Offshore Drilling News - page 3

Offshore Drillers Facing Second Wave of Bankruptcies

Jun 24, 2020

The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms.A collapse of the offshore industry will have broad impact…

Keppel Starts Arbitration Against Awilco Drilling

Jun 23, 2020

Keppel Corporation has launched arbitration proceedings against offshore drilling company Awilco Drilling over the latter's recent move to terminate a semi-submersible rig construction contract worth about $425 million.Awilco earlier in June…

Lukoil Spuds Caspian Sea Well

Jun 22, 2020

Russian oil company Lukoil has kicked off drilling operations at the Shirotno-Rakushechnaya prospect structure, in the Caspian Sea.The well is located to the north of the V.I. Grayfer field, and sits in a water depth of 5 meters. Lukoil is using the Astra offshore rig…

Aker BP's Valhall Flank West Drilling Program Complete

Jun 22, 2020

Norwegian oil company Aker BP has completed the drilling program at its Valhall Flank West project in the North Sea, offshore Norway.Aker BP said last Friday that, over the course of 11 months, the Maersk Invincible drilling rig had set 12 conductors…

Equinor Gets OK for North Sea Pilot Well

Jun 22, 2020

Norwegian oil and gas company Equinor has received regulatory approval to drill a pilot hole in the North Sea offshore Norway.The Petroleum Safety Authority Norway said Friday it had given its consent to Equinor for exploration drilling (pilot…

Shelf Drilling Loses Drilling Contract in Egypt

Jun 19, 2020

Shelf Drilling has seen another offshore rig contract terminated, this time for a jack-up rig for which it had secured a one-year contract extension in March.Namely, the Dubai-based jack-up drilling contractor in March said it had won a contract extension for the Trident 16 jack-up rig…

Norway Offers 36 Offshore Blocks to E&P Firms

Jun 19, 2020

Energy companies can apply to explore for oil and gas in 36 new exploration blocks off Norway, the country's oil and energy ministry said on Friday.Western Europe's largest oil producer conducts regular licensing rounds to stimulate offshore oil exploration…

Neptune Energy Spuds Dugong Well Offshore Norway

Jun 18, 2020

Oil and gas company Neptune Energy has started drilling on the Dugong exploration well in the Norwegian sector of the North Sea. Dugong is the first operated exploration well to be drilled by Neptune in the northern sector of the North Sea since the Duva discovery in 2016…

Neptune Energy to Spud Dugong Offshore Well This Week, Partner Says

Jun 17, 2020

Petrolia NOCO, a partner in Neptune-operated PL 882 block in the Norwegian part of the North Sea, said the drilling of the Dugong well is set to begin by June 19, 2020.Neptune last week secured a regulatory consent to drill two wildcat wells at the Dugong prospect…

Maersk Drilling Joins Offshore CO2 Storage Project

Jun 17, 2020

Danish offshore drilling company Maersk Drilling has joined a consortium whose aim is to develop an offshore storage solution for CO2 captured in Danish onshore facilities.Maersk Drilling said Wednesday it was joining a new CO2 storage consortium…

New Zealand Raises Oil Spill Insurance Requirements

Jun 15, 2020

New Zealand's maritime safety authority has greatly increased the insurance cover or other financial security that owners must have to cover marine oil spills from their offshore installations.Under recent amendments to the Marine Protection Rules Part 102…

Valaris Skips $13.3M Interest Payment

Jun 15, 2020

Offshore drilling contractor Valaris said Monday it had elected not to make the $13.3 million interest payment due on June 15, 2020, related to its 7.375% Senior Notes due 2025.The offshore drilling company, which had more than $6.5 billion of debt at the end of the first quarter…

MODU Owners Bite the Bullet

Jun 15, 2020

Just as we were beginning to see light at the end of the tunnel, COVID-19 in the space of three months decimated the offshore industry and sent it spiraling into a double downturn. Oil majors have been forced to cut CAPEX (table 1) with E&P spending reduced significantly…

Saudi Aramco Suspends Shelf Drilling Jack-Up Rig

Jun 15, 2020

Saudi oil giant Saudi Aramco has decided to suspend a contract with Shelf Drilling for the High Island IV jack-up drilling rig.The offshore drilling contractor said Monday it had received a notification from 'a customer' on the suspension of…

Neptune Gets License to Drill Wildcat Duo Off Norway

Jun 12, 2020

Neptune Energy has secured a regulatory consent to drill two wildcat wells at the Dugong prospect in the North Sea, offshore Norway.The consent, granted by the Norwegian Petroleum Directorate, concerns the drilling of wells 34/4-15 S and 34/4-15 A…

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