jack up

In the area at the time were two wind farm crew transfer vessels and a tugboat towing a jack-up maintenance barge.

The fire broke out around midday Thursday on the jack-up oil rig in Sabine Pass, where the Texas-Louisiana border meets the Gulf of Mexico.

While key decisions about ECB’s emergency stimulus are set for their December meeting, the recent jack-up in rate-hike expectations has traders looking for any clues from Thursday’s meeting.

A jack-up vessel, it will be able to put down legs on the seafloor and then use hydraulic power to lift itself above the waves and create a secure working platform.

“You’re talking about crew boats, you’re talking about carrying equipment to these jack-up rigs, you’re talking about barges. And, you know, it could grow into many hundreds of jobs.”