GlobalSantaFe to Suspend Kuwait Drilling Ops

Thursday, March 13, 2003
GlobalSantaFe decided to suspend its drilling operations in Kuwait due to the potentially imminent military conflict with Iraq. Chief Operating Officer Jon Marshall said, "While our decision is voluntary and may have a financial impact, our paramount concern is the safety and well being of our employees." GlobalSantaFe expects to suspend drilling operations on all six of its land rigs currently operating in Kuwait by March 17, 2003. The rigs will be secured and remain idle until the political climate in the area stabilizes. GlobalSantaFe employs approximately 432 employees in Kuwait and expects to evacuate its 386 non-resident employees by that same time. The suspension of its Kuwait-based drilling operations is not expected to have a material impact on the company's first quarter 2003 financial results. Based on current contracts and commitments, future financial results will be negatively impacted by approximately $0.03 per diluted share for each full quarter that operations are suspended. GlobalSantaFe is a leading worldwide drilling contractor offering a full range of premium equipment and drilling management services. The company's diverse and technologically advanced fleet of 58 offshore rigs includes premium and heavy-duty, harsh-environment jackups; semisubmersibles; and dynamically positioned ultra-deepwater drillships. Additionally, the company has four rigs under construction. The company also has 31 land rigs and is the world's leading provider of turnkey drilling and drilling management services.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Activists Block Shell's Arctic Drilling Quest

Greenpeace protestors dangling from a bridge on Thursday in Portland, Oregon, halted an icebreaker that Royal Dutch Shell needs in northern Alaska before it can

MOL Wins Eco Awards in California

Mitsui O.S.K. Lines, Ltd. earned recognition from the ports of both Los Angeles and Long Beach, California, today, for its efforts to ensure compliance with

Mexico to Postpone Deep Water Auction

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0896 sec (11 req/sec)