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The Polar Pioneer cancellation marks the second for Transocean this month.
The world’s largest offshore operator is also cutting back its workforce and consolidating most of its support functions in Houston.
Offshores drillers such as Transocean Ltd., Seadrill Ltd. and Fred Olsen Energy ASA have been caught in a double whammy of falling demand for their services and a glut of new rigs coming into the market.
Transocean and Royal Dutch Shell struck an agreement to delay the delivery of two newbuild ultradeep-water drillships as the offshore drilling industry cools amid a global downturn in oil prices.
National Oilwell Varco has appointed a new chief financial officer with experience working in the industry as an executive at a major oil company as well as a background in investment banking.
The records, provided by the U.S. Coast Guard in response to a Freedom of Information Act request, also describe a botched fire drill by the crew of another Shell-contracted drilling rig months before it began boring an exploratory oil well in the Chukchi Sea.
The most severe oil-industry collapse since the 1980s has prompted explorers to curtail drilling budgets, cancel rig contracts and shelve plans to search for untapped crude fields from the Indian Ocean to the Gulf of Mexico.
Transocean, which has its main U.S. offices in Houston, said its profit of $342 million, or 93 cents a share, was down from $587 million, or $1.63 a share, in the April-June period last year. Revenue fell from $2.3 billion to $1.8 billion.
It’s the first time since December that Transocean has drawn more than $100 million in contracts this year, well above the monthly average of $22 million it saw in the first five months of 2015.
Energy companies grew a little too fat and happy during time of $100 a barrel oil prices, but they have quickly turned a corner to become much more efficient, energy executives said at a Calvetti Ferguson law firm forum.