ODECO

Ocean Drilling & Exploration Company (ODECO) was a pioneering offshore drilling company formed by Alden J. "Doc" Laborde and John Hayward in May 1953.

Early years

John Hayward was the builder of the Barnsdall rig, and holder of the patent on submersible drilling barge methodology.

Charles Murphy, Jr. of Murphy Oil Company was looking for an innovative technology that would let his small company compete with the big companies drilling offshore. Laborde's design for a submersible transportable drilling rig was suitable and Murphy committed $500,000 to the deal and assisted Laborde in finding additional investors.

ODECO signed a construction contract with Alexander Shipyard in New Orleans. The name selected for the new submersible drilling unit was Mr.Charlie; the commonly used name used for Charles Murphy's father.

As the rig neared completion ODECO needed a company willing to put Mr. Charlie to work. Laborde was relieved when Shell Oil signed a contract to hire the rig to drill a series of small wells at the mouth of the Mississippi River.