Bud's Offshore Energy (BOE)

Upstream report on today’s press conference.
Observations:

1. The listing DP rig  is apparently being held on location solely by the marine riser.
2. It sounds like they were  cementing (or had cemented) production casing at the time of the incident, and that the surface plug had not yet been set prior to temporarily abandoning the well.  Flow could be inside the casing or in the annulus.
3. Apparently most of the oil is being released at the top of the riser (estimated rate of 300 bbl/hr) and being ignited.  If the riser fails, oil will be released at the seafloor and the spill response will be much more challenging.
4. They will attempt to actuate the BOPE with an ROV.  This implies that they either were unable to actuate BOPE prior to evacuating or that the actuation was unsuccessful (e.g. shear ram was unable to cut pipe in well bore).