FMC Technologies, Inc. announced that Peter D. Kinnear will be succeeded by John T. Gremp as President and Chief Executive Officer effective March 1.

Rowan Companies reported net income of $57.3 million on revenues of $458.8 million for the three months ended December 31, 2010. That compares to net income of $60.8 million on revenues of $399.8 million for the same period in 2009. For 2010, Rowan had a net income of $280 million on revenues of $1.82 billion versus a net income of $367.5 million on revenues of $1.77 billion in 2009. Ensco, PLC reports it had a net income of $142.9 million on revenues of $408.5 million for the fourth quarter of 2010, compared to a net income of $248 million on revenues of $497.8 million for the same period in 2009. For 2010, the company generated net income of $579.5 million on revenues of $1.69 billion versus net income of $779.4 million on revenues of $1.89 billion in 2009. Transocean, Ltd. reported a net loss for the three months ended December 31 of $799 million on revenues of $2.16 billion. That compares to net income of $723 million on revenues of $2.733 billion for the same period in 2009. For 2010, the company had net income of $961 million on revenues of $9.576 billion, compared to a 2009 net income of ...

PetroQuest Energy, Inc. recently performed a workover and recompletion at its Ship Shoal 72 field resulting in an initial production rate of approximately 300 b/d of oil and 360 Mcfd of gas. The company expects to perform two additional recompletions and a multi-well sidetrack drilling program targeting oil during the year.

 

Cobalt International Energy, Inc. received a letter from the Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE) notifying the company of the approval of the exploration plan for OCS-G 30876, Garden Banks 959, referred to as Cobalt’s North Platte #1 exploratory well. Cobalt intends to drill the well with the Ensco 8503 rig, although the company continues to experience delays associated with other steps in the process, including satisfactory completion of the notice to lessee and BOEMRE’s approval of the drilling permit.

Noble Drilling (U.S.), Inc. has received a letter of intent (LOI) from a subsidiary of Royal Dutch Shell for semi Noble Jim Day to operate in the U.S. Gulf of Mexico. Under the terms, the effective date of the contract will be February 15, 2011, extending through January 31, 2012. Stipulations in the LOI are that Noble will receive standby rates if Shell is unable to secure drilling permits. From February 15 to May 31, the standby rate would be $156,000, increasing to $242,000 from June 1 through July 31.

 

Starting August 1, the rig will go on full operating day rate of $485,000 regardless of permit approval status. During the operating period, Noble is eligible for a performance bonus of up to 15 percent of the day rate. It is understood that execution of the drilling contract will occur shortly. Shell and Noble also agreed to increase the standby rates for semis Noble Jim Thompson and Noble Driller from $47,800 to $85,000 effective February 1, 2011. In addition, should Shell be unable to secure further permit approvals for work using the semi Noble Danny Adkins, the standby rate will increase from $69,000 to $156,000. Finally, semi Noble Clyde ...

Total mobile rig utilization in the Gulf of Mexico rose again this week as three previously idle rigs received contracts. Current fleet utilization is 46.9%, with 60 of 128 mobile rigs under contract or committed for work. Marketed utilization, which excludes cold stacked and other non-marketed rigs, jumped to 81.1%, with 60 of 74 rigs under contract.

 

Within the jackup fleet, Hercules Offshore, Inc. and Rowan Companies, Inc. received contracts for previously idle units. As a result, total utilization is now 37.1%, with 33 of 89 rigs under contract or committed for work. Marketed utilization increased to 75%, with 33 of 44 units contracted.

 

Floating rig utilization rose this week as an idle Noble Drilling semi received a new deal and another Noble semi departed the Gulf of Mexico for Brazil. Overall, 27 of 33 rigs are under contract, for utilization of 81.8%. Marketed utilization is now 90%, with 27 of 30 rigs under contract.

 

Total Platform rig fleet utilization is unchanged from last week. Fleet utilization is now at 37.3%, with 19 of 51 units under contract. Marketed utilization stays at 57.6% with 19 of 33 rigs contracted.

 

Inland barge utilization is up slightly this ...

Allis-Chalmers Energy, Inc. and Seawell, Ltd. have announced that they anticipate that the merger of Allis-Chalmers with and into a wholly owned subsidiary of Seawell will close on Wednesday, February 23, 2011.