The rig-building industry is booming. The growth is attributed to the increased oil demand and the destruction of rigs by storms. In Texas they have
just started the construction of a 7,000-ton rig which is supposed to be more able to withstand hurricanes. The construction work is expected to be
going on for 20 months.
Rigzone: Big Plans Await Oil Rig in Orange, Texas
May 12, 2006
She already weighs 120 tons, but she is only a baby. The oil rig growing in Signal International's shipyard in Orange doesn't have a name yet, but
people already have big plans for her. The rig, given life Thursday in a keel-laying ceremony, likely will be a bigger, better replacement for one
Hurricanes Katrina and Rita wiped out last year, the builders say.
The $140 million, 7,000-ton rig needs 20 more months of work before she can be tested and make her way into the Gulf.
A name will be assigned at the christening ceremony. Then, the 30-year exploration odyssey for the hurricane-tough vessel begins.
David Russell, Rowan Companies Inc. vice president, said the rig-building industry will continue to grow. He attributed that growth to increased oil
demand as well as destruction of rigs by the storms. Rowan lost four rig in the Gulf of Mexico last year due to hurricanes.
Please visit the link provided for the complete story.
I assume they'll need to build many more new rigs to replace the ones getting destroyed by the storms. I heard they have predicted 17 named storms
for the 2006 Atlantic Hurricane season. 9 of them becoming hurricanes and 5 of those becoming major hurricanes...
Related ATS Threads:
Thunder Horse Listing Bad - Might Sink (
with pictures)
Special Report On The Katrina Offshore Damage Assessment