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.

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar 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: 0.0551 sec (18 req/sec)