The Well {sign of increased demand of offshore drill rigs}

Houston Chronicle ^ | Sept. 6, 2008 | Houston Chronicle

[thackney]

Chevron agreed to a 99 percent increase in the daily lease rate for a Transocean rig used to drill oil wells off the coast of Angola.

Chevron will pay $195,000 a day for the Trident XIV rig under the terms of a one-year contract extension that begins in May, Houston-based Transocean said last week. Chevron has been renting the vessel since June 2006 for $98,000 a day.

Chevron has $6.3 billion in ongoing projects in Angola, including the offshore Tombua Landana development, which is scheduled to begin pumping oil next year. The West African nation was Chevron's third-largest source of crude in 2007, behind California and Indonesia.

[thackney]

Buried in a list of several industry related news quips is this sign of the greatly increased demand in offshore drilling rigs.

[screaminsunshine]

Unfir capitalist rigs...We better nationalize them too.

[bigbob]

Upstream is booming, see the charts at http://www.wtrg.com/rotaryrigs.html for proof that this economy is strong.

[Obadiah]

Man, 200k per day rent! Wow. Those evil oil companies! We need national energy Independence.

[Robert A Cook PE]

Off Angola.

A start, but not off FL or CA .... Yet.

[thackney]

Must be for a shallow rig:

http://www.rigzone.com/data/dayrates/

[crusty old prospector]

I thought that “Big Oil” just buried all of those excessive profits in a pillow case in the backyard or gave it to the evil CEO. They sure don’t pass it down to the employees.