Rig industry faces oversupply of deep-water vessels, lower spending

HOUSTON: Transocean Ltd, owner of the largest fleet of offshore rigs, said the industry faces the double blow of an oversupply of deep-water vessels and lower spending by customers in the next two years.

The company that was criticised last year by activist shareholder Carl Icahn for “ill-advised mergers” didn’t see now as the right time to make a deal with a rival that’s looking to sell out, chief executive officer Steven Newman said in an interview at Bloomberg’s Houston office.