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Ultra Deepwater

Ocean Rig UDW Inc. Announces Drilling Contract

Nicosia, Cyprus – Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it has signed a new drilling contract for its semisubmersible drilling rig Eirik Raude with an independent operator, for work offshore West Africa. The expected total backlog to complete the two-well program is estimated at $ 67.5 million for a period of 84 days. The new contract is expected to commence after the rig completes its scheduled 10-year special survey. The customer has the option to extend the contract for one additional well for an estimated duration of approximately 40 days. Ocean Rig owns and operates nine offshore ultra deepwater drilling units, including two ultra deepwater semisubmersible drilling rigs and seven ultra-deepwater drill ships, three of which remain to be delivered to the company during 2013.  


Dryships Option to Contruct Four UDW Drillships

DryShips Inc. (NASDAQ: DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced today that it has entered into an agreement with a major South Korean shipyard, for the option to construct up to four ultra deepwater drillships. The new orders would be sisterships of the drillships under construction with further upgrades to the specification. Each of the four options can be declared within twelve months of this


DryShips to Resume Market Common Share Offering

Image courtesy of DryShips

Greece's NASDAQ-listed DryShips Inc. says it intends to resume sales under its previously announced $200 million program of 'at the market issuances' of its common shares through Evercore Group L.L.C. as its sales agent. To date, the Company has issued 6,892,233 common shares under the program resulting in gross proceeds of $24.1 million. DryShips adds that a prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. About DryShips


Ocean Rig Prices Its US$500-Million Note Offering

Calculator credit Dominic Alves CCL

Offshore deepwater drilling services provider Ocean Rig informs that the pricing of its previously announced offering has been priced at 100% of par, with a stated interest rate of 7.250%. The Notes are being sold in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain other persons outside of the United States in reliance on Regulation S under the


Seadrill Obtains US$1.35-bln Bank Credit Reflnancing

Offshore Drill Ship: Photo courtesy of Seadrill

Seadrill Limited informs it has received commitments from 17 banks for a US$1.35 billion credit facility with a 5 year term and 10 year amortization profile to refinance the credit facilities secured by the West Pegasus, West Gemini, and West Orion. The transaction was initially launched as a US$900 million facility secured by two ultra-deepwater units.  However, due to strong interest from the Company's banking group, the facility was upsized to US$1


Korean Shipyard Wins Ultra-deepwater Drillship Contract

Samsung Heavy Industries gets $645-million order for advanced capability, ultra-deepwater drill ship   Ensco plc has has ordered a new advanced-capability, ultra-deepwater drillship to be built at the Samsung Heavy Industries, Co. Ltd. (SHI) Shipyard in Geoje, South Korea. The vessel, ENSCO DS-8, will be the sixth Samsung DP3 drillship in the Ensco fleet, extending the benefits of Ensco’s fleet standardization strategy


Aker Kvaerner Gets Contract for DeepStar Study

DeepStar, a group consisting of 10 leading deepwater operators, has awarded Aker Kvaerner a contract for a study to develop a semisubmersible production platform for use in coming ultra-deepwater field developments. The study was won in competition with a number of deepwater floater expertise contractors, and Aker Kvaerner was awarded the contract based on the company's leading experience with deepwater floaters. DeepStar wants to get a credible solution for future developments in


Transocean Announces Contract Extension for Deepwater Nautilus

Transocean announced that the ultra-deepwater semisubmersible Deepwater Nautilus has been awarded a minimum three-year contract extension commencing in December 2008 by a subsidiary of Royal Dutch Shell. Under the terms of the amendment extending the term of the drilling contract, Shell has the right to elect, by June 30, 2008, to extend the contract by an additional year, to a total of four years. Estimated contract revenues that could be generated over the three-year or four-year (if


Ship Finance Sells Drillship to Seadrill

Ship Finance International Limited announced that Seadrill Limited has exercised a purchase option for an ultra-deepwater drilling unit.   Ship Finance acquired the West Polaris in 2008 and chartered it to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted certain purchase options, first time in 2012. The purchase option price is $456 million and the transaction will be effected as a sale of the shares in the asset-owning subsidiary.  


ENSCO International Finalizes Contract

Dallas, Texas-based ENSCO International Inc. reported one of its subsidiaries has entered into a definitive drilling contract for the ENSCO 8502, an ultra-deepwater semisubmersible rig, with Nexen Petroleum USA Inc. The contract calls for a minimum two-year primary in the Gulf, which can be extended to a three- or four-year term. The aggregate day rate revenue for the two-year term is expected to be $340m. The drilling rig is the company’s third of four ultra-deepwater


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 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


Seadrill Pushes Back Drillship Delivery

Seadrill Limited has reached an agreement with DSME shipyard to defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra, until the second quarter of 2018 and first quarter of 2019 respectively.   Under the terms of the original construction contracts


Pemex Extends Fugro Campaign

Fugro Synergy (Photo: Fugro)

Mexican national oil company, Pemex, has awarded a further extension to Fugro’s contract to support its exploration drilling activities in the Bay of Campeche.   The contract extension is valued at approximately $20 million and the workscope includes geophysical and geotechnical field


Maersk Venturer to Drill for Total

Maersk Venturer

  Maersk Drilling has been awarded a contract for the drillship Maersk Venturer with oil major Total. The contract covers one exploration well (estimated duration 120 days) in block 14 offshore Uruguay. The estimated contract value for the programme is USD 44m excluding mobilisation


Cosco Compensates Sevan

Image: Sevan Drilling ASA

 COSCO Corp (Singapore) will refund $26.3 million, or 5 percent of the contract price, plus associated interest to Sevan Drilling by December 1, 2015.   Sevan Drilling and Cosco have agreed to exercise the first six-month option to extend the deferral agreement to April 15, 2016


DNV GL launches new decision support tool for the retrieval of BOPs

Photo: DNV GL SA

 Retrieving an unreliable blowout preventer (BOP) is a necessary but expensive operation, costing upwards of one or two million dollars and easily the double in developing ultra-deepwater regions.    It is also the main cause of downtime during drilling activity


Transocean Puts Off Deliveries of Two New Drillships

GSF CR Luigs Ultra-Deepwater Drillship courtesy Transocean

  Transocean Ltd. announced today a mutual agreement with its customer, Shell EP Wells Equipment Wells Services B.V. (Shell), and the shipyard, Daewoo Shipbuilding & Marine Engineering Co. (DSME), to delay the operating and delivery contracts of two newbuild ultra-deepwater drillships -


Sea Truck's DP3 Construction Ship Passes Sea Trials

Photo: Sea Trucks

Sea Trucks has completed sea trials of the DP3 offshore construction vessel Jascon 18 in Singapore. Jascon 18 features a 1,800-metric-ton crane, 1,800 sq m deck and a 750-metric-ton pipelay system. Capable of performing a wide variety of marine construction and pipelay tasks in both ultra


Seadrill Cancels West Mira Construction Contract

Offshore drilling company Seadrill Limited said it has exercised its right to cancel the contract for the construction of the West Mira drilling unit following builder Hyundai Heavy Industries Co Ltd.’s inability to complete the project on deadline.  


CNOOC Profits Nosedives, Eyes South China Sea

Photo: Cnooc Ltd

 Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 56 percent decline in profit for the first half of this year.   Net income dropped to 14.73 billion yuan ($2.3 billion), or 0.33 yuan a share, from 33.59 billion yuan, or 0


Technip Wins Jurong's FPSO Conversion Contract

  Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating, production, storage and offloading (FPSO) vessel, which is built at the Jurong Shipyard


Transocean Delays Drillships

Image: Transocean Ltd

 Transocean Ltd, the world’s largest offshore driller, has delayed delivery of two new ultra-deepwater drillships, the company announced.   The company amended its drillship construction contracts ($540 million each) with Jurong Shipyard, a subsidiary of Sembcorp Marine


Maersk Drilling's Strong 1Q Performance

Simulator Courtesy Maersk Drilling

  Maersk Drilling delivered a profit of USD 168m (USD 116m) in the first quarter of 2015. The result was positively impacted by fleet growth and continued good operational performance, but partly offset by two rigs being idle. The underlying profit for the quarter was USD 195m (USD 109m)






 
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