Offshore oil recovery beginning in world's harshest environments
Explorers are once again testing the waters in their search for oil, according to Transocean Ltd., the world’s biggest offshore rig contractor by market value.Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140% this year, Jeremy Thigpen, Transocean’s CEO told analysts and investors in a conference call on Wednesday. Thigpen said he’s excited about opportunities to drill off the coast of Norway, the UK and Canada.It’s all thanks to the continued climb in crude prices after a three-year crash. Brent crude, the international benchmark, touched $71.28/bbl late last month, the highest since December 2014. Explorers who slashed budgets and canceled their riskiest drilling projects when the market crashe.....