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)
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.
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
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
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.
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
Nicosia, Cyprus – Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it has signed a new drilling contract for its semisubmersible drilling rig Eirik Raude with an independent operator, for work offshore West Africa. The expected total backlog to complete the two-well program is estimated at $ 67.5 million for a period of 84 days. The new contract is expected to commence after the rig completes its scheduled 10-year special survey
COSCO Nantong Shipyard secures US$ 75-million contract for a self-erecting tender drill rig COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of COSCO Shipyard Group Co. Ltd., has secured a contract with SEADRILL to construct a self erecting tender drilling rig T18 valued at USD 75 million, excluding owner furnished drilling equipment. The new drilling rig, T18, when completed, will be equipped with enhanced drilling capabilities allowing for higher drilling efficiency including the
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced the following: $1.35 billion Bank Facility The Company announced that it has signed a supplemental agreement to amend certain provisions in its $1.35b Senior Secured Facility dated February 28, 2013. George Economou, Chairman and Chief Executive Officer of the Company commented: “We are pleased that our syndicate of commercial banks and export credit agencies agreed to our request to
Offshore deepwater drilling services provider Ocean Rig informs that the pricing of its previously announced offering has been priced at 100% of par, with a stated interest rate of 7.250%. The Notes are being sold in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain other persons outside of the United States in reliance on Regulation S under the
Drydocks World, an international service provider to the maritime, oil and gas and energy sectors, announced it has signed an Agreement with Malta Oil & Gas Ltd. for building two unique new jack-up drilling rigs based on Gusto MSC CJ54-X135-A design
Fairmount Marine towed Sevan Louisiana to Curaçao Tug Fairmount Sherpa towed rig Sevan Louisiana safely from Singapore to Curaçao. During the 11,500 miles voyage via Cape of Good Hope, stops were made in Port Louis (Mauritius)
In a letter to shareholders chairman, Ian C. Strachan and Steven L. Newman, president and CEO, set out a summary of offshore drilling specialist Transocean's 2013 operations, excerpted as follows: • Revenue and Backlog Full year 2013 net income attributable to controlling interest was $1
A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges alleging he used non-public information about the disaster to commit insider-trading, U.S. regulators said on Thursday.
Transocean Ltd. has issued a monthly Fleet Update Summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since January 16, 2014. The total value of new contracts since the January 16
Greek-based drybulk & tankship owners DryShips and subsidiary offshore deepwater drilling service provider Ocean Rig announce unaudited financial and operating results for the fourth quarter, year ended 31, December 2013. DryShips Fourth Quarter 2013 Financial Highlights
Teekay Offshore Partners say they have agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Details as follows:
Maersk Drilling informs it has taken delivery of its first ultra deepwater drillship, 'Maersk Viking', from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. The new vessel has started its voyage to the US Gulf of Mexico where it will commence a three year contract with
Transocean Ltd. inform that a subsidiary company has awarded contracts to Sembcorp Marine's subsidiary, Jurong Shipyard, in Singapore for construction of two newbuild dynamically positioned ultra-deepwater drillships with contract options for up to three more.
Reuters – Transocean Ltd, owner of the world's largest offshore drilling fleet, said on Wednesday that fourth-quarter profit fell 49 percent from a year ago, hurt by lower rig utilization. The company's net profit attributable to controlling interest fell to $233 million
Reuters - Transocean Ltd, owner of the world's largest offshore drilling fleet, said it could take up to 18-24 months for demand to recover as customers delay drilling programs. Demand for offshore rigs is tapering as major oil companies trim exploration and production budgets in the face of
Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has secured a contract from TS Offshore Limited (TS Offshore), to construct an ultra-high specification jackup rig worth approximately $500 million.
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it has commenced a cash tender offer for any and all of its currently outstanding 9.5% Senior Unsecured Callable Notes due 2016 on the terms and subject to the conditions set forth in the company's offer
Greece's DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc., informs that it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the
Transocean Ltd. has issued its monthly Fleet Update Summary which includes new contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since February 18, 2014. The total value of new contracts since the February 18