By: David Carter Shinn It may sound too good to be true, but it’s not completely out of the question. With utilization levels at just over 50% for all rig types and over 130 newbuild rigs stranded or under construction, the need for an increase in rig scrapping (recycling) seems obvious. But it’s no
Offshore rig builder Lamprell has reached a settlement with Cameron, a subsidiary of Schlumberger, regarding issues with jacking equipment supplied by Cameron in 2016 for the Ensco 140 jack-up rig. To remind, Lamprell’s delivery of the Ensco 140 jack-up rig was delayed in June 2016 due to a technica
Oil giant Saudi Aramco has signed contracts that will mark the start of works on what is going to be the giant maritime complex known as King Salman International Complex for Maritime Industries and Services in Ras Al-Khair. The company signed a contract with a consortium comprising Saudi Archirodon
The international offshore rig count for July 2017 dropped by 22 units year-over-year, Baker Hughes, a GE company, said in its monthly report on Monday. Namely, according to Baker Hughes’ report, the international offshore rig count for July 2017 was 204, up 7 from the 197 counted in June 2017, and
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
Noble Energy and its partners at the giant Leviathan gas field have terminated the contract for the Atwood Advantage drillship. According to Delek, a partner in the field the Leviathan 5 appraisal and production well, being drilled by the rig, is expected to be completed soon, after reaching the fin
Offshore driller Rowan Companies has been awarded new contracts and contract extensions for its jack-up drilling rigs working in the UK, Norway, Saudi Arabia and Trinidad. In its fleet status report on Wednesday, the driller reported that the 2011-built jack-up drilling rig Rowan Norway has been hir
Private equity investment firm Castle Harlan and its partners, Champ Private Equity and Lime Rock Partners, have supported Shelf Drilling in a recent acquisition of three premium jack-up rigs, and the investors are eager to support further fleet expansion if the price is right. The acquisition of th
As the “lower for longer” outlook keeps getting longer, some rig owners are setting the scene for a major restructuring in the offshore drilling industry. By David Carter Shinn Within a reasonable timeframe, rig dayrates, especially for deepwater drilling rigs, won’t increase from current cash break
The international offshore rig count for May 2017 was down by 27 units year-on-year, but up by one unit compared to the last month’s count, according to a Wednesday report by Baker Hughes. The international offshore rig count for May 2017 was 202, up 1 from the 201 counted in April 2017, and down 27
Qatari North Oil Company (NOC) has hired Japan Drilling’s Hakuryu 12 jack-up rig for work on the giant Al Shaheen oil field offshore Qatar. Japan Drilling Company (JDC) said that the NOC hired the rig on a two-year firm deal with options. The company added that the contract, starting in September 20
Offshore drilling rig sector, hurt by low oil prices and overcapacity, is not set for a quick recovery, at least not in the next two years. This is according to Maritime Strategies International (MSI), a research and consultancy firm, which sees a challenging earnings environment for the offshore ri
Following an inauguration of the construction of a huge maritime services complex in Saudi Arabia earlier this year, four companies have now teamed up to build an offshore services section there. In a statement on Wednesday, offshore rig builder Lamprell said it had entered into a joint venture (JVC
UAE-based Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, is looking to further boost its vessel utilization after achieving an increase during the first quarter of this year. Ahead of its ann
