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Sunday, January 21, 2018

Land Rig News

Viking Wins $32m Charter Contract for Drilling System

 Drilling System

Viking Offshore & Marine Limited (Viking) which is building a portfolio of mainstream offshore, marine and drilling assets, said today that it has secured a 50-month bareboat charter for a land rig system worth approximately US $32 million. Under the contract, SGX-listed Viking’s wholly owned subsidiary Viking Asset  a Chinese land rig specialist from September 2014. The Chinese rig builder, which specialises in the design, manufacture and assembly of land rigs, has secured a contract with a major South-Asian energy operator, which will deploy the rig in North-Africa.

US Oil Drillers Cut Rigs for 8th Week to Oct 2009 Lows

U.S. oil drillers cut rigs for an eighth week in a row to the lowest level since October 2009, oil services company Baker Hughes Inc said Friday, even with futures at six-month highs as some energy firms focus on completing wells rather than drilling new ones. Drillers cut 10 oil rigs in the week to May 13, bringing the total rig count down to 318, Baker Hughes said in its closely followed report. The number of U.S. oil rigs currently operating compares with the 660 rigs operating in the same week a year ago. In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988 amid the biggest rout in crude prices in a generation.

Viking O&M Secures Rig Contract from a Chinese Firm

Picture of the 1,500-bhp train-type land drilling rig. Credit: Viking Offshore and Marine Limited

Viking Offshore & Marine has secured a 48-month charter for a second land drilling rig system for US$31 million ($41.8 million). Viking’s subsidiary Viking LR2 will charter the 1,500-bhp train-type land rig and related drilling equipment system to a Chinese land rig specialist. It will be immediately deployed on a North African oilfield concession jointly owned by a South Asian energy operator and the local energy authority. The first land rig was acquired from and leased back to the same charterer in September 2014 which used it to uncover natural gas.

Keppel FELS Gets Contract from GlobablSantafe

Keppel FELS Limited, the offshore unit of Keppel Corporation, has clinched a contract from GlobalSantaFe Corporation to upgrade jack-up, Rig 136. GlobalSantaFe is spending $30 million for the rig upgrading and life extension project. Managing Director of Keppel FELS Mr Tong Chong Heong said, “We are happy to have clinched this contract from our long time customer GlobalSantaFe. Keppel FELS has worked with them on many projects and our relationship is built on their trust for us to deliver quality rigs on time and within budget.” Keppel FELS has built for GlobalSantaFe a series of six heavy-duty harsh environment jack-up rigs since 1986, namely, Galaxy I, Galaxy II, Galaxy III, Magellan, Monitor and Monarch.

Jack-up Rig Ordered by Qatar Company

GDI announced today that they have placed an order for a Pacific Class 400 jack-up drilling rig with PPL Shipyard  (“PPL”) for delivery in March of 2013. This is the 3rd new build jack-up rig that GDI has ordered in the last 12 months. The contract was signed by GDI Chief Executive Officer, Mr. Ibrahim J. Al-Othman and Dr. Benety Chang, Deputy Chairman of PPL Shipyard. The rig will come with accommodation for 150 persons, have a 75’ cantilever outreach and be able to operate in water depths of up to 400’ and drilling to depths of 30,000 feet. On delivery, this jack-up will be the most technologically advanced drilling rig operating in Qatar. The total cost to place this rig into service is estimated at $250 Million.

GlobalSantaFe to Suspend Kuwait Drilling Ops

Iraq. rigs currently operating in Kuwait by March 17, 2003. The rigs will be secured and remain idle until the political climate in the area stabilizes. evacuate its 386 non-resident employees by that same time. have a material impact on the company's first quarter 2003 financial results. quarter that operations are suspended. range of premium equipment and drilling management services. dynamically positioned ultra-deepwater drillships. has four rigs under construction. services.

GlobalSantaFe to Resume Operations in Kuwait

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation is preparing to resume drilling operations in Kuwait. "After careful risk analysis and continued communications with our client, we believe that conditions in the area have stabilized to a level that allows us to resume the safe operation of our rigs," said Jon Marshall, Chief Operating Officer. Six rigs were secured and placed on standby mode effective March 17, 2003. The first rig is expected to resume operations by April 17, 2003, and the company anticipates eight of its land rigs to be fully operational by the end of the month. The eight rigs include two additional units, Rig 102 and Rig 155, that were not working when operations were suspended last month.

Transocean Inc. Subsidiary - Todco - to go Public

Transocean Inc. said its subsidiary TODCO (formerly R&B Falcon Corporation) has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with the previously announced initial public offering of its Gulf of Mexico Shallow and Inland Water business segment. The registration statement relates to TODCO common stock to be sold by Transocean in the offering. TODCO does not expect to sell any shares in the offering. Upon the closing of the initial public offering, TODCO's fleet is expected to consist of 76 drilling rigs including 27 jackup rigs, 31 drilling barges and three submersible drilling rigs located in the U.S. Gulf of Mexico, two jackup rigs and one platform rig located in Trinidad and nine land rigs and three lake barges located in Venezuela.

Rowan Reports Improved Operating Results

For the three months ended June 30, 2002, Rowan incurred a net loss of $8.7 million, or $.09 per share, on revenues of $148.5 million, compared to net income $87.7 million, or $.92 per share, on revenues of $137.8 million in the first quarter of 2002, and net income of $34.3 million, or $.36 per share, on revenues of $210.4 million in the second quarter of 2001. First quarter 2002 results included net proceeds from the settlement of the Gorilla V contract dispute, which increased net income by approximately $102 million, or $1.07 per share. Excluding the effects of the settlement, the Company's first quarter 2002 results would have been a net loss of approximately $14 million, or $.15 per share.

GlobalSantaFe Sells Offshore Jackup Rig

GlobalSantaFe Corporation sold the Key Bermuda offshore jackup drilling rig to Nabors Drilling International Limited for about $29 million in an all cash transaction. The Key Bermuda was not considered a core asset in the company's worldwide fleet of offshore drilling rigs. GlobalSantaFe is a leading worldwide oil and gas drilling contractor offering a full spectrum of premium equipment and drilling management services. The company's diverse and technologically advanced fleet of 58 offshore rigs includes premium and heavy-duty, harsh-environment jackups; semisubmersibles; and dynamically positioned, ultra-deepwater drillships. Additionally, the company has two rigs currently under construction and two more on order.

ASRY Reaches 100 Rig Milestone

Photo courtesy of ASRY

ASRY, a ship and rig repair yard in the Arabian Gulf, has welcomed its 100th rig repair job to the yard, as 2016 posts the highest number of rig repair contracts in the yards history. The project is on the high specification jack-up rig ‘Bob Palmer’, one of the largest jack-up rigs in the world,  owned and operated by Rowan Companies, which is one of the world’s leading providers of offshore contract drilling services, and long-term client of ASRY’s. “ASRY’s diversification into rig repair has continually proven to be one of the yard’s most perceptive moves…

Rowan Profits Jump in 3Q

Rowan Companies, Inc. said profit in the third quarter jumped 50% on overseas demand for its offshore oil rigs and drilling services. The Houston drilling contractor and equipment maker said profit in the three months ended Sept. 30 rose to $130.8m, or $1.16 a share, from $87m, or 78 cents a share, in the year-earlier period. Profit in the most recent quarter included a penny a share in gains on asset sales. Revenue rose 20% to $502.2m, short of the $530m anticipated by Wall Street. Shares fell 2.1% to $38.17 by the close compared with a 1% drop in the Philadelphia Oil Service Index. Rowan said revenue from its drilling operations rose 27% to $369m as the pace of activity on its offshore rigs quickened, and it got paid more for daily operations.

GlobalSantaFe Announces First Quarter Results

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation reported net income for the first quarter ended March 31, 2004, of $8.7 million, or $0.04 per diluted share, on revenues of $380.0 million, as compared to net income of $45.9 million, or $0.20 per diluted share, on revenues of $424.4 million for the same quarter in 2003. Net income for the first quarter 2003 included $22.1 million, or $0.10 per diluted share, from the settlement of a claim filed in 1993 with the United Nations Compensation Commission. Revenues for the first quarter of 2004, and 2003, exclude $26.9 million and $28.6 million, respectively, related to revenues from land rig drilling operations, which are reflected as discontinued operations.

US Oil Drillers Add Rigs for 7th Week in a Row

U.S. drillers this week added oil rigs for a seventh consecutive week, according to a closely followed report on Friday, even as analysts revise down rig count growth forecasts and energy firms become more cautious the longer crude holds below $50 a barrel. Drillers added 15 oil rigs in the week to Aug. 12, bringing the total rig count up to 396, compared with 672 a year ago, energy services firm Baker Hughes Inc said. That is the longest streak of rig additions since April 2014 when U.S. oil futures averaged over $100 a barrel. Since July 1, drillers have added 66 oil rigs. "We expect the rig count could stall or even decline due to seasonal drilling activity declines and recent commodity pull back," analysts at U.S.

Rowan Announces Record Quarterly Results

For the three months ended September 30, 2007, Rowan Companies, Inc. (NYSE:RDC) generated record net income of $130.8m, or $1.16 per share, compared to $87.0m, or 78 cents per share, in the third quarter of 2006 and $128.1m, or $1.14 per share, in the second quarter of 2007. Revenues were $502.2m in the third quarter of 2007, compared to $417.1m in the third quarter of 2006 and $507.0 million in the second quarter of 2007. The third quarter 2007 results included $1.1m, or 1 cent per share, of gains on asset sales, compared to $2.3m, or 2 cents per share, in the third quarter of 2006 and $14.6m, or 8 cents per share, in the second quarter of 2007.

Parker Drilling Report on Barge Rig Fleet

Parker Drilling Company (NYSE: PKD) has posted a report on the company's Gulf of Mexico barge rig fleet updating rig status and contract information as of February, 2009. The company expects to update this report monthly. The report is intended to provide analysts and investors with information about activity in Parker's U.S. Barge Drilling segment. The report "Gulf of Mexico Barge Rig Fleet" is available through the company's Web site at www.parkerdrilling.com. The report can be accessed by selecting the "Rig Fleet Status Report" link under the Investor Relations section of the site. To be notified of rig fleet status report updates, subscribe to the "Rig Fleet Status Report Alert" in the Information Request link at the Investor Relations section of the site.

Favorable Business Outlook for Rowan

Rowan Companies, Inc. drills oil and gas wells in offshore and onshore domestic and foreign areas. The offshore operations of the company consists of contract drilling services utilizing mobile drilling platforms. The company’s drilling fleet consists of 21 self-elevating mobile offshore drilling platforms, one mobile offshore floating platform and 14 land drilling rigs. The drilling operations of the company are conducted primarily in the Gulf of Mexico, the North Sea, offshore eastern Canada, Texas and Louisiana. mill that recycles scrap, produces heavy equipment and designs and builds mobile offshore jack-up drilling rigs. The company completed the purchase of The Ellis Williams Company, Inc. and EWCO, Inc. dba Traitex Machine Co. in January 2000.

Transocean Sets Depth Record

Transocean Inc. said that the its jackup GSF Rig 127 set a world record for the longest extended-reach well ever drilled at 40,320 ft. (12,289 m) MD (measured depth) with a 35,770-ft. (10,902-m) horizontal section. The well was drilled offshore Qatar in 36 days and incident-free. The new record of 7.6 miles is also the first well in the history of offshore drilling that exceeds 40,000 ft. (12,191 m). The well surpasses by approximately 2,000 ft. the prior extended-reach record of 38,322 ft. (11,680 m) MD set by another drilling contractor with a land rig drilling at Sakhalin Island earlier this year. The rig's crewmembers, working with the client, Maersk Oil Qatar AS, overcame many constraints, including high drilling torque throughout certain parts of the horizontal section.

Rosneft Cancels Rig Contract

Russian oil firm Rosneft has cancelled a contract for a two-and-a-half year rig contract with Northern Offshore and Seadrill's North Atlantic Drilling Ltd, the Norwegian offshore driller said. Western sanctions against Russia, and Rosneft in particular, have led the Russian oil group to cancel a North Atlantic Drilling vessel earlier this month and raised concerns whether a larger agreement would go through.. The contract, worth about $150 million, was for Northern Offshore's jack-up rig…

Hercules Offshore: Challenges Ahead in 2015

Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company, which reported a smaller-than-expected loss, rose 21 percent to 84 cents in light trading before the bell. Demand for jackup rigs remains weak in every region of the world, Chief Executive John Rynd said, adding that a "significant" number of new rigs were expected to be delivered over the next several years, burdening an already weak market. Hercules operates 33 jackup rigs, used in shallow-water drilling. Utilization rates for the company's U.S. offshore rig division, its biggest business, fell to 60.1 percent from 83 percent, a year earlier.

Patterson-UTI Slashes Rig-Build Program

Land rig provider Patterson-UTI Energy Inc has halved its full-year rig construction program to 16 new high-tech APEX rigs as oil producers cut back on drilling due to weak prices. Patterson's decision follows rival Helmerich & Payne Inc's announcement last week that it would halve its FlexRig construction program. Oil producers have been slashing capital expenditure budgets in the wake of a sustained fall in oil prices, dealing a blow to rig providers and oilfield service providers. Patterson also said on Thursday that it would cut its capital spending budget by about 29 percent for 2015. The company, which had earlier planned to build eight new APEX rigs each quarter, set a capital budget of about $750 million for the year.

Rowan 3Q Operating Results

For the three months ended September 30, 2008, Rowan Companies, Inc. (NYSE: RDC) generated net income of $114.1m or $1.00 per share, compared to $130.8m or $1.16 per share in the third quarter of 2007 and $120.6m or $1.06 per share in the second quarter of 2008. Revenues were $527.1m in the third quarter of 2008, compared to $502.2m in the third quarter of 2007 and $587.1m in the second quarter of 2008. The third quarter 2008 results included $21.4m, or $0.12 per share, of gains on asset sales, compared to $1.1m, or less than $0.01 per share, in the third quarter of 2007 and $1.5m, or $0.01 per share, in the second quarter of 2008. Rowan's offshore rig utilization was 95% during the third quarter of 2008…

Termination of Seadrill Unit's and Rosneft Deal Extended

Photo: North Atlantic Drilling Ltd.

North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement, reports Reuters. NADL will also be permitted to delay the construction, delivery, or shipyard stay of any of those rigs. Western sanctions levied against Russia for its actions in Crimea have raised concerns over the future of the $4.1 billion agreement and have already forces Rosneft to terminate several North Atlantic Drilling contracts.

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