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.
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.
Imagine parking your $300 million boat for months out in the open sea, with well-paid mechanics hovering around it and the engine running. The Gulf of Mexico and the Caribbean Sea have become a garage for deepwater drillships -- at a cost of about $70,000 a day each. It’s either that or send your precious rig to a scrapyard. The dilemma underscores how an offshore industry that geared up for an oil boom is grappling with a bust. Rig owners are putting equipment aside at unprecedented numbers as customers including ConocoPhillips pull back from higher-cost deepwater exploration. That’s helped make Transocean Ltd. and Ensco Plc two of the three worst performers in the Standard & Poor’s 500 Index over the past year.
The US onshore rig count has continued a steady decline according to research by the Gaffney, Cline and Associates (GCA) oil and gas monitor. It was launched earlier this month to track onshore and Gulf of Mexico (GOM) activity it the wake of lower oil prices. The Baker Hughes rig count showed a fall of a further 43 over the past week in the US onshore total, with this now having declined by 297 from a high of 1,876 in November last year down to 1,579 this month.