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
Maersk Drilling has taken delivery of its fourth XLE jack-up rig, the Maersk Invincible, from Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. Maersk Invincible will now mobilise to the North Sea and will in the second quarter of 2017 commence a five year firm contract with Aker
Keppel Corporation Limited (the “Company” or “KCL”) refers to its announcement on 2 August 2013 on the construction contract ("Construction Contract") entered between Keppel FELS Limited (“KFELS”)
Mermaid Maritime and China Merchants Industry Holdings (CMIH) have mutually agreed to cancel the construction contract for the construction of tender assist drilling rigs to be named ‘MTR-3’ and ‘MTR-4’ respectively.
The U.S. oil rig count ended 2016 just below year-ago levels as drillers added rigs this week as part of the biggest recovery since a global oil glut crushed the market over two years. Drillers added two oil rigs in the week to Dec. 30, bringing the total count up to 525
U.S. energy companies added oil rigs for an eighth week in a row, extending a seven-month drilling recovery as crude prices remained near a 17-month high. Drillers added 13 oil rigs in the week to Dec. 23, bringing the total count up to 523, the most since December 2015
Lamprell announced the completion of construction on the jackup drilling rig, “Al Gharbia”, and its delivery to Abu Dhabi’s National Drilling Company (‘NDC’). Completion and delivery of the jackup rig, on time and on budget
Lamprell (ticker: LAM), a provider of diversified engineering and contracting services to the energy industry, announced the completion of construction on the jackup drilling rig, Al Gharbia, and its delivery to Abu Dhabi’s National Drilling Company (NDC).
U.S. energy companies this week added oil rigs for a seventh week in a row, extending a seven-month drilling recovery as crude prices held near a 17-month high. Drillers added 12 oil rigs in the week to Dec. 16, bringing the total count to 510, the highest since January
Hull Vane on New Patrol Vessel for Port of Rotterdam Shipyard Kooiman recently started building a new 25-meter patrol vessel for the Rotterdam Port Authority. The vessel will be delivered in the summer of 2017. The order followed a public tender process in which several shipbuilders competed with
The consortium of Eneco, Diamond Generating Europe, Shell and Van Oord has won the tender for the construction and operation of Dutch offshore windfarms Borssele III & IV. The preferred supplier for the wind turbines is MHI Vestas Offshore Wind.
Sembcorp Marine has denied the rumours that it was mulling the sale of all or part of subsidiary PPL Shipyard, according to a report in the Business Times. "Neither our rig-building subsidiary PPL Shipyard nor any of the yards from which PPL is operating are up for sale
U.S. energy companies this week added the most oil rigs since July 2015, extending the seven-month drilling recovery as crude prices rose to a near 17-month high. Drillers added 21 oil rigs in the week to Dec. 9, bringing the total count up to 498, the most since January
Chicago based Alps Wire Rope Corporation has been appointed as a distributor for U.K.-based stainless steel shackle and wire rope fitting manufacturer Petersen Stainless Rigging Ltd. Stock is currently being held for immediate delivery from Alps’ Houston location of Petersen’s
Statoil awarded licences in Mexico’s Deepwater round Statoil was awarded blocks 1 and 3 in the Saline Basin in the Deepwater exploration tender in the Mexican Round 1. The blocks cover an area of about 5,650 km2 (18,500 square miles) in the largely unexplored deepwater areas
Aker BP has awarded a new frame agreement to DNV GL, covering a wide range of safety, verification, inspection and classification services across its installations on the Norwegian Continental Shelf. The five-year contract, which includes options for extension