Offshore drillers, companies providing drilling rigs for the oil and gas industry’s marine exploration efforts, continue to face murky market conditions, and according to Fitch ratings agency, the situation is nowhere nearly close to improvement. According to Fitch, a 70% drop in oil price, and the
Prosafe, the world’s largest provider of offshore accommodation rigs, has taken delivery of the new flotel. The flotel named Safe Notos, has been delivered to the company by the China-based Cosco shipyard. The Safe Notos, able to accommodate 500 workers, will be deployed on an eight-month firm contr
Independent Oil and Gas plc (IOG), the North Sea focused oil and gas company, has today entered into a conditional agreement with London Oil and Gas Limited (LOG) for the provision of a secured convertible loan facility for up to £10 million ($14.6M). In addition, the company agreed with its offshor
The Petroleum Safety Authority (PSA) has granted ConocoPhillips consent to use the Rowan Norway drilling rig for plugging and abandonment of wells at Ekofisk 2/4 B, offshore Norway. Ekofisk is an oil field lying in 70-75 metres of water in the southern North Sea. The field was produced to tankers un
British oil company BP has extended a contract for the semi-submersible tender assist drilling rig SKD Jaya. The contract has been extended by BP’s subsidiary BP Trinidad & Tobago LLC with Malaysia’s SapuraKencana. Under the extension the SKD Jaya rig will be for used development drilling campaign o
Prosafe, the world’s largest provider of offshore accommodation units for the oil and gas industry, has posted a net loss of $6.8 million for the fourth quarter of 2015, down from $51 million profit for the fourth quarter of 2014. The company’s full year net profit was $85.6 million, down from a net
Noble Corporation, an offshore drilling contractor, has reduced its fleet to thirty units after retiring two drilling rigs. In addition, Noble will warm stack two of its ultra-deepwater semi-submersible rigs. In its 4Q results report on Thursday, Noble said it decided to retire the 1976-built drills
Fred. Olsen Energy has informed that its dispute with Hyundai Heavy Industries (HHI) regarding a contract for the design and construction of a semi-submersible drilling rig Bollsta Dolphin is subject to arbitral proceedings. In October 2015, South Korea’s rig builder Hyundai Heavy asked for more tim
Danish oil and gas company Maersk Oil has shared a video showing the construction progress of the wellhead platform (WHP) jacket meant for the company’s Culzean field in the UK North Sea. The video shows the jacket being rolled up at Heerema’s Vlissingen shipyard in the Netherlands. Heerema Fabricat
Pacific Drilling, an offshore drilling contractor headquartered in Luxembourg, informed on Monday that its ultra-deepwater drillship Pacific Khamsin is now without employment after completing its contract with Chevron in Nigeria. This means that three out of Pacific Drilling’s seven drillships are n
Drilling contractor Songa Offshore is set to lay off 200 workers, and shut offices in UK and South Korea. The company on Tuesday said the move was needed as the company “is now transforming from being largely a projects organization to an optimized operating organization.” As part of the process, So
Less than a fortnight has passed since Ocean Rig UDW Inc. an offshore driller run by the shipping magnate George Economou, lost a drillship contract with Eni, and now the company is facing another challenge. Ocean Rig on Monday said that it has received a notice of breach of material obligations fro
A diver died on Friday following an incident that happened on Wednesday, January 27, at the Westcon Olen rig yard in Norway. According to Westcon, which did not provide too many details on the accident, the incident happened on Wednesday morning at the yard, and was related to diving work. An earlie
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations website, and according to the data found in the reports, rigs, both on and off shore are on a downward slope. BHI Rig Count: U.S. -18 to 619 rigs U.S. Rig Count is down 18 rigs from last week to 619, with [&helli
