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Tender Rig

Seadrill Record Best-ever Quarterly Result

Jack-up Rig West Ariel: Photo credit Seadrill

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     •    First quarter 2013 net income of US$440 million and earnings per share of US$0.87     •    Increases the ordinary quarterly cash dividend by 3 cents to US$0.88     •    Economic utilization for floaters increased to 92% in Q1 2013 from 86% in Q4 2012     •    Economic utilization for the jack-up fleet in Q1 2013 was 99%, up from 94% in Q4 2012     •    Seadrill ordered four jack-ups for a total estimated project price of US$230 million per rig, with deliveries in 2015     •    Completed the acquisition of the ultra-deepwater semi-submersible rig Songa Eclipse for a total consideration of US$590 million     •    Secured a 2-year extension for the ultra-deepwater semi-submersible rig West Leo with a total estimated revenue potential of US$430 million     •    Completed the sale of the jack-up rig West Janus for US$73 million recording a gain on sale of US$61 million


Keppel, Smedvig Cooperate on New Drilling Tender

Keppel FELS Limited has entered into a cooperation agreement with Smedvig Asia Limited (Smedvig Asia) to build a Semisubmersible Drilling Tender (SSDT) with Keppel Offshore & Marine’s proprietary design. Developed by the Deepwater Technology Group (DTG), the KFELS SSDT3600-GOM-C42 will be the fourth vessel in the series of successful SSDTs that have been gainfully deployed in this region. Valued at $94 million, Keppel FELS and Smedvig Asia will own and operate the ultra deepwater semi


Seadrill Rig Contract Extended

West Epsilon Rig: Photo credit Seadrill

Seadrill - North Atlantic Drilling Ltd. announces extension of Statoil contract for the harsh environment jack-up rig 'West Epsilon'. North Atlantic Drilling Ltd., a majority owned subsidiary of Seadrill Limited, announce that Statoil has exercised its option to extend the contract for the heavy-duty harsh environment jack-up rig West Epsilon by two years from December 2014 to December 2016. The estimated value of the contract extension is US$215 million.


Seadrill Q3 2013 Profit Slips Marginally

Drillship: Image courtesy of Seadrill

In its third quarter 2013 financial report, Seadrill states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter. Seadrill explains that the decrease in operating profit is a result of higher operating expenses due to new rigs entering the fleet and higher general and administrative expenses due to the consolidation of Sevan Drilling.


Smedvig Gets Drilling Contract

Unocal Thailand Ltd. has issued a letter of intent to Smedvig Asia Ltd. for the assignment of the self-erecting tender rig T-4. The production drilling assignment has a duration of five years, and the contract value is estimated at approximately $73 million. The contract includes an incentive arrangement that could increase the contract value. The proposed contract includes early termination provisions after three years against payment of an early termination fee.


SapuraCrest, Ramunia Awarded Contracts

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.


Smedvig Announces 1Q Results

Smedvig reported consolidated operating profit of NOK 161 million for the first quarter as compared to NOK 226 million in the previous quarter. The decrease is primarily attributable to lower utilization of the mobile units. Net financial expenses for the first quarter was NOK 9 million as compared to NOK 68 million in the previous quarter. Net income for the first quarter was NOK 129 million as compared to NOK 144 million in the previous quarter.


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before. Excerpts from chairman Mr. Li Yung Peng' letter to shareholders follow: "Gross profit amounted to $321 million, from $485 million in 2012. Net profit attributable to shareholders was $30.6 million, a decline of 71%


Schlumberger And Transocean Offshore Combine Forces

Schlumberger Limited and Transocean Offshore Inc. have signed a definitive merger agreement under which the offshore contract drilling business of Schlumberger (Sedco Forex Offshore) will be spun off and promptly combined with Transocean Offshore in a merger of equals. The resulting company, Transocean Sedco Forex, will be the world's largest offshore drilling company and is projected to become the fourth largest oilfield service company in terms of market capitalization


Dramatic Turn-Around in COSCO's Q1 2014 Finances

COSCO Zhoushan Shipyard: Photo COSCO

Offshore marine engineering, shipbuilding, ship repair & conversion and dry bulk shipping group,  COSCO Corporation (Singapore) reports a Q1 2014 gross profit increase increase Y/Y of 21.8%. Group turnover increased 41.8% to $1.04 billion in Q1 2014 from $733.0 million in Q1 2013 on the back of increase in shipyard revenue. Turnover from shipyard operations increased by 43.2% to $1.03 billion from $719


New Domestic Ferry for Faroe Islands Service

Photo courtesy of Knud E. Hansen

Third generation domestic ferry for service between Nólsoy and Tórshavn in the Faroe Islands.   According to the vessel's designer, this project is the second design within the last 15 years for the domestic ferry company Strandfaraskip Landsins and the third generation design


Arctic Offshore Rig Gets USCG Escort

(U.S. Coast Guard photo courtesy of Air Station Port Angeles)

U.S. Coast Guard (USCG) crews escorted heavy lift ship Blue Marlin as it toted a controversial 38,000-metric-ton drilling rig into Port Angeles, Wash., Friday. Blue Marlin, Dockwise’s 674-foot semi-submersible heavy lift ship, was escorted into its anchorage location in Port Angeles while


ASRY Rig Division’s Deliveries All on Time in 2014

In 2014, ASRY Offshore Services completed every one of its repair scopes within schedule, on-budget, and with leading safety standards.   ASRY, a ship and rig repair yard in the Arabian Gulf, has confirmed that its Offshore division, which specializes in rig repairs


Rough Seas Sends Greenpeace Home

Greenpeace activists repelled from Seattle-bound oil rig. Pic provided by Greenpeace

 Six Greenpeace activists opposed to offshore drilling in the Arctic have abandoned a Seattle-bound drill rig they boarded in the Pacific Ocean six days ago.   Rough seas prompted the decision, Greenpeace said.  The protesters rappelled off the an oil rig leased by Royal Dutch


Six Greenpeace Activists Leave Arctic-bound Oil Rig

AFP PhotoJay Directo

  Six Greenpeace activists rappelled down from an oil rig in the Pacific Ocean on Saturday after spending six days living on the structure to protest against drilling in the Arctic, the environmental organization said. The multinational team climbed aboard Polar Pioneer


Cochin Shipyard in Pact with Samsung Heavy Industries

Image: Cochin Shipyard Ltd.

 India's state-owned Cochin Shipyard Ltd (CSL) has entered into a Memorandum of Understanding (MoU) with Korean firm Samsung Heavy Industries for technology partnership in constructing liquefied natural gas (LNG) carrying vessels, reports local media.  


Drydocks World Completes NDC Rig Repair

Photo: Drydocks World

Drydocks World informs it has completed a refurbishment project on the National Drilling Company’s (NDC) offshore drilling Rig Beynouna.   Drydocks World’s rig services and offshore project management methodology turned around the major repair on Rig Beynouna ahead of schedule


LNG, Oil tankers Diverted from Yemen

Aden Refinery temporarily suspends tender process to import; Gasoil shipment headed for Yemen diverted towards Singapore. SINGAPORE, April 9 (Reuters) - At least four oil and natural gas tankers that were headed to Yemen have been diverted as chaos mounts in the country after the launch of


India’s Shipping Market Looks Bullish

Pic courtesy: IRS

 The shipping market in India could soon be out of bounds for global fleet owners as a key tender condition that tilts the scale in favour of local ship-owners is scrapped, reports Livemint. According to the rules set by the director general of shipping, India’s maritime regulator


Transocean to Scrap Two Rigs

  Swiss driller Transocean Ltd. announced yesterday that it intends to scrap, in an environmentally responsible manner, two offshore rigs: GSF Aleutian Key and Sedco 707. The rigs are classified as held for sale.   As a result of this decision


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


Keppel FELS Delivers 11th Jackup to Mexico

Photo courtesy of Keppel FELS

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered a KFELS B Class jackup rig to Mexican national oil company, Petróleos Mexicanos (PEMEX), safely, on time and on budget.  


Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.   Now, with oil prices down by half since June


Submerged Politics in Aussie's $39 bln Submarine Plan

Landing Helicopter Dock NUSHIP Canberra: Royal Australian Navy

 Australian government plans to spend 50 billion Australian dollars (US$39.39 billion) on powerful new submarines, has become a political football at home, reports Reuters.   The opposition said it wanted to invite Sweden to join Germany


Rosneft Cancels Rig Contract

800px-Rosneft_logo.jpg

  Russian oil firm Rosneft has cancelled a contract for a two-and-a-half year rig contract with Northern Offshore and Seadrill's North Atlantic Drilling Ltd, the Norwegian offshore driller said. Western sanctions against Russia, and Rosneft in particular






 
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