- Transocean (RIG -3.4%) quantifies concerns about near-term slack in the demand for deepwater oil and gas drilling, telling analysts that 14 of its deepwater rigs would be available in 2014 out of a total of 39 industry-wide, both figures unusually high in a deepwater market where contracts can run for five years or more.
- Near-term softness in demand for ultra-deepwater rigs is adversely impacting lower capability floaters, RIG says, but it expects excess capacity to be absorbed and maintains a favorable long-term view.
- Among rivals, Ensco (ESV -1.7%) will have eight rigs available in 2014 and Seadrill (SDRL -0.2%) five, RIG says.
Transocean says it has a third of deepwater rigs seeking 2014 work
Nov 21 2013, 11:56 ET