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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


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

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


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


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


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


Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it has extended rig integrity support for the Deepwater Invictus drilling rig


Ocean Rig buys Cerrado drillship

Photo: Ocean Rig

 Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.  


Transocean Provides Fleet Status Report

Photo: Transocean Ltd

 Transocean, the world's leading offshore drilling contractor with 61 rigs in its fleet, has issued a Fleet Status Report that provides the current status of and contract information for the company's entire fleet of offshore drilling rigs.   


Six Years after BP Spill, US Sets New Offshore Oil Safety Rules

Gas from the damaged Deepwater Horizon wellhead is burned by the drillship Discoverer Enterprise in May 2010, in a process known as flaring. (U.S. Coast Guard photo by Patrick Kelley)

The Obama administration on Thursday unveiled new oil well control rules to prevent the kind of blowout that happened six years ago on a BP Plc rig in the Gulf of Mexico.   The Interior Department's Bureau of Safety and Environmental Enforcement announced the finalized regulations


Obama to Issue New Offshore Drilling Rules

(White House photo)

The Obama administration will announce Thursday safety regulations for offshore oil and natural gas drilling to prevent the kind of explosion that happened six years ago on a BP rig in the Gulf of Mexico, an official told Reuters. The Department of Interior will unveil the final version of its


BP Escapes US Lawsuits Over Post-Gulf Spill Drilling Ban

BP Plc does not have to face U.S. lawsuits by energy and drilling companies over losses they suffered from an offshore drilling ban imposed soon after the 2010 Gulf of Mexico oil spill, a federal judge ruled.   U.S. District Judge Carl Barbier in New Orleans agreed with BP that federal law


Transocean 4Q Revenue Up

Henry Goodrich Courtesy Transocean

Transocean Ltd. Reports Fourth Quarter And Full Year 2015 Results:- Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015; Operating and maintenance expenses were $794 million, down from $880 million in the prior period; Adjusted net income was $615 million, $1


Ocean Rig Loses Two Drilling Contracts

Pic: Ocean Rig UDW Inc

 Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced  that two of its drilling contracts have been terminated.    The Nasdaq-listed drilling affiliate of DryShips said that Total E&P Congo has terminated its long-term charter of the


Slowdown, Brazil Impact Hit Sembcorp

Photo: Sembcorp Marine Ltd

 The strain of low oil prices on the offshore and marine sector was in full display as  the world’s second-largest builder of oil rigs Sembcorp Marine Ltd posted its first quarterly loss in at least 12 years.   The company took impairment charges and provisions of S$609


China Pull Online Rig Location after Vietnam Complaint

Chinese maritime officials on Friday removed an online notice giving the location of a $1-billion deepwater oil rig in the South China Sea two days after issuing it, following a warning from Vietnam about drilling in disputed waters. Vietnam closely tracks the movement of the oil rig


Offshore Prospects for 2016: Playing the Waiting Game?

Photo: Douglas-Westwood

This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an 11-year low in December, market research and consulting firm Douglas-Westwood (DW) reflects on the year gone by and considers the outlook for


OSV Owners Face Bankruptcy Risk

Platform Supply Vessel near the offshore platform. Photo by Damen Shipyards Group

 More than half of the public companies in the offshore supply-vessel industry face a high probability of restructuring or bankruptcy, Bloomberg reported quoting a research released from the consulting firm AlixPartners.   Even before crude prices collapsed and triggered a retreat from


Alabama Announces $20 Million Transocean Settlement

Governor Robert Bentley on Thursday announced that Alabama has agreed to a settlement with Transocean Offshore Deepwater Drilling, Inc., which owned the Deepwater Horizon. Alabama will receive $20 million. “The State of Alabama suffered tremendous environmental and economic losses because


DryShips Misses on Revenue

Ocean Rig Corcovado and Ocean Rig Olympia naming ceremony at Samsung Heavy Industries. Photo by DryShips Inc

 The Athens, Greece-based DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations.   DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate


China Oil Rig Returns Off Vietnamese Coast

Image: Google Map

 China has again deployed the Haiyang Shiyou 981, a semi-submersible oil platform which caused a standoff between Chinese and Vietnamese vessels last year, to the disputed South China Sea region, reports local media.   China has brought the deepwater oil rig  near Vietnam’s






 
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