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Offshore Driller News

Diamond Offshore has received a one-well plus options extension from Ankor Energy, LLC for jackup Ocean Titan. The rig has just started the new well in Ship Shoal Block 242, with workover operations expected to keep the rig busy for about 14 days. The rig has been under contract with Ankor since August 2009. Meanwhile, well complications at Ship Shoal Block 230 will now keep jackup Ocean Columbia busy with Chevron until around mid-November, after which the rig will be released. Diamond currently does not have any follow-up work in place for the rig.


Ensco, PLC reports it has sold jackup ENSCO 60, currently cold stacked in Sabine Pass. Sale price was $26 million, with closing expected shortly. It is understood the rig will be mobilized out of the Gulf of Mexico, likely to the Mediterranean area where it will be converted to a mobile offshore production unit. ENSCO 60 is a Levingston 111-C design jackup, built in 1981 and rated to drill in up to 300 fsw. It has not worked since June 2009. Jackup ENSCO 99 is scheduled to complete its contract with Nexen Petroleum USA, Inc. this weekend. Upon completion of work in West Delta Block 45, the rig will head to Ship Shoal Block 93 for a 20-day workover with Stone Energy Corporation that will keep the rig busy until the second-half of November.


Tarpon Oil & Gas Company, Inc. has extended  its contract for jackup Seahawk 2600 to take the rig to South Marsh Island Block 50 for a 60-day well. Permit approval for the well is expected shortly. The jackup is now standing by in East Cameron Block 240, where it has just finished work. Drilling at the new location is scheduled to last around 60 days, pushing rig availability out until the end of the year. Seahawk 2001 completed its contract in Ship Shoal Block 63 for PetroQuest Energy, Inc. over the weekend. The rig is now in South Timbalier Block 56 undergoing required regulatory and inspections. It is expected to be available for service around mid-November. Jackup Seahawk 2007 is also now idle after it completed a job for Breton Energy, LLC in West Cameron Block 171. However, it is believed Seahawk could have work in place for the rig shortly.


Driller Earnings…


Diamond Offshore had a net income of $198.5 million on revenues of $799.7 million for the three months ended September 30, 2010. That compares to a net income of $364.1 million on revenues of $908.4 million for the same period in 2009. Noble Corporation earned a net income of $86 million on revenues of $585 million for the third quarter 2010, compared to a net income of $426 million on revenues of $875 million for the same period in 2009. Finally, Ensco reported a net income of $178.9 million on revenues of $428.3 million during the third quarter of 2010. That compares to a net income of $184.9 million on revenues of $408.9 million for the same period in 2009. The company had a $48 million increase in revenues from its deepwater segment, but that was offset by a $29 million decrease in revenues within its jackup fleet.


Rowan Companies, Inc. jackup Bob Palmer is now scheduled to depart the U.S. Gulf of Mexico for Saudi Arabia later this week. The rig was scheduled to load out October 25, but the approach of Hurricane Richard in Mexico delayed departure. The rig has a three-year contract with Saudi Aramco that will begin in first quarter 2011. Jackup Ralph Coffman, also scheduled to mobilize to Saudi Arabia for a three-year deal with Saudi Aramco, will now not likely depart the gulf until January 2011. Completion of the rig’s current contract with McMoRan Exploration Company will not likely be completed until mid-December. Jackup Rowan Gorilla II is now slated to finish work in Vermilion Block 379 for Transocean Ltd.’s ADTI and Northstar, LLC in mid-November. It is understood Rowan will have a 20-day P&A contract signed shortly, after which it is expected the rig will mobilize to High Island Block A-376 for a 90-day plus options contract for Apache Corporation, which recently received permit approvals for the program. The Bob Palmer was originally scheduled for the contract, but the Gorilla II was inserted after the Bob Palmer received the Saudi Aramco work. With the additional work, the Gorilla II will now be busy through first quarter 2011. Finally, jackup Rowan Mississippi is progressing on its well in South Marsh Island Block 234 for McMoRan. Operations are to be completed in December, but it is understood McMoRan will keep the rig for another long well.


Inspections on Hercules Offshore, Inc. jackup Hercules 120 have been completed, and the rig is now back to work for Chevron in South Timbalier Block 37. The rig’s contract runs through yearend. Jackup Hercules 200 is now on location in Grand Isle Block 45 for a one-well extension with Apache. Work at the new location is expected to last 20-25 days. Jackup Hercules 202 will likely not complete work for W&T Offshore, Inc. in Main Pass Block 108 until early November. It is expected that the contract will be extended, but no agreement is in place yet.


Helmerich & Payne, Inc. platform rig H&P 105 is currently rigging up on the D platform in South Pass Block 88, preparing to begin a two-well contract with Apache. Work in the South Pass area should keep the rig busy for the rest of the year, after which the rig will move to West Delta Block 128 for another 60-day well.

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