107159558_3089136267846003_4419333263616064399_o

Posted
Matthew Rigdon, Executive VP and COO

Since June, the deepwater OSV market in the US GOM has continued to soften. The count has fallen by another two rigs leaving the current, active deepwater rig count at 13. The number of deepwater OSVs that have been idled also increased by 7 during Q2. Given the outcome of Q2 and with seven deepwater vessels being stacked,…

JOO At Rig

Posted
Matthew Rigdon, Executive VP and COO

Since mid-March, when COVID-19 was declared a pandemic and Saudi Arabia initiated an oil price war, the industry has been anticipating a precipitous short-term decline in deepwater activities. Though WTI has crept up into the high $30 range, even eclipsing $40 briefly, we are now seeing the effects of the plunge in oil prices on deepwater…

96805673_2926730524086579_796684783793995776_o

Posted
Matthew Rigdon, Executive VP and COO

The recent collapse of oil to below zero was not driven by fundamentals in the supply and demand of oil. Rather, it was a function of oil traders and speculators having to sell their way out of a badly timed trade. The speculators that own oil delivery contracts have no intent of taking delivery of…