Deepwater drilling prospects look gloomy as Congress acts on BP
Due to concerns about the health of the global economy, oil prices have fallen from their 2009 high in the mid-$50 range. The Energy Information Administration announced that inventories of crude oil and refined products are higher than expectations for 2009, which is likely to depress oil prices. The agency reported that total commercial crude oil inventories increased by 2.8 million barrels from the preceding week. Gasoline inventories increased by 2.2 million barrels, while distillate inventories increased by 200,000 barrels.
An electrical worker on a Diamond Offshore semi-submersible oil rig filed a suit alleging that he was injured after falling four feet in 2007. He claimed that the fall was caused by a misplaced and defective grading on the oil rig. The plaintiff claimed that he injured his hand, arm, shoulder and neck, incurred medical expenses, and suffered a past and future physical impairment.
All major stocks experience their worst declines since the 1989 stock market crash.
Petrobas contracts four of DO's semisubmersibles until 2014/2015 for work worth upwards of $2.3 billion.
DO's Ocean Victory entered into a six-month contract with Callon Petroleum worth about $91 million. The Ocean America entered into a Letter of Intent worth $175 million.