Drilling Technologies News

Blackstone Energy Partners announced today that it has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies from affiliates of American Securities LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is expected to close prior to year-end 2018. Ulterra is the largest pure-play, independent supplier of polycrystalline diamond compact (PDC) drill bits to the oil and gas industry. The Company is one of the fastest growing PDC drill bit manufacturers, having more than doubled total revenue since 2016. Ulterra currently has a leading position in many of the most active U.S.

ABS has announced it has issued the managed pressure drilling notation ABS MPD to Seadrill for the ABS-classed West Capricorn, a 6th generation ultra-deep water semi-submersible operating in the Gulf of Mexico.This notation demonstrates system compliance with the ABS Guide for Classification and Certification of Managed Pressure Drilling Systems (MPD Guide).Seadrill’s West Capricorn is the first Column Stabilized Drilling Unit to receive the ABS MPD notation complete with the Maltese Cross, which denotes survey attendance throughout the process, from vendor fabrication to on-board installation.“As the industry drills in more complex…

DNV GL has revised its classification rules for Managed Pressure Drilling (MPD) systems and introduced two new class notations DRILL(MPD) and DRILL(MPD READY). Stena Drilling Ltd. (SDL) is the first drilling contractor to receive the notation Drill(MPD) for their harsh environment drillship Stena Carron. Managed Pressure Drilling (MPD) is an adaptive drilling process that allows greater control of the annular pressure profile throughout the wellbore. This can help operators drill new wells safely and more efficiently and in some cases to drill previously undrillable wells. Since 2013, DNV GL’s offshore standard DNVGL-OS-E101 Drilling Plant has covered the design and commissioning requirements for MPD systems. “Stena Drilling Ltd.

ABS, the leading provider of classification and technical services to the global offshore industry, granted Approval in Principle (AIP) to Dalian Shipbuilding Industry Co. (DSIC) for its Self-Elevating Unit Design (DSLB150), in accordance with the applicable requirements of ABS Rules for Building and Classing Mobile Offshore Drilling Units 2017. The unit also meets IMO Resolution A.1023 (26) “Code for the Construction and Equipment of Mobile Offshore Drilling Units, 2009”. “Novel designs that drive efficiency play a key role in the offshore sector, and ABS is working with industry to safely implement these vital advancements,” says ABS Executive Vice President for Global Offshore Ken Richardson.

U.S. coal exports have jumped more than 60 percent this year due to soaring demand from Europe and Asia, according to a Reuters review of government data, allowing President Donald Trump's administration to claim that efforts to revive the battered industry are working. The increased shipments came as the European Union and other U.S. allies heaped criticism on the Trump administration for its rejection of the Paris Climate Accord, a deal agreed by nearly 200 countries to cut carbon emissions from the burning of fossil fuels like coal. The previously unpublished figures provided to Reuters by the U.S. Energy Information Administration showed exports of the fuel from January through May totaled 36.79 million tons, up 60.3 percent from 22.94 million tons in the same period in 2016.

Forum Energy Technologies, Inc. said it has designed, manufactured, tested and delivered its 350th rotational torque (RT) torque machine to TAM International, a globally recognized downhole inflatable packer leader. The torque machine, or bucking unit as it is commonly referred, was manufactured at the Forum AMC facility in Aberdeen, U.K. This represents the sixth unit that TAM has purchased from Forum in three years, and is a testament to TAM’s growth plans, as well as their trust in Forum’s equipment and global support network.

Classification society American Bureau of Shipping (ABS) hosted its Annual Meeting in New York on April 28, 2015. “2014 was a year of firsts and excellence in performance for ABS,” said Christopher J. Wiernicki, ABS chairman, president and CEO. In 2014, the ABS-classed fleet grew by more than 7 percent year-on-year to 221 million gross tons (gt). ABS captured more than 31 percent of the liquefied natural gas (LNG) carrier orderbook and 23 percent of the very large LPG carriers on order. Crude tankers continued to represent the largest amount of tonnage within the ABS-classed fleet.

William Cho, Head of MatthewsDaniel Weather, a division of the Bureau Veritas Group, explains why improvements in drilling technologies and weather monitoring systems have made offshore shelf drilling operations in the Arctic Circle increasingly attractive to upstream oil and gas companies and their investors. Rising crude oil prices motivate not only technological innovators to explore cheaper alternative energy sources, such as solar panels and wind turbines, but also upstream oil and gas companies to explore new oil reserves which had not otherwise been economical.

Aker Solutions today started trading on the Oslo stock exchange as a leaner and more streamlined company that will build on its strengths in the subsea and field design markets. The company emerges after a spin-off of the Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) businesses of the former Aker Solutions, which has been split into two separate entities to reduce complexity, realize synergies and bring down costs. The other company formed in the separation is Akastor, an oilfield services investment business that will develop the former group's other units, including Drilling Technologies. "The…

Schlumberger Norway has been awarded a contract with Statoil to provide integrated drilling services for the Norwegian continental shelf licenses Gullfaks, Gullfaks Satellites, Snorre, Statfjord , Tordis/Vigdis, Visund. The agreement also covers exploration drilling on the Norwegian continental shelf (NCS). Taking effect on 1 September 2014 the contract has a value of NOK 1.15 billion for an initial duration of two years. The contract also has three optional extensions, each for two years. The contract will provide jobs for some 350 people in Schlumberger Norway over the next two years. Services under the agreement include the delivery of directional drilling, measurement while drilling (MWD), logging while drilling (LWD) and mud logging services.

Aker Solutions reports its second-quarter 2014 earnings ahead of its plan to split into two companies at the end of September 2014. One company will keep the current name and be comprised of the Subsea, Umbilicals, Engineering, and Maintenance, Modifications and Operations (MMO) areas. Aker adds that pro-forma second-quarter revenue for the new Aker Solutions rose to NOK 8.1 billion from NOK 7.5 billion a year earlier, helped by a 13 percent increase in sales of subsea equipment and services. The new company's pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) increased to NOK 592 million in the quarter from NOK 481 million a year earlier.

The board of directors of Aker Solutions ASA has in accordance with the strategy disclosed April 30 resolved to propose to the company's shareholders that Aker Solutions be split into two companies. The board has also determined to write down the value of some assets in the Aker Oilfield Services unit of Akastor, one of two companies that will emerge from the separation. Aker Solutions Holding ASA - a subsidiary of Aker Solutions ASA established for the purposes of the demerger…

Aker Solutions release Q1 2014 financial results and separately inform they will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry. Sales rose to NOK 11.2 billion in the first quarter of 2014 from NOK 10.3 billion in the first quarter of 2013. Earnings before interest, tax, depreciation and amortization (EBITDA) gained to NOK 1.05 billion in the quarter from NOK 767 million in the year-earlier period when earnings were impacted by losses in the umbilicals and OMA business areas and increased costs at the Ekofisk Zulu project. The EBITDA margin improved to 9.3 percent in the quarter from 7.4 percent a year earlier.

Sales were NOK 11.4 billion in the fourth quarter of 2013, up from NOK 11.2 in the fourth quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1.06 billion in the quarter, compared with NOK 1.09 billion in the year-earlier period. The prior-year figure includes a gain of NOK 160 million from the sale of real estate. The EBITDA margin was 9.3 percent in the quarter versus 9.7 percent a year earlier. The prior-year margin was 8.4 percent excluding the sales gain.

Aker Solutions says that since 2011 it has established regional structures in Brazil, North America, Norway and now the UK to bolster its presence and build stronger relations with key customers. Currie comes from FMC Technologies, where he has since 1985 held various positions, most recently as director of global subsea operations. A native of Scotland, he will be based in Aberdeen, where Aker Solutions has 2,600 employees working in the maintenance, modifications and operations, drilling technologies and subsea business areas.

Aker Solutions ASA publish their third-quarter results 2013 showing a fairly even performance in the group's sectors, but in subsea widening its profit margin to 10.9 percent from 8.7 percent a year earlier. Sales were NOK 10.9 billion in the third quarter of 2013, compared with NOK 11.2 in the third quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1.07 billion in the quarter, compared with NOK 1.12 billion in the year-earlier period. The EBITDA margin was 9.8 percent in the quarter, compared with 10.1 percent a year earlier.

W&O caps a busy year with two additional deals intended to penetrate the busy offshore markets with cutting edge products. For many, the recently announced W&O Supply partnership agreements might come as just another piece of news in the busy marine markets. For starters, however, W&O Supply is now the exclusive sales agent for PG Marine Group – Ing Per Gjerdrum AS – in North America. Separately, Bestobell Valves, part of the President Engineering Group (PEGL), also named W&O Supply as its exclusive distributor for Bestobell Valves in North America. Finally, and in concert with PG Marine in a 3-way partnership, W&O was also named as the exclusive North American sales distributor for the Hyde GUARDIAN Ballast Water Treatment solution (BWTS) to the marine industry.

Nearly two decades after setting a world water-depth record for drilling and production, Shell’s Auger tension-leg platform is still playing a central and innovative role in the company’s deep water Gulf of Mexico portfolio – currently producing some 55,000 barrels oil equivalent (boe) per day (Shell share ~30,000 boe per day), and acting in the future as the host platform for the Cardamom subsea development. The Cardamom discovery well also set records three years ago, for subsurface length and depth. With the latest seismic and drilling technologies, the Cardamom development is expected to deliver new production from the deep waters of the Gulf of Mexico to existing infrastructure.

Houston-based Forum Energy Technologies agrees to acquire Blohm + Voss Oil Tools from STAR Capital Partners Limited (STAR), a London based private equity firm. Completion of the transaction is subject to certain customary closing conditions. Further details of the transaction were not disclosed. With locations in Hamburg, Germany and Willis, Texas, Blohm + Voss Oil Tools manufactures a comprehensive range of pipe handling equipment used on offshore and onshore drilling rigs. Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Blohm + Voss Oil Tools significantly strengthens the tubular handling offering within our Drilling Technologies product line.

"The slow start to 2013 is truly disappointing," says Øyvind Eriksen, Executive Chairman of Aker Solutions ASA. Aker Solutions decided to disclose preliminary information on its financial performance in the first three months of 2013 as the results so far considerably lag current consensus market estimates. Aker Solutions expects to report revenue of NOK 11.1 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of NOK 868 million for the first quarter of 2013. The earnings were impacted by increased costs at the Ekofisk Zulu platform project as work was accelerated to ensure the platform will be transported from the Egersund yard to the Ekofisk field in mid-June and start producing oil by October 2013.

Aker Solutions acquires managed pressure drilling specialist Managed Pressure Operations (MPO). Managed Pressure Operations International, Ltd. (MPO) is a company that has successfully developed the next generation of continuous circulation, riser gas handling and managed pressure drilling systems. The main rationale for using managed pressure drilling is to improve safety and efficiency, enable access to new fields with challenging drilling conditions, and enhance the life of mature fields.

Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share. "The performance in the fourth quarter can be described as solid, rather than spectacular. The first full year of operation since the restructuring of Aker Solutions has generated strong results, mainly due to favourable development in the larger business areas like Subsea, Drilling Technologies, MMO and Engineering.

Aker Solutions has won a contract to supply a complete drilling equipment package for a deepwater drillship Jurong Shipyard is building for the Brazilian market. The contract value is undisclosed. Earlier this year Aker Solutions announced a contract to supply six drilling equipment packages to Jurong Shipyard. The contract included an option for an additional drilling package, which the customer now has exercised. The contract includes complete topside and subsea equipment (drilling riser and blow-out preventer). The equipment will be delivered from Aker Solutions in Norway, Germany and Brazil. Aker Solutions is building a new $100m service and manufacturing facility in Macaé, Brazil's offshore capital, in order to meet expected growth.