Is it a good idea to back up SQL database to an External USB Hard Drive?

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http://serverfault.com – I will be installing a Database System on an Offshore Oil Platform (rack Servers). They have very limited hardware and space therefore sending up a backup infrastructure is not possible. Sending backups via FTP too is not possible as they do not even have a file server. I was thinking of backing up the SQL database on to a Portable USD Hard Drives. The USB Hard Drives will be plugged in directly on the server at all times. Once a week, they will swap the hard drive with a fresh /older one. Is it a good Idea to do this? If not can you propose a better solution? (HowTos)