North Sea

VIDEO: Rowan rig leaving Dundee


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.  

Oil & Gas

Oil rigs touted to debt funds by Norwegian investment banks


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.

Oil & Gas

Diamond Offshore profit rises on demand for ultra-deepwater rigs


Diamond Offshore Drilling, one of the world's top-five offshore rig contractors, reported a slightly higher quarterly profit, helped by demand for its high-tech ultra-deepwater rigs and a drop in operating costs. Demand is strong for modern, faster rigs because they are cheaper to run and can drill more efficiently for oil and gas companies, which have been cutting spending due to low prices. Diamond Offshore, owned 52 percent by New York-based conglomerate Loews, said on Monday that revenue from its ultra-deepwater business rose 72.8 percent to $315.7 million in the second quarter ended June 30.