For those not following the trend of offshore drilling rig contracts getting canned, let's get you quickly up to speed:
Callon Petroleum left Diamond Offshore
(NYSE:DO)high and dry in the deepwater.
Oilexco went belly up, leaving Transocean
(NYSE:RIG)with some bad debt expenses and a bad taste in its mouth.
- A private Filipino shop also burned Transocean, failing to post escrow on the C. Kirk Rhein, Jr.
After taking a hard look at the big names behind the backlogs of Transocean and Noble
First was a note in Transocean's latest fleet update, which informed us that the GSF Key Singapore's current customer, an Egyptian concern co-owned by Eni
Perhaps more unsettling was yesterday's cancellation of a drillship contract by Indian conglomerate Reliance Industries. With a market cap in excess of $35 billion, Reliance is one of Asia's heavy hitters in oil and gas. Reliance recently announced that it intends to buy out both its refining subsidiary and Chevron's
While I don't expect folks like ExxonMobil