USGOM Oil Activity Continues. Will Oil Prices Drop In A Recession?

Posted
Matthew Rigdon, Executive VP and COO

The deepwater floating rig count in the US Gulf of Mexico (GOM) is now currently at 19 rigs. This is a small upward trend that I suspect will remain sustained, especially when the known additional deepwater rigs coming to the market actually arrive. Though the new count only represents a one rig increase this year, it is meaningful for the…

Fleet Reactivations Not Likely To Solve OSV Market Needs

Posted
Matthew Rigdon, Executive VP and COO

As the OSV market continues to remain tight into foreseeable future, charterers of OSVs in our industry are scrambling to figure out how to meet their increasing vessel needs. Many industry observers point to a reactivation of the remaining stacked fleet as a means to bring additional supply to the market. When considering the only truly…

Clean Energy Shutdowns Increase Global Prices, Improve Oil and Gas Industries

Posted
Matthew Rigdon, Executive VP and COO

The nuclear power generation industry is rarely front and center in the global energy transition discussion. Most of the focus has been placed on the need to develop alternative energy sources such as wind and solar, with the objectives to reduce oil and gas consumption and achieve net zero carbon emissions. This is certainly a…

Deepwater Recovery Continues Through Unexpected Activity

Posted
Matthew Rigdon, Executive VP and COO

In early 2020, prior to the the COVID shutdowns in mid-March, the offshore oil and gas industry in the US GOM was showing strong signs of a sustained recovery. By the end of February 2020, there were 22 deep water rigs actively drilling, the most since 2017. After the pandemic shut the world down, offshore activity dropped dramatically…

Capitalizing on Increased Oil Prices: Now Is the Time

Posted
Matthew Rigdon, Executive VP and COO

I recently did an analysis of oil prices and the number of deepwater rigs in the US Gulf of Mexico going all the way back to 2014. I wasn’t sure what the results might indicate but I had a general idea of what the averages were at the end of each respective year. In summary, here are…

New Industries Provide Positive Outlook for OSV Market

Posted
Matthew Rigdon, Executive VP and COO

While the offshore market is showing signs of a sustained recovery with OSV demand increasing dramatically over the last few months, there are other industries that will drive even more OSV demand. There has been much made of the need for existing OSVs to support offshore wind farm activities in the US. Though the desire is for…

2021 Wrapped: Will Omicron Derail An Increase GOM Activity?

Posted
Matthew Rigdon, Executive VP and COO

As 2021 draws to a close, there are many reasons to be both optimistic and cautious about our industry in 2022 and beyond. While there have been positive trends in market drivers for OSV demand, we are still faced with the threat of COVID and the impact it may have on oil and gas demand. Overall,…

Lease Sales and Alternative Energy Fuels US GOM Commitments

Posted
Matthew Rigdon, Executive VP and COO

Back in August, I touched on the growing sentiment among Super Major and Major energy companies that the US Gulf of Mexico will remain a critical offshore oil and gas basin for years to come. In that same month, during the annuals Offshore Technology Conference in Houston, Shell announced as part of its long-term energy…

Jackson Offshore Operators Announces Acquisition of New PSV and Long-Term Contract

Posted by & filed under Platform Supply Vessels, Uncategorized.

NEW ORLEANS — Jackson Offshore Operators, LLC (JOO) is pleased to announce that it is growing its Platform Supply Vessel (PSV) fleet with the acquisition of the M/V STORM. Once it has completed regulatory requirements, the M/V STORM will commence a five-year contract with a Super Major in the U.S. Gulf of Mexico. Built in…

Oil and Gas Markets See Renewed Signs of Recovery

Posted
Matthew Rigdon, Executive VP and COO

As oil prices continue their steady march upward, there is yet to be a meaningful increase in floating rig activity in the US Gulf of Mexico. Some may see this as a negative sign for offshore activity, but I disagree. It was widely believed that once oil eclipsed the mid-$60 threshold for a sustained period,…