ODECO
{{Short description|Defunct offshore drilling company}}
{{Infobox company
| name = Ocean Drilling & Exploration Company
| industry = Petroleum industry
| fate = Acquired by Diamond Offshore Drilling
| foundation = {{Start date and age|1953}}
| founder = Alden J. "Doc" Laborde
John Hayward
| defunct = {{End date and age|1992}}
| hq_location = New Orleans
}}
ODECO (Ocean Drilling & Exploration Company) was an offshore drilling company. In 1992, it was acquired by Diamond Offshore Drilling.
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.{{cite web | title=Diamond Offshore History | url=http://www.diamondoffshore.com/our-history| publisher=Diamond Offshore}}
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.{{cite web | title=Rig Museum | url=http://www.rigmuseum.com/charlie1.html | publisher=International Petroleum Museum and Exposition}}
After noticing the stability of submersible rigs when they were only partially submerged for relocation and the success of Shell's conversion of the Blue Water rig, Laborde designed and constructed the first purpose-built V-shaped semi-submersible drilling rig, Ocean Driller, delivered in 1963.{{Cite web|author=Tyler Priest|title=Offshore at 60: The Blue Water Breakthrough|url=https://www.offshore-mag.com/home/article/16804652/offshore-at-60-the-blue-water-breakthrough/|date=October 17, 2014|publisher=PennWell|access-date=October 16, 2021}}
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.{{cite news | url=https://www.nytimes.com/1982/02/16/world/84-feared-dead-as-oil-drilling-rig-reportedly-sinks-in-north-atlantic.html | title=84 FEARED DEAD AS OIL-DRILLING RIG REPORTEDLY SINKS IN NORTH ATLANTIC | agency=Associated Press | work=New York Times | date=February 16, 1982 |url-access=subscription}}{{cite news | url=https://www.cbc.ca/news/canada/newfoundland-labrador/ocean-ranger-sinking-still-haunts-30-years-later-1.1181316 | title=Ocean Ranger sinking still haunts 30 years later | work=CBC | date=February 15, 2012}}
Also in 1982, the company took delivery of Odyssey. The rig suffered a blowout in 1988.{{cite news | url=https://www.upi.com/Archives/1988/09/22/A-rescue-fleet-of-boats-and-aircraft-safely-evacuated/1485590904000/ | title=A rescue fleet of boats and aircraft safely evacuated | work=United Press International | date=February 15, 2012}}
In 1991, Murphy Oil acquired the company.{{cite news | url=https://www.upi.com/Archives/1991/06/27/Murphy-Oil-accepts-Odeco-stock/1187677995200/ | title=Murphy Oil accepts Odeco stock | work=United Press International | date=September 22, 1988}}
In 1992, Diamond Offshore Drilling acquired the company from Murphy Oil for $358 million.{{cite news | url=https://www.washingtonpost.com/archive/business/1996/11/21/loews-corp-hits-a-gusher/61c7ab59-0463-4344-addc-057e690bbf96/ | title=Loews Corp Hits A Gusher | newspaper=The Washington Post | date=November 21, 1996 |url-access=subscription}}