Lamprell Sees Full-year Revenue at Low End of Guidance
British oil rig builder Lamprell sees full-year revenue slipping to the bottom of its guidance range because of stagnant oil sector investment and losses at a windfarm project, it said on Wednesday, sending its shares sharply lower. The company said that total losses on its East Anglia One (EA1) offshore windfarm project would be about $80 million because of mounting costs for unplanned staffing and equipment requirements. "We anticipated a challenging 2017 given the weakness of our end markets…
Falklands' Oil Drilling at Isobel Deep Suspended
Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem. Operator Premier Oil has suspended operations on the 4/20-1 (Isobel Deep) well, following a problem detected on the drilling rig blowout preventer, BOP, according to partner Falkland Oil and Gas Ltd. Ocean Rig semisubmersible Eirik Raude is performing the drilling program. The company says that the rig, completed in 2002, is equipped for drilling operations in water depths from 500 to 2,500 meters. FOGL said that the problem was detected after the 13â…ś-in. casing was set, performed at a water depth of 1,274m, located on license PL004a. The well was spud on April 8, after success in the first well Zebedee.
Artificial Islands Boost China Regional Power
China's creation of artificial islands in the South China Sea is happening so fast that Beijing will be able to extend the range of its navy, air force, coastguard and fishing fleets before long, much to the alarm of rival claimants to the contested waters. Reclamation work is well advanced on six reefs in the Spratly archipelago, according to recently published satellite photographs and Philippine officials. In addition, Manila said this month that Chinese dredgers had started reclaiming a seventh. While the new islands won't overturn U.S. military superiority in the region, Chinese workers are building ports and fuel storage depots as well as possibly two airstrips that experts said would allow Beijing to project power deep into the maritime heart of Southeast Asia.
Oil Explorers Update on Thailand Assets
US-based Coastal Energy Company updates progress on Thailand rig location and pilot offshore facturing program. The Atwood Manta has arrived on location at the Bua Ban North B field and is currently rigging up. The Company plans to drill eight development and appraisal wells at Bua Ban North with the Manta. Following completion of these eight wells, the Company plans to mobilize the Manta to the KBM cluster offshore Malaysia in early Q213 to begin appraisal drilling there. The Company has recently tested hydraulic fracturing ("fraccing") with a three stage fracturing program in the Lower Oligocene in the Bua Ban South A-01 well. All three zones which were fracced have flowed back oil naturally during cleanup.
BP to Pay Record Price for Drillship
BP reportedly agreed to pay more than $500,000 a day to secure the continued use of a drillship in the Gulf of Mexico, according to a report on www. Business.timesonline.co.uk. From December next year, BP will pay a day rate of $520,000 (£297,000) to charter the Discoverer Enterprise, almost three times more than it pays at present for the use of the ship. The surge in price reflects a desperation among oil explorers to retain control of scarce resources, essential if the companies are to meet their own oil production targets. A shortage of drilling rigs is delaying exploration programs in the North Sea while a surge in drilling activity in the Middle East is driving up the costs offshore of Texas and Louisiana as the newly rich state-owned oil companies of the Gulf compete with U.S.
