the state of Rio de Janeiro.
Brazilian PEM Setal respectively. It is operating from a , sq. Angra dos Reis, about two hours south of Rio de Janeiro. Transocean said all 92 crewmen aboard the jack-up rig Trident IX were evacuated without injury to a service vessel. It said it expected insurance to cover the cost of the damage that appeared to be limited to the drill floor area.
The incident which occurred on Thursday in the Madura Straits, offshore East Java, was caused by an uncontrollable release of natural gas which subsequently ignited. Transocean SedcoForex of Houston, Texas, has ordered four Wärtsilä 12Vgenerating sets for repowering their Transocean D semi-submersible offshore platform. These kWe generating sets will be delivered in October this year and will be installed while the semi-submersible is on station in Brazil.
This is the fifth platform for which Transocean SedcoForex has selected Wärtsilä generating sets. In addition, Fincantieri in Italy has ordered two 12V main engines to power the diesel-electric propulsion system of a new multipurpose support vessel contracted by the Italian Navy. The Delaware River Pilots Association recently contracted with Carey's Diesel to repower a vessel with a pair of Isotta Fraschini marine diesel engines, rated at hp 2, rpm. This is the third vessel the Pilots Association has chosen to repower using Isotta Fraschini engines.
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.
With long-term contracts with oil companies in hand, Transocean Offshore began the development of a new generation of massive drill ships, featuring the latest in technological advances, and designed to drill to 10, feet, as opposed to the 3,foot capacity of the drill ships built in the mids. The first ship, the Discoverer Enterprise, would be feet in length with a derrick that stood feet high.
It could sleep and carry , barrels of oil and gas. Because it featured two drilling systems in one derrick, the ship could reduce the time to drill a development well by up to 40 percent and could drill and lay pipeline without the need of a pipelay barge.
Moreover, the Enterprise would essentially serve as a floating research and development project for two additional high-tech ships. Paris-based Schlumberger had been involved in offshore drilling for many years. Forex teamed with Languedocienne to create a company called Neptune to engage in offshore drilling. Forex had gained complete control of Neptune by , when Schlumberger bought the remaining interest in Forex. The Southeastern Drilling Company, Sedco, was an American firm, founded in by future Texas governor Bill Clements to drill in shallow marsh water.
The US Coast Guard launched a rescue operation after the explosion which killed 11 workers and critically injured seven of the member crew. As the Deepwater Horizon sank, the riser pipe that connected the well-head to the rig was severed. As a result, oil began to spill into the Gulf of Mexico. Estimates of the leak were about 80, barrels per day — for 87 days.
Louisiana Governor Bobby Jindal declared a state of emergency on 29 April, 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. During Congressional testimony, Transocean and BP blamed each other for the disaster. The American people could not have been impressed with that display, and I certainly wasn't. In a regulatory filing, Transocean said, "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate.
The offshore drilling facility "Sedco ", operated by Transocean under contract from Chevron , began to leak in November while working on the "Frade" oil field.
The Brazilian government sued Transocean and attempted to force the company to cease operations in Brazil, but a settlement was reached without a finding of fault or liability. The rig subsequently drifted ashore at Dalmore and became stuck fast on rocks at Continuing poor weather meant that a damage inspection by salvors has been practically impossible, as personnel require to be airlifted on to the rig, in spite of it being close to the shore.
The activists promised to continuing their protests as the rig undergoes final outfitting while it is anchored in the Port Angeles harbor in Washington State and then later in Puget Sound. From Wikipedia, the free encyclopedia. Deepwater Horizon drilling rig explosion. Switzerland portal Houston portal Companies portal Energy portal. International Directory of Company Histories. Archived from the original on 28 May Retrieved 23 May Archived from the original on 25 December Retrieved 21 May Agree to Combine" Press release.
New York Daily News. Retrieved 18 February The Wall Street Journal. Archived from the original on 10 November Retrieved 30 May The New York Times. Archived from the original on 13 April Archived from the original on 20 February Retrieved 28 May