Transocean are scrapping four deep-sea rigs
Transocean plans to send more of its drilling rigs for scrapping in light of the continued weak market. According to the company, the ultra deep-sea rigs Deepwater Discovery, Deepwater Frontier and Deepwater Millennium as well as Songa Trym will be scrapped in an environmentally responsible manner.
"Transocean acknowledges that drilling ships built 18-19 years ago can not cope with the competition. The largest depreciations are the three drill vessels that were built in 1999 and 2000, while the Songa rig is much older and has long been a probable candidate for scrapping minimal economic impact, "says Bernstein analyst, Colin Davies.
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