Transocean

The new well control rule is evidence that memories of the Macondo blowout remain a powerful force for caution. Despite the rhetoric on both sides of this hot-button issue suggesting big changes, the final changes were incremental.

The biggest drilling company appears interested in becoming the most innovative. It is testing inventions ranging from a blowout preventer that is not hydraulically powered to power systems designed like a hybrid car.

The contract is helping to solidify Europe’s offshore sector as the focal point for the rise of automated drilling technology.

The cost cuts made during the downturn and the recent increase in oil prices have led to some global offshore projects becoming economically viable. Norway is leading the comeback.

A rise in oil prices close to 3-year highs should further stimulate a recovering oilfield services and equipment sector, despite lower than expected late-2017 activity in US shale.

This new deal marks the second major acquisition of an offshore drilling company since the onset of the industry downturn.

Eight salvage experts have boarded the Transocean Winner, which ran agorund off the Isle of Lewis on 8 August.