Chevron's Typhoon platform was no match for Hurricane Rita.
The oil and gas natural platform capsized in the storm, drifting 70 miles.
Tugboats have secured the upside-down platform, and Chevron is investigating what caused Typhoon to topple, according to spokesman Mickey Driver. The Financial Times incorrectly reported the structure was rammed by a Noble drilling ship, he said.
Chevron would not comment on whether it could salvage Typhoon, but some energy analysts have already written it off.
Typhoon, which was owned in conjunction with BHP Billiton, started pumping oil and gas in 2001 and was expected to have a life span of five to eight years. It had the capacity to pump 40,000 barrels of oil and 60 million cubic feet of gas a day, but with its fields in decline, it was producing only half that amount.