Now that rates are rising, Middle Eastern demand is slowing – but Southeast Asia has been touted as the next step.
Rigs & Vessels
Adnoc Drilling added four jack-ups during the period, which should start working in December. It now has 124 rigs in its fleet.
“The compact nature of the system will allow for convenient deployment to remote locations, helping Adnoc to cut emissions from its off-grid production activities,” said Power I.D.’s founder Naser Abu Daqqa.
As a result of the deal, QE will increase its fleet size from 60 to 77. The company has said more vessels are to come.
The ZMI CEO said the company was ready to "expand our operations across Asia and explore new markets”.
“At this moment our thoughts and prayers are with our crew and their families who were on board the helicopter. We will do everything we can to help those who have been affected by this accident,” the company said.
The IPO will “support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally”, said chairman Ayman Abbas.
The project scope for the NPCC work covers fabrication, painting and load out of the five jackets and boat landings. There is an optional scope, covering sea fastening of the structures.
Gilmartin said the contract was a “real milestone” that “reflects our strategic approach to breaking into the field support ROV market”.
Transocean has reported the day rate for the rig is $365,000 under the one-well contract.
Greenpeace has attributed the fact that disaster has not occurred to “the heroic efforts of a small skeleton crew and a great deal of luck”.
Saipem (BIT: SPM) has been awarded a pair of offshore drilling contracts worth a total of $550 million.
The company has said the expansion of its fleet drove this increase. Its main shipping routes are from the Arabian Gulf and West Africa into Asia and Australia.
The new rigs will use a high capacity battery and engine, in parallel to traditional diesel generators. As a result, Adnoc Drilling said the new units would reduce greenhouse gas emissions by 15% in comparison with a traditional rig.
Olympus will come at a lower cost than Tanin, Energean said, owing to its proximity to the FPSO. As a result, capital expenditure for the next phase of tie-backs will be lower.
By 2027, rig demand in the GCC area will be 53% higher than 2019, Westwood’s Jensen predicted.
The US called for the immediate release of an oil tanker it says Iran seized in international waters on Thursday.
The work should take about two months, it said. Once the FSO Safer is clean and empty, it will be towed to a green shipping yard.
The UN has raised $95 million for the work, of which it has received $75mn. Work in the emergency phase is budgeted at $129mn.
The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Increasing EBITDA and reducing leverage “could enable a global refinancing of the company in 2024”, Schorn said. This “should ultimately accommodate dividend payments to shareholders".
KCA Deutag has secured the crucial Middle Eastern part of its acquisition of Saipem's onshore drilling rigs, with Romania, Kazakhstan and Latin America still to go.
Adnoc has awarded a pre-construction award for offshore facilities on the Hail and Ghasha project to a group including National Petroleum Construction Co. (NPCC).
Borr Drilling has signed contracts for two of its jack-up rigs, in the Middle East and Southeast Asia.
AD Ports Group has agreed to launch a joint venture with Kazakhstan’s national oil company to provide shipping services in the Caspian Sea.