Tag Archives: OilIndustry

Why Did This Louisiana-Based Vessel and Oil Rig Company Recently File for Bankruptcy?

An American marine transportation company filed for bankruptcy earlier in March. The Louisiana-based Harvey Gulf International Marine LLC has more than 50 ships in its marine fleet and supplies offshore oil rigs among other oil services. The company filed for Chapter 11 bankruptcy in Houston, Texas, and they reported that they had more than $1 billion in debt. What Happened? In the company’s court papers, it was stated the amount of debt that they were handling, as well as an agreement with lenders to help reduce what they owed. Lenders would then have the equity in the company when it finishes bankruptcy. Other creditors of the company, such as their suppliers, will be fully paid. Many offshore drilling and oil companies have filed for bankruptcy in recent years because of huge drops in oil prices that cut the demand for rigs. Harvey Gulf operates vessels under the Jones Act, which…
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Do Offshore Oil and Gas Rigs Have a Bolt Failure Problem?

Could the next Deepwater Horizon disaster happen because the oil and gas industry failed to solve its oil rig bolt failure problem? According to a report in Environment & Energy, a website that covers news within the energy industry, the oil rig bolt failure issue was first discovered in 2012, but the oil and gas industry, as well as safety regulators, still have not fixed the problem. What’s Wrong with Bolts on Offshore Oil and Gas Rigs? The incident in 2012 involved two components of an oil rig’s blowout preventer separating during drilling. The blowout preventer is an important piece of safety equipment. It is held together by 36 steel bolts that are 9 inches long and 2 inches thick. During the incident in 2012, all 36 bolts cracked off, which enabled 400 barrels of drilling fluids to spill into the Gulf of Mexico. Following an investigation, the bolts were…
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Is This Oil Rig Operator Responsible for a Worker’s On-the-Job Back Injury?

Last month, a case was filed in Harris County District Court against Rowan Companies Inc., an oil rig operator, alleging that the company is responsible for one of its employees suffering a back injury on an oil rig. Per the lawsuit, the worker is claiming that the oil rig operator failed to provide a safe work environment, and the oil rig that served as his worksite was unseaworthy. As a result, the worker says that the strain of working on an unsafe and unseaworthy oil rig for seven years led to him developing a severe back injury. In addition, the worker claims that the oil rig operator failing to train him to properly work in an environment with ergonomic risk factors contributed to him suffering the back injury. How Is Fault Determined Following an On-the-Job Injury? Who can be held accountable for an on-the-job accident or injury often depends on…
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