Sunday, May 22, 2016

What's next...

In the last post, I mentioned 4 big oil rigs in the turning basin at our local port.  Make that 5.  This morning, it looked like the drilling ship that came in yesterday was moving around... nope, another one that looks just like it!

These ships are impressive.  They are about two years old, and have been pulled off their current 3 year contract, due to the depressed oil prices.  I was visiting with my buddy David about them - they will likely have a short down time before being put back into service.  They can drill to 4,000', with GPS driven gryro propulsion to keep them in one spot.  Expensive rigs... too expensive to leave 'em sitting.  Day rates between $250k and $500k for operating costs.

In the meantime, this means more income for our local port authority.  And the turning basin is starting to look like a parking lot... a parking lot for VERY BIG rigs.

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