On news of the September ruling, Northern Drilling’s share price fell from 2.32 euro ($2.45) to 0.3 euro ($0.31). The company’s decision to appeal against the ruling triggered a further fall, to 0.13 euro ($0.14). It is down 94% on the month.
Rigs & Vessels
Turan general director Ed Wheler said winning the extension was a “testament to our dedication to delivering customer centric solutions”.
A North Sea drilling industry body has warned the viability of UK renewables projects is at risk unless the UK government changes its policy towards windfall taxes and day rates.
“The platforms command valuable hydrocarbon resources. However, like Snake Island to the west, they can also be used as forward deployment bases, helicopter landing sites, and to position long-range missile systems,” the MoD said.
A P&O cruise ship with thousands of passengers on board collided with an oil tanker off the coast of Palma de Mallorca in Spain on Sunday, injuring a small number of people.
Accommodation vessel operator Prosafe (OSLO: PRS) has confirmed the appointment of a new chief executive.
In the second quarter of the year Windward reported another big increase in Malacca, up 200% from the first quarter. Malta, meanwhile, was up 220% on the quarter.
Saipem (BIT: SPM) has been awarded a pair of offshore drilling contracts worth a total of $550 million.
Keppel claimed $440mn plus interest for the first rig million and $269mn plus interest for the second rig. Awilco has warned that any ruling against the company could result in bankruptcy.
The "Coanda" effect is used in jet aircraft and even F1 - now the shipping industry is using the laws of aerodynamics to tackle emissions.
“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.
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 (NYSE: SDRL) has announced it will acquire rival rig owner Aquadrill in an all-share deal worth nearly $1 billion.
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 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”.
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 has signed a five-year contract for an FSRU, with US-listed Excelerate Energy.
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.
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.
A new group is launching today with a focus on managing methane emissions in shipping, using LNG as a fuel.
Germany's government has secured the delivery of a fifth FSRU in a bid to tackle the country's gas challenge.
A Chevron team has visited Cyprus today to talk about developing the Aphrodite field, in the island’s exclusive economic zone (EEZ).
Saipem (MI:SPM) shares have plunged around 70% from July 11 after the company acknowledged demand for additional shares was less than expected.