Drilling giant Transocean swung back into profit in Q1 2016, despite revenues having hemorrhaged compared to Q1 2015. Rig utilization was 51% in Q1, compared with 60% in the prior quarter, and 79% in the same period last year. Utilization is lowest in the ultra-deepwater floater segment…
Quest Offshore assesses the drilling, subsea, and marine construction dynamics affecting of one of the world’s pre-eminent deepwater basins amid the downturn. The Gulf of Mexico has long been a region of critical importance to the global deepwater industry…
Houston-based Anadarko Petroleum has successfully drilled its first horizontal deepwater well offshore the Ivory Coast. The firm encountered 100ft net of true vertical thickness (TVT) pay on the Paon-5A well using Bolette Dolphin drillship…
Hess Corp. recorded a US$509 million loss in Q1, in addition to a 34% drop in its revenue. Image from Hess. The loss is much wider than the Q1 2015 loss of $389 million. The decrease…
Tullow Oil is eying exploration leads offshore Mauritania in order to fulfill a minimum work obligation of one well on the block before the second exploration phase runs out in November 2017. Image from Tullow…
Remaining competitive through the downturn is a tall order for some. Caitlin Shaw, of Quest Offshore Resources, examines how the exploration, drilling and subsea segments are expected to fare through 2017. The…
US supermajor Chevron has taken a big fall in Q1 2016, reporting a loss of US$725 million, compared to earnings of $2.6 billion in the same period last year. Image of Jack/St. Malo, from Chevron…
Strategic Corrosion Management (SCM), an asset integrity firm, has joined with OES Oilfield Services Group, an oilfield inspection company, in a global strategic partnership, which will integrate the companies’ RISCm (Risk, Integrity, and…
Fugro will further reduce its workforce by an additional 600 jobs this year, as the company reported a 23% decline in revenue in Q1, and announced plans to stack and retire vessels. Image from Fugro…
Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April…
Schlumberger and Ophir have terminated discussions over a move which could have given the oilfield services firm a 40% stake in the Fortuna floating LNG development offshore Equatorial Guinea. Earlier this year, Schlumberger had reached a heads of terms agreement with Ophir over the project…
Scanning the newspapers, social media and analyst coverage this year, there is consensus that a recovery in oil prices is coming, as a function of a reduction in over-supply, and that we should expect upward movement in prices later this year…
Sterling Energy UK has issued a notice of withdrawal from the Ambilobe block, offshore Madagascar to its joint venture partner Pura Vida Mauritius. Following the withdrawal, Sterling will cease to be the operator of the Ambilobe block…
Oil services giant Schlumberger has laid off 2000 employees as the company reports one of its steepest revenue declines since the downturn began, citing global activity decline and disruption that has reached unprecedented levels. Image…
Statoil has launched Cap-X, a new subsea development concept designed to reduce cost and increase efficiency. The Norwegian oil giant, more than half of whose production comes from some 500 subsea wells, has already been exploring ways to reduce subsea development costs…
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