Three of the largest drilling rig operators in Texas are making budget cuts and bracing for the worst as a global glut of crude oil and falling demand due to the coronavirus pandemic are expected to cause the U.S. rig count to plummet.
Contract terminations helped US drilling contract Rowan Companies (NYSE: RDC) increase its revenues by a fifth in the second quarter of 2016. The Houston-headquartered firm banked $120million (£90million) during the three months as part of an agreement allowing one of its customers, Freeport, to cancel the contract for the Rowan Relentless drillship early. The company also said its Rowan Reliance drillship experienced lower levels of downtime over the three months.
Seadrill has appointed Anton Dibowitz as executive vice president, adding to his ongoing role as chief commercial officer and freeing chief executive Per Wullf to focus on a refinancing process.
The North Sea drilling market is facing up to the prospect of lean times for at least the next two years, according an experienced industry analyst.
ABERDEEN acoustic technologies specialist, Nautronix is believed to have secured order worth around $4million from a well known US blow-out preventer manufacturer.
Petrobras may not, after all, place planned huge orders for deepwater drilling units with Far East yards. Rather, they could be built in Brazil itself now that domestic yards are gearing up for such work.
IAN Burdis agrees that the North Sea still presents exciting opportunities for development, with encouraging discoveries and clear development candidates such as Breagh, Rinnes, Huntingdon and perhaps Cladham; also Laggan/Tormore, Rosebank/Lochnagar, Fyne & Dandy, Causeway and Columbus helping to buoy the UK industry.