"I think it's too soon to call the absolute bottom," he says of the rig count.
It's easier to consolidate at the bottom of the cycle, once rig rates have fallen and suddenly those $500 million ultra-deepwater semi-submersible rigs can no longer cover their finance costs.
Originally found coating the bottom of oil rigs in the mid-1800s, it's a byproduct of the oil industry and therefore an unsustainable resource (read: not eco-friendly).
Mr. Hayward, 52, says he is hoping to turn the disaster into something of an advantage, showing the world that BP will make the biggest effort possible to protect the gulf environment and get to the bottom of what caused the rig explosion that killed 11 workers.
"Today, 57 days later, 11 lives lost, the rig at the bottom of the ocean, we are still using 20 million barrels a day.
As engineers made headway Thursday in containing the oil leak at the bottom of the Gulf of Mexico, crews on two floating rigs flanking the spot where the Deepwater Horizon exploded and sank were doing what rig crews normally do: drilling wells.
THE explosion that claimed 11 lives and sent the Deepwater Horizon, a billion-dollar oil rig, to the bottom of the Gulf of Mexico, was bad enough.
A few hours before the meeting, the Deepwater Horizon drilling rig had sunk to the bottom of the Gulf.
The well blew its top, causing an explosion and subsequent fire which claimed the lives of 11 of the rig's crew of 126 and eventually sent the rig itself to the bottom of the ocean, a mile below the surface and some 40 miles (64km) off the Louisiana coast.In the aftermath, oil started to seep to the surface.
That allows for the use of jack up rigs which sit on the bottom of the seabed and are safer to use.
