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Rates climbing: The price to rent a deepwater drilling rig may climb to near record levels if demand from oil companies continues to increase in the coming years, according to the head of the world’s biggest offshore rig contractor. One industry executive says he expects an expansion starting in 2026 that could add about 10 rigs to the roughly 150 working around the world. If it happens, from that point forward, it’s possible that rates could climb to $600,000 a day. Read more from Bloomberg. A subscription may be required.
Set for Baton Rouge: U.S. Sen. Bill Cassidy is hosting an energy summit in Baton Rouge next month. Louisiana Energy Security Summit: Unleashing American Abundance in a Changing Global Landscape is expected to bring together leaders from the federal, state and local government, industry and the research community. Register to attend the event.
Hard choices: Southwest Airlines has warned employees that it will have to make “difficult decisions” ahead to boost profits as the carrier faces pressure from investors. Over the summer, Southwest announced a host of major changes to its more than 50-year-old business model to drum up revenue, including ditching open seating for assigned seats. Read more from CNBC.
