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
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.
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.
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 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.
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
Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate, says a report by Caixin. According to port authority
Cathelco will provide a marine growth prevention system (MGPS) for the latest in a series of jack-up drilling rigs to be built by Lamprell, the UAE based leading provider of fabrication, engineering and contracting services to the offshore and onshore oil and gas and renewable energy
U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded toward the key $50-a-barrel mark that makes the return to the well pad viable.
Semco Maritime has welcomed the recent arrival of two Maersk Drilling high specification jack-up rigs to its Invergordon shipyard facility. Maersk Reacher will be berthed in the Queens Dock facility for an undisclosed duration, carrying out necessary upgrades and modifications
A team of eight salvors is now making its way on board the drilling rig Transocean Winner which is currently grounded off the Isle of Lewis. They’ll now be carrying out a full assessment of the rig and intend to work to make it habitable so that they can remain on it overnight
Sete Brasil Participações SA presented a draft reorganization plan on Friday that includes seeking up to $5 billion in funding and downsizing business, three months after the Brazilian rig leaser sought court protection against 18 billion reais ($5.7 billion) in looming debt payments
U.S. drillers this week added oil rigs for a seventh consecutive week, according to a closely followed report on Friday, even as analysts revise down rig count growth forecasts and energy firms become more cautious the longer crude holds below $50 a barrel.
No further pollution has been detected in the area of the grounded oil rig Transocean Winner as the U.K. Maritime and Coastguard Agency (MCA) continues to monitor the scene. The MCA counter pollution surveillance aircraft yesterday flew over the location and surrounding area to make
An oil rig that ran aground off a Scottish island on Sunday may have leaked around 53 tonnes of diesel but has not caused any serious pollution, Britain's Maritime and Coastguard Agency (MCA) said. The Transocean Winner rig broke away while being towed during a storm and became grounded
A 147-room complete hotel module will be lifted on board the Maersk Guardian to finalize a major conversion of the upcoming hotel rig. Following design and construction of a turnkey accommodation module with 147 chambers and appertaining facilities for accommodation rig Maersk Guardian
Final preparations are being made to put a small team of salvors on board the grounded semi-submersible oil rig Transocean Winner off the Isle of Lewis this afternoon. The rig broke free from a tow line in severe weather Monday and ran aground off the western isles of Scotland.
Severe weather has caused semi-submersible drilling rig Transocean Winner to break free from tow and run aground off the western isles of Scotland, the U.K. Maritime & Coastguard Agency (MCA) said. There are no personnel on board the rig and there is no risk to life, MCA said
DNV GL has welcomed the world’s largest semi-submersible drilling rig into class recently. Ocean Greatwhite is 123 metres long and 78 metres wide and was delivered at Hyundai Heavy Industries in Ulsan, South Korea. Owned by the Houston-based drilling contractor Diamond Offshore
U.S. drillers this week added oil rigs for a sixth consecutive week, according to a closely followed report on Friday, despite crude prices falling to April lows below $40 a barrel this week. Some producers are still boosting spending on expectations for higher prices in the future.
Greece is still struggling to find investors for a rail freight hub that it has been trying to set up since 2008, sources close to the process said on Monday. China's COSCO had been expected to team up with other investors after the Greek government launched a new tender for the 250 million