Offshore Rigs News

Cash Buyers All Jacked-up for Rig Recycling

Oct 29, 2020

As the old saying goes, one man’s misery is another man’s fortune. This could not be a more accurate statement reflecting the current offshore mobile offshore drilling unit (MODU) market. As MODU owners battle debts, restructuring and bankruptcy (see previous article MODU Owners Bite the Bullet)…

Equinor, BP Make Two Oil Finds Offshore Canada

Oct 29, 2020

Equinor has said it has, with BP as a partner, made two oil discoveries offshore Newfoundland, Canada.'The two wells at the Cappahayden and Cambriol prospects, drilled this summer in the Flemish Pass Basin, have proven the presence of hydrocarbons…

Borr Drilling Sells Cold-stacked Jack-up Rig

Oct 28, 2020

Offshore drilling contractor Borr Drilling has agreed to sell its 2003-built cold stacked jack-up drilling rig 'Atla' to an unnamed independent operator.'The completion of the sale is expected in the fourth quarter 2020. Together with the previously…

Number of Offshore Exploration Wells in Norway at 14-year Low

Oct 27, 2020

Oil firms are expected to drill just 30 exploration wells off the coast of Norway this year, the lowest level in 14 years as companies seek to manage spending amid a pandemic, the Norwegian Petroleum Directorate (NPD) said on Tuesday.The search…

Lundin Gets Approval for North Sea Wildcat

Oct 26, 2020

Swedish oil firm Lundin Energy has won permission to drill an exploration well in the North Sea, using the West Bollsta semi-submersible drilling rig.The Norwegian Petroleum Directorate, which on Monday said it had issued a drilling permit to Lundin Energy Norway for the North Sea well 16/4-12…

ConocoPhillips Hires Prosafe Flotel for 2022 Work in Norway

Oct 26, 2020

Offshore accommodation rig provider Prosafe said Monday it has won a contract to supply one of its flotels for work with ConocoPhillips in Norway.Prosafe, which has this year seen its fleet utilization decimated due to the pandemic, said ConocoPhillips'…

Offshore Drilling: Floaters Set for Another Round of Scrapping?

Oct 26, 2020

Up to a quarter of the active floating drilling rig fleet - drillship and semi-submersibles - could be scrapped, as the demand, which had never recovered from the previous downturn, is now expected to remain under pressure 'until 2022,' Rystad Energy…

Offshore Driller Launches "Wide range of cost-cutting measures"

Oct 26, 2020

The UK-based offshore drilling company Awilco Drilling on Monday said it would launch a 'wide range of cost-cutting measures,' citing a newbuild rig contract termination and delay in construction and start-up of another rig.'Awilco Drilling…

Pacific Drilling Can't Appeal Samsung Drillship Case Ruling

Oct 23, 2020

Offshore drilling contractor Pacific Drilling can't appeal the ruling under which it was in January ordered to pay $320 million to Samsung Heavy Industry for a 2015 drillship order cancellation.Pacific Drilling had placed the order for the Pacific…

Norway Rig Incident: Drilling Won't Resume Until Root Cause Found, Operator Says

Oct 21, 2020

Drilling at the West Bollsta offshore rig, where a 26-ton pipe accidentally dropped on the drill floor last weekend, will not resume until the cause of the incident is identified, oil and gas firm Lundin Energy said.As reported Monday, the incident occurred last Saturday…

Maersk Drilling's Drillship to Drill More Wells for Total in Angola

Oct 21, 2020

Danish offshore drilling company Maersk Drilling has secured more work for its Maersk Voyager drillship with Total in Angola.The contract is for three development wells, to be drilled at Total's offshore Block 17. According to Maersk Drilling…

CNOOC Hires Stena Drillship to Drill Offshore Canada

Oct 20, 2020

Chinese oil company CNOOC has signed a contract with offshore drilling rig provider Stena Drilling for the use of the Stena Forth drillship in Canada.CNOOC will use the 228 meters-long drillship to drill one well in the Flemish Pass, offshore Newfoundland and Labrador…

NYSE Warns Transocean of Potential Delisting Risk

Oct 19, 2020

Offshore drilling contractor Transocean has received a listing warning from the New York Stock Exchange after its average closing share price fell below the minimum of $1.00 per share during a consecutive 30 trading-day period. From the date of the formal non-compliance notice…

Turkey Raises Size Estimate of Giant Black Sea Gas Find

Oct 19, 2020

Turkey has raised the estimated reserves in a gas field off its Black Sea coast to 405 billion cubic meters after finding an additional 85 billion cubic meters, President Tayyip Erdogan said on Saturday.Erdogan said in August the field contained 320 billion cubic meters of gas…

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