Mariner Energy Shares Plunge On Reports Of Explosion At A Company-Owned Platform

Tyler Durden's picture

Update: the explosion is on a Mariner operating platform in the Vermillion 380 field. This is not a rig.

From CNN:

An oil rig has exploded 80 miles off the coast of Louisiana, with 12 people overboard and one missing, the Coast Guard said Thursday morning.

Rescue attempts are underway for at least 12 people, Coast Guard spokesman John Edwards told CNN. 13 people were on board the rig total, Edwards said, noting 12 have been accounted for, but one person was missing.

The accident took place 80 miles off the coast of Louisiana on the Vermilion Oil rig 380, which is owned by Houston-based Mariner Energy.

The Coast Guard has multiple helicopters, an airplane and several Coast Guard cutters en route. It's unknown if there are any injuries.

The description of the Vermillion 380 field from the company's 10-K

At year-end 2009 estimated proved reserves attributed to our
Vermillion 380 field were 33.2 Bcfe, consisting of
approximately 47% oil and NGLs and 53% natural gas. During 2008
and 2009, we drilled five wells and added additional production
capacity on the “A” platform. Hurricane Ike damaged
the structure with the rig on the platform, causing us to
suspend drilling while underwater structural repairs were made.
We brought the platform back on production at reduced rates
until the facilities upgrade was finished. The platform is
currently producing approximately 28 MMcfe per day. Our
working interest in this block is 100%. Production at Vermillion
380 was approximately 1.1 Bcfe in 2009.