Norwegian Offshore Oil Rush Forces Rig Rates Higher

Press Release
Thursday, August 09, 2012
Photo credit US Government

High activity on the Norwegian shelf leads to high day rates for drilling rigs.

Desperate oil companies are forcing day rates for drilling rigs to reach new heights. Analysts believe day rates will be over $700,000 this autumn, reports the 'Barents Observer'.

Contracts are pouring into the rig market and the day rates for the most advanced drilling rigs are reaching the top levels of 2008. “The rush has just begun”, says analyst Martin Huseby Karlsen in the 'Dagens Næringsliv'. The oil companies are desperate and rates will continue to climb in course of the autumn.

He points out that the market is now about to be emptied. There are almost no vacant rigs in the ultra-deepwater market in 2013.

Norway earlier this summer announced the 22nd License Round , where 72 out of 86 blocks are located in the Barents Sea. “The Barents Sea is now a Sea of Opportunities”, Minister of Oil and Energy Ola Borten Moe said during the announcement.

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

Ecoships Claims 15% Ship Efficiency Gain

Ecoships introduced a customized version of the Six Sigma DMAIC approach to process and performance evaluation in order to optimize the energy-efficiency of the vessels under its management.

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

Energy

Oversupply, Ebola Fears Drive Oil Below $86

* Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2821 sec (4 req/sec)