China Oilfield Services Limited (COSL), a Chinese offshore services provider, has begun working on its Integrated Project Management (IPM) assignment offshore Mexico. To remind, COSL signed an integrated service contract with Hokchi Energy S.A. de C.V., a subsidiary of Pan American Energy LLC, for o
Prosafe, an owner and operator of semi-submersible accommodation rigs also known as flotels, saw its revenues drop during the third quarter 2016 due to lower rig utilization while its profit grew over the period. The company’s third quarter net profit increased to $201.9 million when compared to the
Oil exploration company Cobalt International Energy posted a bigger loss for the third quarter of 2016 compared to the prior-year quarter due to charges from an early rig release with Rowan and writedowns related to an exploration well in the U.S. Gulf of Mexico. On Tuesday, Cobalt reported a net lo
Offshore drilling contractor Rowan Companies returned to profit in the third quarter of 2016 but saw a drop in revenues due to idle and rigs operating with lower dayrates as well as lower utilization. The driller on Tuesday posted a net income of $5.5 million, compared to a net loss of $239.4 millio
Ireland-based oil and gas exploration company Providence Resources is finalizing an agreement for the provision of a drilling rig to be used for drilling the Druid prospect, offshore Ireland. The company issued a tender for a rig contract for the Druid exploration well, in Frontier Exploration Licen
UMW Offshore Drilling, a subsidiary of Malaysian company UMW Oil & Gas, has won a contract for the provision of a high-pressure high-temperature (HPHT) jack-up drilling rig from Hess Exploration and Production Malaysia. UMW said last week that the contract entails the provision of drilling rig servi
Independent oil & gas exploration company Hyperdynamics Corporation has signed a letter of award with drilling contractor Pacific Drilling to engage the Pacific Bora drillship. The rig will be used for a drilling campaign offshore the Republic of Guinea in the second quarter of 2017. The letter of a
Offshore drilling contractor Diamond Offshore Drilling saw its profit and revenues drop during the third quarter of 2016 compared to last year’s third quarter performance. During the quarter, Diamond recorded profit of $13.9 million, a decrease compared to profit of $136.4 million in the third quart
Axis Offshore, a provider of accommodation rigs or flotels servicing the offshore oil & gas industry, has postponed the delivery of its second flotel, the Axis Vega, being built by Cosco’s yard in China. The company informed on Monday it has agreed an amendment to the shipbuilding contract with Cosc
Norwegian oil company Statoil will suspend the contract for Songa Offshore’s Cat D rig Songa Enabler when the current well on the Snøhvit field in the Barents Sea is completed. According to the rig’s owner, the earliest estimate for completion of the Barents Sea well is from the end of November 2016
According to Weekly Rig Count reports by the oilfield services provider Baker Hughes, the U.S. offshore rig count has one less active unit bringing the number of operational rigs down to 22. BHI Rig Count: U.S. +4 to 557 rigs U.S. Rig Count is up 4 rigs from last week to 557, with oil rigs […
French oil company Total has made an oil discovery in the Khan Asparuh license, located in the Black Sea offshore Bulgaria. In its 3Q 2016 report on Friday, the oil company said it made the discovery in the Black Sea during the quarter thus opening a new play. Noble Corp.’s 2013-built Globetrotter C
UK-based offshore drilling contractor Ensco saw its profit as well as revenues drop during the third quarter of 2016 mainly due to lower rig utilization. According to its report on Wednesday, the drillers’s profit during the third quarter of 2016 dropped to $85.3 million, compared to $292 million in
Norway’s offshore safety watchdog, the Petroleum Safety Authority (PSA), has found a non-conformity and three improvement points during an audit of Songa Offshore’s overall barrier management on the Songa Equinox semi-submersible rig. PSA said on Thursday it found one non-conformity regarding barrie
