Analysis highlights lack of spare rigs left in North Sea
New analysis has highlighted the lack of spare capacity of oil and gas rigs to carry out work in the North Sea.
rigs
Exodus of rigs could have ‘serious impact’ on North Sea plans
An exodus of oil rigs means the North Sea market is expected to “tighten considerably” over the next two years, according to new analysis.
‘Financially untenable’: Drilling body warns renewables at risk amid North Sea rig exodus
A North Sea drilling industry body has warned the viability of UK renewables projects is at risk unless the UK government changes its policy towards windfall taxes and day rates.
Awilco Drilling needs another $5m for legal battle with Singapore shipbuilder
Singapore shipbuilder Keppel is demanding more than £500m from the rig-less Aberdeen-headquartered drilling firm.
North Sea faces rig market risk as vessels leave for better prospects
Rigs are leaving the North Sea for better prospects elsewhere, leaving a risk to availability as oil and gas projects are expected to ramp up in 2024.
Marine growth on rigs to be recycled
Scientists hope to show marine growth on inactive North Sea oil and gas platforms can be turned into fish and animal feeds.
Singapore’s Sembcorp Marine confirms payment deferral for Borr Drilling
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.
Offshore rig day rates could surge to $500,000
It could soon cost half a million dollars a day to hire an offshore rig, according to executives in the industry, in a stunning turnaround for day rates since Covid.
More assets ‘on the cards’ for flourishing Well-Safe Solutions
As it stands, the focus for the North Sea is ‘new’. New fields. New projects. New production. New energy sources.
Keppel sends more oil drilling rigs to Middle East in $87.2m deal
Singapore rig builder Keppel Offshore & Marine (Keppel O&M) will send another two jack-up rigs to the Middle East in a deal worth up to S$120 million (US$87.2 million) as the oil and gas market improves.
Keppel’s legacy rigs heading to Middle East in $97m deal as market tightens
Singaporean yard Keppel Offshore & Marine (Keppel O&M) will send two of its jack-up rigs to Saudi Arabia in a five-year deal worth S$135 million ($97 million) as the market for rigs continues to tighten.
Keppel, Sembcorp Marine complete merger deal to create world’s biggest oil rig builder
Sembcorp Marine has agreed to merge with Keppel Offshore & Marine in a deal that will create the world’s biggest builder of oil rigs and push the business further into renewables and alternative energy solutions. The pair are forming what could be one of the world’s largest offshore energy players worth $6.3 billion.
Singapore yard Keppel terminates contracts, keeps rigs
Singapore yard Keppel Offshore & Marine (Keppel O&M) is terminating jack-up rig construction contracts signed with an affiliate of Clearwater Capital Partners, and Fecon International, in October 2013 and February 2014, respectively. Significantly, the yard will keep the drilling units and is exploring the sale and charter of the rigs.
Noble and Maersk Drilling to sell off several North Sea rigs to overcome merger hurdles
Maersk Drilling and Noble Drilling are preparing to sell a series of oil rigs, currently stationed in the North Sea, in order to get over competition hurdles.
Westwood bolsters rig market capabilities with new senior appointment
Leading energy consultancy Westwood Global Energy Group has appointed a new research director to its RigLogix team.
Awilco Drilling appoints insolvency experts after losing £6.8m HMRC case
Aberdeen-headquartered Awilco Drilling has appointed insolvency experts for one of its subsidiaries after losing a £6.8 million case against HMRC.
Valaris warns costly rig reactivations await after 2021 results
Offshore driller Valaris (NYSE: VAL) said its “transitional period” post-Chapter 11 bankruptcy will continue into the second quarter of this year as it deals with costly rig reactivations.
Temasek defends green goals after backing Singapore polluters
It might seem contradictory to invest in carbon-emitting polluters while pledging to be an eco-trailblazer, but that’s exactly what Singapore state investor Temasek Holdings, which owns shares in two of the world’s largest rig builders, is attempting to do.
Singapore yards in trading halt, possibly merging offshore marine businesses
Singaporean rig builders Keppel Corporation and Sembcorp Marine this morning requested a halt in the trading of their shares pending announcements.
India’s ONGC seeks to buy new build jack-up rigs
India’s Oil & Natural Gas Corporation (ONGC) is seeking to buy newly built jack-up drilling rigs as the national oil company (NOC) looks to secure long-term offshore drilling capacity.
Australian firm’s mission to repurpose North Sea platforms for geothermal energy
An Australian company says its “unique” technology could lead to oil and gas rigs in the UK North Sea being repurposed as key infrastructure for geothermal energy - a new renewables sector.
COSL benefits as China offshore capex surges
China Oilfield Services Limited (COSL) is expected to have another solid year in 2021 as offshore capital spending is set to surge to record levels in China.
A stack more floaters are headed for the chop
The direction of travel appears clear; around a quarter of the current offshore floater rig fleet - ships and semi-submersibles - will be sent to the scrapyard near-term.
Borr Drilling takes 30% hit to revenues as operators cancel contracts
Borr Drilling has taken a 30% knock to its revenues after a series of cancellations and delays to contracts by oil and gas operators.
Seadrill wins £39m of new contracts, confirms rig scrapping plan
Seadrill has bagged £39million worth of new contracts but confirmed plans to press on with scrapping a number of rigs in its fleet.