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 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
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.
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 - 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.
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 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 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.
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%
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
Bangladesh Petroleum Corp (BPC) issued an international tender to sell 170,000 barrels of naphtha on Wednesday for Oct. 27-29 loading from Chittagong, a company official said. The tender will close on Oct. 13, with validity up to Oct. 16.
Maersk Drilling Chief Executive Claus Hemmingsen talked to Reuters on the sidelines of A.P. Moller-Maersk's annual capital markets day. Maersk Drilling has focused on two areas - harsh environment rigs primarily in Norway and deepwater rigs in the Gulf of Mexico and off West Africa.
There’s no debate about LNG in New York. ELCO, New York State Canals team up to retrofit 86-year old tugboat with an electric motor. In June, Governor Andrew Cuomo announced the launch of an all-electric dredge tender work boat on the Erie Canal in the Utica area of New York
SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units, bringing the fleet of rigs to eight. As announced on 15 August 2014 on the Singapore Exchange
Rig design and engineering specialist RDS has been awarded a front-end engineering design (FEED) contract by AMEC for Premier Oil’s Sea Lion development in the North Falklands Basin. RDS is the rig design and engineering subsidiary of international drilling and engineering contractor
Bourbon published its first half results for 2014, recording adjusted revenues up 8.9% at constant rates, reflecting an increase in the size of the fleet, despite a lower utilization rate (adjusted revenues increased 1.5% at current rates). Adjusted EBITDAR as a percentage of adjusted revenues
Ocean Rig UDW Inc. has chosen Kongsberg Maritime to supply an extensive offshore and navigation simulator package for a brand new training center. With a sophisticated integrated simulator suite, enabling specific operations and vessel team training, Ocean Rig’s new facility
International midwater drilling contractor, Songa Offshore, operates a fleet of 4 rigs with an additional 4 rigs due to be delivered later this year and in 2015. August fleet operations were as follows: Songa Delta achieved an operational efficiency of 100% and an earnings efficiency
ABB, a global leader in power and automation technology, has secured an order to deliver total power solutions to Ocean Rig’s two seventh generation new integrated design mobile offshore drilling units (MODU) that is being built by Samsung Heavy Industries (SHI) at Goeje shipyard in
CVR Energy Inc is bound by agreements to pay Goldman Sachs Group Inc and Deutsche Bank AG more than $36 million in fees and expenses stemming from billionaire investor Carl Icahn's 2012 tender offer for the oil refiner, a New York state judge has ruled.
Keppel FELS Limited, a wholly owned subsidiary of Keppel Offshore & Marine, has secured a contract from Gulf Drilling International Ltd. of Qatar to build a repeat high-specification KFELS B Class jackup rig worth US$227 million. As part of the contract
Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment on the Visund field and is scheduled to complete this work at the end of September.
The crew of Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Oregon, participated in a Spilled Oil Response System exercise near Blake Island, Washington, Wednesday. The exercise was part of an annual response exercise and included members of the Coast Guard 13th
Petronas Carigali, the Exploration and Production subsidiary of the national oil company in Malaysia, has extended the contract for the jack-up rig Maersk Convincer by one year. Consequently, the rig will be on contract with Petronas until mid-November 2015
The head of Maersk Drilling said on Wednesday the A.P. Moller-Maersk unit has won a two-year extension for its Maersk Deliverer deepwater rig worth $387 million. Maersk Venturer, a new rig set to be delivered this year, had also won a letter of award for a short-term contract in South East Asia