Offshore drilling rig sector, hurt by low oil prices and overcapacity, is not set for a quick recovery, at least not in the next two years. This is according to Maritime Strategies International (MSI), a research and consultancy firm, which sees a challenging earnings environment for the offshore ri
UK offshore driller Stena Drilling has cancelled a drilling rig order it had with South Korea’s Samsung Heavy Industries. The company’s affiliate Stena Atlantic Ltd has notified the Korean shipbuilder, Samsung Heavy Industries Co Ltd (SHI), that it has exercised its right to cancel their contract fo
After a long idle period, Maersk Drilling-owned jack-up drilling rig Maersk Resolute has left the Port of Esbjerg in Denmark heading to its offshore location. The port informed of the rig’s departure through its social media channels on Friday. The 2008-built jack-up, which left the port on Thursday
Spanish oil firm Repsol has hired the Rowan Stavanger jack-up rig for work off Norway. According to Petro.no, a Norwegian language energy news website, Repsol will use the rig for plugging and abandonment work at its Varg field, located in the North Sea offshore Norway. The rig has been out of work
Australian oil and gas company Octanex started drilling the Ophir A1 well on Friday using the UMW Naga 2 jack-up drilling rig. To recall, the rig started demobilizing from its previous drilling location and headed to the Ophir field for a three-well drilling campaign at the end of May. The Ophir A1
Following the sale of Transocean’s entire fleet of jack-up rigs to Borr Drilling, including those under construction at Keppel’s yard, the rig builder and the new owner have set the dates for the delivery of these rigs. To remind, the sale, announced in March, included Transocean’s 10 high-specifica
Transocean has completed the previously disclosed transaction to sell its jack-up fleet to Borr Drilling for a total consideration of $1.35 billion. The sale, announced in March, included the company’s 10 high-specification jack-ups and five jack-ups under construction at Keppel FELS Limited’s shipy
Oil company Rosneft, and offshore drillers Seadrill Limited and North Atlantic Drilling Limited (NADL) in 2014 signed a Framework Agreement that envisaged long-term cooperation in the sphere of oilfield development projects. Under the deal Rosneft was to acquire a 30 percent share in NADL in exchang
Offshore driller Odfjell Drilling narrowed its net loss for the first quarter of the year despite lower revenues compared to the year-before period. The driller on Wednesday posted a net loss of $7.5 million for this year’s first quarter, versus $19 million loss in the corresponding period of 2016.
The merger between Ensco and Atwood Oceanics this week marks the first significant step in a much-needed industry consolidation process. And the numbers look good for both parties.
Following an inauguration of the construction of a huge maritime services complex in Saudi Arabia earlier this year, four companies have now teamed up to build an offshore services section there. In a statement on Wednesday, offshore rig builder Lamprell said it had entered into a joint venture (JVC
Offshore driller Odfjell Drilling has signed a letter of award (LoA) with Statoil to secure Deepsea Bergen rig for drilling activities in 2018-2019. According to the driller’s Oslo Stock Exchange filing on Wednesday, the LoA includes one firm well plus 4 x 3 optional wells, which in total can secure
Offshore drilling contractor Sevan Drilling needs more time to decide whether to further postpone the delivery of its Sevan Developer rig built in China. Sevan ordered the cylindrical rig from Chinese shipbuilder Cosco in 2011. The rig was originally scheduled for delivery in the third quarter of 20
Norwegian oil company Aker BP has received consent from the offshore watchdog, the Petroleum Safety Authority (PSA), to use the Transocean Arctic rig to drill two production wells on the Alvheim field, off Norway. The two wells are designated 24/6-A-6 and 24/6-A-7 and are to be drilled in Boa, which
