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Tender Rig

Seadrill Record Best-ever Quarterly Result

Jack-up Rig West Ariel: Photo credit Seadrill

Seadrill announces favourable first quarter 2013 financial results.  Highlights     •    Seadrill records its best operating quarterly result ever and generates first quarter 2013 EBITDA*) of US$713 million     •    First quarter 2013 net income of US$440 million and earnings per share of US$0.87     •    Increases the ordinary quarterly cash dividend by 3 cents to US$0.88     •    Economic utilization for floaters increased to 92% in Q1 2013 from 86% in Q4 2012     •    Economic utilization for the jack-up fleet in Q1 2013 was 99%, up from 94% in Q4 2012     •    Seadrill ordered four jack-ups for a total estimated project price of US$230 million per rig, with deliveries in 2015     •    Completed the acquisition of the ultra-deepwater semi-submersible rig Songa Eclipse for a total consideration of US$590 million     •    Secured a 2-year extension for the ultra-deepwater semi-submersible rig West Leo with a total estimated revenue potential of US$430 million     •    Completed the sale of the jack-up rig West Janus for US$73 million recording a gain on sale of US$61 million


Keppel, Smedvig Cooperate on New Drilling Tender

Keppel FELS Limited has entered into a cooperation agreement with Smedvig Asia Limited (Smedvig Asia) to build a Semisubmersible Drilling Tender (SSDT) with Keppel Offshore & Marine’s proprietary design. Developed by the Deepwater Technology Group (DTG), the KFELS SSDT3600-GOM-C42 will be the fourth vessel in the series of successful SSDTs that have been gainfully deployed in this region. Valued at $94 million, Keppel FELS and Smedvig Asia will own and operate the ultra deepwater semi


SapuraCrest, Ramunia Awarded Contracts

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.


Smedvig Gets Drilling Contract

Unocal Thailand Ltd. has issued a letter of intent to Smedvig Asia Ltd. for the assignment of the self-erecting tender rig T-4. The production drilling assignment has a duration of five years, and the contract value is estimated at approximately $73 million. The contract includes an incentive arrangement that could increase the contract value. The proposed contract includes early termination provisions after three years against payment of an early termination fee.


Seadrill Rig Contract Extended

West Epsilon Rig: Photo credit Seadrill

Seadrill - North Atlantic Drilling Ltd. announces extension of Statoil contract for the harsh environment jack-up rig 'West Epsilon'. North Atlantic Drilling Ltd., a majority owned subsidiary of Seadrill Limited, announce that Statoil has exercised its option to extend the contract for the heavy-duty harsh environment jack-up rig West Epsilon by two years from December 2014 to December 2016. The estimated value of the contract extension is US$215 million.


Seadrill Q3 2013 Profit Slips Marginally

Drillship: Image courtesy of Seadrill

In its third quarter 2013 financial report, Seadrill states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter. Seadrill explains that the decrease in operating profit is a result of higher operating expenses due to new rigs entering the fleet and higher general and administrative expenses due to the consolidation of Sevan Drilling.


Schlumberger And Transocean Offshore Combine Forces

Schlumberger Limited and Transocean Offshore Inc. have signed a definitive merger agreement under which the offshore contract drilling business of Schlumberger (Sedco Forex Offshore) will be spun off and promptly combined with Transocean Offshore in a merger of equals. The resulting company, Transocean Sedco Forex, will be the world's largest offshore drilling company and is projected to become the fourth largest oilfield service company in terms of market capitalization


Smedvig Announces 1Q Results

Smedvig reported consolidated operating profit of NOK 161 million for the first quarter as compared to NOK 226 million in the previous quarter. The decrease is primarily attributable to lower utilization of the mobile units. Net financial expenses for the first quarter was NOK 9 million as compared to NOK 68 million in the previous quarter. Net income for the first quarter was NOK 129 million as compared to NOK 144 million in the previous quarter.


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before. Excerpts from chairman Mr. Li Yung Peng' letter to shareholders follow: "Gross profit amounted to $321 million, from $485 million in 2012. Net profit attributable to shareholders was $30.6 million, a decline of 71%


Dramatic Turn-Around in COSCO's Q1 2014 Finances

COSCO Zhoushan Shipyard: Photo COSCO

Offshore marine engineering, shipbuilding, ship repair & conversion and dry bulk shipping group,  COSCO Corporation (Singapore) reports a Q1 2014 gross profit increase increase Y/Y of 21.8%. Group turnover increased 41.8% to $1.04 billion in Q1 2014 from $733.0 million in Q1 2013 on the back of increase in shipyard revenue. Turnover from shipyard operations increased by 43.2% to $1.03 billion from $719


Total Delays Bulgaria Exploration, Cites Oil Price

Drilling for oil and gas at an exploration block off Bulgaria's Black Sea coast will be delayed by at least six months until early 2016 following the fall in global oil prices, French oil firm Total said. Total, operator of the offshore 1-21 Han Asparuh block


Rig Moves: Mobilized for Performance

bourbon.jpg

The operation of an oil field involves moving rigs or jackups in a maneuver referred to as a rig move. These complex operations require experience and the coordination of all stakeholders. Explanation by Pål-André Malø, superintendent for new construction


Jackup Rig Delivered to Abu Dhabi’s NDC

HE Sheikh Saud Bin Khalid Al Qasimi (center) cuts the ribbon for the NDC Shuwehat rig alongside Lamprell CEO Jim Moffat (right) and NDC Chief Executive Officer Abdalla Saeed Al Suwaidi (left)

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the rig to Abu Dhabi’s National Drilling Company (NDC) within budget and as scheduled. 


EGAS Tenders for as many as 48 LNG Cargoes

Egypt's state-owned gas company EGAS has tendered to buy at least 48 cargoes of liquefied natural gas (LNG) for delivery in 2015/16, three traders said. A senior official at EGAS confirmed that there was a tender for multiple LNG cargoes during Egypt's 2015/16 financial year


Ocean Rig's $120m Loan Agreement with DryShips

Ocean Rig UDW

Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of


HII Announces Pricing of 5% Senior Notes Due 2021

Photo courtesy of Huntington Ingalls Industries

Huntington Ingalls Industries, Inc. (HII) announced today that it will sell $600 million aggregate principal amount of 5% senior notes due 2021 at a price of 100% of the par value. The company said it intends to use the net proceeds from the sale of the notes to pay the consideration for the


Stolt-Nielsen Buys One Million of Its Common Shares

Stolt-Nielsen Limited announced today that on November 18, 2014, it agreed to purchase one million of its common shares through a private tender of shares at a price of NOK 110 per share. The shares are purchased in accordance with the buyback program announced on November 18, 2014.


Samsung Heavy Scraps Samsung Eng Takeover

Gepje Shipyard (Photo: Samsung Heavy Industries)

Samsung Heavy Industries said on Wednesday it has decided to scrap a $2.5 billion stock deal to take over Samsung Engineering, potentially complicating restructuring plans by parent Samsung Group ahead of a looming succession. Shareholders doubting the synergies of the merger had asked the two


COSL Takes Delivery of New Semisub

COSL’s deepwater semi-submersible drilling rig COSL Prospector delivered

  China Oilfield Services Limited saw successful delivery of the deepwater semi-submersible drilling rig COSLProspector it invested in and commissioned to build in Yantai, Shandong today. This rig has adopted the latest marine engineering design concepts in the world and has mets the


Statoil Halts Angola Exploration, Cancels Rig Contract

Statoil drillship.jpg

Norway's Statoil has halted its exploration campaign in Angola after several disappointing wells and canceled a rig contract with Stena Drilling, the firm said on Friday. "The costs of terminating the operations and associated services including the Stena Carron rig contract will be


Trelleborg Invests in High-Speed Fender Test Rig

Trelleborg Fender

Trelleborg’s marine operation is in the process of building and installing a custom-made high-speed test rig, capable of testing both rubber and foam fenders.   The rig is being built in Trelleborg’s new Berryville facility in Virginia, U.S


Deepwater Semi-Sub COSL Prospector Delivered

COSL Prospector

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province. It represents another milestone for China’s deep-water drilling rig going into the global mainstream market


Fourth Rig Delivered to Perforadora Central

Coatzacoalcos is the fourth of five jackup rigs Keppel AmFELS is building for Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.A. De C.V., a subsidiary of Mexico's Perforadora Central S.V. De C.V


Construction of Mermaid Ausana Begins

Key executives from Mermaid and China Merchants at the steel cutting ceremony.

Mermaid Maritime Public Company announced that it has marked the start of its new vessel / rig construction by participating in a steel cutting ceremony for its performance class tender rig ‘MTR-3’ and DP2 multipurpose subsea dive support and construction vessel ‘Mermaid


Yellowstone to Depart James River Reserve Fleet

USS Yellowstone (Photo: National Parks Service, U.S. Dept. of Interior)

On Tuesday, December 16, 2014, the USS Yellowstone - a National Defense Reserve Fleet non-retention vessel is scheduled to depart the James River Reserve Fleet in Fort Eustis, Virginia for recycling at ESCO Marine, Inc. in Brownsville, Texas.   






 
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