Singapore offshore and marine giant Sembcorp Marine will raise S$1.5 billion (US$1.1 billion) in funds from a rights issue to support the company’s operations. The rig builder has been struggling with rising costs and delays to projects being built at its yards.
Malaysia’s Velesto Energy is evaluating potential recovery options for its jack-up drilling rig NAGA (dragon) 7 that sunk off the Malaysian state of Sarawak while working for ConocoPhillips.
Malaysian national oil company (NOC) Petronas said that it is making every effort to ensure the safety of about 155 workers that are sub-contracted on a barge servicing its Yetagun platform in the Andaman Sea off Myanmar following the military coup.
As someone who has previously run for parliament, allow me to attempt a typical politician’s response. Converting a redundant oil platform into a major Aberdeen tourist attraction is a great idea which I support. Or, then again, perhaps not. It’s definitely one of the two. There: that’s my bases covered.
The offshore drilling market will take a long time to rebalance as more consolidation and rig retirements are needed to cut oversupply, according to DNB ASA, Norway’s biggest bank.
US energy companies idled eight drilling rigs last week, including seven oil rigs and one natural gas rig, in a delayed reaction to lower energy prices a few weeks ago.
COSL has filed a civil action lawsuit against Norwegian operator Statoil after it terminated a drilling contract for one of its rigs in March this year.
An oil rig wrecked off the Western Isles has arrived at “blowtorch beach” - its final destination at an environmentally friendly” breaking zone in Turkey - where it will be chopped up for scrap.
The Norwegian Petroleum Safety Authority (PSA) has called on oil firms to protect its facilities from the impact of bad weather, almost a year after an offshore worker was killed.
Lamprell has said it expects its full-year revenue to be slightly below analysts' estimates after being hit by a deduction of $25million from its final payment made by Ensco caused by late delivery of a rig.