Frontline ditches Euronav tanker tie-up plan
“We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company,” said Frontline CEO Lars Barstad.
Rigs & Vessels
AD Ports teams up with Kazakh unit for Caspian work
AD Ports Group has agreed to launch a joint venture with Kazakhstan’s national oil company to provide shipping services in the Caspian Sea.
Seadrill to acquire rival Aquadrill in near $1bn deal
Seadrill (NYSE: SDRL) has announced it will acquire rival rig owner Aquadrill in an all-share deal worth nearly $1 billion.
Eni scores gas god off Cyprus
The Italian company said it would incorporate the well results into its evaluation of the area. Eni has its eye on a fast-track development in Block 6, it said.
KCA Deutag tots up contract wins, Omani electrification
KCA Deutag President Land Simon Drew said the contract extensions are “a key part of our strategy to grow our business in key markets such as the Middle East”.
Gas finds helped deliver East Med deal, but inflation is looming
The drive to secure additional energy supplies in the East Mediterranean was a rare case of hydrocarbons aiding, rather than hindering, a political agreement, Energean head Mathios Rigas said this morning.
Germany scores Excelerate FSRU, seeing off Albanian interest
Germany has signed a five-year contract for an FSRU, with US-listed Excelerate Energy.
‘It’s been an awesome ride’: Employees say goodbye to Maersk Drilling as Noble merger completes
Employees have said their farewells to Maersk Drilling as the firm completes its merger with rival Noble (NYSE, Nasdaq: NE).
Chevron tees up Aphrodite plan, as ministers talk maritime borders
Chevron and partners have signed up to develop the Aphrodite field, offshore Cyprus, with drilling due to start in the first half of 2023, while political talks are continuing.
Offshore rig day rates could surge to $500,000
It could soon cost half a million dollars a day to hire an offshore rig, according to executives in the industry, in a stunning turnaround for day rates since Covid.
MAM launches to tackle LNG fuel’s methane slip problem
A new group is launching today with a focus on managing methane emissions in shipping, using LNG as a fuel.
Germany books fifth FSRU for 2023-24
Germany's government has secured the delivery of a fifth FSRU in a bid to tackle the country's gas challenge.
Cyprus find for Eni, Total, with more drilling to come
Eni (ENI:MI) and TotalEnergies (LON:TTE) have made a major gas find at the Cronos-1 well, in Block 6 off Cyprus.
Chevron plans to drill Cyprus well by November
A Chevron team has visited Cyprus today to talk about developing the Aphrodite field, in the island’s exclusive economic zone (EEZ).
Saipem stock plunges, banks to step in as underwriters
Saipem (MI:SPM) shares have plunged around 70% from July 11 after the company acknowledged demand for additional shares was less than expected.
Frontline, Euronav tweak terms in tanker tie-up plans
Frontline has struck a deal with Euronav for a potential merger, in an all share offer that would value each Euronav share at around $12.09.
Borr Drilling sells three jackup rigs for $320m
Borr Drilling (NYSE: BORR) has signed a deal to sell three jackup oil rigs for $320 million.
International Seaways sells Qatari FSOs
NYSE-listed International Seaways has completed the sale of a 50% stake in two FSOs in Qatar to Euronav.
Offshore rig day rates heading for highest level in ‘almost a decade’
The offshore drilling rig market is “much tighter” than previously thought, according to new analysis, with some segments “nearly sold-out”.
Saipem 7000 crane vessel could be on course for June return after lifting fault
No “significant structural damage” to the Saipem 7000 has been uncovered after the vessel endured a major lifting malfunction last week.
Exxon scores more gas offshore Cyprus
ExxonMobil has made a good-quality gas find at its block offshore Cyprus, on the Glaucus-2 well.
Noble execs get top billing with Maersk Drilling merger
Noble Corp. and Maersk Drilling have set out the executive team that will lead the new company, confirming Noble’s Robert Eifler as president and CEO.
Valaris warns costly rig reactivations await after 2021 results
Offshore driller Valaris (NYSE: VAL) said its “transitional period” post-Chapter 11 bankruptcy will continue into the second quarter of this year as it deals with costly rig reactivations.
VIDEO: Equinor’s Johan Castberg FPSO sets sail for Norway
Following a string of delays, Sembcorp Marine has completed construction of the hull and living quarters for the Johan Castberg unit, which has now begun dry transport from Singapore to Norway.
TotalEnergies picks Stena Spey for UKCS campaign
Stena Drilling has secured a new contract with TotalEnergies for the Stena Spey unit, which will begin a UKCS campaign in the spring.