The Paul B. Loyd Jr drilling rig, operated by Transocean Inc., stands illuminated at night in the Port of Cromarty Firth in Cromarty, U.K., on Tuesday, June 23, 2020. It’s also led to reduced international expectations, meaning larger service rivals Schlumberger Ltd. and Baker Hughes Co. should also see double-digits cuts to their earnings this year and next, Gruber wrote.The combined market capitalization for the world’s five biggest oilfield servicers and equipment makers today couldn’t surpass the $49 billion size in 2008 of just Transocean Ltd., the world’s biggest owner of deepwater drilling rigs. Offshore drillers, in particular, have been affected by recent oil busts as offshore oil is among the most expensive to produce, requiring large upfront capital and a longer return on investment.Between 75 and 110 employees working on the Discoverer Inspiration, an ultra-deepwater drillship operating in international waters off the Gulf of Mexico, will be laid off after its contract ends. Offshore drillers, in particular, have been affected by recent oil busts as offshore oil is among the most expensive to produce, requiring large upfront capital and a longer return on investment.Between 75 and 110 employees working on the Discoverer Inspiration, an ultra-deepwater drillship operating in international waters off the Gulf of Mexico, will be laid off after its contract ends. US Oil Rig Count Rises for First Week Since March. The layoffs are expected to begin on Sept. 15, and the company considers the layoffs to be permanent. “In the event that (Transocean) obtains a contract for additional work utilising the Discoverer Inspiration, the Company may recall a percentage of the employees who were released from the Discoverer Inspiration; however, Transocean considers the layoffs to be permanent,” Transocean said in a letter to the state commission.Between 75 and 110 employees working on the Discoverer Inspiration, an ultra-deepwater drillship operating in international waters off the Gulf of Mexico, will be laid off after its contract ends. Seadrill last month said it plans to lay off 135 workers on its Sevan Louisiana Rig in the Gulf of Mexico after its contract ends this summer. Transocean is making some roles redundant on its Discoverer Inspiration drillship. Announcements are starting to trickle in. “Even before the coronavirus pandemic and the Russia/Saudi crude price war, a number of companies were teetering on the edge of survival.” Transocean recently added contracts from Equatorial Guinea to the tune of $100 million. Global oil and gas project sanctioning is set for a monstrous 75% plus drop in 2020 from 2019 levels, as the Covid-19 pandemic… Latest News. One of the most painful busts in the history of crude oil happened just six years ago, when a sharp price drop cost 200,000 industry professionals, almost half the entire workforce, their jobs.
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