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Transocean's Deepwater Asgard arrived in the Gulf of Mexico in April 2015 to work under a two-year contract with Chevron. (Chevron)

Transocean will reduce fleet to meet tough market

The world’s largest offshore operator is also cutting back its workforce and consolidating most of its support functions in Houston.

Norway oil-rig tender reveals ‘desperate’ drillers in price rout

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's Discoverer Inspiration drills a test well for Chevron in the Gulf of Mexico St. Malo field. (Transocean)

Transocean, Shell delay delivery of two new drillships

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.
iNOV Grant Prideco's Engineering Technology Center Sept 18, 2014. A worker at the combined load frame.  (Billy Smith II / Chronicle)
Publication History: 	Publication: The Houston Chronicle
PubDate: 9/21/2014 - PageNo: 1 - Section: D - Edition: H6 - CIMAGEID: 131712669
Caption: An employee checks machinery at NOV Grant Prideco's engineering technology center. It's part of National Oilwell Varco.

NOV taps new chief financial officer

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.
Shell's Arctic drilling vessel the Noble Discoverer arrives in Everette on Tuesday, May 12, 2015. (Daniella Beccaria,

Records detail equipment failure on Arctic drilling rig

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.
(Simon Dawson/Bloomberg)

Transocean will cancel dividend

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.
(Simon Dawson/Bloomberg)

Transocean profit falls 41 percent

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.
(Simon Dawson/Bloomberg)

Transocean’s June drilling contracts come in at year high

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.
(Eddie Seal/Bloomberg News)

Energy companies grew “lazy” and “flabby” while oil prices were high, executive says

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.
Seadrill's West Sirius semi-submersible rig (Seadrill)

Seadrill execs expect scrapping of deep-water rigs to accelerate

U.S. oil companies may not be sidelining as many rigs at its big shale plays, but the fate of many deep-water machines around the world is far from certain.