Scrapping of offshore oil rigs needs to be significantly ramped up in order to end the “bankruptcy nightmare” of their owners, according to Bassoe Offshore.
Offshore drilling firms should re-think the “primitive” day-rate business model in order to survive the current industry crisis, according to new analysis from Boston Consulting Group (BCG).
UK operators will "struggle” to find semi-submersible rigs for work in the North Sea next year, according to new analysis.
Noble Corp., the offshore drilling contractor, filed for bankruptcy with a plan to cut more than $3.4 billion of debt after a crash in crude prices made undersea oil wells too expensive.
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.
Switzerland and Houston-based oilfield service company Weatherford International has emerged from Chapter 11 bankruptcy with roughly $10 billion of financial support.
Oilfield services firm Expro has found a new chief financial officer in an executive who was “critical” in helping US firm Tidewater emerge from Chapter 11 bankruptcy.
Bristow Group has filed a reorganisation plan after entering the US-style Chapter 11 bankruptcy process in May.
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
The parent company of a North Sea helicopter firm, which also carries out search and rescue operations in the UK, is considering taking US-style bankruptcy to end its debt woes.
Seadrill has cleared the first Chapter 11 hurdle.
French geophysical services company CGG has started bankruptcy proceedings in France and the US.
Seadrill has secured three more months to hammer out is restructuring bid.
Helicopter operator CHC Group said yesterday that it had taken the “final legal step” on its way out of bankruptcy.
A US judge overseeing the bankruptcy of Linn Energy said he is prepared to confirm its restructuring plan but with slight tweaks.
Paragon Offshore is said to be evaluating its options after a US judge rejected the offshore rig contractor's plan to exit bankruptcy.
Paragon Offshore Plc’s reorganization proposal is so unrealistic that the oil-rig company will run out of cash in less than three years, dissident lenders said at the opening of a bankruptcy court hearing.
Drilling contractor Hercules Offshore has filed for bankruptcy, just six months after emerging from its first bankruptcy.
Hercules Offshore is to file for bankruptcy for a second time, just six months after the rig contractor emerged from bankruptcy protection.
SandRidge Energy is the latest firm to seek financial refuge by filing for Chapter 11 bankruptcy.
Magnum Hunter Resources has emerged from its Chapter 11 bankruptcy filing.
Goodrich Petroleum Corp. filed for Chapter 11 in a U.S. bankruptcy court to implement a financial reorganization after struggling to restructure its debt amid declining energy prices.
US oil and gas explorer Energy XXI has filed for bankruptcy protection after spending $5billion on acquisitions in the years leading up to the crude slump.
A US oil and gas producer has filed for Chapter 11 bankruptcy protection as the low oil price continues. Magnum Hunter said it expects to emerge from bankruptcy in April next year.