Deepwater briefing

OE Staff

June 1, 2015

Towards 2025, deepwater exploration and production will save the offshore industry, Norwegian energy analysts Rystad said in a recent presentation.

According to Douglas Westwood’s World Deepwater Market Forecast, 2014-2018, deepwater spending is due to rise by 130%, compared to the previous five year period, totaling US$260 billion.

In its Deepwater and Ultra-deepwater Market Report to 2018, Infield puts the capital spending growth rate in deepwater at about 8% in 2014-2018.

The first drillship design was the CUSS I, designed through the CUSS consortium (Continental Oil Co., Union Oil Co., Shell Oil Co. and Superior Oil Co.). It was managed by Robert F. Bauer, who went on to become the first president of Global Marine Exploration Co. This company would build the CUSS II drillship, capable of drilling in 600ft water depths.

The CUSS line of drillships would later be renamed Glomar, short for Global Marine. The company would be party to several mergers including one with Sante Fe in 2001, adopting the name Global Sante Fe. In 2007, the company merged with Transocean, maintaining the Transocean name.