Surprising absolutely no one, leading offshore contract driller Transocean
A relatively soft market for shallow-water jackups, particularly in the Gulf of Mexico, tends to cause folks to turn their noses up at this rig class. Yet despite the prevailing dim view, a look at the improvement in Transocean's jackup rates shows that these little squirts still have some spunk. On a half-year basis, jackup rates have been jacked up 55% over the prior year, which is a bigger rise than that registered by the firm's fancy floaters.
Still, it's important to note that Transocean doesn't have a single jackup in the U.S. Gulf. They're all off in places like India, Vietnam, and Thailand, earning quite respectable rates. Though Transocean's management sounded a more cautious note than competitor Noble
I can't help but shake the idea that Transocean's proposed merger with GlobalSantaFe
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