Tom Burke News

30 Apr 2020

Valaris Says Rigs May Be Idle for Up to Two Years

© Kees Bustraan / MarineTraffic.com

Offshore drilling contactor Valaris, which is exploring a bankruptcy restructuring, on Thursday said it could take up to two years to reactivate idle equipment as contracts dry up during a historic rout in oil prices.Global oil markets have collapsed since the beginning of March as the coronavirus pandemic has crushed fuel demand. Expensive offshore drilling projects have been halted or delayed, creating an uncertain outlook for service firms that had hardly recovered from the last oil price crash.London-based Valaris…

03 Jul 2019

EnscoRowan Changes its Name to Valaris

© xmentoys / Adobe Stock

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…

30 Oct 2018

Rowan Reliance Awarded Fieldwood Contract

© Bernt Christian Egeland / MarineTraffic.com

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…

27 Apr 2018

Chrysaor Contracts Rowan jack-up for North Sea

Photo: Rowan Companies plc

Rowan Companies  announced  that the Rowan Gorilla VII, a Super Gorilla Class ultra-harsh environment jack-up rig, has been awarded an 18-month program by Chrysaor in the UK sector of the North Sea. The contract is expected to commence imminently for 18 months of work followed by two, one-year options. The Gorilla VII has recently undergone significant life enhancements including a new top drive, and upgrades to the BOP and drilling controls. Tom Burke, President and Chief Executive Officer…

05 Jan 2018

Rowan Buys Two Jack-up Rigs from Petrobras

Offshore driller Rowan Companies plc said it has purchased two LeTourneau Super 116E jack-up rigs, the P-59 and P-60, both delivered new into service in 2013, in a public auction from a subsidiary of Petroleo Brasileiro S.A. for $38.5 million per unit. As reported in May 2017, Rowan was the high bidder in a Petrobras public auction with a bid price of $30 million per rig. While the high bid was not accepted by Petrobras, after negotiations, both parties agreed to the revised price. Rowan sad it intends to mobilize the jack-ups to the Middle East from their current location in Brazil in late first quarter 2018. Tom Burke, President and Chief Executive Officer, said, “We consider this purchase an opportunistic investment, made near a cyclical low, at a highly attractive price.

24 Aug 2017

Shipbuilding: Mega Yards

Arctic Firsts: Arc 7 LNG carriers, including the Risunok and the ice-breaking Christophe de Margerie (pictured here). (Photo Courtesy: Yamal LNG and Sovcomflot)

The Woodmac report we saw offered us cause for pause — “Strong activity from the (major oil companies)” while “national oil companies have tightened their purse strings.” What Maritime Reporter found, was that national oil companies — nation-builders, for many — are putting their money in affiliate shipyards. The hope of two, new shipbuilding giants is jobs, innovation, national survival and export security. The model is to invite those who have done it before: Koreans, Japanese, French and a contractor with offshore and marine experience.

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