Borr Drilling Buys Paragon Offshore
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…
Seadrill Nears Comprehensive Restructuring Deal
Rig firm Seadrill, which last year filed for bankruptcy protection in a U.S. court, is working towards a comprehensive deal with all its creditors that could be concluded this week, it said in a court filing late on Friday. Once the largest drilling rig operator by market value, Oslo-listed Seadrill filed its bankruptcy case in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company, controlled by Norwegian-born billionaire John Fredriksen…
Hercules Offshore Gets Contracts from ONGC
Drilling-rig operator Hercules Offshore Inc said Indian state-run explorer Oil and Natural Gas Corp Ltd awarded three-year contracts for two jackup rigs for drilling operations in offshore India. Houston-based Hercules Offshore expects revenue of about $121m for jackup rig Hercules 258 and about $156.6 million for Hercules 260, which excludes payment to the company of reimbursable expenses and a total of about $6.5 million for mobilization of both rigs.
Aker Solutions ASA: Drilling in Houston
International oil services group Aker Solutions is about to open North America's most advanced drilling equipment simulator in Houston, Texas. The simulator will be available to rig operators with the objective of making offshore drilling operations safer and more cost effective. Aker Solutions is investing USD 2.5 million in the new state-of-the-art drilling equipment simulator, which will be available 24/7 for North American based rig operators and oil companies. It will double the capacity of the current training centre located in Katy near Houston.
Smedvig to Build New Tender Rig in Southeast Asia
Smedvig has entered into an agreement with Malaysia Shipyard and Engineering Sdn Bnd in South Malaysia for the purpose of building a new self erecting tender rig. including the derrick equipment set. which will significantly increase drilling efficiency. and deepwater areas in Southeast Asia. Smedvig.
Evoqua to Launch Updated MGPS at SMM
Evoqua Water Technologies will launch an updated version of its Chloropac Marine Growth Prevention System (MGPS) at maritime trade show SMM Hamburg on September 6, 2016. Designed to provide owners and operators with a cost competitive electrochlorination alternative to copper anode, Evoqua’s new efficient Chloropac system has been developed to reduce installation time and costs for owners and operators of larger vessels, as well as associated life time ownership costs of an MGPS system. The new Chloropac MGPS is a more compact version of the previous system which offers customers an on-vessel space reduction of up to 60 percent. The unit delivers substantial maintenance cost savings, cutting required service time significantly as a result of implemented design efficiencies.
Fred. Olsen: Oil Rig Market Soft into 2015
Norwegian offshore oil rig operator Fred. Olsen Energy said that recent market activity is indicating lower rig rates and shorter term contracts, and this market softness could last into 2015. "The most recent market fixtures are indicating some softening of rates and an acceptance of shorter term contracts," it said in it annual report on Wednesday. "The UK and Norwegian markets are expected to experience a more limited impact of the recent slowdown, partly because demand is relatively robust but also because a large proportion of the fleet is contracted on a multi-year basis," it added.
NCA Acquires More IOS Offshore Shares
Norse Cutting & Abandonment AS (NCA) has acquired an additional 21% of mooring specialist IOS Offshore, bringing its total engagement up to 91%. IOS Offshore (IOS) offers rental, sales and service of specialized mooring and lifting equipment. The company has several bases along the Norwegian coast and delivers chains, buoys, mooring lines, anchors and lifting equipment to oil companies and rig operators. Their main office is located in Dusavik outside Stavanger. ”Since IOS became part of the NCA Group two years ago, the company has had a very positive development, both in terms of organizational development as well as delivering results.
Deep Sea Mooring Acquired by HitecVision
HitecVision acquires 100% of Deep Sea Mooring, a subsidiary of Odfjell Drilling, a privately owned international drilling contractor. Deep Sea Mooring is a significant provider of rented mooring equipment, pre-lay mooring solutions and ancillary services to E&P companies and drilling rig operators on the Norwegian Continental Shelf. The company was established by Odfjell in 2008 as an in-house mooring service company and has become one of three providers of mooring rental equipment, pre-lay mooring solutions and ancillary services to E&P companies and drilling contractors operating on the Norwegian Continental Shelf. Deep Sea Mooring has an estimated 25 market share of the NCS mooring equipment rentals market, serving it through their locations in Mongstad and Kristiansund, Norway.
HongHua Group Signs Agreement for GE Waukesha Gas Engines
With China seeking to boost its production of unconventional gas supplies to meet Asia's growing energy needs, GE Power & Water's Distributed Power business (NYSE: GE) and China's leading drill rig manufacturer HongHua Group (HK 196) today signed a three-year agreement for GE to supply its Waukesha VHP gas engines that will power drill rigs used in new shale gas projects in China. The announcement was made at the Offshore Technology Conference being held in Houston. In recent years…
Viking Strengthens Partnership with Lobby Marine Veteran
Viking Offshore & Marine Limited has announced it would participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Chan Kwan Bian as it accelerates its entry into mainstream offshore rig chartering. SGX Catalist-listed Viking said its wholly-owned Viking Asset Management Pte. Ltd. (VAM) will invest US$5.4 million to take a 30%-stake in Quick Booms Investments Limited (“QBI”), a special purpose vehicle controlled by Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 feet and can accommodate 120 men during operation.
Keppel Name & Deliver Jackup Rig to Japan
Keppel FELS delivers the KFELS Super B Class jackup rig, HAKURYU-11, to Japan Drilling Company (JDC). HAKURYU-11 will be chartered to the Con Son joint venture led by Petrovietnam. Built to Keppel’s advanced KFELS Super B Class design, it has been developed with several cost-efficient and distinctive safety features for rig operators. At the naming ceremony held at Keppel FELS, Mr Wong Kok Seng, Managing Director (Offshore), Keppel O&M and Managing Director, Keppel FELS, said, “We are proud to be able to deliver our 10th rig in five months in a timely and safe manner.
Aker Solutions Wins Contract
Aker Solutions received a Letter of Award from Daewoo Shipbuilding & Marine Engineering (DSME), to supply two drilling equipment packages to the new 'Cat D' drilling rigs the yard is building for the rig operator Songa Offshore. Options (if exercised) for two additional units are included. Contract value is undisclosed. The development of the two Cat D semi-submersible drilling rigs has been initiated by Statoil, the international energy company, which awarded two long-term contracts for the units to Songa in July 2011. The first two units will be delivered in 2014, and the main deliveries from Aker Solutions will take place in 2012 and 2013. The contract includes topside drilling equipment, procurement and commissioning of the rigs at the DSME yard.
ASRY Rig Division’s Deliveries All on Time in 2014
In 2014, ASRY Offshore Services completed every one of its repair scopes within schedule, on-budget, and with leading safety standards. ASRY, a ship and rig repair yard in the Arabian Gulf, has confirmed that its Offshore division, which specializes in rig repairs, achieved 100% on-time delivery of all the rig projects completed in 2014. Global clients including Saudi Aramco, Saipem, Nabors Drilling, Egyptian Drilling Company and more chose ASRY for their rig repair projects last year, which totaled 17 rigs, and all took delivery of its vessels on schedule, and within budget. “With competition rising in the region, rig customers are more focused on ensuring that the maintenance of their assets is completed as efficiently as possible,” said ASRY Chief Executive, Nils Kristian Berge.
Aker Solutions Wins Drilling Equipment Contract
Aker Solutions has received a Letter of Award from Daewoo Shipbuilding & Marine Engineering (DSME), to supply a further two drilling equipment packages to the 'Category D' drilling rigs the yard is building for the rig operator Songa Offshore. Contract value is undisclosed. The development of the Cat D semi-submersible drilling rigs has been initiated by Statoil, the international energy company. The Cat D drilling rig is a new generation drilling and well intervention vessel, purpose made for the needs for North Sea operations.
China Optimistic of Finding Gas Offshore Vietnam
A Chinese oil rig whose deployment to waters claimed by Vietnam early this month triggered a rupture in ties has a good chance of finding enough gas to put the area into production, Chinese industry experts said. That would give China its first viable energy field in the disputed South China Sea, as well as make it a source of friction with Hanoi for years to come. For now, China has said nothing about the potential of the area. The first round of drilling had been completed, the rig operator said on Tuesday, without giving any results from the tapped wells.
CAD/CAM: Stability Software for Semi Submersible Rigs
Not all stability software is made equal. Even if all commonly available stability programs were of the same quality, virtually all of them are designed first and foremost for conventional vessels - and it's no secret that the unique characteristics of offshore platforms demand capabilities not usually required for ships. Rig stability is a very critical issue, and it can also be quite complex. What rig operators need is software that can constantly monitor and predict stability in any combination of circumstances; but what they don't need is an interface as complex as the problem. Enter Autoload Rig. Only recently released, yet already installed on more then 15 platforms, Autoload has also been chosen for the biggest floating rig ever built: Thunderhorse.
Aker Solutions Wins Cat D Drilling Equipment Contract
Aker Solutions has received a Letter of Award from Daewoo Shipbuilding & Marine Engineering (DSME), to supply a further two drilling equipment packages to the 'Category D' drilling rigs the yard is building for the rig operator Songa Offshore. The contract value is undisclosed. The development of the Cat D semi-submersible drilling rigs has been initiated by Statoil, the international energy company. The Cat D drilling rig is a new generation drilling and well intervention vessel, purposely made for the needs for North Sea operations. The first contract, for two drilling equipment packages, was announced in the summer of 2011. Now, the customers have exercised options for another two equipment packages. The two units will be delivered in 2015.
Autoship: Early Success for New Programs
Autoship Systems Corporation (ASC) said its new Autoload-Rig and Autoload 6.0 programs have enjoyed significant early sales. M/T Seraya Spirit of Teekay Shipping Ltd. industry, including a completely new interface developed from rig operator recommendations. vessels as well – and thus “Autoload 6.0” followed soon after. flexibility. accurate damage simulation). direction – it calculates real shift of free surface in slack tanks according to any change in heel or trim. separate view frame monitors the actual maxVCG curve relative to the current condition (draft/vcg). Real-time sensor data is used for tank contents, drafts, and wind. taken for mooring and riser tension, while different criteria are used for different modes of operation.
Petrobras rig evacuated after tilting, now stabilized
An offshore drilling platform, operated for Brazilian state-run oil company Petrobras , was partially evacuated after tilting on Friday, but there was no risk of it sinking, the company and the local oil workers' union said on Friday. Crew members were evacuated to another rig after the SS-53 platform, located in the Campos oil basin off the coast of Rio de Janeiro, began to list at about 0100 local time (0400 GMT) Friday, a spokeswoman from the Sindipetro-NF oil workers' union said. The platform had been stabilized and safety measures were being taken, said a Petrobras spokeswoman who declined to give further details. The union spokeswoman also said the rig had been stabilized.
Songa Offshore Sees Tough Year but Narrows Losses
Q4 operating loss $6.8 mln, against expected $7.3 mln loss. Norwegian rig company Songa Offshore expects a challenging 2015 amid fierce competition for fewer contracts despite reporting a slightly better than expected fourth-quarter operating loss on Friday. Rig operators are suffering in an already oversupplied market, with oil firms delaying or cancelling projects to save cash after a 10-year spending spree and a significant fall in crude prices since June. "We expect more rigs to leave the Norwegian Continental Shelf and be stacked going forward," the company said in a statement. Songa, which operates three rigs under long-term contract with oil and gas company Statoil…
Advanced Drillships a Burden for Owners as Business Slows
Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows. Drillship operators face a more brutal hit to margins than they did after the oil-price crash of 2008 because of the huge cost of maintaining the more than $10 billion worth of state-of-the-art vessels that have been idled at sea, analysts say. Noble Corp Plc, Ensco Plc and Transocean Ltd are among companies that have invested in advanced rigs which, unlike older jack-up rigs that attach to the ocean floor, rely on dynamic positioning systems using thrusters to keep them in position.
Aker Solutions Wins Brazil Deepwater Deal
After the inauguration of the new drilling riser manufacturing facility in Rio das Ostras, Aker Solutions has signed an agreement with Queiroz Galvão Óleo e Gás S.A. for the delivery of a fourth deepwater marine drilling riser system. The value of the agreement is approximately USD 55 million. The project scope comprises the production of a deepwater marine drilling riser system, including tools and buoyancy modules, for the rig Alpha Star, which will be able to operate in water depths up to 2,700 meters in Brazil, Gulf of Mexico, West Africa and Southeast Asia. Delivery of the deepwater marine drilling riser system is scheduled for Q3 2010. The system will be manufactured at Aker Solutions' facility in Rio das Ostras, Brazil.