Offshore oil contractor Borr Drilling Ltd. (NYSE:BORR) expects almost a third of the world’s fleet of shallow-water rigs to be retired in the coming years because of their age, leading to higher daily leasing rates.
Bermuda-registered Borr Drilling has received $158.6 million of rig contract commitments from unspecified operators.
There were more near field exploration targets planned for 2024. These, it said, would support further expansion at the project. Valeura has raised the possibility of a Nong Yao D platform to follow Nong Yao C.
Westwood expects offshore rig dayrates to continue their upward trajectory across the board in 2024 as supply tightens.
The Prospector 5 will now be under contract until May 2026, while the Natt is under contract until December 2025.
A top drilling firm has bemoaned the low fees contractors are receiving for leasing their rigs in the North Sea.
Neptune Energy has hailed first gas from the 11th well at its flagship UK field, Cygnus, bolstering UK energy security.
Increasing EBITDA and reducing leverage “could enable a global refinancing of the company in 2024”, Schorn said. This “should ultimately accommodate dividend payments to shareholders".
Borr Drilling has signed contracts for two of its jack-up rigs, in the Middle East and Southeast Asia.
Neptune Energy has been pushed to review its offshore procedures after a release of toxic gas during drilling operations earlier this year.
Sembcorp Marine today confirmed it will extend the time for repayment terms for Borr Drilling from 2023 to 2025 for the nine jack up rigs that the Singapore yard delivered to the driller between 2017 to 2019 after a final agreement was signed.
BW Energy’s new offshore production facility has set sail for Gabon, on a heavy lift vessel. It is due to arrive by the end of September.
Offshore rig contractor Borr Drilling is planning to make a public offering of $250 million of its common shares available in the US.
Following success, Vaalco Energy has elected to keep its Borr Drilling rig for another two wells offshore Gabon.
Borr Drilling (NYSE: BORR) has signed a deal to sell three jackup oil rigs for $320 million.
Borr Drilling has secured a new four-year contract for its Saga jack-up rig in Southeast Asia.
Borr Drilling has been awarded new contracts and extensions for five of its jack-up drilling rigs spanning Southeast Asia and the Middle East.
Seadrill has named Simon Johnson, the former head of rival firm Borr Drilling, as its new CEO.
The market for shallow water offshore drilling is on the up sparked by higher oil and gas prices and tight supply.
Borr Drilling has reached agreements with its largest creditors, the Singaporean yards, to refinance and defer a combined $1.4 billion debt maturities and delivery instalments from 2023 to 2025.
Borr Drilling has signed a contract for its Norve jack-up to work in Gabon, for BW Energy.
Vaalco Energy has got its drilling campaign offshore Gabon under way with a well on the Etame field.
Aquaterra Energy has won a $4.4 million contract to participate in the conversion of the Hibiscus Alpha jack-up rig, which will be located offshore Gabon.
Borr Drilling said it is seeing “stronger customer demand” for its rigs, with greater discussions and tending.
Lamprell has won a rig conversion contract from BW Energy for a project offshore Gabon.