Samsung Heavy Ordered to Pay $411M to Stena Drilling in Canceled Offshore Rig Order Case
South Korean shipbuilding giant Samsung Heavy Industries must pay $411 million to offshore drilling contractor Stena Drilling, a London arbitration tribunal has ruled.The spat between the two companies began after Stena Drilling in 2017 terminated the order for the construction of the harsh environment semi-submersible drilling rig Stena Midmax.Stena Drilling had ordered the rig in June 2013, with the delivery expected in March 2016. Citing excessive delay, Stena Drilling on June 1, 2017, terminated the rig order.
Ocean Installer, Vard Working on 'Most Advanced' Offshore Wind Installation Vessel
Ocean Installer, a Norwegian company mostly known for its offshore oil and gas services provider, is increasingly turning towards the offshore wind industry.Following a recent establishment of an offshore wind branch, and the naming of a director to lead it, Ocean Installer on Monday announced it would enter into a partnership with shipbuilder Vard - a Fincantieri company - "to develop one of the world's most advanced turbine installation vessels for offshore wind." Erik Haakonsholm…
Semco Maritime to Upgrade Odfjell Rig
Odfjell Drilling and Semco Maritime signed a contract for preparation and modification of Deepsea Stavanger rig prior to its start of a nine-month drilling campaign for Total in the harsh waters outside South Africa.The semi-submersible rig will complete a high docking (with thrusters on) in Semco Maritime’s rig yard at Hanøytangen, Bergen, in Q1 2020, said the oil drilling, well service, and engineering company."The high docking enables for a minimized diving operation during antifouling of the hull and optimization of the time spent on seawater valve change,” said Managing Director of Semco Maritime Norway, Lars Jønholt Halvorsen.
OKEA Bags Drilling Contract for Deepsea Nordkapp
Norwegian oil and gas company OKEA has secured the Odfjell Drilling-owned semi-submersible rig Deepsea Nordkapp to drill for upside opportunities within and surrounding the Draugen field offshore Norway.The drilling operation is expected to commence in Q4 2019.Deepsea Nordkapp will drill one infill pilot well in the Draugen field and one exploration well in the “Skumnisse” prospect, north-east of Draugen, both within the OKEA-operated PL093 license.Deepsea Nordkapp is a 6th generation dynamically positioned harsh environment and winterized semi-submersible drilling rig on a two-year lease to Aker BP. The rig is expected to commence drilling for Aker BP in May.
Neptune Contracts CIMC Raffles, Odfjell Drilling
Neptune Energy Norge AS has hired the newly built Beacon Atlantic semi-submersible drilling rig for up to 16 wells offshore Norway.The oil and gas producer said in a press release that it has chartered the rig from China’s rig builder CIMC Raffles, and the rig will be managed by the Norwegian offshore drilling specialist Odfjell Drilling.The commencement of the drilling operations is expected to be in Q4 2019 and the estimated duration of the firm program is 400 days. CIMC Raffles and Odfjell Drilling are further establishing a project team at the shipyard to prepare and mobilize for the operations in the North Sea.CIMC Raffles and Odfjell…
Borr Drilling Deploys IFS Applications
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…
Norway to Drillers: Fix Oil Rig Lifeboat Safety
Norway's Petroleum Safety Authority (PSA) has told Transocean, Maersk Drilling and Odfjell Drilling to beef up emergency evacuation equipment and procedures on 22 offshore oil rigs, it said on Wednesday.Drilling rigs are equipped with enclosed lifeboats that can be dropped into the ocean in an emergency and owners must meet a series of technical and operational requirements for how to plan and carry out evacuations."All the audits identified a non-conformity from the regulations.
Kongsberg's Operational Advisory Solution for Harsh Environment Semi-Submersible
Odfjell Drilling has awarded Kongsberg Maritime the contract to deliver a real-time monitoring and advisory solution to provide operational safety and non-productive time (NPT) improvements for the 6th generation semi-submersible, Deepsea Stavanger. The contract is in specific relation to an upcoming offshore South Africa campaign awarded to Odfjell Drilling.Kongsberg Maritime’s integrated services and systems delivery for Deepsea Stavanger is designed to provide high operational safety and availability in deepwater harsh environments, strong currents and high waves.
Hundreds of Oil Workers Strike in Norway
Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if an agreement over union demands for a wage increase and pension rights was not reached.Royal Dutch Shell said that due to the strike it was temporarily closing production at its Knarr field, which has a daily output of 23…
Odfjell Drilling buys “Deepsea Nordkapp”
Odfjell Drilling announced that Aker BP has today awarded Odfjell Drilling a 2 year firm drilling contract with 1+1 year optional periods. The day rates for the drilling contract will be based on market terms to be determined prior to commencement of drilling operations. In addition to the market linked day rate, a performance bonus as agreed in the alliance agreement with Aker BP, as announced on 21 November 2017, will apply. The contract has a minimum value of USD 245 million, subject to certain adjustments. The commencement of drilling operations is expected in Q2/Q3 2019. For the purpose of the drilling contract with Aker BP, Odfjell…
Odfjell Drilling to Expand Fleet
Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million.
Bjørnar Iversen Resigns as CEO of Songa Offshore
Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services. His latest position was President and CEO of Odfjell Galvao Ltda in Brazil.
Maersk Energy: Uptick in Offshore Oil
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,…
Offshore Rig Firms See End to Historic Downturn
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…
Odfjell Drilling Signs Contract with Aker BP
Odfjell Drilling signed a contract with Aker BP ASA for Deepsea Stavanger (6th generation semi-submersible) for a period of approximately 9 months with commencement in February 2018 and completion around October 2018. The contract is for exploration and development drilling at various locations in the Norwegian Sea and the Barents Sea. The contract will follow from the estimated completion of the Wintershall Maria contract and continue until the Deepsea Stavanger is due to mobilise to South Africa to complete one well for Total. The contract value is estimated up to USD (68) million.
Vietnam Renews India Oil Deal In Tense South China Sea
Vietnam has extended an Indian oil concession in the South China Sea and begun drilling in another area it disputes with China in moves that could heighten tensions over who owns what in the vital maritime region. The moves come at a delicate time in Beijing's relations with Vietnam, which claims parts of the sea, and India, which recently sent warships to monitor the Malacca Straits, through which most of China's energy supplies and trade passes. Vietnam granted Indian oil firm ONGC Videsh a two-year extension to explore oil block 128 in a letter that arrived earlier this week, the state-run company's managing director Narendra K. Verma told Reuters.
Unusual Sea Chest Blanks for Teekay FSO
Teekay's Randgrid is currently undergoing a major conversion into a floating storage and offloading (FSO) vessel with work that includes the installation of an internal turret mooring system. Oslo-based Miko Marine said it has delivered four unique magnetic sea chest blanks for use during the conversion work at the Sembawang dockyard in Singapore. The Miko closures are now on site and ready to be used to create safe conditions for technicians working inside the vessel's sea chests.
Sea Chest Blanks Ordered for Gina Krog FSO
Teekay Shipping has ordered four sea chest blanks from Norwegian magnetic technology specialists, Miko Marine. The closures will be delivered in August for use on the former shuttle tanker Randgrid which is currently undergoing a $220 million conversion into the Gina Krog floating storage and offloading (FSO) vessel in Sembawang dockyard in Singapore. Conversion work includes the installation of an internal turret mooring system and on completion the new FSO will be operated by Teekay on Statoil’s Gina Krog field in the North Sea.
Odfjell Drilling Boosts Safety with Miko Patches
A policy of safety enhancement has resulted in Odfjell Drilling recruiting the expertise of Miko Marine to design and manufacture a complete package of sea chest covers and cofferdams that use magnetic holding technology for increased efficiency. The new closures have been designed specifically for use during work on the semi-submersible drilling rig Deepsea Stavanger. Miko already had a detailed understanding of the practicalities of sea chest closure and was able to apply its experience to the challenge. Achieving the necessary level of safety assurance required all components to be manufactured to specified standards and digitally analysed during the design phase to guarantee the structural strength and performance of each component.
Statoil Awards Johan Sverdrup Drilling Contracts
Statoil, on behalf of the Johan Sverdrup licence, has awarded two contracts at a total value of more than NOK 4.35 billion to Odfjell Drilling for drilling wells on the Johan Sverdrup field. Odfjell Drilling has been awarded contracts both for the Deepsea Atlantic semi-submersible rig and for drilling services on the fixed drilling unit to be installed on the Johan Sverdup field. The rig contract includes the charter of the Deepsea Atlantic rig for three years, starting from March 2016. In addition there are six 6-months options. The rig contract has a value of slightly more than NOK 2.5 billion. “This contract is an important milestone for the Johan Sverdrup project.
Odfjell Drilling Vietnam Bound
Norway's Odfjell Drilling has secured a contract with VietGazprom to deploy 2011-built drillship Deepsea Metro I (UDW drillship) to Vietnam. The area of operation is in Blocks 130 and 131 offshore Vietnam. Contract commencement is expected to take place mid 3Q 2015. The drillship was previously working offshore Tanzania with BG Group, and will now head to blocks 130 and 132 offshore Vietnam for a period of approximately 20 weeks. The estimated contract value is approx. $40 million. "We are pleased to secure new employment for Deepsea Metro I in the current challenging market. Since it was delivered from yard in 2011 the drillship has provided safe, reliable and the highest quality of drilling performance for our previous clients.
Odfjell Drilling in Tighter 2Q North Sea Market
Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Operating revenue for Q2 2014 was USD 272 million (USD 289 million), a decrease of USD 17 million, or 6 %. Operating revenue decreased due to reduced engineering- and well services activity in Norway and in UK, as well as loss of revenue contribution from the divested Mooring business line in the Well Services segment. The reduction in operating revenue is also explained by reduced income for Deepsea Atlantic due to the completion of the 5-year special periodic survey (SPS) in Q2 14, which was partly offset by increased financial utilization on the remaining MODU fleet this quarter compared to Q2 2013.
IADC Presents Sea Safety Awards
The International Association of Drilling Contractors (IADC), North Sea Chapter once again recognized the very best in safety performance at its annual Safety Awards Ceremony held in Aberdeen. Julian Hall of Ensco, North Sea Chapter Chairman, said that it was important to recognize the contributions of individuals, teams and companies to the continuing safety of the industry. “It has not been an easy year, with safety dominated by understandable concerns regarding helicpter reliability.