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Land Rigs News

12 Apr 2021

Bordelon Marine Announces Leadership Promotions

Lockport, La. based offshore support and subsea services provider Bordelon Marine said it has promoted Mike Belanger to chief operating officer and Chris Martin to general manager.Having served as Bordelon's general manager for 15 years, Belanger brings more than 40 years of industry experience to the COO position. During his tenure as GM, the company transitioned from operating utility vessels to opening a shipyard and building a trio of 260-foot DP2 subsea vessels that have been operated by Bordelon Marine for more than five years. Belanger is a military veteran serving seven years as an active-duty Marine. Furthermore, he is a third-generation oilfield worker who started from the age of 15 in various areas including on land rigs and offshore drilling and production…

07 Aug 2019

BSP Contracts AqualisBraemar

Oil & natural gas company Brunei Shell Petroleum Company Sdn Bhd (BSP) has awarded AqualisBraemar a frame agreement to conduct rig inspection services for the operator.The agreement is valid for three years with an option to extend the contract for additional periods of three times one year, said the Norway-based global company that provides, through its subsidiaries and associates, consultancy services to the energy, marine and insurance sectors.Oslo-listed AqualisBraemar – a result of the recent unification between Aqualis Offshore and Braemar Technical Services – will provide rig inspection services, engineering and training services to Brunei Shell Petroleum Company Sdn Bhd (BSP).AqualisBraemar will manage the contract out of its office in Malaysia…

17 Jan 2019

Offshore Service Market to Outspace Onshore Shale

Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance, modifications and operations (MMO) sector are set to benefit from this trend reversal.At current oil price levels, spending on land rigs, fracking and other services for the shale industry is likely to stay essentially flat in 2019. The offshore service market, too, will feel the effects of the recent oil price slide, but this sector is nevertheless projected to grow by a robust 4% this year…

12 Aug 2016

US Oil Drillers Add Rigs for 7th Week in a Row

U.S. drillers this week added oil rigs for a seventh consecutive week, according to a closely followed report on Friday, even as analysts revise down rig count growth forecasts and energy firms become more cautious the longer crude holds below $50 a barrel. Drillers added 15 oil rigs in the week to Aug. 12, bringing the total rig count up to 396, compared with 672 a year ago, energy services firm Baker Hughes Inc said. That is the longest streak of rig additions since April 2014 when U.S. oil futures averaged over $100 a barrel. Since July 1, drillers have added 66 oil rigs. "We expect the rig count could stall or even decline due to seasonal drilling activity declines and recent commodity pull back," analysts at U.S.

13 May 2016

US Oil Drillers Cut Rigs for 8th Week to Oct 2009 Lows

U.S. oil drillers cut rigs for an eighth week in a row to the lowest level since October 2009, oil services company Baker Hughes Inc said Friday, even with futures at six-month highs as some energy firms focus on completing wells rather than drilling new ones. Drillers cut 10 oil rigs in the week to May 13, bringing the total rig count down to 318, Baker Hughes said in its closely followed report. The number of U.S. oil rigs currently operating compares with the 660 rigs operating in the same week a year ago. In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988 amid the biggest rout in crude prices in a generation.

08 Apr 2016

US Oil Drillers Cut Rigs to Nov 2009 Lows

U.S. energy firms cut oil rigs for a third week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms keep slashing spending despite crude futures prices jumping roughly 50 percent  since hitting a near 13-year low in February. Drillers cut 8 oil rigs in the week to April 8, bringing the total rig count down to 354, Baker Hughes said in its closely followed report. The number of U.S. oil rigs currently operating compares with 760 rigs operating in the same week a year ago. In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988 amid the biggest rout in crude prices in a generation.

19 Apr 2015

Termination of Seadrill Unit's and Rosneft Deal Extended

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement, reports Reuters. NADL will also be permitted to delay the construction, delivery, or shipyard stay of any of those rigs. Western sanctions levied against Russia for its actions in Crimea have raised concerns over the future of the $4.1 billion agreement and have already forces Rosneft to terminate several North Atlantic Drilling contracts. North Atlantic Drilling said in a statement, "Today, all parties have mutually agreed to extend the termination date ... The two companies also agreed to renegotiate the terms following the collapse of rig rates caused by the 50% fall in the oil price since June 2014.

25 Mar 2015

Rosneft Cancels Rig Contract

Russian oil firm Rosneft has cancelled a contract for a two-and-a-half year rig contract with Northern Offshore and Seadrill's North Atlantic Drilling Ltd, the Norwegian offshore driller said. Western sanctions against Russia, and Rosneft in particular, have led the Russian oil group to cancel a North Atlantic Drilling vessel earlier this month and raised concerns whether a larger agreement would go through.. The contract, worth about $150 million, was for Northern Offshore's jack-up rig…

12 Jan 2015

Lamprell Issues Pre-close Trading Update

Photo courtesy of Lamprell

Lamprell published a trading update ahead of its results for the year ending December 31, 2014, stating it has delivered a robust operational and financial performance in 2014 as a result of strong project execution, favorable phasing of rig construction cycles and some one-off elements. The group reports it has seen a strong rate of conversion of its bid pipeline with six new build jackup rig orders won and several smaller awards signed recently. In the second half of the year, Lamprell commenced construction for four new build jackup rigs, two for Ensco rigs and two for Shelf Drilling.

15 Jul 2014

Viking Wins $32m Charter Contract for Drilling System

Viking Offshore & Marine Limited (Viking) which is building a portfolio of mainstream offshore, marine and drilling assets, said today that it has secured a 50-month bareboat charter for a land rig system worth approximately US $32 million. Under the contract, SGX-listed Viking’s wholly owned subsidiary Viking Asset  a Chinese land rig specialist from September 2014. The Chinese rig builder, which specialises in the design, manufacture and assembly of land rigs, has secured a contract with a major South-Asian energy operator, which will deploy the rig in North-Africa. Drilling will commence immediately on oil exploration sites licensed to the joint venture of the South-Asian energy operator and the local energy authorities.

09 Apr 2012

Jack-up Rig Ordered by Qatar Company

GDI announced today that they have placed an order for a Pacific Class 400 jack-up drilling rig with PPL Shipyard  (“PPL”) for delivery in March of 2013. This is the 3rd new build jack-up rig that GDI has ordered in the last 12 months. The contract was signed by GDI Chief Executive Officer, Mr. Ibrahim J. Al-Othman and Dr. Benety Chang, Deputy Chairman of PPL Shipyard. The rig will come with accommodation for 150 persons, have a 75’ cantilever outreach and be able to operate in water depths of up to 400’ and drilling to depths of 30,000 feet. On delivery, this jack-up will be the most technologically advanced drilling rig operating in Qatar. The total cost to place this rig into service is estimated at $250 Million.

02 Dec 2011

Reservoir Group Announces Acquisition of MSI

Wade McCutcheon, VP

International oilfield services company, Reservoir Group, has announced the acquisition of Mudlogging Services Inc (MSI), the US-based developer and supplier of the MLogger series of gas detection systems. Founded in 2001, MSI is headquartered in Grand Junction, Colorado. From this base, the company leases its specialised systems and software to a number of major operators and independent oil and gas companies across the US and worldwide, including Mexico, Africa and Eastern Europe.

11 May 2011

Essar Shipping Ports and Logistics: New Management Structure

Mumbai: Essar Shipping Ports & Logistics Limited (ESPLL) which is a part of Essar Group today held its Committee of Directors (Demerger Committee) meeting and announced the completion of the demerger process. The committee fixed 19th May 2011 as the record date. ESPLL announced that the company has received all the approvals hence the completion of the process. The company also announced the new management structure for the two companies once they are listed on exchange. Post demerger, the present company will be split into two entities – Essar Ports Ltd and Essar Shipping Ltd.

20 Mar 2009

Parker Drilling Report on Barge Rig Fleet

Parker Drilling Company (NYSE: PKD) has posted a report on the company's Gulf of Mexico barge rig fleet updating rig status and contract information as of February, 2009. The company expects to update this report monthly. The report is intended to provide analysts and investors with information about activity in Parker's U.S. Barge Drilling segment. The report "Gulf of Mexico Barge Rig Fleet" is available through the company's Web site at www.parkerdrilling.com. The report can be accessed by selecting the "Rig Fleet Status Report" link under the Investor Relations section of the site. To be notified of rig fleet status report updates, subscribe to the "Rig Fleet Status Report Alert" in the Information Request link at the Investor Relations section of the site.

13 Feb 2009

Hercules Offshore 4Q and 2008 Results

On Feb. 10, Hercules Offshore, Inc. (NASDAQ:HERO) reported income from continuing operations of $37.4m, or $0.42 per diluted share, on revenues of $313.5m for the fourth quarter 2008, excluding the effects of non-recurring items, compared with income from continuing operations of $32.8m, or $0.37 per diluted share, on revenues of $244.2m for the fourth quarter 2007. Income from continuing operations for the twelve months ended December 31, 2008, was $95.7m, or $1.08 per diluted share, on revenues of $1.1b, excluding the effects of non-recurring items, compared to income from continuing operations of $139m, or $2.33 per diluted share, on revenues of $726.3m for the twelve months ended December 31, 2007, excluding the effects of non-recurring items.

22 Oct 2003

GlobalSantaFe Announces 3Q Earnings

Worldwide oil and gas drilling contractor GlobalSantaFe Corp. reported net income for the third quarter ended September 30, 2003, of $15.1 million, or $0.06 per diluted share, on revenues of $458.1 million, as compared to net income of $75.0 million, or $0.32 per diluted share, on revenues of $514.4 million for the same quarter in 2002. For the nine months ended September 30, 2003, GlobalSantaFe reported net income of $104.9 million, or $0.45 per diluted share, on revenues of $1,408.5 million, as compared to net income of $225.5 million, or $0.95 per diluted share, on revenues of $1,504.8 million for the corresponding period in 2002.

02 Nov 2007

Rowan Profits Jump in 3Q

Rowan Companies, Inc. said profit in the third quarter jumped 50% on overseas demand for its offshore oil rigs and drilling services. The Houston drilling contractor and equipment maker said profit in the three months ended Sept. 30 rose to $130.8m, or $1.16 a share, from $87m, or 78 cents a share, in the year-earlier period. Profit in the most recent quarter included a penny a share in gains on asset sales. Revenue rose 20% to $502.2m, short of the $530m anticipated by Wall Street. Shares fell 2.1% to $38.17 by the close compared with a 1% drop in the Philadelphia Oil Service Index. Rowan said revenue from its drilling operations rose 27% to $369m as the pace of activity on its offshore rigs quickened, and it got paid more for daily operations.

20 Mar 2007

Hercules Offshore to Acquire TODCO for $2.3 B

Hercules Offshore, Inc. entered into a definitive merger agreement pursuant to which Hercules Offshore will acquire 100% of the outstanding stock of TODCO in a stock and cash transaction valued at approximately $2.3 billion. The combined company will operate a fleet of 33 jackup rigs, 27 barge rigs, 64 liftboats, three submersible rigs, nine land rigs and one platform rig and have operations in ten different countries on five continents. The boards of directors of Hercules Offshore and TODCO unanimously approved the transaction. Closing of the transaction is subject to regulatory approvals and other customary conditions, as well as both Hercules Offshore and TODCO shareholder approval.

12 Nov 1999

No Relief Yet

Oilfield service companies were not nearly as lucky as their oil producing counterparts. While net income in the oil producing industry was up over the 1998 third-quarter, oilfield service companies were still feeling the pain of the low oil prices from earlier in the year. While the stock market - the global business measuring stick - has generally been positive on the offshore oilfield sector throughout much of the year, there has been a relapse of sorts in October, as uncertainty surrounding OPEC output quotas has largely dampened the year's progress. In fact, a major tracker of offshore industry stocks, Warburg Dillon Read, in mid-October cut its ratings of four oilfield equipment and services companies.

20 Jun 2001

Current Onshore Rig Boom Could Be Halted By Next Year

The boom in U.S. onshore oil and natural gas drilling has yet to peak, bolstering forecasts of continued strong demand for rigs, analysts and executives said this week. But growth in the onshore rig market is likely to slow down next year, and activity in the offshore market is already tailing off, with some companies sending rigs away from the Gulf of Mexico to other countries where profits may be better. "We expect to see 30 to 33 percent growth in the total U.S. rig count this year over 2000," an analyst said. "The problem is, we'll only see 8 percent growth from 2001 to 2002, and then companies will have to add units," the analyst added, noting that the 2001 rig count increased 49 percent from 1999 to 2001.

13 Mar 2003

GlobalSantaFe to Suspend Kuwait Drilling Ops

Iraq. 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. evacuate its 386 non-resident employees by that same time. have a material impact on the company's first quarter 2003 financial results. quarter that operations are suspended. range of premium equipment and drilling management services. dynamically positioned ultra-deepwater drillships. has four rigs under construction. services.

18 Dec 2002

Transocean Inc. Subsidiary - Todco - to go Public

Transocean Inc. said its subsidiary TODCO (formerly R&B Falcon Corporation) has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with the previously announced initial public offering of its Gulf of Mexico Shallow and Inland Water business segment. The registration statement relates to TODCO common stock to be sold by Transocean in the offering. TODCO does not expect to sell any shares in the offering. Upon the closing of the initial public offering, TODCO's fleet is expected to consist of 76 drilling rigs including 27 jackup rigs, 31 drilling barges and three submersible drilling rigs located in the U.S. Gulf of Mexico, two jackup rigs and one platform rig located in Trinidad and nine land rigs and three lake barges located in Venezuela.

30 Oct 2001

Transocean Sedco Forex Reports Third Quarter 2001 Earnings

Transocean Sedco Forex Inc. announced that net income for the three months ended September 30, 2001 was $97.6 millionon revenues of $770.2 million. Net income for the quarter included a net after-tax gain totaling $7.5 million, resulting primarily from the sale of two Nigerian-based land rigs and the disposal of an inland drilling barge. Excluding the net after-tax gain, net income for the three months ended September 30, 2001 was $90.1 million. For the corresponding three months in 2000, net income was $49.3 million, and included a net after-tax gain of $7.1 million. Revenues for the three months ended September 30, 2000 were $314.5 million. For the nine months ended September 30, 2001, net income was $196.6 million, on revenues of $2,072.5 million.