Fred. Olsen Energy edges closer to financial restructuring
Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said.With debt and liabilities of more than $840 million at the end of June, Fred. Olsen last month stopped paying its creditors to preserve liquidity, making it the latest victim of a slow recovery in the oil and gas exploration sector.The owner of seven drillships and rigs…
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…
Seadrill Postpones Court Hearing for Restructuring Talks
Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 7, which sources told Reuters will give the company more time to consider alternative restructuring plans. Once the largest drilling rig operator by market value, Seadrill filed for bankruptcy protection in Texas on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. Wednesday's court filing also said the deadline for objecting to Seadrill's plan had been extended to Feb.
Seadrill Bondholders Post Cash Deposit for Rival Restructuring
Owners of unsecured bonds in rig firm Seadrill have posted a cash deposit to back an alternative financial restructuring, paving the way for talks with the drilling operator over its future, the two sides said on Monday. Seadrill, once the largest drilling rig operator by market value, filed for bankruptcy protection in a U.S. court on Sept. 12 after being hit hard by cutbacks in oil company investment following a steep drop in crude prices. The company's main owner, Norwegian-born billionaire John Fredriksen…
Seadrill Receiving Rival Bids for Debt Restructuring
Drilling rig firm Seadrill confirmed on Wednesday it had received two rival bids for its debt restructuring from unsecured bondholders. The company, which filed for Chapter 11 restructuring in a U.S. court on Sept. 12, has sought alternative proposals for the plan put forward by its main owner, Norwegian-born billionaire John Fredriksen and a group of hedge funds. "We have received two alternative bids from unsecured bondholders ... We are evaluating these bids and are in active dialogue with the bidders," the company said in an emailed statement.
Seadrill Bondholders Propose Alternative Debt Restructuring
An unofficial committee of Seadrill's unsecured bondholders has submitted a binding alternative proposal for the company's restructuring, two sources familiar with the proposal told Reuters on Tuesday. Norwegian-born billionaire John Fredriksen and a group of hedge funds proposed on Sept. 12 to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value. "Total investments (in the alternative plan) are on par with the official restructuring proposal, but it's not a copy paste.
Evoqua Introduces Service Solution for Electrochlorination Systems
Offshore and marine operators of electrochlorination-based marine growth prevention systems are set to benefit from a new maintenance and service initiative from the world’s leader in the market: Evoqua Water Technologies. Bringing together more than 100 years of water treatment expertise from a number of the company’s brands and divisions, Evoqua Electrochlorination Services (EES) has been established to provide a total after-sales service solution for all electrochlorination marine growth prevention systems (MGPS), regardless of the manufacturer or design.
BP Decries Deepwater Horizon Film as Inaccurate
BP has criticized the new "Deepwater Horizon" film as being an inaccurate Hollywood dramatization of the deadly oil rig disaster in the Gulf of Mexico in 2010. "The Deepwater Horizon movie is Hollywood's take on a tragic and complex accident. It is not an accurate portrayal of the events that led to the accident, our people, or the character of our company," the British oil and gas company said in a statement on its website. "Deepwater Horizon," which is released in the United States on Friday…
N-KOM delivers First Newbuild Liftboat
Nakilat-Keppel Offshore & Marine (N-KOM) reports that it has delivered its first liftboat unit, Al Safliya, to Qatari rig operator Gulf Drilling International (GDI). Al Safliya is the first liftboat to be wholly constructed in Qatar at the Erhama Bin Jaber Al Jalahma shipyard The self-propelled and elevating unit has been customized for operations in the Middle East and North Africa (MENA) region in water depths of up to 65m. “GDI is pleased with the quality delivered by N-KOM for the liftboat Al Safliya," said Mubarak Al Hajri, the MD & CEO of GDI.
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.
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.
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.
Offshore Rig Operator Shares Up on Moratorium Lift
According to a report from the Associated Press, the end of the moratorium on drilling in the Gulf has lifted the stocks of companies that operate the offshore oil and gas drilling rigs. Shares of Transocean, Diamond Offshore and Ensco all gained more than three percent on Tuesday, Oct. 12, the report said. (Source: The Associated Press)
Offshore Comeback At Hand
U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector. According to sector company executives, the recovery is set to begin in the second half of this year for most, and improve markedly in 2001 as major, independent and national oil firms ramp up oil and gas exploration and production spending. "The year 2000 will be a transition year, the later we get into the year the better things will become...We troughed in the third quarter (1999)," Robert Rose, Chairman, President and CEO of offshore driller Global Marine. "But we have to wait to 2001 before we start having the kind of earnings we had in 1997…
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.
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.
Smedvig to Build New Semi-Tender
Smedvig has entered into an agreement with Keppel Shipyard in Singapore for the purpose of building a new semi-submersible self-erecting tender rig (semi-tender). Total capital expenditure for the new semi-tender is estimated at $ 94 million, of which Smedvig's share is approximately $ 29 million. The agreement with Keppel Shipyard is based on the principle that Keppel shall build and own the the semi-submersible hull, and Smedvig shall own the derrick equipment set. Smedvig shall for a period of ten years be responsible for marketing, management and operation of the unit. The agreement includes an option for Smedvig to purchase the semi-submersible hull during the ten-year period at a pre-agreed price.
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.
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 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.
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.
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.