ODECO

ODECO (Ocean Drilling & Exploration Company) was an offshore drilling company. In 1992, it was acquired by Diamond Offshore Drilling.

Ocean Drilling & Exploration Company
IndustryPetroleum industry
FateAcquired by Diamond Offshore Drilling
Founded1953 (1953)
FounderAlden J. "Doc" Laborde
John Hayward
Defunct1992 (1992)
HeadquartersNew Orleans

History

In 1953, the company was founded by Alden J. "Doc" Laborde, who also founded Tidewater, and John Hayward. Hayward was the builder of the Barnsdall rig and holder of the patent on submersible drilling barge methodology. Charles Murphy, Jr. of Murphy Oil invested $500,000 in the company and assisted Laborde in finding additional investors.[1]

Alexander Shipyard in New Orleans constructed the company's first rig, which was delivered in 1954 and immediately contracted to Shell Oil. The rig was named Mr.Charlie after Charles Murphy. Mr. Charlie was retired in 1986.[2]

After noticing the stability of submersible rigs when they were only partially submerged for relocation, Laborde designed and constructed the first purpose-built V-shaped semi-submersible drilling rig, Ocean Driller, delivered in 1963.

In 1982, Ocean Ranger, one of the company's oil platforms, sank in a violent storm in Canadian waters east of Newfoundland, killing 84 people.[3][4]

Also in 1982, the company took delivery of Odyssey. The rig suffered a blowout in 1988.[5]

In 1991, Murphy Oil acquired the company.[6]

In 1992, Diamond Offshore Drilling acquired the company from Murphy Oil for $358 million.[7]

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References
  1. "Diamond Offshore History". Diamond Offshore.
  2. "Rig Museum". International Petroleum Museum and Exposition.
  3. "84 FEARED DEAD AS OIL-DRILLING RIG REPORTEDLY SINKS IN NORTH ATLANTIC". New York Times. Associated Press. February 16, 1982.
  4. "Ocean Ranger sinking still haunts 30 years later". CBC. February 15, 2012.
  5. "A rescue fleet of boats and aircraft safely evacuated". United Press International. February 15, 2012.
  6. "Murphy Oil accepts Odeco stock". United Press International. September 22, 1988.
  7. "Loews Corp Hits A Gusher". The Washington Post. November 21, 1996.
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