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National Oilwell Varco, Inc. Message Board

  • bluefalcon111111111 bluefalcon111111111 Dec 3, 2012 6:34 PM Flag

    cancellation of ocean rigs doesn't hurt... might help them

    PBR had other reasons for cancelling those order. Ocean rig part of dryships.....they didn't have space to build rigs....i think PBR did a little homework and realize they didn[t want to be involve with ocean rig....

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    • PBR (partially state owned) is still taking delivery of a much larger number of rigs (built in Brazil by Brazilian companies in Brazilian shipyards), and NOV is supplying 100% of the equipment for those. Ocean Rig/Dry Ships is Norwegian, and in a slow economy, state owned companies like PBR do not give out jobs/work to non-Brazilian entities. I posted earlier that an idle Brazilian shipyard in October said it would sue if PBR gave the award to Ocean Rig. So the real answer is politics.

      I agree this will have little long term effect on PBR or NOV. I don't expect Ocean Rig to sit idle either, and if they can't place their new rigs in Brazil, it is certain that they will still build them for use somewhere else on the planet.

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