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 [&h
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 sti
UAE’s Eversendai Offshore has loaded out the first of two liftboats it is building for Vahana Offshore. The load-out of the liftboat named Aryan happened on April 27. “The load out of ARYAN today marks an important milestone for Eversendai Offshore. It goes to prove that the business diversification
With stable oil prices, rig oversupply, and lower-than-ever dayrates, the offshore drilling market couldn’t be more attractive to oil companies. But by not keeping offshore rigs on contract, oil companies are contributing to an industry-wide breakdown which may end up coming back to haunt them. By D
Lamprell, a provider of engineering and contracting services to the energy industry, has completed the construction on the final jack-up drilling rig in a series of nine, the Al Lulu, and its delivery to Abu Dhabi’s National Drilling Company (NDC). The contract for the NDC Al Lulu rig was awarded in
Offshore driller Shelf Drilling is set to expand its fleet with three jack-up rigs. The company, one of the world’s largest jack-up rig contractors, has decided to conduct a private placement of new common shares, aiming to raise $250 million, to be used for fleet expansion. Shelf has entered into l
Offshore driller Ensco has been awarded several contracts and contract extensions for its jack-up rigs. In its fleet status report on Monday, the driller said that the 2005-built jack-up rig Ensco 106 was awarded a four-well contract with Sapura Energy offshore Malaysia, which started in March 2017
The world is awash with more offshore rigs than it will ever need. But established rig owners can ignore that and focus on the market recovery. By David Carter Shinn Certain trends which signify a rig market recovery have emerged insidiously over the past four months. Now they’re obvious enough to
Offshore drilling contractor Rowan Companies has been awarded more work for its jack-up drilling rigs in Saudi Arabia, Norway, and the U.S. Gulf of Mexico. According to its latest fleet status report on Wednesday, Rowan has been awarded a contract extension for the Gilbert Rowe jack-up drilling rig
The international offshore rig count for March 2017 was once again down both sequentially and year over year, Baker Hughes reported on Friday. According to monthly rig count reports by the oilfield services provider, the international offshore rig count for March 2017 was 197, down 3 from the 200 co
The worst is over, the layup list is decreasing. But after the most brutal downturn in memory, what are we left with? Written by Inger-Louise Molver, Offshore Analyst at Westshore AHTS will see the quickest recovery Around a third of the AHTS vessels trading the spot market have disappeared since
UAE-based offshore rig builder Lamprell has completed and delivered a new jack-up rig to Shelf Drilling, a jack-up rig drilling contractor. According to Lamprell’s statement on Thursday, the Shelf Drilling Krathong jack-up rig was delivered on schedule and within budget. The rig builder added that t
Ocean Rig filed for Chapter 15 bankruptcy protection this week. Another lower-cost offshore rig owner is now emerging and will be a competitive force toward owners who are still restricted by high debt and legacy costs. By David Carter Shinn With around $3.7 billion in debt and a fleet of 11 drill
Offshore drilling contractor Noble Corporation has been awarded a contract for a jack-up rig in Australia. In its latest fleet status report on Thursday, the driller said that the 2014-built jack-up drilling rig Noble Tom Prosser has been awarded a contract with PTTEP offshore Australia. The contrac
