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Ensco News

23 Jan 2023

Marine Services Exec Chad Verret Starts New Consultancy

Chad Verret

Chad Verret, a former executive in the offshore marine services business, has started a new marine consultancy called Verret Marine Consulting, LLC. The Louisiana-based company has offices in the Houston area and in Morgan City, La. and will be focused on areas such as liquefied natural gas (LNG) as a marine fuel, alternative fuels and marine based liquefaction projects.Verret got his start in the offshore industry nearly 40 years ago, signing on with Tidewater Marine as a deckhand in 1985…

04 Jan 2022

Tidewater Appoints Cougle to Its Board of Directors

Offshore vessel owner Tidewater on Tuesday announced the appointment of Melissa Cougle to its Board of Directors, effective immediately. Cougle most recently served as Senior Vice President and Chief Financial Officer of Frank’s International until November 2021. She previously served as Senior Vice President and Chief Financial Officer of National Energy Services Reunited. Cougle began her career with Arthur Andersen in 1999 and subsequently held positions of increasing responsibility in the oilfield services industry at Ensco plc, and prior to that Pride International. She holds a Bachelor of Science in Business from Louisiana State University and is a Certified Public Accountant."Melissa is a seasoned executive with a strong track record of leadership in the oil and gas sector…

03 Feb 2021

Valaris Drillship Goes Adrift off Scotland

A Valaris drillship went adrift on Tuesday evening, breaking free from moorings near the port at Hunterston, North Ayrshire, Scotland.According to BBC, which was the first to report on the incident on Wednesday, "a major rescue operation has been ongoing overnight," when the 228 meters drillship, Valaris DS4, broke free and started drifting without power.According to the news agency, coastguard rescue teams, vessels, and a helicopter were dispatched to the scene, and no injuries have been reported.Offshore Engineer has reached out to Valaris and Maritime and Coastguard Agency, seeking more info. Valaris did not immediately respond. A…

21 Jan 2021

Elon Musk's Firm Buys Two Offshore Rigs to Serve as Launchpads for SpaceX Rockets

Two offshore drilling rigs, previously used for oil and gas exploration beneath the seabed, could soon help with space exploration.Namely, according to multiple reports this week, a company linked to billionaire Elon Musk bought two deepwater semi-submersible drilling rigs last year, with plans - reportedly - to convert them into floating launch pads for Musk's SpaceX rockets.SpaceX, or Space Exploration Technologies Corp, was founded by Musk back in 2002 to cut space transportation costs and enable the colonization of Mars.According to CNBC, a company named Lone Star Mineral Development, linked to Musk's Space X firm, in July 2020 bought two semi-submersible drilling rigs from Valaris.

30 Apr 2020

Valaris Says Rigs May Be Idle for Up to Two Years

Offshore drilling contactor Valaris, which is exploring a bankruptcy restructuring, on Thursday said it could take up to two years to reactivate idle equipment as contracts dry up during a historic rout in oil prices.Global oil markets have collapsed since the beginning of March as the coronavirus pandemic has crushed fuel demand. Expensive offshore drilling projects have been halted or delayed, creating an uncertain outlook for service firms that had hardly recovered from the last oil price crash.London-based Valaris, the result of the 2019 merger of Ensco Plc and Rowan Companies, posted a $2.81 billion asset impairment charge in the first quarter.

15 Apr 2020

Offshore Drilling: It’s Going to Get Worse Before It Gets Better

Copyright Mike Mareen/AdobeStock

The Offshore Rig Market – At $30 Oil Offshore Drillers May Be Out of OptionsCOVID-19 and low oil prices are already having an impact on the offshore rig market as contractors face crew and logistical challenges and E&Ps attempt to prioritize drilling campaigns.Contract scrutiny has already led to a few contract cancellations and the first claims of force majeure.However, contract options are at most risk. Over $1.6 billion in contract value is at stake for options that are due to be exercised this year.

20 Mar 2020

Valaris Gears up for Possible Debt Restructuring

© Lorraine / Adobe Stock

Offshore oil driller Valaris PLC is exploring debt restructuring options as it grapples with a rig accident and a broader collapse in energy prices, people familiar with the matter said on Friday.Valaris has tapped debt restructuring attorneys at law firm Kirkland & Ellis LLP for advice on ways to rework its roughly $6.5 billion debt pile, and is exploring enlisting a turnaround firm that specializes in urgently addressing stressed finances to bolster its roster of advisers, the…

17 May 2019

EnscoRowan Wins Arbitration Against SHI

Offshore drilling services provider EnscoRowan announced that an arbitration tribunal has awarded it $180 million in damages in its proceedings against South Korean shipbuilder Samsung Heavy Industries (SHI).Further, the company will be claiming interest on this amount and costs incurred in connection with the matter.In April 2016, EnscoRowan (then Ensco) initiated arbitration proceedings in London against SHI for the losses incurred in connection with a drilling services agreement for ENSCO DS-5 that was voided by customer Petrobras.In January 2018, the arbitration tribunal issued an award on liability fully in EnscoRowan’s favor, and…

26 Apr 2019

New Jackup Delivered to EnscoRowan

ENSCO 123 (Photo: Keppel FELS)

Singapore-based rig builder Keppel FELS announced Friday it has delivered a new jackup rig to EnscoRowan. The US based driller, the product of a recent merger between Ensco and Rowan, has a contract to deploy the rig in the UK North Sea.The harsh environment newbuild ENSCO 123 is constructed to an enhanced version of Keppel’s state-of-the-art KFELS Super A Class design, the builder said. It was ordered by Ensco in November 2013 and originally planned for delivery in 2016.ENSCO 123 is the ninth harsh environment jackup built and delivered by Keppel to EnscoRowan.

01 Nov 2018

Cautious Consolidation for OSV Companies Brings Market Change

A Gulfmark offshore support vessel (CREDIT: Gulfmark)

Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced. In a sign of optimism, Ensco announced its plan for an all-stock acquisition of Rowan Offshore, worth around $2.4 billion. The new company will be domiciled in the United Kingdom, but will have a large presence in Houston.

30 Oct 2018

Rowan Reliance Awarded Fieldwood Contract

Offshore drilling contractor Rowan Companies plc announced Monday that its drillship Rowan Reliance has been awarded a contract in the U.S. Gulf of Mexico by Fieldwood Energy LLC.The contract is for a firm term of one year plus three 90-day options, and is expected to commence the first quarter of 2019. The R-Class ultra-deepwater Rowan Reliance is currently warm stacked offshore Louisiana in the U.S. Gulf of Mexico.Tom Burke, Rowan's president and CEO, said, "We are excited to continue our long-standing relationship with Fieldwood, a premier offshore operator, and look forward to a successful, long-term partnership with this major player in the Gulf of Mexico."In addition, Cantium has extended its previously announced contract for the EXL III in the U.S. Gulf of Mexico by three months.

08 Oct 2018

Ensco to Buy Rowan in $2.38 Bln Deal

©  Lukasz Z / Adobe Stock

Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.Rowan shareholders will receive 2.215 Ensco shares for each share held.

02 Aug 2018

Harvey Gulf Announces New BoD

Harvey Gulf International Marine’s parent, HGIM Corp., has announced the appointment of a new Board of Directors to serve following the company’s emergence from Chapter 11 proceedings.The seven member Board includes two current members remaining on the Board and five new members, each with expertise in individual areas particularly suited to support the company’s operation and development and collectively, creating a leadership platform that will enable Harvey Gulf to adjust and thrive in an ever-changing market. Shane Guidry. Mr. Guidry remains the Chairman of the Board and Chief Executive Officer for HGIM Corp. Mr. Guidry is the third generation in his family to lead Harvey Gulf. Mr.

23 Mar 2018

Vietnam Scraps South China Sea Oil Drilling Project

Vietnam's state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its "Red Emperor" project off the country's southeastern coast following pressure from China, the BBC reported on Friday. It would be the second time in less than a year that Vietnam has had to cancel a major oil development in the South China Sea under pressure from China. The move comes as Repsol was making final preparations for commercial drilling. A rig, the Ensco 8504, was scheduled to depart from Singapore for the drill site on Thursday, the report said, citing an unnamed energy industry source. The cancellation could cost Repsol and its partners $200 million in sunk investment, according to the BBC. Repsol and PetroVietnam executives could not immediately be reached for comment.

21 Feb 2018

Ensco Announces Cash Dividend

Ensco plc announced today that its Board of Directors has declared a regular quarterly cash dividend of US$0.01 per Class A ordinary share payable on March 16, 2018.  The ex-dividend date for this payment is expected to be March 2, 2018 with a record date of March 5, 2018.

09 Oct 2017

Ensco Completes Acquisition of Atwood Oceanics

Ensco plc announced today that Ensco shareholders voted to approve the allotment and issuance of Ensco Class A ordinary shares to shareholders of Atwood Oceanics in connection with the all-stock acquisition of Atwood at the Company’s general meeting of shareholders on 5 October 2017. The final results of the general meeting of shareholders held today indicate that 65% of the shares cast at the meeting voted in favor of this proposal. Carl Trowell, Ensco’s President and Chief Executive Officer, said, “We are extremely pleased that Ensco shareholders recognized the strategic and financial merits of our combination with Atwood. "By acquiring Atwood at a pivotal time in the market cycle…

04 Oct 2017

Offshore Rig Firms See End to Historic Downturn

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves. The nascent demand for harsh-environment rigs…

06 May 2016

Ensco Lost 2 Petrobras Contracts

Ensco Plc has concluded discussions with Petrobras regarding revised commercial terms with respect to some rig contracts. Ensco 6003 and Ensco 6004 had their contracts terminated effective May 1, 2016 by mutual agreement. Ensco said the two rigs covered by the discontinued contracts will be removed from Brazilian waters and permanently retired, a sign of the weak state of the oil market. Previously, Ensco stated that one or two rigs might lose jobs. It's not a big surprise that 2 rigs lost their jobs given the current state of the offshore drilling market and problems at Petrobras. Ensco 6002 has had its contract term extended to December 2019. Previous downtime on Ensco 6001 that could have been applied toward limit permitting contract termination has been reduced to zero.

25 Feb 2016

Ensco plc Report Loss

LONDON--(BUSINESS WIRE)-- Ensco plc (NYSE: ESV) today reported a loss of $10.64 per diluted share in fourth quarter 2015 compared to a loss of $14.89 per diluted share in fourth quarter 2014. The loss from discontinued operations in fourth quarter 2015 was $0.41 per share compared to a loss of $1.67 per share last year. The loss from continuing operations in fourth quarter 2015 was $10.23 per share compared to a loss of $13.22 per share a year ago. Excluding these items, adjusted earnings per share from continuing operations were $0.92 in fourth quarter 2015 compared to $1.68 a year ago, detailed in the attached reconciliation table.

28 Jan 2016

Wärtsilä, Ensco Ink Maintenance Deal

Wärtsilä, the leading global supplier of flexible and efficient power plant solutions and services, has signed a maintenance agreement with Ensco, a global provider of offshore drilling services to the petroleum industry. The agreement, signed in September 2015, will create both short- and long-term savings by optimising Ensco's assets and improving predictability through extensive condition monitoring services and parts supply management for Ensco's four drillships equipped with six Wärtsilä 32 engines. In the offshore markets, Wärtsilä's customers are continuously seeking increased reliability, maximum uptime and optimal operational efficiency as well as ensuring safe and sustainable environmental performance in harsh environments.

07 Aug 2015

Brazil Prosecutors: Charges Pending over Ensco Drillship Lease

Brazilian prosecutors plan to file criminal charges stemming from the lease of an Ensco Plc offshore oil-drilling ship to Brazil's state-run oil company Petrobras "in due course," they said. The plan to prosecute over the Ensco-Petrobras charter was mentioned in a Thursday statement presenting corruption charges stemming from the 2009 lease of another drillship, Vantage Drilling's Titanium Explorer Rig. In the Vantage case, prosecutors formally charged six people, including Petrobras' former international-unit chief Jorge Zelada. Petroleo Brasileiro SA, or Petrobras, chartered the DS-5 in 2008, when it was owned by Pride International, a company London-based Ensco purchased in 2011.

17 Jul 2015

ENSCO DS-9 Drillship Contract Update

ConocoPhillips today for its convenience provided a notice of termination for the three-year ENSCO DS-9 drillship contract. Under the terms of the contract, ConocoPhillips is obligated to pay Ensco termination fees monthly for two years equal to the operating day rate of approximately $550,000, which may be partially defrayed should Ensco re-contract the rig within the next two years and/or mitigate certain costs during this time period while the rig is idle and without a contract. ConocoPhillips is also contractually obligated to reimburse certain costs that Ensco incurs due to the termination of the contract for ConocoPhillips’ convenience.

16 Jul 2015

Conoco Cutting Deepwater Spending

Photo: ConocoPhillips

ConocoPhillips said on Thursday it will reduce future spending on deepwater drilling due to low crude oil prices while raising its dividend one cent.   The largest spending reductions will come in the Gulf of Mexico, where the Houston-based company said it will terminate a three-year contract for an Ensco deepwater drill ship that was due to be delivered late this year.   Conoco said it raised its quarterly dividend to 74 cents per share from 73 cents per share.     (Reporting by Anna Driver, editing by G Crosse)