Fred. Olsen: Oil Rig Market Soft into 2015

Joseph Keefe
Wednesday, April 30, 2014
Photo: Fred. Olsen

Norwegian offshore oil rig operator Fred. Olsen Energy said that recent market activity is indicating lower rig rates and shorter term contracts, and this market softness could last into 2015.

"The most recent market fixtures are indicating some softening of rates and an acceptance of shorter term contracts," it said in it annual report on Wednesday. "It is expected that these market conditions will continue through 2014 and possibly into 2015."

"The UK and Norwegian markets are expected to experience a more limited impact of the recent slowdown, partly because demand is relatively robust but also because a large proportion of the fleet is contracted on a multi-year basis," it added.

 

Reporting by Balazs Koranyi

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Rescue 2 on Bahamian Island

Two stranded men are safe after the Coast Guard rescued them off an Island in the Bahamas Tuesday afternoon. Coast Guard 7th District watchstanders received

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

Cutlass Express 2015 Commences

Maritime forces from East Africa, South Africa, Europe, Indian Ocean nations, the United States and several international organizations began the fourth iteration

Offshore

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

Wärtsilä Propulsion Solution for 3 Tugs

Three large new escort tugs contracted by Norwegian operator Østensjø Rederi, will feature Wärtsilä dual-fuel (DF) engines integrated with a customized gas storage

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Finance

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

A HERO on the Seas

The expansion of the Panama Canal has opened up an opportunity for WWL to develop its next generation RoRo carriers. Due to its importance to international trade,

Fender Repairs Works for Dolphins at Hong Kong

For approximately four months, fender repairing and replacement works for five of the dolphins will be carried out in the To Kwa Wan Typhoon Shelter. The

Energy

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

MHI Wins LNG Order

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd. The carriers

Offshore Energy

Wärtsilä Propulsion Solution for 3 Tugs

Three large new escort tugs contracted by Norwegian operator Østensjø Rederi, will feature Wärtsilä dual-fuel (DF) engines integrated with a customized gas storage

Greatship to Buy PSV

Greatship (India) Limited (GIL), a wholly owned subsidiary of The Great Eastern Shipping Company Limited, has signed a contract to buy a 2015-built 4000 dwt Platform Supply Vessel (PSV).

US Proposes Allowing Oil, Gas Drilling off Atlantic Coast

The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast.   The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1642 sec (6 req/sec)