Steel Cut for Awilco Rig at Nantong
Offshore drilling contractor Awilco Drilling has said that the first steel has been cut for its second rig under construction at a Keppel yard."We are pleased to confirm that first steel cutting took place for the lower hull of our new CS60 ECO drilling semi-submersible at KeppelFels shipyard in Nantong, China," said the drilling contractors based in the North Sea oil & gas sector."We expect to also strike steel on the upper hull at KeppelFels in Singapore within December," it said.The new rig is scheduled for delivery in March 2021…
Northern Drilling Cancels Drillship Resale Contract
Offshore drilling contractor Northern Drilling announced it has cancelled a resale contract for the 7th generation ultra deepwater drillship West Cobalt, which had been scheduled for delivery from South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) in 2021.Northern Drilling, which notified DSME of the cancellation on Monday, said the deal was cancelled for "various reasons including repudiatory breach of contract by DSME".Northern Drilling has made advance payments totaling approximately $49.2 million under the contract…
NYSE Begins to Delist Seadrill Partners
The international offshore drilling contractor Seadrill Partners LLC announced that it has been notified by the New York Stock Exchange that trading in SeaDrill's common units on the exchange has been suspended and the procedure to delist the units has been initiated.According to the UK-based offshore deepwater drilling company, the NYSE's decision was the result of the company's low market capitalization.SeaDrill said its common units are expected to begin trading in the over the counter (OTC) market beginning September 6…
Borr Drilling Launches US IPO
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.
EnscoRowan Changes its Name to Valaris
UK-based offshore drilling contractor EnscoRowan announced that it will change its name to Valaris, effective July 31, 2019.The London-headquartered firm said in a stock exchange announcement that its ordinary shares will trade under the new ticker symbol VAL following its name change.According to the company, the name Valaris was selected following a comprehensive process that included participation from the company’s employees around the world, feedback from customers and other market research."This new name was inspired by the Latin root meaning strength…
Vantage Drilling Sinks Into the Red
Texas-based offshore drilling contractor Vantage Drilling International reported a net loss of $52.2 million for the three months ended December 31, 2018 as compared to a net loss of $36.6 million for the three months ended December 31, 2017.For the year ended December 31, 2018, Vantage reported a net loss of $141.5 million or as compared to a net loss of $149.8 million for the year ended December 31, 2017.Vantage, a Cayman Islands exempted company, issued $350 million of new…
Noble Buys New Jack-up from PaxOcean
London-based offshore drilling contractor Noble Corporation has bought a second newbuild Gusto MSC CJ46 design jack-up rig from the Singapore shipyard PaxOcean Group for $83.75 million. Like the Noble Johnny Whitstine, which the UK offshore driller purchased in September 2018 in connection with a Saudi Aramco contract, the newbuild CJ46 design jackup, to be named the Noble Joe Knight, was built at the PaxOcean Graha shipyard in Batam, Indonesia.The rig is built for operations in moderate drilling environments and is capable of operating in water depths of up to 375 feet…
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…
Transocean Shareholders OK Ocean Rig Acquisition
Transocean, international provider of offshore contract drilling services for oil and gas wells, has announced that its shareholders approved the acquisition of Ocean Rig UDW, by approving the proposals presented at Transocean’s Extraordinary General Meeting. Switzerland-based offshore drilling contractor quoted its President and CEO Jeremy Thigpen in a press release, as saying: "We are extremely pleased that our shareholders have overwhelmingly approved our acquisition of Ocean Rig.
Rowan Reliance Awarded Fieldwood Contract
Offshore drilling contractor Rowan Companies plc announced Monday that its drillship Rowan Reliance has been awarded a contract in the U.S. Gulf of Mexico by Fieldwood Energy LLC.The contract is for a firm term of one year plus three 90-day options, and is expected to commence the first quarter of 2019. The R-Class ultra-deepwater Rowan Reliance is currently warm stacked offshore Louisiana in the U.S. Gulf of Mexico.Tom Burke, Rowan's president and CEO, said, "We are excited to continue our long-standing relationship with Fieldwood…
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 drillship Ocean Rig Crete to September 2020. "Our subsidiary, that is party to the shipbuilding contract for the construction of its 8th generation enhanced integrated design newbuilding drillship, the Ocean Rig Crete, reached an agreement with SHI to postpone the delivery of the Ocean Rig Crete to September 2020," said a press release from the company.
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, including volatile oil prices…
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. CB&I shareholders also voted in favor the merger, the companies said, and the combination is expected to close on May 10.Shares of CB&I were up about 6 percent…
Stena Drillship First to Receive DNV GL MPD Class Notation
DNV GL has revised its classification rules for Managed Pressure Drilling (MPD) systems and introduced two new class notations DRILL(MPD) and DRILL(MPD READY). Stena Drilling Ltd. (SDL) is the first drilling contractor to receive the notation Drill(MPD) for their harsh environment drillship Stena Carron. Managed Pressure Drilling (MPD) is an adaptive drilling process that allows greater control of the annular pressure profile throughout the wellbore. This can help operators drill new wells safely and more efficiently and in some cases to drill previously undrillable wells.
Ocean Rig Signs New Drilling Contract with Tullow Namibia
Ocean Rig UDW, an international contractor of offshore deepwater drilling services, today announced that it has signed a new drilling contract with Tullow Namibia, for a one-well drilling program plus options for drilling offshore West Africa. The contract is expected to commence in the third quarter of 2018 and to be performed by the Ocean Rig Poseidon. Pankaj Khanna, President and Chief Executive Officer of the Company, said: "We are pleased to announce additional work for the Ocean Rig Poseidon.
Noble Corp Reports Smaller Q4 Loss
Offshore drilling contractor Noble Corp Plc's fourth-quarter loss narrowed from a year earlier, when it recorded impairment charges of $1.44 billion. Net loss attributable to Noble narrowed to $24.68 million, or 10 cents per share, in the quarter ended Dec. 31, from $1.3 billion, or $5.36 a share, a year earlier, the company said on Wednesday. Revenue fell 19.6 percent to $329.59 million. (Reporting by Taenaz Shakir in Bengaluru; Editing by Maju Samuel)
Keppel Explores Sale of Jack-up Rigs to Borr Drilling
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.
Vantage Gets Extension of Contract for the Emerald Driller
Vantage Drilling International announced that it has been notified that its drilling services contract for the Emerald Driller will be extended for two years, beginning in May 2018. Ihab Toma, the Company’s Chief Executive Officer, commented, “We are very pleased that we will continue to work with one of our esteemed clients and keep our rigs working in this challenging environment. Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor…
Lundin Extends Contract for Ocean Rig
Ocean Rig UDW, contractor of offshore deepwater drilling services, has announced that Lundin Norway AS, has declared their third option to extend the existing contract of the Leiv Eiriksson. In addition, Ocean Rig has granted Lundin 2 additional options to drill further wells in the future. As a result of these developments, the rig now has firm employment until at least the end of September of 2017 and should Lundin exercise its additional seven one-well options, currently un-declared, the rig could be employed until the first quarter of 2019.
DoJ Closes Vantage Probe Over Petrobras Deal
Vantage Drilling International, announced that it has received a letter from the United States Department of Justice (DOJ) acknowledging Vantage's full cooperation in the DOJ's investigation concerning possible violations by Vantage of the Foreign Corrupt Practices Act, and indicating that the DOJ has closed its investigation without any action. The investigation arose in 2015 from allegations of improper payments to former officials of Petróleo Brasileiro S.A (Petrobras) in connection with the contracting of the Titanium Explorer drillship to Petrobras.
Ocean Rig Withdraws Winding Up Petition
Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, has announced that pursuant to an order of the Grand Court of the Cayman Islands Simon Appell of AlixPartners Services UK LLP and Eleanor Fisher of Kalo (Cayman) (formerly AlixPartners) have been discharged as joint provisional liquidators of the Company and its subsidiaries. The subsidiariesare Drill Rigs Holdings Inc. (DRH), Drillships Financing Holding Inc. (DFH), and Drillships Ocean Ventures Inc., (DOV) and together with UDW, DRH and DFH, the Scheme Companies.
Ocean Rig UDW Beats on Revenue
Ocean Rig UDW Inc, the offshore drilling contractor, posted revenue of $452.6 million in the second-quarter, beating Wall Street forecasts. Three analysts surveyed by Zacks expected $385.7 million. The company has reported second-quarter profit of $155.6 million. The company said it had profit of $1.83 per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share. "Despite the continued positive operational performance…
Aramco Extends Seadrill Jack-up Deals
Seadrill, a London-headquartered offshore drilling contractor, said that Asia Offshore Drilling (AOD) has received three-year contract extensions for two jack-up rigs from Saudi Aramco. The jack-ups AOD I and AOD II received three year contract extensions from Saudi Aramco expiring in June 2019 and July 2019, respectively. AOD is an associate company of Mermaid Maritime and Mermaid has 3.76 percent equity stake in AOD while the other 66.24 percent equity is owned by Seadrill.