Just weeks after Massey Energy's
On Wednesday, Transocean
This is a terrible blow to the industry because it has both human fatalities and a potentially significant oil spill. The well was reportedly flowing 310 barrels per hour on Wednesday, and some early attempts to plug the well have failed.
Health, safety, and environmental (HSE) practices often get short shrift when it comes to investor evaluations of the contract drillers. I know that I get as hung up on utilization and margins as the next guy. If any good comes of this week's events, it would be to retrain all eyes on HSE. On this front, Noble