Skip to content
Subscriber Only

Oil’s Biggest Rigs Head to the Junkyard

  • Predictions are oil won’t go up enough for offshore boom soon
  • ‘Deepwater is going to be playing a much-reduced role’
Bloomberg business news

IEA's Birol Says Oil Markets May Rebalance Next Year

Updated on

Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day.

The move by the world’s biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials that will add up to a bruising $1.4 billion write-off. Competitors are going the same route, jettisoning more rigs in the third quarter than have ever been trashed in a 90-day stretch, according to Heikkinen Energy Advisors analyst David Smith.