The wheels of recovery are undoubtedly in motion for the global offshore rigs market, analyst said today.
A new technology start-up company is hoping to take X-ray technology offshore to solve one of the industry’s major headaches.
Rig contractor Borr Drilling said yesterday it had struck a deal to take over rival company Paragon Offshore.
Paragon Offshore said it will filed for bankruptcy after it became the first US energy-related firm to seek court protection from creditors.
This image shows the Paragon B391 drilling rig leaving Rotterdam as it made its way to Centrica’s decommissioning projects in the southern North Sea gas basin. The photo, which was captured by a drone, shows the rig as it travelled to the site where it will carry out well plugging and abandonment activities on two single-well subsea fields. Paragon will work on the Stamford gas and Rose decommissioning project.
Barely half a year after being spun-off as a separate business by Noble Corporation, Paragon Offshore has pounced on Prospector Offshore Drilling, taking control by buying up more than 55% of its stock. News of the acquisition broke on November 17, with Paragon planning to sweep up remaining shares via a mandatory offer. However, within hours of the announcement, it appears to have gained control of nearly 90% of stock. On November 24, Paragon called for an extraordinary general meeting of shareholders, based on the fact that it owned 89.99% of its quarry’s shares.