As the world’s biggest offshore drillers gear up for more than $500 billion in new investments in the coming years, don’t expect rig contractors to meet the boom with a new round of vessel building.
Day rates for securing drilling rigs are being forecasted to rise further as the oil and gas sector continues its bounce back.
The Scottish Government has set a target of becoming a net zero carbon nation by 2045 and is aiming to more than double its current renewable electricity generation by 2030. Its big bet to achieve this is wind power, given its low cost and the large potential for viable installations in North Sea waters.
Odfjell Drilling (OSLO: ODL) remains comfortably in the black after a “highly impactful and exciting year” for the contractor.
It is nearing crunch time for Awilco Drilling in its long-running dispute with Keppel FELS over the cancellation of two major oil rig orders.
Dozens of roles are to be added to Well-Safe Solutions after the company struck a multi-million pound deal to buy a semi-submersible rig.
Oilfield services group Archer reported a strong final quarter of 2021, but will scrap 15 rigs in Argentina amid an ongoing ‘challenging’ environment.
Borr Drilling said it is seeing “stronger customer demand” for its rigs, with greater discussions and tending.
Drilling rigs have taken a $30billion (£22.5bn) hit to their values over the last 12 months, according to Bassoe Offshore.
Chrysaor is looking to book two more drilling rigs to support its North Sea operations next year, according to the firm’s executive vice president of operations.
Valaris has sunk into the red as it seeks to sell off an ageing semi-submersible drilling rig.
Valaris has said it has made “significant progress” since the merger of Ensco and Rowan earlier this year.
Seadrill Ltd. is accepting lower and lower rates for its offshore drilling rigs to survive the worst slump since the 1980s as it deploys a plan to address the heaviest debt-load in the industry.
US natural gas spot prices in 2015 hit the lowest annual average level since 1999, according the country's Energy Information Administration.
The Transocean semi-submersible drilling rigs JW McLean and GSF Arctic III are on their way to scrappers in Turkey.
BP focused too much on the little details of personal worker safety instead of the big systemic hazards that led to the 2010 Gulf of Mexico oil spill and was not as strict on overall safety when drilling rigs involved other companies they hired, a US government safety panel has concluded.
A flotilla of drilling rigs and ancillary vessels has sailed from Seattle, Washington bound for Dutch Harbor, Alaska in readiness for Shell's exploration campaign in the Beaufort and Chukchi Seas offshore Alaska.
Aberdeen marine-technology company Nautronix said yesterday it had won contracts worth more than half a million pounds for work on two drilling rigs in south-east Asia.
Dockwise has won a contract to transport the Aasta Hansteen (formerly Luva) spar buoy to the Norwegian sector of the North Sea from either South Korea or Finland, depending on client Statoil's yard choice.
Philippe Guys, Total E&P UK managing director, today spoke to reporters about the incident on the Elgin platform 150 miles east of Aberdeen.
Environmental campaigners have called on the UK Government to halt BP plans to begin a deep-sea drilling operation west of Shetland in the wake of the Gulf of Mexico disaster.
The number of inspections of North Sea drilling rigs is to be doubled following the massive oil leak in the Gulf of Mexico, which has cost BP more than £1billion.
Ramco Energy of Aberdeen said yesterday the joint venture between state-owned Iraqi Drilling Company and Ramco's 32.7%-owned Mesopotamia Petroleum had agreed a deal to explore for oil in the Middle Eastern country.
The Brae complex is currently celebrating 25 years of production, with substantially more oil and gas recovered from the various sister fields than anyone imagined was possible when Marathon chanced upon this asset in May, 1975, while drilling well 16/07-1 - the first on licence P108.