When offshore oil rigs reach the end of their useful lives, many head for their final resting place at blowtorch beach.
There, in western Turkey, ship scrapyards have discovered a new source of income amid the plunge in oil prices over the past 16 months — tearing apart unwanted drilling platforms and selling the steel.
With Brent crude about 50 percent lower than last year’s peak in June, there’s been a surge in demand to demolish rigs along an almost mile-long stretch of beach at Aliaga, on Turkey’s Aegean Sea. Business is brisk, and looks set to pick-up further should bearish forecasts come to pass: Goldman Sachs Group Inc., for one, said last month that oil prices could “ultimately” fall to $20 a barrel. Brent rose 0.3 percent to $51.49 a barrel at 12:08 p.m. London time.