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Offshore driller Ocean Rig will move its corporate domicile from one offshore financial center to another – from the Marshal Islands to the Cayman Islands. The driller, run by the Greek shipping magnate George Economou, said that starting April 15, Ocean Rig’s common shares will start trading under new CUSIP number G66964100. “All shares of Ocean […]
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Ocean Rig UDW, an offshore drilling company owned by the Greek shipping magnate George Economou, has reported its first quarter net profit was $41.4 million. This means the company has returned to 1Q profit, as the same quarter in 2014, Ocean Rig UDW reported a net loss of $1.5 million. Revenues from drilling contracts increased […]
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Offshore drilling company Ocean Rig on Wednesday announced a reverse stock split of 1-for-9200 common shares. This means that shareholders will own one Ocean Rig share for every 9200 shares they currently own. Ocean Rig said the the reverse stock split will take effect as of 5:00 P.M., New York City time, on September 21, […]
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Business & Finance, Exploration & Production
UK-based offshore driller Ensco has found work for a number of its jack-up as well as semi-submersible drilling rigs in the North Sea, Gulf of Mexico, Australia, and Qatar. According to the driller’s latest fleet status report issued on Thursday, two semi-submersible drilling rigs have been awarded contracts in the U.S. Gulf of Mexico. Namely, […]
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Since the oil price crash in 2014, the global MODU market has suffered through a rig demand collapse, which coupled with a vast oversupply of units resulted in dismal utilisation and dwindling day rates.
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The number of active offshore rigs in the U.S. remained unchanged this past week but was 3 rigs stronger compared to the corresponding week of last year.
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The number of active offshore rigs in the U.S. decreased by one unit this past week, according to a Friday report by Baker Hughes, a GE company.
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The number of active U.S. offshore rigs remained unchanged at 23 this past, according to a report by Baker Hughes, a GE company.
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This oil platform was towed from Bass Straight into Corio Quay for service works.
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seascape from North Sea rig
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Oil Rig in Dutch Harbor Alaska.
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Baker Hughes has posted yet another Weekly Rig Count reports and yet again, offshore rigs in the U.S. are down, together with the overall rig count. BHI Rig Count: U.S. -14 to 650 rigs U.S. Rig Count is down 14 rigs from last week to 650, with oil rigs down 1 to 515, and gas […]
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U.S. weekly offshore rig count this past week fell by one drilling unit, compared to the previous week, Baker Hughes said in its Weekly Rig Count report on Friday. BHI Rig Count: U.S. -5 to 415 rigs U.S. Rig Count is down 5 rigs from last week to 415, with oil rigs down 4 to 328, gas rigs […]
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The weekly number of active offshore rigs in the U.S. remained flat this past week.
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The theme for 2017 was perseverance. For 2018, it’s adaptation.
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The word “recovery” dominates most discussions about the offshore oil and gas industry these days – and has done so for over two years. But what does recovery actually mean? By David Carter Shinn There seems to be little doubt that a recovery in the rig market will happen one day, and from the […]
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With rig owners and investors looking to scoop up assets at more realistic – but still low – values, transaction activity is picking up. And it’s set to continue. By David Carter Shinn We’ve been saying it for a few months: the offshore market looks better than it did six months ago. But there’s still […]
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Borr raises $350 million in a matter of minutes as it takes a new bite out of the distressed asset fleet.
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Less than a fortnight has passed since Ocean Rig UDW Inc. an offshore driller run by the shipping magnate George Economou, lost a drillship contract with Eni, and now the company is facing another challenge. Ocean Rig on Monday said that it has received a notice of breach of material obligations from Premier Oil under the drilling contract […]
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Ocean Rig UDW, an ultra-deepwater drilling contractor, might soon be regarded solely as a drillship provider, as the company is considering scrapping its semi-submersible drilling rigs. Namely, in its fleet status report issued on Wednesday, the company said that the outlook for further employment of its Eirik Raude and Leiv Eiriksson semi-submersible rigs was bleak. […]
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While delivery dates for the 107 jackups under construction get pushed back toward 2020, the path to achieving deliveries couldn’t be more obstructive. By David Carter Shinn Last week, COSCO Shipyard announced that it “sees no notable upturn in the global market any time soon” and will close three of its five offshore yards […]
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Offshore driller Ocean Rig has gained an approval from 75 percent of its creditors for its financial restructuring plan. Following its end of March filing for Chapter 15 bankruptcy protection, which deals with insolvency cases where parties of interest involve more than one country, Ocean Rig said on Wednesday that 75% of its financial creditors signed or acceded […]
