The North Sea semisubmersible (semisub) market hit 100% utilisation at the height of summer this year, however the reality is that shrinking supply has accentuated this, rather than soaring demand.
Offshore rig operator Diamond Offshore Drilling (NYSE:DO) returned to profit with $11.6 million in Q1 earnings, a marked turnaround from its previous quarter loss.
Stunning pictures of the Northern Lights have been captured from a North Sea oil rig by a lucky roughneck off the coast of Aberdeen.
Diamond Offshore Drilling announced a brace of contract wins, including work for Serica in the North Sea and a BP subsidiary in the Gulf of Mexico.
Ocean GreatWhite rig to continue existing contract with BP until August 2024 while Ocean Patriot will commence a new deal with Taqa in early 2025.
Diamond Offshore (NYSE: DO) has announced it has kicked off a new contract in the UK with Repsol Sinopec after its rig was released early last year by Apache.
Diamond Drilling (NYSE:DO) reversed Q1 losses to post a healthy profit in the second quarter, as stronger demand upped dayrates for its units.
The Ocean Patriot, released early from its Apache North Sea contract, is off to work for Repsol Sinopec.
Apache has set out a timeframe for releasing a Diamond Offshore rig after axing a drilling contract earlier this year.
Apache has hit out at the North Sea windfall tax for making the sector “less competitive” as it cancels a drilling contract in the UK sector.
Apache North Sea has said it plans to boost its UK spending and headcount as it hands a rig extension deal to Diamond Offshore.
Westwood Global Energy reports that as of September 2 there were two exploration wells active in the UK, with one in the central North Sea and one in the northern North Sea. So far in 2020, three exploration wells have completed. There has been no appraisal drilling yet this year.
Diamond Offshore has announced a £39million extension with Apache in the UK North Sea as part of £480million in new work secured in 2019.
Lower dayrates and fewer revenue-earning days saw profits drop by more than 90% at Diamond Offshore’s UK business.