Transocean outlines indemnity language in deepwater horizon. Bp is to blame for deepwater horizon, but its mistake was. That obligation had apparently been fulfilled and bp were so named. Transocean is the worlds largest offshore drilling contractor andthe leading provider of drilling management services worldwide. But it faces multiple challenges, and a shift in focus under the trump administration.
Transocean asserts that bp has refused to honor its contractual obligations to transocean stemming from the macondo well incident in april of 2010. Sep 29, 2017 the contract pertains to transoceans ultra deepwater drillship discoverer clear leader operating in the gulf of mexico. Contractor salaries posted anonymously by transocean offshore deepwater drilling employees. The contract backlog represents the maximum contract drilling revenues that can be earned considering the contractual operating dayrate in. Transocean files suit against bp in deepwater horizon case. Transocean announced the release of an internal investigation report on the causes of the april 20, 2010, macondo well incident in the gulf of mexico. Transocean owns or operates a contract drillingfleet of 47 highspecification floaters ultradeepwater, deepwaterand harshenvironment semisubmersibles and drillships, 25 midwaterfloaters, nine highspecification jackups, 53 standard jackups andother assets utilized in the support of offshore drilling activitiesworldwide. So the ultimate cost of macondo to transocean could end up being. Drilling contract download pdf and word agreements. Barbier ruled that the drilling contract between the companies for the macondo well precluded bp from seeking coverage under the transocean policies for pollution related liabilities. A contractor is a person or a group of persons who owns a drilling rig and provides services for the drilling of wells or any other similar drilling activities. Compare pay for popular roles and read about the teams worklife balance.
Jul 14, 2011 transocean s macondo liabilities overblown. Transocean is aiming for higher ground with macondo uncertainties still lingering, transocean s management is undertaking a multifaceted approach to strengthening the company. The transocean deepwater horizon rig resumed drilling operations in february 2010. This article is a revised and updated version of a paper mr. Mar 15, 2010 transocean ultradeepwater drillship contract. Bp has agreed settlements with transocean and halliburton to resolve its. Drilling over the prospect was initially planned to be carried out by transoceans marianas rig, but later changed to deepwater horizon. May 21, 2015 transocean, one of the worlds largest offshore drilling contractors, has been hit hard by the decline in oil and gas drilling, and its shares have fallen 53 per cent in the past year.
Transocean marianas oil rig in danger of sinking breaking. Aug 19, 2010 bp is refusing to shield rig contractor transocean from rapidly rising costs associated with the massive oil spill in the gulf of mexico. Rign, today filed a motion for summary judgment in the united states district court for the eastern district of louisiana requesting the court to compel bp to honor its contractual obligation to defend, indemnify and hold harmless transocean. In a market that demands more than ever from a drilling company, transocean is raising the standard for what delivery to the customer means. Transocean in a colossal fight over liability for the gulf oil spill. At the time of the incident, the deepwater horizon was engaged in exploratory drilling activities at the macondo well under a drilling contract between the appellant bp america production company. Transocean offshore deepwater drilling careers and employment. Transocean offshore deepwater drilling contractor salaries. Bp settles with transocean and halliburton over gulf spill financial. Transocean charge points to macondo settlement reuters. Apr 22, 2011 the deepwater horizon drilling contract with bp can be found in the companys august 4, 2010 10q filing with the sec. Sep 16, 2014 bps pollution liability isnt covered by transoceans insurance policies and is excluded from the drilling contract, transocean says, because the rig owner agreed to cover bp as an. Chapter 1 the macondo prospect and the deepwater horizon 19 1. However, this is a point that transocean disputes, claiming in a statement on its website that this is not in line with arrangements made within its contract.
Find out what works well at transocean offshore deepwater drilling from the people who know best. Transocean releases internal investigation report on gulf of. On 20 april 2010, while drilling at the macondo prospect, a blowout caused an. The deepwater horizon drilling contract with bp can be found in the companys august 4, 2010 10q filing with the sec. If bp truly intends to make things right, it must either voluntarily or by the order of the court honor all of its contracts.
Macondo investigation report volume 1 june 5, 2014 1. The contact termination for discoverer clear leader drillship is likely to adversely impact transoceans rig revenues. About transocean transocean is the worlds largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. The contract will be terminated effective november 2017, nearly a. The purpose is to drill rigs, wells or other activities. The discoverer clear leader is the first of five transocean ultradeepwater. Deepwater horizon was an ultradeepwater, dynamically positioned, semi submersible. Indeed the relevant drilling contract between bp and transocean the drilling contract provided an obligation on transocean to obtain insurance cover naming bp as a coassured. Transocean owned the deepwater horizon drilling rig, which was hired by bp to drill the macondo well off the.
It was years of cutting corners, not one careless mistake, that caused the explosion. Offshore drilling leak off the brazilian coast 2011 the offshore drilling facility sedco 706, operated by transocean under contract from chevron, began to leak in november 2011 while working on the frade oil field. The contract pertains to transoceans ultra deepwater drillship discoverer clear leader operating in the gulf of mexico. Bp, halliburton, transocean settle macondo claims offshore energy. Transocean releases internal investigation report on gulf.
Transocean, one of the worlds largest offshore drilling contractors, has been hit hard by the decline in oil and gas drilling, and its shares have fallen 53 per cent in the past year. Apr 19, 2012 drilling contracts evolve with industry expansion, legislative, judicial trends in 2012, mayjune apr 19, 2012 0 during the course of this authors 35year drilling industry career, he has seen drilling contracts evolve from relatively simple documents to lengthy, complex contractual arrangements. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile. A free inside look at transocean offshore deepwater drilling contractor salary trends based on 1 contractor salaries wages for 1 jobs at transocean offshore deepwater drilling. Jun 22, 2011 transocean owns or operates a contract drillingfleet of 47 highspecification floaters ultradeepwater, deepwaterand harshenvironment semisubmersibles and drillships, 25 midwaterfloaters, nine highspecification jackups, 53 standard jackups andother assets utilized in the support of offshore drilling activitiesworldwide. The court finds that bp, under the drilling contract, assumed responsibility for macondo well oil release pollution liabilities, barbier said on november 15. Transocean outlines indemnity language in deepwater. A drilling contract is made between a company that wants drilling services and a contractor that provides those services. How will bps macondo lawsuits change the relationship. Get the inside scoop on jobs, salaries, top office locations, and ceo insights.
Federal court to compel bp to honor its contractual indemnity obligations by the maritime executive 11012011 11. Bps pollution liability isnt covered by transoceans insurance policies and is excluded from the drilling contract, transocean says, because the rig owner agreed to cover bp as an. The blowout at macondo in april 2010 killed 11 men and caused the largest ever. Bp has reached settlement agreements with oilfield services firm halliburton and drilling contractor transocean, to resolve remaining issues. Bp settles with transocean and halliburton over gulf spill. Under the drilling contract for deepwater horizon, bp has agreed, among other things, to assume full responsibility for and defend, release and indemnify transocean from any loss. Transocean briefs investigation report on causes of. Macondo prospect, gulf of mexico offshore technology oil. Gulf of mexico oil spill in 2010 and the rig contractor admitted that its crew on the. Thedeepwater horizon drilling contract with bp can be found in thecompanys august 4, 2010 10q filing with the sec. Bp cant claim status as an additional insured because of limits in the drilling contract, the texas court said. Under a drilling contract, bp and transocean agreed to indemnify each other in the case of an accident, with bp taking responsibility for pollution originating from the well and transocean for any.
Witha fleet of 8 mobile offshore drilling units as well as threehighspecification jackups under construction, transocean s fleet isconsidered one of the most modern and versatile in the world due toits emphasis on. A free inside look at transocean offshore deepwater drilling salary trends based on 1 salaries wages for 85 jobs at transocean offshore deepwater drilling. Macondo prospect, gulf of mexico offshore technology oil and. Transoceans macondo liabilities overblown morningstar. Oil began leaking from the seabed at a depth of approximately 1100 to 1200m. Eight years after the deadly deepwater horizon explosion, a safety watchdog aims to prevent another disaster. Transocean is aiming for higher ground the motley fool. Deepwater horizon was an ultradeepwater, dynamically positioned, semisubmersible offshore drilling rig owned by transocean. The rig was owned and operated by transocean and had been under contract to bp in the gulf of mexico for approximately 9 years. The company specializes in technically demanding sectors of the global offshore. The drilling contract allocates to transocean liabilities for pollution originating on or above the surface of the water, barbier said. Uncover why transocean offshore deepwater drilling is the best company for you. Dec 18, 2019 a free inside look at transocean offshore deepwater drilling salary trends based on 1 salaries wages for 85 jobs at transocean offshore deepwater drilling.
Fire boats battle the blaze at the offshore oil rig deepwater horizon. Transocean files crossclaims against bp entities over. About 40 minutes into the new movie deepwater horizon, there is a scene in which crew member jimmy harrell is suddenly called into the dining area on the floating drilling platform of the same name. The rig was leased to bp on a 3year contract for deployment in the gulf of. Transocean rig ultra deepwater drillship contract to end. Macondo prospect, gulf of mexico offshore technology. Feb 25, 2016 the contract backlog represents the maximum contract drilling revenues that can be earned considering the contractual operating dayrate in effect during the firm contract period and represents the. Transocean is the worlds largest offshore drilling contractor and the leading provider of drilling management services worldwide. Drilling contract historical development and future trends. Transocean rig ultra deepwater drillship contract to end september 29. Salaries posted anonymously by transocean offshore deepwater drilling employees. Managements discussion and analysis of financial condition and results of operations forwardlooking information the. It is about the future of the contract drilling industry at large. A 26 january 2012 order ruling on partial summary judgment crossmotions in the bptransocean macondo litigation involving interpretation and enforceability of the drilling contract indemnity provisions determined that.
Drilling contracts evolve with industry expansion, legislative, judicial trends. Transocean urges judge to force bp to indemnify oil spill. Reflections on a 35 year industry career by cary a. Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Drilling contract historical development and future trends postmacondo. Transocean offshore deepwater drilling careers and. In september 2009, the rig drilled the deepest oil well in history at a. Transocean outlines indemnity language in deepwater horizon contract. He described bps actions as reckless, while he said transoceans and. Deepwater horizon caught fire when it was drilling at macondo in april 2010. Transocean is aiming for higher ground with macondo uncertainties still lingering, transoceans management is undertaking a multifaceted approach to strengthening the company. The worlds most storied deepwater oil rig, the transocean marianas, has developed a critical list after an anchor punctured her poontoon and is in risk of sinking on location update. The terms include scope, expectations of deliverables, supplies to be used, fees, and termination. Drilling over the prospect was initially planned to be carried out by transoceans marianas rig, but later changed to deepwater.
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