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)

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.

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.

Deepwater Drillship Chartered Before Delivery

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

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

Ocean Rig UDW Inc. Announces Drilling Contract

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

Chinese Shipyard COSCO Gets Order for Offshore Drill Rig

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 and Friede Goldman Agree on Delivery Date

Ocean Rig ASA and Friede Goldman International have reached an agreement on new delivery dates for Ocean Rigs Bingo 9000-1 and 9000-2: March 31, 2000 and June 30, 2000, respectively. The dual deepwater semisubmersible rigs, are currently under construction at Friede Goldman's Pascagoula, Miss. location, where the company recently completed its sixth milestone for Bingo 9000-2, worth $28 million.

ENSCO International Finalizes Contract

Dallas, Texas-based ENSCO International Inc. reported one of its subsidiaries has entered into a definitive drilling contract for the ENSCO 8502, an ultra-deepwater semisubmersible rig, with Nexen Petroleum USA Inc. The contract calls for a minimum two-year primary in the Gulf, which can be extended to a three- or four-year term. The aggregate day rate revenue for the two-year term is expected to be $340m. The drilling rig is the company’s third of four ultra-deepwater