Borr Drilling News

Esgian reports on new contracts for Borr Drilling and Shelf Drilling (North Sea) jackups in its Week 15 Rig Analytics Market Roundup. Additionally, Energean has selected a drillship for its upcoming drilling campaign offshore Morocco. South America remains vital to the floating rig market, with ExxonMobil moving ahead on a sixth development on the prolific Stabroek block offshore Guyana and Petrobras reporting a new discovery in Brazil's Potiguar Basin.Report Outline:ContractsBorr Drilling has announced new contract commitments for three of its premium jackup rigs…

Esgian reports various drilling contractors disclosing details of discussions with Saudi Aramco regarding jackup contract suspensions in its Week 14 Rig Analytics Market Roundup. These contractors include Shelf Drilling, ADES, Borr Drilling, Arabian Drilling, COSL, and ARO Drilling.Meanwhile, Transocean, Noble, and COSL rigs have firmed up new work in the US Gulf of Mexico, Suriname, and the North Sea, respectively.Report overview:ContractsShelf Drilling has received a notice of suspension of operations on four jackup rigs from a customer in the Middle East.

This week Esgian’s Week 50 Rig Analytics Market Roundup notes developments in the semisub sector including that Shell has decided to exercise its option on Stena Don in the North Sea but not on Deepsea Bollsta in Namibia. Meanwhile, a new contract for the Transocean Barents will see it operate in the Black Sea, and jackup Shelf Drilling Perseverance will move to Vietnam.ContractsShelf Drilling has secured a contract award for the 400ft Shelf Drilling Perseverance jackup rig with PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC).

VesselsValue's head cargo analyst, Olivia Watkins, has compiled a list of the world's top ship owning nations ranked by total fleet value.ChinaChina has moved up from second in January to firs place this time, owning a total of $191 billion in assets.China owns the largest number of containerships and, consequently, the recent surge in rates and values has moved them up the ranks to top spot in terms of fleet value. The increase in rates has also prompted an ordering spree across the container sector, as owners’ confidence in the market exploded.

Keppel Offshore & Marine, an offshore construction subsidiary of Singapore's Keppel Corp, expects challenging conditions ahead due to the drop in oil prices but says its business diversification into gas and renewables has paid off.The company has traditionally been called an "offshore rig builder" as this was the Keppel O&M's core business in the heydays before the 2014-16 collapse in oil prices when oil fell from over $100 a barrel to below $30.However, with offshore drilling rig orders dwindling…

Danish offshore drilling contractor Maersk Drilling is set to mothball several offshore drilling rigs, and as a consequence, reduce the number of offshore workers, citing low oil prices and the impact of COVID-19 pandemic as the reason."The COVID-19 pandemic and the lower oil price environment are impacting offshore drilling activity. Some tenders and projects are being delayed or canceled which adversely affects commercial prospects," Maersk Drilling said Friday.As previously reported, Tullow Oil in March sent an early termination notice for the Maersk Venturer drillship in Ghana.

Singapore-based offshore drilling rig builder Keppel Offshore & Marine has delivered a newbuild jack-up drilling rig to Norway's Borr Drilling.The rig, named Hild, was built to Keppel's KFELS Super B Class design. The Hild is the sixth jack-up that Keppel has delivered to Borr Drilling, out of the 11 that have been ordered. It is capable of operating in 400 feet water depth and drilling to 35,000 feet. The jack-up is equipped with a maximum combined cantilever load of 2,700 kips and high capacity hook loads of two million poundsFollowing this delivery…

Norway-based offshore support vessel operator Solstad Offshore has secured contracts and extensions for five of its platform supply vessels in the UK Sector of the North Sea.The longest term charters of the five have been awarded to Solstad Offshore by its Equnior's UK subsidiary Equinor UK Limited. Equinor has extended contracts for the platform supply vessels Sea Frost and Normand Skipper."Both vessels have been supporting Equinor's operations since July 2017 and January 2019 respectively.

Offshore drilling contractor Borr Drilling has launched the initial public offering (IPO) in the United States of 5 million of its common shares on July 29.The drilling company that operates 27 rigs said that the offering of common shares on the New York Stock Exchange is at prices it expects to be ‘substantially similar’ to its share price on the Oslo Bors.The IPO price will be determined based on the book-building process and the closing price of its shares on the Oslo Børs on the pricing date of the offering. The offering will not be conducted as a rights offering and no repair offer will be made as the existing shareholders of the company do not have any pre-emptive rights.NYSE approved the company to list under the ticker symbol BORR.

Newbuild MarketUnsurprisingly, across the offshore sectors, newbuild orders have been scarce to none. Oversupply is still a major problem for the industry and due to slippage, ordering vessels now would be counterproductive. Why order brand new vessels from a yard and wait several years for these to be delivered, when you can purchase readily available cheap tonnage direct from the yards ready to go?Source: Vessels ValueSale and purchaseIt has been a bumper year for sale and purchase activity within the OSV and OCV sectors…

Eagle and Falcon, sister vessels and the workhorses of the Offshore Heavy Transport  (OHT) family, were coincidentally working side by side in Singapore earlier this month loading two jack-up rigs.Eagle started her loading operation of the 14,527 mt CJ46 jack-up rig Noble Johnny Whitstine from 14 February, said a press note from the heavy transport vessel operator .Just after deballasting the vessel, and preparing cargo for sailing, Falcon arrived at the same anchorage, said the specialized heavy transport and installation contractor, building on Norway’s long and proud heritage in maritime pioneering.The Borr Drilling’s 16,415 mt jack-up rig Natt…

Drilling rig contractor Maersk Drilling, which will soon list on the Copenhagen stock exchange, said the offshore drilling market is improving as oil firms generate more cash and look to boost reserves.A fall in oil prices in 2014 prompted a severe downturn in the industry as oil companies cancelled or postponed exploration plans, reducing demand for offshore drilling rigs."What drives our faith in a market recovery is to a high degree the higher activity we see from the oil companies…

The global enterprise applications company IFS announced that international offshore drilling contractor Borr Drilling has deployed IFS Applications to improve operations and optimize its IT landscape.The enterprise software company said in a press release that the go-live is part of an implementation that will see IFS Applications rolled out to 10 oil rigs and over 1,000 users by January 2019.Borr Drilling, with a fleet of 36 rigs, 9 of which are currently under construction,  decided to replace its incumbent business systems to support its goal of becoming the world’s leading provider of jack-up drills and drilling services, and to strengthen the efficiency of its international operations…

With less than a week until Christmas and most of our presents bought, we're feeling the pinch. However, that's nothing compared to the amount that some have been spending this year. VesselsValue's Senior Analyst Court Smith gives a rundown on which countries have splashed the most cash on second hand vessel purchases over 2018.USAJP Morgan Global Maritime is the US company who has spent the most on second hand vessels: 308 million USD so far in 2018. However, they have changed their purchasing strategy half way through the year.

Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters.Schlumberger, the world's top oil service firm, is Borr Drilling's largest shareholder with a stake of 14.2 percent."We have an ambition to return a significant part of cash back to shareholders quickly ...

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 to be named as the discussions are private.Maersk group has not publicly put a price tag on the division…

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand for drilling rigs at a time when new rigs ordered during the boom years were entering the market, pushing rates down to, or below, operating costs. Borr said it was likely to scrap 21 older jack-up rigs…

COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting plans and a crude price recovery. Although this has spurred new investment, it has yet to benefit suppliers, such as Maersk,…

Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean's fleet of shallow-water drilling rigs for $1.35 billion. The rig market deal is Borr's biggest since it was set up last year by Tor Olav Troeim and other executives who had left Seadrill, once the jewel in the crown of Norwegian-born shipping tycoon John Fredriksen but now battling with $14 billion in debt and liabilities. After years at Fredriksen's side, Troeim split with him in 2014. Since then Troeim has re-established himself as an independent player in the global shipping market with a high profile and a reputation for successful capital raising. Transocean, executives at Borr Drilling and Troeim were not immediately available for comment.

Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he told a floating production conference in Oslo. After two-and-half years of oil-price collapse followed by layoffs in the thousands; stacked oil rigs and order freezes for offshore shipping, price insecurity itself is a partial expression of confidence. Beneath some palpable yet halting movements toward recovery in 2017…

Borr Drilling, the Norwegian drilling start-up, which listed on the Oslo exchange on Wednesday, said it aimed to expand its fleet, taking advantage of its low cost base. The start-up, launched last year and backed by the world's biggest oil service firm Schlumberger, said it aimed to have the lowest cash break-even costs in the industry and would take advantage of current low prices for rigs. "We have no debt," Borr's Chief Executive Simon Johnson told Reuters after its shares started trading on Oslo's main market. They were previously listed on the over-the-counter market. "That might change in the future, depending on the financing needs, but we can control what we pay for assets," Johnson said.

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves. The nascent demand for harsh-environment rigs…

Singapore yard Keppel Corporation is considering a sale of jack-up rigs to Norwegian offshore drilling contractor Borr Drilling, reports The Business Times. The world’s biggest builder of oil rigs is seeking to offload six jack-up rigs for up to US$960 million to the Oslo-listed drilling firm headed by Tor Olav Trøim, said the report. BT also reported that Keppel Capital has already hooked up with structured finance provider Clifford Capital to potentially extend a sale-and-lease-back arrangement for at least one jack-up contracted by Grupo R. The global offshore oil drilling sector is slowly trying to emerge from an industry downturn since the oil price crash.