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Deepwater Rig

CNOOC May Delay Deepwater Rig Startup to 2011

According to a June 8 report from Bloomberg, China National Offshore Oil Corp., the country’s biggest offshore energy explorer, may delay the startup of its first deepwater rig until 2011 because of a safety review after BP Plc’s oil spill in the Gulf of Mexico. The rig to be deployed in the South China Sea may not turn operational until the first quarter. (Source: Bloomberg)


Maersk Drilling Wins 2-Year Angolan Extension

The head of Maersk Drilling said on Wednesday the A.P. Moller-Maersk unit has won a two-year extension for its Maersk Deliverer deepwater rig worth $387 million. Maersk Venturer, a new rig set to be delivered this year, had also won a letter of award for a short-term contract in South East Asia, Maersk Drilling Chief Executive Claus Hemmingsen told Reuters during a capital markets day. Such an award means the parties have agreed to a deal but are yet to hammer out details such as day


DryShips Acquires Stake in Ocean Rig

Greek dry-bulk carrier DryShips reportedly agreed to acquire about 30.4 percent stake in Ocean Rig ASA for $405m, according to a Reuters report. The company's entry into the deep water is reportedly a result of its view that significant shareholder value can be garnered through this transaction. Shares of DryShips were down more than 14 percent at $71.80 in afternoon trade, making them one of the top percentage losers on the Nasdaq.


Shortage of Ships May Complicate Call for Offshore Drilling

The New York Times reported that a shortage of ships used for deepwater offshore drilling may impede any rapid turnaround in oil exploration and supply. Slow growth in oil supplies, at a time of soaring demand, has been a major factor in the spike of oil and gasoline prices.  Demand is so high that shipbuilders have raised prices since last year by up to $100 million a vessel to about half a billion dollars, the report said.


Deepwater Drillship Chartered Before Delivery

A Seadrill Drillship: Photo credit Seadrill

Seadrill contracts with LLOG Bluewater Holdings, LLC, for employment of the new-build drill-ship, 'West Neptune', offshore Gulf of Mexico.  The contract duration is a minimum of three years plus an option for a one-year extension at mutually agreed rates. The potential revenue for the primary contract term is approximately US$662 million.  The West Neptune is expected to be delivered to Seadrill from the Samsung Heavy Industries shipyard in Geoje, South Korea, in early June 2014


Maersk Drilling Q2 2014 Profit Dips

Ultra-deepwater rig: Photo Maersk

Maersk Drilling informs that in Q2 2014 it delivered a profit (NOPAT) of USD 117-m (USD 150-m). While the underlying operational performance remained strong with an operational uptime of 97% (96%), the decrease in profit of USD 33-m compared to Q2 2013 was mainly due to planned activities with growing and maintaining the fleet. The return on invested capital (ROIC) was 7.2% (12.6%). “Once again, Maersk Drilling delivers a strong operational performance


ABB lands $42M contract with Santa Fe Intl.

ABB, the leading innovator in podded propulsion systems, has struck a landmark deal to supply its new compact podded propulsion system on a semi-submersible drilling rig. Santa Fe International Corp. has awarded a $42 million contract to ABB in Norway for the supply of electric propulsion systems and power plants to two new semi-submersible drilling rigs. In addition, the contract includes an option for a further two rigs


Ivan Rips Through Oil Patch

Hurricane Damage is Light Companies Report. By Larry Pearson With reports from AP, MMS and the Times Picayune. Packing 160 mile an hour winds, Hurricane Ivan stayed on a course that took the powerful storm through the heart of oil and gas production in the Gulf of Mexico (GOM) before making landfall just east of Mobile, Ala. Initial reports from the Minerals Management Service, which oversees oil and gas production in the Gulf, indicate that damage is relatively light


Ensco plc Announces Cash Dividend

Courtesy ENSCO

  Ensco plc (NYSE: ESV) announced today that its Board of Directors has declared a regular quarterly cash dividend of US$0.75 per Class A ordinary share payable on 20 June 2014. The ex-dividend date for this payment is expected to be 5 June 2014, with a record date of 9 June 2014. Ensco’s dividend yield is among the top five percent of S&P 500® companies. Ensco uses its website to disclose material and non-material information to investors, customers


Ensco to Present at Barclays & Pareto Securities Conferences

ENSCO Investors Presentation

 Ensco will present at the Barclays Energy-Power Conference in New York City on Wednesday, 3 September 2014 at  11:05 a.m. EDT. The presentation will be available live over the Internet at www.enscoplc.com by selecting Investors/Presentations and Webcasts. Please go to the website at least 15 minutes before the presentation to register, download and install any necessary audio software. A replay of the presentation will be available on Ensco’s website within twenty-four hours


Maersk Drilling Secures Contract for Newest Drillship

Maersk Voyager (Photo courtesy of Maersk Drilling)

Maersk Drilling was awarded a contract from eni Ghana Exploration and Production Ltd. for employment of the newbuild drillship Maersk Voyager.   The contract will see Maersk Voyager work on the Offshore Cape Three Points (OCTP) Project offshore Ghana with expected commencement in July 2015


Court: BP Employees Can't Be Charged Under Seaman's Manslaughter Law

   The 2010 Deepwater Horizon explosion (Photo courtesy of the U.S. Coast Guard)

  A federal court ruled on Wednesday that BP well site leaders on the Deepwater Horizon oil rig cannot be charged with seaman's manslaughter in the deaths of eleven workers that died during the 2010 rig explosion because they were not seamen.  


Transocean Issues Monthly Fleet Update Summary

  Transocean Ltd today issued a monthly Fleet Update Summary, which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since the February 17, 2015 Fleet Update Summary


BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices. Offshore drilling company Ensco said it had received notice to terminate BP-operated rig DS-4 in the Gulf of Mexico


Ocean Rig Partners Files for IPO

  DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, today announced that Ocean Rig’s wholly-owned subsidiary, Ocean Rig Partners LP  filed a Registration Statement on Form F-1 with the Securities and Exchange


Mærsk Deliverer's Contract extended

Maersk Deliverer

Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the ultra deepwater semi-submersible Mærsk Deliverer expiring in June 2015 by two years. Mærsk Deliverer has since 2012 been working for Chevron and its partners on the Tombua


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


Ensco plc Declares Cash Dividend

  Ensco plc announced today that its Board of Directors has declared a regular quarterly cash dividend of US$0.75 per Class A ordinary share payable on 19 December 2014. The ex-dividend date for this payment is expected to be 4 December 2014, with a record date of 8 December 2014.


Courts Upholds BP 'gross negligence' Gulf Spill Ruling

A U.S. judge weighing how much BP Plc should be punished for the 2010 Gulf of Mexico oil spill on Thursday refused to overturn his own finding that the oil company's conduct was "grossly negligent." The decision by U.S. District Judge Carl Barbier in New Orleans means BP could still


Transocean's Fleet Update Summary

Discoverer Seven Seas

 Transocean Ltd. issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since October 15, 2014.  The total value of new contracts since the October 15


COSL Takes Delivery of New Semisub

COSL’s deepwater semi-submersible drilling rig COSL Prospector delivered

  China Oilfield Services Limited saw successful delivery of the deepwater semi-submersible drilling rig COSLProspector it invested in and commissioned to build in Yantai, Shandong today. This rig has adopted the latest marine engineering design concepts in the world and has mets the


Ship Finance Sells Drillship to Seadrill

Ship Finance International Limited announced that Seadrill Limited has exercised a purchase option for an ultra-deepwater drilling unit.   Ship Finance acquired the West Polaris in 2008 and chartered it to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted


BP, Anadarko Fail to Win Review of Gulf Spill Fines

  BP Plc and Anadarko Petroleum Corp narrowly failed to persuade a U.S appeals court to reconsider its 2014 ruling that they could face civil fines under federal pollution laws over the 2010 Gulf of Mexico oil spill. By a 7-6 vote, the 5th U.S


Obama Requests $204.7M Budget for BSEE

President Obama requested  $204.7 million for the Bureau of Safety and Environmental Enforcement (BSEE) in fiscal year 2016 as part of an effort to enable the BSEE to keep pace with deepwater oil and gas development on the U.S. Outer Continental Shelf.


Diamond Offshore Scraps Special Dividend on Weak Market

Ocean Endeavor (Photo:  Diamond Offshore)

Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra-deepwater rigs to be idled across the industry by year-end as oil producers' capital budget is likely to be lowered by a fifth this year.   The company also said it would not pay a special dividend






 
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