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.