Description: Specimen Stock printed by Security-Columbian Banknote Company. Please specify color. TODCO (The Offshore Drilling Co.) is a New York Stock Exchange-listed company based in Houston that provides contract oil and gas drilling services, mostly to major international oil companies, state-owned oil companies, and independent oil and gas companies. TODCOs fleet is composed of 64 drilling rigs, including 24 shallow water jackups, 27 inland barge rigs, nine land rigs, three submersible drilling units, and one platform rig. They operate in the shallow waters and inland areas of the Gulf of Mexico as well as the Caribbean Basin off the shores of Mexico, Venezuela, and Trinidad. TODCO also holds a 25 percent interest in Delta Towing, which operates a fleet of more than 40 support vessels, including inland tugs, offshore tugs, crewboats, deck barges, shale barges, spud barges, and a single offshore barge. In addition to the Houston home office, TODCO maintains operational offices in Houma, Louisiana; Maturin, Venezuela; La Romaine, Trinidad; Luanda, Angola; Rio de Janeiro, Brazil; and Ciudad del Carmen, Mexico. Warehouse and yard facilities are located in Houma, La Romaine, and Maturin. TODCOs roots date back to the Great Depression of the 1930s when two true pioneers of the oil and gas industry, J. W. Jack Bates, Sr., and George M. Reading, became partners. Bates came west to California after receiving a degree from Dartmouth College, starting out in the oil industry at the lowest ranks, working as a mule skinner. Reading was a University of California-educated mining engineer. The two men met in Texas in 1930 when Bates was general superintendent for Rox-anna Petroleum, which later took the name Shell Oil Company, and Reading was one of his drilling contractors. In 1935 they became partners, forming Tulsa, Oklahoma-based Reading & Bates Drilling Co. with three drilling rigs they acquired on credit. The company enjoyed steady growth drilling contract wells in Oklahoma, Texas, and Kansas. In 1949 Jack Bates, Jr., took over the presidency, then two years later took on a partner of his own, Charlie Thornton, a former Gulf Oil petroleum engineer who headed a Canadian subsidiary. In 1955 they incorporated Reading & Bates Offshore Drilling Co., a subsidiary that would one day become part of TODCO. Its rigs operated in the Gulf of Mexico as well as the Persian Gulf in the Middle East. The company became one of the first drilling contractors to work in the North Sea, and in the late 1960s began growing its fleet and adding capabilities, such as pollution control technology and ocean engineering. Reading & Bates continued to operate land rigs in Iran, but in the late 1970s the Shah was overthrown in a revolution and the equipment was confiscated. Having lost most of its land rigs, Reading & Bates simply exited this part of the business. The company was involved in exploration and other areas, but following the collapse of the oil and gas industry after the price of oil fell to the $8"$10 per barrel range in 1986, Reading & Bates undertook a restructuring. In 1989 it moved its headquarters to Houston and by 1991 dives Item ordered may not be exact piece shown. All original and authentic.
Price: 35 USD
Location: Portsmouth, New Hampshire
End Time: 2025-01-28T23:09:17.000Z
Shipping Cost: 6.25 USD
Product Images
Item Specifics
Return shipping will be paid by: Buyer
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
Return policy details:
