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,┬áthe 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…