The Transocean Deepwater Horizon held the world record (achieved in september 2009) for the deepest ever drill. The rig was rated to work in water depths of up to 10,000ft and had a drilling depth capacilty of 30,000ft
Built in 2001 the dayrate for rig hire was $502,000US and she was contracted to BP through till September 2013.
In the midle of last week, there was a terrible accident. An explosion has killed 11 workers, left 7 critically wounded and 15 wounded. Of the 126 onboard, 11 did not make it off. The Deepwater Horizon sunk in 5000ft of water.
Apart from the terrible loss of life, and the ensuing environmental impact, the loss of this rig is a significant setback for deepwater exploration & production projects. It will be several years before Transocean can replace her.
These are the lengths now that large western oil companies are going to in order to find and produce oil.
Condolences to the families of the deceased & injured, my thoughts are with you.
