With the oil price crash and COVID-19, the near-term outlook for the offshore rig market is on a lot of minds.
Lower dayrates and fewer revenue-earning days saw profits drop by more than 90% at Diamond Offshore’s UK business.
Rig contractor Awilco Drilling said today that it had appealed against the UK taxman’s decision to slap it with a £7.7 million bill.
The wheels of recovery are undoubtedly in motion for the global offshore rigs market, analyst said today.
Rig contractor Ensco has increased its takeover offer for rival firm Rowan.
Lamprell has received a letter of intent for the construction and delivery of two jackup drilling units.
One of the two heavy lift vessels which arrived in the Moray Firth around New Year is finally leaving Scottish waters with a rig.
The value of jackup rigs has increased by 36% over the last year due sustained strength shown in the oil price, according to analytical website vesselsvalue.com.
Two Chinese heavy lift transport ships remain anchored off Nairn as they await a decision on whether they can remove a number of rigs from Cromarty Firth.
A dozen rigs stacked in the Cromarty Firth because of the oil and gas downturn brought an “unfortunate” financial boost for the body responsible for the waters last year.
Video footage of an oil rig leaving Dundee has been published online. The clip, uploaded to YouTube by Stuart Burns, shows the Rowan Gorilla V rig being towed up the Tay and past Broughty Castle. The 20,000-tonne vessel arrived in the city in June.
The world’s largest builder of oil rigs cut its workforce by more than 10,000 people in 2016.
Roughly three in five rigs on the Norwegian continental shelf will be without a contract from January, putting 11,400 jobs at risk, a news report said.
Rowan Companies has struck a joint venture with Saudi Aramco to operate offshore drilling rigs in Saudi Arabia.
The head of Oil and Gas UK (OGUK) has urged the Cromarty Firth’s supply chain companies to “keep the faith” amid signs of a “fragile confidence” returning to parts of the North Sea industry.
Sodexo will cut 45 staff from its Norwegian operations.
The Us rig count was up eight week-on-week to 497, according to the latest figures from Baker Hughes.
Oil fell as the dollar rebounded on strong jobs data, reducing the appeal of investments in commodities.
As the Wall Street reporting season grinds along, the news from the oil-patch is, by and large, gloomy with the exception of US onshore drilling where there is a distinct uptick in shale-related activity.
COSL Drilling Europe said 230 jobs will go after Norwegian operator Statoil cancelled a contract with the company.
The number of rigs drilling for oil and natural gas in the US has fallen to its lowest level since at least 1940.
A Highland MP has accused the UK Government of "shoddy" handling of the application for ship-to-ship oil transfers off the Cromarty coast. Ian Blackford wrote to Scottish Secretary David Mundell yesterday to express his concern that Marine Scotland (MS) had not been directly consulted.
BHP Billiton said it expects to be hit with an impairment charge of $4.9billion post-tax against the carrying value of its onshore US assets. The company said the charge will be recognised as an exceptional item in the financial results for the half year ended December 31, 2015.
Pareto Securities AS is among banks targeting debt funds and private-equity firms to buy oil rigs at firesale prices to hold until demand for offshore-drilling rebounds, according to people familiar with the matter. Norwegian investment banks are sounding out interest in special-purpose investment vehicles that would buy rigs from distressed companies, mothball them and sell them when the market picks up, said the people, who declined to be identified because the plans are private.
Rigs have been stacking up in the Cromarty Firth amid the continued decline in oil price.