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Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 6067 times)

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AGelbert

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Oil’s Biggest Rigs Get Sent to Junkyard as Daily Losses Mount  ;D

October 18, 2017 by Bloomberg

SNIPPET:

By David Wethe (Bloomberg) — Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day.

Deepwater Pathfinder moored off Trinidad and Tobago. Photo credit: Boh/CC

The move by the world’s biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials that will add up to a bruising $1.4 billion write-off. Competitors are going the same route, jettisoning more rigs in the third quarter than have ever been trashed in a 90-day stretch, according to Heikkinen Energy Advisors analyst David Smith.

That’s how bad it is, with predictions crude prices won’t go much higher than $60 a barrel in the next year compared with around $50 recently. “Deepwater is going to be playing a much-reduced role on the global oil-supply stage relative to what the industry expected as recently as three years ago,” said Thomas Curran, an analyst at FBR Capital Markets in New York.

For all that, it could have been worse, in one way, for Transocean. It has been the most aggressive in an unprecedented experiment with what’s called cold-stacking for big drillships. After oil prices cratered in 2014, the company didn’t send all of its unwanted rigs out to sea in the time-honored temporary holding pattern where engines keep running and a crew remains on board — something know as warm stacking, naturally, that runs up a daily bill of some $40,000. Instead, Transocean dropped anchor on nine high-tech ships 12 miles off the coast of Trinidad & Tobago and simply shut the motors off. So far the savings are in the neighborhood of $90 million.

New Generation

This hadn’t been tried before with the new generation of finely tuned, computer-driven giants never intended for long-term parking. Equipped with derricks towering 220 feet above the platform and able to drill in 10,000 feet of water, the vessels had been in demand since birth. The big question was whether one could be shut down so solidly and later switched back on at a reliable cost. (Rival Ensco Plc brought its DS-4 drillship back from cold stack, but it wasn’t mothballed as long as Transocean’s rigs and was tied to a dock, allowing it access to more auxiliary power while parked.)

With Pathfinder, and a cousin called the GSF Jack Ryan that’s also being scrapped after its Caribbean cold stacking, Transocean will never know for sure The Vernier, Switzerland-based company declined to comment for this story.


full article:

http://gcaptain.com/oils-biggest-rigs-get-sent-to-junkyard-as-daily-losses-mount/
Hope deferred maketh the heart sick: but when the desire cometh, it is a tree of life. Pr. 13:12

 

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