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.
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
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
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 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.
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
Ocean Rig UDW Inc, a global provider of offshore deepwater drilling services, announced that it has received a Letter of Award for its ultra deepwater drillship “Ocean Rig Skyros,” from a major oil company. The Letter of Award is for five wells or a minimum of 275 days contract for
UK-based Ensco has ordered an additional advanced-capability DP3 ultra-deepwater drillship based on the Samsung GF12000 hull design. The vessel, ENSCO DS-10, will be the eighth Samsung DP3 drillship in the Ensco fleet, further extending the benefits of Ensco’s fleet standardization
Keppel Offshore & Marine Ltd. (Keppel O&M) through its subsidiaries Caspian Rigbuilders BV (an affiliated company of Keppel FELS) and Caspian Shipyard Company (CSC), has secured a contract from Caspian Drilling Company Ltd., a subsidiary of the State Oil Company of Azerbaijan Republic
Diamond Offshore Drilling order Moss CS60E design harsh environment semi-submersible drilling rig from Hyundai Heavy Industries, & charter it out to BP subsidiary. The 10,000 ft. dynamically positioned rig is expected to be delivered after November 2015
Seadrill announces favourable first quarter 2013 financial results. Highlights • Seadrill records its best operating quarterly result ever and generates first quarter 2013 EBITDA*) of US$713 million
Ship Finance International (SFI) has agreed to build four 8,700 TEU newbuilding container vessels at a major shipyard in Korea. The company says that the contract price is attractive and the vessels are scheduled to be delivered in 4Q 2014 and 1Q 2015.
Interim financial results for Q1 2013 show a strong start to 2013 by Maersk Drilling. With an increase in profit to USD 146 million in the first quarter of 2013 from USD 123 million in first quarter of 2012, Maersk Drilling has come off to a good start in 2013
New contracts, significant changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since April 18, 2013 are included. Highlights are as follows: Deepwater Millennium - Awarded a two-year contract for work offshore Australia at a dayrate of
GE continues to expand its technology portfolio to address the challenges of offshore drilling & production and the rigors of deepwater drilling. Several GE business units showcased their latest products and services for the offshore sector in at the 2013 Offshore Technology Conference (OTC)
Cat C280-16 generator sets with an increased power rating have been selected by Jurong Shipyard, to power West Rigel drill rig. The West Rigel is a semisubmersible drilling rig newbuild under construction for North Atlantic Drilling Limited, a subsidiary of Seadrill Limited
GE’s Power Conversion business signed a multimillion dollar contract with shipbuilder Hyundai Heavy Industries (HHI) of Ulsan, South Korea. GE will supply electric power, propulsion systems and drilling drives for a new semisubmersible drilling platform HHI is building for Seadrill Ltd
The crew of the 'Maersk Deliverer' has achieved a ‘One-Year Free of Accidents’ award during operations offshore West Africa. Maersk Deliverer has been operating in six different countries in West Africa for eight different clients over the past two years and is currently on a two year
Offshore U.S. Gulf energy operators have already paid a steep price; more pain could come. Drilling in the Gulf of Mexico is now close to levels seen before the April 2010 Macondo spill that took 11 lives and caused the nation’s worst offshore oil spill
In the last 12 months, GE has won contracts valued at more than $600 million to provide propulsion systems with customers in the pre-salt oilfield expansion off Brazil’s east coast. GE’s systems will power, propel, navigate, position and control drillships and also power and control
COSCO Chairman Ma Ze Hua comments on the group's 2012 annual financial report. The following is extracted from Mr Ma's letter to stakeholders: It has been a challenging year for the Group. Turnover declined 10.3% to $3.7 billion, from $4.2 billion a year ago. Gross profit grew 27