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 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
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.
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.
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.
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.
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
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.
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%
Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million. It has also reached an agreement with builder China Merchants Industry Holdings to postpone the delivery dates for its new assets currently under construction. Off Qatar and Saudi Arabia, Mermaid's western hemisphere business unit won seven subsea projects with an estimated aggregate value of US$11 million.
Egypt launched the world's biggest tender for liquefied natural gas (LNG) as officials from top energy companies and trading houses converged on Cairo undeterred by new rules that could force them to wait for as long as six months to get paid.
Statoil decided to cancel the contract with Stena Drilling for the mobile rig Stena Don. The rig has been on contract to Statoil since February 7, 2014, performing operations for the Troll and Fram licences. The original contract termination date is February 7, 2017.
Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15
Indian private-sector power utility Torrent Power is seeking 38 cargoes of liquefied natural gas (LNG) for delivery over four years beginning April 2017, in what is likely to be the firm's first import tender. The firm is seeking offers for 22 cargoes to be delivered to Dahej LNG import
Siemens said it has secured a contract to supply propulsion systems for two new The all-electric battery ferries to be operated by Fjord1 on the E39 Anda-Lote route on the west coast of Norway. Both vessels will have a cargo capacity of 120 cars, 12 trailers and 349 passengers
Final preparations for moving the Transocean Winner rig onto the Hawk vessel are continuing and good progress has been made on the operation in Broad Bay. The anchors have now been disconnected and the rig is being held on four tugs about half a mile from the Hawk.
U.S. oil drilling has seen its best quarter since crude prices tumbled two years ago mainly due to small operators returning to the well pad, but analysts say the continued recovery in the rig count depends on whether OPEC's output reduction plan can bring the market back to $50 a barrel.
Transocean Ltd. (NYSE: RIG) announced today that the Transocean Barents, a harsh-environment, ultra-deepwater floater, has been awarded a 15-month contract with Suncor Energy at a dayrate of $260,000. The estimated contract backlog, excluding mobilization, is $119 million
A tender worth around 4 billion euros ($4.5 billion) for four warships for the German navy has been delayed by around six months to ensure quality standards are met, according to a copy of a defence ministry letter seen by Reuters on Tuesday.
Syria's state grain buying agency Hoboob struck a deal to purchase one million tonnes of Russian wheat from political ally Russia, covering the needs of government-controlled areas for a year. The Damascus government subsidises bread for the areas it controls ensuring the supply of flat loaves
Korea Gas Corp has launched a tender to buy up to four liquefied natural gas (LNG) cargoes for delivery across the November-February winter period, as it seeks to replenish reserves, traders said. As strong air conditioning demand this summer and earthquake-related reactor outages helped
Maersk Drilling’s fourth XL Enhanced ultra-harsh environment jack-up was named on 14 October at a ceremony held at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea. "Maersk Drilling’s fourth XL Enhanced ultra-harsh environment jackup was
Iran has invited global energy giants to a tender for the development of several of its key oil sector projects. The National Iranian Oil Company (NIOC) via an announcement has called on foreign exploration and production companies to submit the required pre-qualification
Indian Oil Corporation has launched a tender seeking to buy two liquefied natural gas (LNG) cargoes for December delivery which is due to close on Oct. 25, trade sources said. IOC is to take receipt of the volumes on Dec. 6 and Dec. 21.
The number of rigs drilling for oil in the United States rose again this week, extending its second-best streak of no cuts into a 17th straight week, with analysts expecting more additions as crude prices hold over $50 a barrel. Drillers added 11 oil rigs in the week to Oct