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  • Offshore Driller News

    Transocean Services AS, a wholly owned subsidiary of Transocean, Ltd., has announced an all-cash, voluntary offer for all Aker Drilling ASA shares for NOK 26.50 per share. Aker Drilling’s board unanimously recommended that shareholders accept the offer. The offer price indicates an equity market capitalization of about NOK 7.93 billion, or $1.43 billion, assuming an exchange rate of NOK 5.53 to U.S. $1.00. This represents a 62% premium to Aker Drilling’s 30-day average price of NOK 16.39 per share. Additionally, Aker Drilling has net debt of $0.80 billion. Aker Drilling operates two harsh-environment, ultra-deepwater, sixth-generation semisubmersible rigs currently on long-term contract to Statoil ASA and Det Norske Oljeselskap ASA in Norway. Aker Drilling currently is expected to take delivery in 2013 of two sixth-generation drillships currently under construction at the DSME shipyard in South Korea.

     

    ENSCO has signed contract extensions for two of its Gulf of Mexico jackups. First, Apache Corporation will keep the ENSCO 86 for another 120 days from the end of August. The rig is currently working in South Marsh Island Block 281 under the current term, which began May 1. Arena Energy has agreed to keep the ENSCO 90 for an additional two wells in ...

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  • Offshore Driller News

    In the wake of the Deepwater Horizon tragedy, the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) reported it has issued 67 new shallow water well permits since new standards were put in place during June 2010. Permits have averaged more than six per month over the past eight months. In addition, the agency has approved deepwater permits for 26 unique wells since mid-February, with 19 permits pending, and 26 permits returned to operators requiring additional information.

     

    BP has exercised its six-month option on the contract of Transocean drillship Discoverer Enterprise, and the operator further agreed to an additional one-year extension for the rig. The six-month extension, which keeps the day rate at $435,000, will begin August 1, 2012, with the one-year term beginning January 2012 at a rate of $492,000. The rig, which recently underwent a deep cleaning and decontamination process after completing work at the Macondo oil spill site in Mississippi Canyon Block 252, is currently on standby for BP in Grand Isle Block 61.

     

    Diamond Offshore semi Ocean Saratoga has completed its sublet contract for Nexen Petroleum in Green Canyon Block 50. The rig’s contract with Taylor Energy is now completed and the rig ...

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  • Offshore Operator News

    Chevron U.S.A., Inc. awarded a 3-year contract to engineering firm Wood Group for the commissioning of the Big Foot extended tension leg platform in the deepwater Gulf of Mexico. Work will be performed by DSI, Wood Group PSN’s commissioning services business. DSI’s scope of work covers the full commissioning process, from development of procedures, through inspection and testing of every operational component at the South Texas fabrication yards and offshore, to the final hand-over of systems to Chevron.

     

    Marathon Oil Corporation completed the spin-off of Marathon Petroleum Corporation (MPC). MPC’s businesses primarily consist of refining, marketing, and transportation operations. MPC is now an independent public company and its common stock trades under the symbol “MPC” on the New York Stock Exchange.

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  • Offshore Driller News

    Rowan Companies reported a net income of $32.1 million on revenues of $364.3 million for the three months ended March 31, 2011. That compared to a net income of $64.6 million on revenues of $432.4 million for the same period in 2010. Transocean, Ltd reported that for the three months ended March 31, 2011, it earned net income of $310 million on revenues of $2.144 billion versus net income of $677 million on revenues of $2,579 billion. Parker Drilling said it had a net income of $4.8 million on revenues of $156.2 million for the first quarter of 2011 compared to a net loss of $2.1 million on revenues of $157.6 million for the first three months of 2010. Atwood Oceanics said it earned net income of $70.6 million on revenues of $159 million for the first three months of 2011 versus a net income of $66.7 million on revenues of $159 million for the same period a year ago.

     

    Diamond Offshore jackup Ocean Titan has moved to Ship Shoal Block 290 to begin the final well of its contract with ANKOR Energy. Operations are expected to last around 30-days. Also, jackup Ocean Columbia is now on location in ...

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  • Offshore Driller News and Earnings

    Diamond Offshore confirms it has received a one-well contract from Marathon Oil for semi Ocean Monarch. Work in Garden Banks Block 515 is scheduled to begin in early May and should last around 60 days. The rig has been idle since June 2010 when Anadarko, which has the rig under contract to March 2013, declared it was terminating the contract via force majeure. Diamond disputed the claim, resulting in a litigation that has yet to be resolved.

     

    Nabors Offshore workover platform rig Sundowner IV has completed its two-well contract with Merit Energy in Vermilion Block 408. With no follow-up work in place, Nabors has mobilized the rig back to New Iberia where it is hot stacked.

     

    Basic Marine Services reports it is refurbishing workover inland barge Basic Marine Rig 15. The rig, which had been idle since December 2008, is now at the Bollinger Shipyard facility in Amelia where work is scheduled to be completed in late May. At present, Basic does not have a contract in place for the rig.

     

    Hercules Offshore reports jackup Hercules 204 completed work in Eugene Island Block 113 for LLOG Exploration and the rig is now stacked on location. It is ...

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  • Offshore Driller News

    Noble Corporation reports that Marathon Oil Corporation has terminated its four-year, $752 million contract with newbuild semi Noble Jim Day. The operator stated it did not accept the rig by December 31, 2010, a contract stipulation, as the reason for termination. Noble continues to believe the rig is ready to commence operations and should have been accepted by Marathon. The company also said an independent third party had affirmed the readiness of the rig and that the rig’s BOP had received its certificate of compliance. Noble is currently pulling riser and offloading equipment in Green Canyon Block 511 and is in discussions with several operators regarding potential contracts. Noble also says semi Noble Danny Adkins has returned to work in Mississippi Canyon Block 764 under its contract with Shell Offshore Inc. Finally, further to an item from the December 27, 2010, Gulf of Mexico Activity Report, semi Noble Clyde Boudreaux will depart the U.S. gulf in mid-to-late February, headed to Brazil for a one-year contract with Shell. On the jackup front, Noble has mobilized jackups Noble Bill Jennings and Noble Lewis Dugger from Mexico to the U.S. gulf. The company has cold stacked both rigs in South Padre Island Block ...

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