Thanks for the reply.
Nabors Drilling registered themselves in Bermuda some years ago, if I'm not mistaken, for the same purpose - although my understanding is, it's not just for taxes. The headaches associated with operating internationally have become increasingly burdensome.
When I get invoices from our drilling contractor, they always have attached, as required by law, a copy of the US regulations concerning foreign corrupt practices. This is outside of the US, mind you, but because they're a US registered company, the copy is attached, just to remind us citizens how long the Arm of Creeping Authority really is.
Need something quickly, to help solve that emergency with the well? Sorry...as a US company, we have certain export restrictions on the stuff you want to send. What used to be exported with no problem now must be cleared through proper official channels. Guess what? The bureaucrat who now earns approximately twice what his private sector counterpart earns, may or may not be available to clear your stuff in time for that jet plane you chartered.
I met with another drilling contractor a couple of weeks ago, and they are desperate to get all of their rigs out of the GOM. They have heavy industry, shipyards, etc. here too. Between losing rigs to hurricanes and the now-impending regulatory changes, they're just saying "no thanks". And they are about as red-blooded patriotic a US company as they get.
Just trying to make the point, it's not all about greed, it's also about being able to operate competitively, thanks to overweening controls and government funded bureaucracies inspired by both political parties.
I don't think most have any idea just how devastating this spill is going to be to the oil service economy in the US.
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