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

Offshore

Andrews to Lead CWind’s O&M Division

Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services.   Andrews joins CWind from Siemens

Maersk Drilling gets Extension for Jack-Up

Maersk Drilling, is a unit in shipping and oil conglomerate A.P. Moller-Maersk. Hess has exercised the four one-well options included in the current contract for the jack-up rig Maersk Resolute.

Odd Arne Slettebø new CFO of “Noreco”

Norwegian Energy Company ASA has appointed Odd Arne Slettebø as Chief Financial Officer (CFO). Odd Arne Slettebø replaces Tommy Sundt who has been appointed new CEO of the Company.

Finance

Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.

EU Backs Nantes St-Nazaire and Vigo Transport Link

The EU's TEN-T Program will back the upgrade of the existing sea line between Nantes St-Nazaire, France and Vigo, Spain with over €3.5 million to ensure reliable

Egypt Eyes Suez Container Port Renegotiation

Egypt is trying to renegotiate an extension of an agreement worth $1.5 billion with Suez Canal Container Terminal which has a concession to run a port near the entrance to the canal,

Energy

Andrews to Lead CWind’s O&M Division

Lee Andrews has been appointed as CWind’s new global head of operations for maintenance and asset management (O&M) services.   Andrews joins CWind from Siemens

China Defies U.S. Plea for Restraint in South China Sea

China on Monday hit back at "irresponsible remarks" from the United States which has called on Beijing to stop a land reclamation project in the disputed South

Maersk Drilling gets Extension for Jack-Up

Maersk Drilling, is a unit in shipping and oil conglomerate A.P. Moller-Maersk. Hess has exercised the four one-well options included in the current contract for the jack-up rig Maersk Resolute.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics 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: 0.5488 sec (2 req/sec)