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Article: DRILLING RIGS PASS FROM VISIBLE MONUMENTS TO IDLE, RUSTING TOWERS OF QUESTIONED VALUE
- Article from:
- THE JOURNAL RECORD
- Article date:
- August 26, 1986
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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SABINE PASS, Texas - In richer times
and busier times, the offshore drilling rigs toiling in the Gulf of
Mexico symbolized the wea lth and ingenuity of the oil patch.
Back then, the oil rigs were worth $20 million to more than $100
million each, depending on their size and function. Many oil
companies owned several of them and painted them in the company
colors.
Today, idled and rusting in several Texas and Louisiana seaports,
the rigs are highly visible monuments to the financial pain being
suffered by the oil industry. Today, they might be worth a nickel,
dime or quarter on the dollar - if there were any buyers out there.
If oil prices continue to be depressed, the rigs may only be worth ...