The most popular articles of the week May 1 – 7, 2017
The international offshore rig count in April – meaning active rigs – was 201, an improvement March when the number stood at 197. Year on year, however, the April number shows a drop of 19 units when compared to 220 counted in April 2016. This is according to a monthly rig count provide by the [&hel
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
The ten OPEC members’ crude output stayed unchanged in April at 31.85 million barrels per day compared to March, according to an S&P Global Platts survey released today. OPEC is still showing high compliance with its production cut agreement, as increases in Angola and Nigeria were offset by decline
Oil prices fell by as much as a further 3 percent on Friday, after prices had crashed to five-month lows in the previous session, as concerns about global oversupply wiped out all of the price gains since OPEC’s move to cut output.
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
By Naveen Thukral SINGAPORE (Reuters) – Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. The benchmark for global oil market, Brent futures gained
Seismic player Polarcus made several changes to its board of directors at the 2017 annual general meeting (AGM) held on May 3, 2017. Polarcus said after the AGM on Wednesday that the company named Henrik Madsen to the board for a term of two years. Madsen is the former chief executive of DNV GL wher
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
The most popular articles of the week.
By Karolin Schaps LONDON (Reuters) – Oil prices rebounded on Friday after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts. Optimism is rising about the prospect of a year-long productio
The Joint Ministerial Monitoring Committee (JMMC) reported on Friday that OPEC and non-OPEC countries have continued their high level of conformity with their voluntary adjustments in production. JMMC’s statement was based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for the mo
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency (IEA), which warned that both trends could continue this year. Oil discover
