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Ensco to Buy Rowan in $2.38 Bln Deal
Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.Rowan shareholders will receive 2.215 Ensco shares for each share held.
Consolidated Ship Repair Hires Sappington
Consolidated Ship Repair has hired marine industry veteran Brent Sappington as Marine Manager.In his new role, Sappington will oversee the execution of a diverse range of projects from ship repair and fabrication, to decommissioning and systems integration testing, to subsea and offshore construction at one of the largest waterfront shipyards in Texas.Sappington’s experience in the industry began at a young age, working on a boat off the Oregon coast with his fisherman father.
Petrobras Extends Transocean Contract
The international provider of offshore contract drilling services for oil and gas wells Transocean announced that the ultra-deepwater drillship Petrobras 10000…
Rowan Gets New Contract by Turkish Petroleum
Offshore driller Rowan Companies has been awarded a two-well contract for its Rowan Norway jack-up rig in the Mediterranean Sea by Turkish Petroleum.Rowan Companies announced that the Rowan Norway…
Maersk to Merge Damco, Ocean Product Units
A.P. Moller-Maersk will merge Damco Supply Chain Services and Maersk Line's Ocean Product, the Danish shipping giant announced on Wednesday, as it seeks to offer customers the chance to deal with one firm when shipping goods across the world.The operator of Maersk Line, the world's largest container shipping company, kicked off a restructuring drive in 2016 that saw it sell its oil and gas business…
Maersk to Pursue Separate Listing of Maersk Drilling
Danish shipping company A.P. Moller-Maersk has decided to pursue a demerger with its offshore drilling operation Maersk Drilling via a separate listing of Maersk…
Maersk to Spin off Drilling, Hand Total Shares to Investors
A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became…
Davie Delivers LNG-powered Ferry
Canadian operator Société des traversiers du Québec (STQ) has taken delivery of MV Armand-Imbeau II, a new environmentally friendly, 92-meter-long ferry built by Chantier Davie Canada.The new vessel will operate on liquefied natural gas (LNG) fuel, enabling STQ - Québec Province ferries operator - to minimize the environmental impact of its operations. The decision is also in line with the Québec’s Maritime Strategy…
Stena Drilling Streamlines Safety Equipment with VIKING
U.K.-based offshore drilling company Stena Drilling has placed a significant part of its safety equipment and servicing management under a VIKING Offshore Safety Agreement.In early 2018, an extensive review done by VIKING Life-Saving Equipment for its long-time customer revealed the potential for major cost and administration savings in placing much of the company’s safety equipment sourcing and administration under a VIKING Offshore Safety Agreement (OSA)…
Cantium Contracts Rowan Jack-up
Rowan Companies plc announced that the Rowan EXL III, an EXL Class high specification jack-up rig, has been awarded a six-month contract from Cantium in the U.S.
Diamond Offshore Posts Smaller-than-expected Loss
Diamond Offshore Drilling Inc posted a smaller-than-expected loss on Monday, as a fall in revenue was offset by a 15 percent drop in costs.The Houston-based company's…
Seadrill Gets ABS-Managed Pressure Drilling Notation
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…
Mermaid Maritime Wins Middle East Contract
Thailand-based subsea and offshore drilling services company Mermaid Maritime Public Company announced that its Middle East business unit has been awarded a subsea…
Ocean Rig Postpones SHI Drillship Delivery Till 2020
International offshore drilling contractor Ocean Rig UDW Inc. and South Korean yard Samsung Heavy Industries (SHI) have agreed to postpone the delivery of the newbuild…
Maersk: Disappointing Q1 Earnings Hit Share Price
A.P. Moller-Maersk missed first-quarter profit expectations on Thursday and warned that political and trade tensions clouded the outlook, sending shares in the world's biggest container shipper sharply lower.Earnings before interest, tax, depreciation and amortization (EBITDA) for the three months to March 31 rose 5 percent to $669 million but came in well below the $852 million forecast by analysts…
Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined…
DP World Opens Limassol Passenger Terminal
The new cruise passenger terminal at DP World Limassol was inaugurated today by Cyprus President, His Excellency Mr. Nicos Anastasiades; Minister of Transport, Communications and Works, Mrs.
Op/Ed: Connecting to the Future of Offshore
120 miles out at sea, 6,000-horsepower devices lift drilling equipment weighing up to 3 million pounds out of holes lying 10,000 feet beneath the water. Keeping such sea monsters in good working order, often for years at a time, is no mean feat. Oil companies spend between $300,000 and $800,000 per day on each vessel drilling offshore. Any failures can result in losses that run into hundreds of thousands of dollars per day.With such high costs and massive market pressures…
Nippon Foundation Chairman Sasakawa Delivers 'First Pitch'
The Japan Ship Machinery and Equipment Association (JSMEA) and Maritime Reporter & Engineering News hosted a reception on Tuesday, May 1, 2018 at Minute Maid Park in Houston in conjunction with the Offshore Technology Conference. More than 200 guests from around the world enjoyed hospitality at the ballpark in downtown Houston, and a highlight of the evening was Nippon Foundation Chairman YĹŤhei Sasakawa delivering the first pitch of the game with a perfect strike down the middle of home plate.
McDermott, CB&I Shareholders Approve Merger
McDermott International shareholders on Tuesday approved a merger with Chicago Bridge & Iron Co that creates a vertically integrated onshore and offshore engineering and construction company, thwarting an attempt by offshore drilling contractor Subsea 7 to block the deal.More than 50 percent of McDermott shareholders supported the deal and approved a 3-to-1 reverse stock split, according to a spokesman.