Oil And Gas Contract News

Brazil's Queiroz Galvão Óleo e Gás S.A. QGOG announces the naming ceremony in South Korea of the Amaralina Star and the Laguna Star, the newest dynamically positioned ultra-deepwater drillships to be operated by the company. The Amaralina Star and the Laguna Star are capable of drilling in water depths of up to 10,000 feet and drilling to a total well depth of 40,000 feet. They are designed to operate in ultra-deepwater environments, particularly in the pre-salt area. The two new drillships will be delivered by Samsung Heavy Industries of South Korea in June and September, respectively, and are expected to commence operations in Brazil in October and December. The drilling units have been leased to Petrobras for a six-year period with an option to renew for an additional six years.

GlobalSantaFe Corporation announced that the continuing surge in demand and dayrates for offshore oil and gas contract drilling services helped drive operating income sharply higher and boost net income in the fourth quarter of 2005 to $180.2 million, or 73 cents per diluted share, on revenues of $603.5 million, compared with a net loss of $7.6 million, or 3 cents per diluted share, on revenues of $498.3 million in the fourth quarter of 2004. The improved fourth quarter 2005 results included an after-tax gain of $23.5 million, or 9 cents per diluted share, resulting from the sale of the Glomar Robert F. Bauer drillship. Results for the comparable period of 2004 included a tax charge of $42.5 million…

The East Timor government has awarded five offshore oil and gas contract areas to Italy's Eni SpA and one area to India's Reliance Industries Ltd through a tender, according to a report from Forbes. The government has reportedly offered 11 areas in the first offshore bidding round, which was ended on April 19, of which it received a total of nine bids for six areas. A statement said the commission has identified that bids from Eni SpA for contract areas A, B, C, E, and H, and a bid from Reliance for contract area K offer best conditions and advantages. Reliance also filed a bid for area E, while Petronas consortium put bids for area C and E, which were awarded to Eni.