Thursday, September 16, 2010

Another Transocean (NYSE:RIG) Oil Rig Leaving Gulf

The news gets worse in light of the misguided Obama oil moratorium which continues to crush the Gulf region, as over 20,000 workers remain out of work because of the decision, while a fourth rig is now about to leave the region permanently, with Transocean (NYSE:RIG) saying they'll be removing a second rig from the area, while Diamond Offshore Drilling Inc (NYSE:DO) has already removed two.

Diamond and Anadarko (NYSE:APC) are in a battle over a third oil rig, which Anadarko wants to cancel the contract because of the moratorium.

Transocean CEO Steven Newman said concerning Gulf drilling activity, that there will probably be no meaningful continuation until sometime in 2011.

The growing idea is the regulatory atmosphere will probably result in a much less robust Gulf drilling area, and loss of thousands of jobs on a permanent basis.

Hopefully that will change after the mid-term elections.

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