Shallow-Water Drilling Market Shows Signs of Life

ABOARD THE GLOMAR HIGH ISLAND IV, GULF OF MEXICO -- Slowly but surely, the Gulf of Mexico shallow-water drilling market is shaking itself back to life.

Much of the evidence so far is anecdotal. Chevron's (CHV Quote) recent decision to make this rig, Global Marine's (GLM Quote) Glomar High Island IV, its core drilling unit in the western gulf region, is one sign.

Glomar High Island IV
Chevron recently made this rig its main drilling unit in the Western gulf region.
Photo: Mavis Scanlon

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