Valaris has reported losses of $910million as one of the world’s largest offshore drillers hopes to soon re-emerge from bankruptcy.
Offshore drilling contractors are going bust at the fastest pace in three years as explorers spurn high-cost drilling to deal with a worldwide slump in commodity prices.
Valaris, the world’s largest offshore drilling firm, has filed for Chapter 11 bankruptcy with a plan it said would reduce its debt by $6.5billion.
Environmental activists claim to have found a methane leak in the North Sea that was caused a “blow-out” during drilling operations 30 years ago.
Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea.
Italian energy services firm Saipem said its outlook is “good” but the recent deterioration of the oil market sunk the company to a loss in the first quarter of the year.
Maersk Drilling’s chief executive said yesterday the firm is “delivering” on its 2019 strategy despite a slump in first half profits.
A consultative ballot is to be carried out by the Unite union amid a pay dispute for North Sea drillers.
UK-based Ensco has completed its merger with smaller rival Rowan to create the world’s largest offshore drilling firm by fleet size.
President Barack Obama has imposed a permanent ban on oil and gas drilling in most US-owned waters in the Arctic Ocean.
The Bahamian government has cleared the way for exploratory offshore drilling to start ahead of a planned referendum giving its citizens a say in the country's energy future.
India's national oil company Oil and Natural Gas Corporation (ONGC) says it has set a new world record for the drilling of an oil or gas well in the deepest waters by a mobile offshore drilling unit.
Royal Dutch Shell has said it will not drill for petroleum in the Arctic Ocean in 2013.
China Oilfield Services Limited's fourth deepwater semisubmersible drilling rig, the COSL Prospector, is being built at CIMC Raffles' yard in Yantai, China.
Motorists faced delays at petrol pumps as environmental campaigners launched a protest at an oil firm's plans to drill in the Arctic.
The French government has put a stop to offshore drilling, including off French Guiana, in order to review the way permits are issued.
Offshore drilling and well services firm Aquaterra said today it had appointed a new managing director.
OIL supermajor BP has filed its first plans to explore in the Gulf of Mexico since the Deepwater Horizon disaster last year.
Offshore drilling on the UK continental shelf (UKCS) fell by 20% during the third quarter of 2010 compared with a year earlier.
BP temporarily halted its attempt to plug the Gulf of Mexico oil leak last night, saying it wanted to monitor the effects of the "top kill" attempt.