Ocean Ranger was a mobile drilling platform. It could relocate to different oil fields across the oceans and maintain its position by hovering above the oil field. Like all mobile oil platforms, it was kept afloat by large ballasted pontoons which floated below the water surface. The purpose of this semi-submersible pontoon was to keep the platform steady in rough sea conditions. It meant that the platform was steadier than a vessel would be on the surface of a choppy sea. It was easier to control and hold in position, essential when drilling exploration holes.
Ocean Ranger had been drilling offshore from Alaska, New Jersey, and Ireland. But in November 1980, it was deployed to Grand Banks where it drilled for Mobil Oil of Canada. Just over a year later, on Sunday, 14 February 1982 disaster struck.
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Sources
www.heritage.nf.ca/articles/economy/ocean-ranger.php
www.cbc.ca/news/canada/newfoundland-labrador/ocean-ranger-1.6351835
en.wikipedia.org/wiki/Ocean_Ranger