Here We Go Again: RIG Stock Drops Following Report Transocean Marianas Rig In Danger Of Sinking

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Wed, 07/06/2011 - 14:49 | 1430542 Oh regional Indian
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What was that about the rhyme/repeat of history?

Exactly. I think 2011, in hindsight, will prove to be the turning/tipping point.

Man+Technology = Epic Failure


Wed, 07/06/2011 - 15:19 | 1430650 GeneMarchbanks
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Man + collective inability to understand the exponential function = Disaster of biblical proportion.

But agree about the 2011 part and also you might add: 2012, 2013, 2014 etc etc.

Wed, 07/06/2011 - 15:33 | 1430692 macholatte
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"History doesn't repeat itself, but it does rhyme."
  --  Mark Twain

Wed, 07/06/2011 - 16:21 | 1430814 cpnscarlet
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Man+Technology = Epic Failure


Just call the Thunderbirds.

Wed, 07/06/2011 - 17:00 | 1430883 flacorps
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This seems more run-of-the-mill debacle than Wexelblat disaster, though Lloyds can't be happy.

Query why pontoons aren't filled with expanding foam or compartmentalized or somesuch so that cracks are a negligible threat?

Wed, 07/06/2011 - 14:50 | 1430548 Dr. Engali
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They will bury this in the press too. Oil in the water (under Obummer) is good for us now.

Wed, 07/06/2011 - 14:56 | 1430572 NotApplicable
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I'm guessing that if they were picking up anchors, then they were not drilling at the time. So, instead of tons of oil, perhaps it will just be tons of oil rig.

Wed, 07/06/2011 - 15:00 | 1430586 That Peak Oil Guy
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Given it is off-shore Africa, we probably won't hear about it even if millions of barrels spill.


Wed, 07/06/2011 - 15:18 | 1430644 Sudden Debt
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Oil can sometimes turn into fertilizer. It depends on which side of the ocean you spill it.

Those Africans should be so greatful...

The least the government should do is make their "gift" to those poor Africans tax deductible. It may inspire others to be as generous.


Wed, 07/06/2011 - 15:23 | 1430663 Dr. Engali
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Tyler how about a that's funny button instead of a like button?

Wed, 07/06/2011 - 15:55 | 1430744 trav7777
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I thought maybe they were drilling in the Marianas Trench

Wed, 07/06/2011 - 15:02 | 1430592 cougar_w
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Ha. Or the rig will sink in place right over the well head taking out the BOP and burying the site under 100 vertical feet of metal scrap.

I have an active imagination.

Wed, 07/06/2011 - 15:40 | 1430709 Cognitive Dissonance
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There is usually a very fine line between active imagination and active delusions. Unless (of course) you are a Fed Chairsatan or any politician or bankster or corporate CEO or financial elite or..........  :)

Wed, 07/06/2011 - 18:13 | 1431047 cougar_w
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... or fiction writer. Yeah yeah get your hits in while you can, one of these days I'll be famous, Amos.

In the meantime, can you lend me 50 bucks? I've got a sure winner down at the tracks.

Wed, 07/06/2011 - 15:40 | 1430711 NotApplicable
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Now that's just crazy talk.

Wed, 07/06/2011 - 14:50 | 1430549 slaughterer
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Transocean.  Same criminals, same fuck ups, same lame crisis management.  Welcome to deja vu world.

Wed, 07/06/2011 - 14:51 | 1430551 Dr. Engali
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Groundhog day. Next up....invade an oil rich nation. Iran anybody?

Wed, 07/06/2011 - 14:52 | 1430555 Cassandra Syndrome
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The system is so rigged....

Wed, 07/06/2011 - 15:08 | 1430612 Dr. Engali
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Okay that one was so bad even Rodney Dangerfield wouldn't touch it.

Wed, 07/06/2011 - 18:23 | 1431066 squexx
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Wed, 07/06/2011 - 14:54 | 1430570 monopoly
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That is what makes this site so amazing. I have RIG on my scans and looked everywhere for news, Nada, 0. And here it is.

Thank you Tyler.

Oh, no position.

Wed, 07/06/2011 - 14:55 | 1430571 zorba THE GREEK
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 If they were picking up the anchors, then it's doubtful they were pumping oil. The well was

 probably capped so there shouldn't be an oil spill, which would make this only a minor incident.

Wed, 07/06/2011 - 14:57 | 1430579 monopoly
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Good point zorba, if true, could be a buy down here. NP

Wed, 07/06/2011 - 15:28 | 1430634 Urban Redneck
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I would characterize it as non-environmental incident (hopefully), since these rigs are HUGE.

GT (Gross Tonnage): 20,461
NT (Net Tonnage): 6,138
DWT (Deadweight): 10,100
Length 264 ft  80 m 
Breadth 197 ft  60 m 
Depth 122 ft  37 m 
Winches 4 x Amclyde CTW-375 winches 
Wire/Chain 8 x 9,400ft x 3¾in cable; 8 x 2,500ft x 3¼in K4 chain 
Anchors 8 x 18mt Stevpris anchors



28MW of generators and 777,000 gallons of fuel to run them.

Wed, 07/06/2011 - 15:25 | 1430668 scatterbrains
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On the other hand if the well head was blown out with oil gushing everywhere wouldn't you expect them to add a comment like "we were pulling up anchor at the time. Everything is under control"

Wed, 07/06/2011 - 15:01 | 1430587 buzzsaw99
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They probably had $10/day nigerian temp. laborers managing the move. lulz

Wed, 07/06/2011 - 15:06 | 1430603 buzzsaw99
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expect more and more deep water "accidents".



Wed, 07/06/2011 - 15:10 | 1430616 Sudden Debt
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It will make a nice artificial reef.


Wed, 07/06/2011 - 15:30 | 1430681 snakehead
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No sweat. It's flagged under the Marshall Islands.  

Wed, 07/06/2011 - 15:35 | 1430696 Cognitive Dissonance
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Aren't the Marshall Islands expected to be under like around 5 feet of water pretty soon? Or do I have my sinking islands mixed up? Or is that tipping islands?

This is all very confusing. Damn you MSM.

Wed, 07/06/2011 - 15:31 | 1430687 Cognitive Dissonance
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Well........those anchor chains are really heavy.

Oh, we're talking ocean oil rigs and not captive populations. My bad, nothing to see here.

Wed, 07/06/2011 - 15:36 | 1430697 slewie the pi-rat
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irrespective of what the facts are, we need some damage control, so let's try to get the spin straight now, ok?

the pontoons were engineered and built to only have small leaks and cracks.  who could have forseen that the anchor winches could stress the pontoons?  this is, indeed, a black swan.

Wed, 07/06/2011 - 15:41 | 1430712 whoopsing
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Are they blaming the issue on the winch's Slewie?

Wed, 07/06/2011 - 22:06 | 1431515 slewie the pi-rat
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not that i know of, whoop, which is why i wrote this:

irrespective of what the facts are, we need some damage control, so let's try to get the spin straight now, ok?

what "inspired" me to joke around abt this severe situ, especially when people may still be on the rig, in danger, was the FACT that evacuations have taken place and this is what is made public---and the source for the story is not named...

now we have a source and an update:  Transocean Marianas Oil Rig In Danger Of Sinking [BREAKING NEWS REPORT] | gCaptain

which actually explains why the rig is most probably not "in danger of sinking", of course...

they winched the anchor, which punctured the pontoon, now being reported; 108 evacuated, 13 remain.  one degree of list. that is not a typo.  one degree of list.  so, the original report was certainly factual that there was list!  and now, the pumps are keeping up just fine, too.  never fear! 

now, it is still "believed" there was damage to the #5 & #6 chain lockers. 

now we can understand that the pontoon "developed a large crack" b/c somebody winched an anchor thru the puppy!  soon we shall hopefully hear that the chain lockers are (blessedly) ok, and it was a mechanical or electrical malfunction, and that the offending winch, or part,  has been forced to walk the plank, no doubt;... altho there was unauthorized scuttlebutt about a "moving party"; no details we ever revealed, officially;  no blood alcohol levels were taken (sweet blessings, indeed).  full report to follow in seven months.

hey, at least everybody is ok!  yay!

Thu, 07/07/2011 - 00:19 | 1431705 shano
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oh that was a really fine post, lol


you may be right!  even funnier!

Wed, 07/06/2011 - 15:48 | 1430728 Gubbmint Cheese
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Analysts say need to replace lost rig is bullish for metal companies.


Wed, 07/06/2011 - 16:11 | 1430785 ReallySparky
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So this rumor cost Paulson some money today. 


Wed, 07/06/2011 - 16:11 | 1430788 Jendrzejczyk
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OT but ridiculous. TSA now warning of breast implant bombs.

Wed, 07/06/2011 - 16:22 | 1430818 Cognitive Dissonance
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Dose are da bomb.

Thu, 07/07/2011 - 00:21 | 1431709 shano
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be afraid, be very, very afraid of the boob bombs

Wed, 07/06/2011 - 16:19 | 1430807 Crabshack
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Tsunami warning after 7.8 quake for New Zealand

Wed, 07/06/2011 - 16:20 | 1430810 Smiddywesson
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They wouldn't be drilling while moving heavy items like anchors to increase production, would they?  I mean, there are rules for this...right?

Do we always evacuate when things are "under control?"

Seems to me, that is the tell.

It wasn't an anchor that hit the pylon, it was a neon green sperm whale from Japan.

Wed, 07/06/2011 - 16:31 | 1430836 Atomizer
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 White Star Line Ships - The Sequel

Wed, 07/06/2011 - 19:42 | 1430839 Mr Lennon Hendrix
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Wed, 07/06/2011 - 17:28 | 1430946 Jim in MN
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Another worker on Transocean's Marianas rig said that the safety manual seemed to be “written for the courtroom, not the oil field.”--NY Times, last year

Glug glug glug.  Hope no one is hurt.

Wed, 07/06/2011 - 17:39 | 1430975 Jim in MN
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Quite a history since launching in 1979:

Sep 27, 2005 – Transocean Inc. reported that its moored semisubmersible rig Transocean Marianas was forced off its drilling location during Hurricane Rita...

Sep 15, 2008 – Transocean's semi-submersible Marianas drilling rig drifted two miles from its mooring in the Gulf of Mexico because of Hurricane Ike....

I think the current contract is with ENI, or at least that's who chartered the towage from the GoM to Ghana...

Ah, yes, ENI.  Good details here:

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