Interview with Former Transocean Executive
A Discussion with a Former Transocean and Current Borr Exec Who Lived Through the Downturn
Summary of Discussion
The conversation spans the offshore services industry’s last build cycle (Transocean, Seadrill), technology’s impact on project economics, safety considerations for older rigs, bid-process dynamics, FPSO constraints, and potential M&A. The expert stresses disciplined rig-building, a shift toward cash flow and shareholder returns, the steep costs/risks of reactivating cold-stacked rigs, IOC risk management, how inventory depletion elongated lead times, and who might consolidate next.
Table of Contents
Introduction & Expert Background
Offshore Industry Cycles and Dynamics
Economics of Offshore Projects
Technological Advancements & Challenges
Stacking, Reactivation & Safety
FPSOs and Yard Capacity Constraints
Bidding Process & Utilization Nuance
M&A Landscape
How Transocean Avoided Chapter 11
1. Introduction & Expert Background
TDC: Thanks for speaking with me. Could you start with your background—your role at Transocean and what you do at Borr today?
Expert: I spent 16 years at Transocean, progressing from drilling engineer to rig and operations manager, with time in marketing. I finished in rig recycling and asset divestments—identifying scrapping, sales, and alternate uses (jackups as going concerns). I moved to Borr when we acquired nine operating jackups and five newbuilds and have been there since inception. I’m now Marketing & Contracts Director for the Eastern Hemisphere, based in Dubai.
Offshore Industry Cycles and Dynamics
TDC: Let’s talk about the last cycle for Transocean: order book at the peak, shipyards, and what drove overbuilding.