If the world went all out in its fight against fossil fuels it would cost Norway more than £630 billion, almost the same amount it has stashed in its massive sovereign wealth fund.
Transocean today confirmed its takeover bid of Songa Offshore in a deal worth $3.4billion.
Aquamarine Subsea has won a frame agreement with Songa Offshore for the provision of a high pressure manifold classing program on four CAT D rigs.
Songa is still trying to shift its stacked Songa Dee and Songa Trym rigs, as Statoil puts the rest of its fleet to work.
Statoil will suspend the Songa Delta contract after work on the current well, Slemmestad, in the North Sea has been completed, Songa confirmed.
Songa has kick-started an eight year drilling campaign with Statoil.
Songa Offshore recorded a $34million profit in the final quarter of 2015.
Drilling contractor Songa Offshore has taken delivery of the latest addition to its rig fleet.
Songa Offshore have announced a loss of $6.4million in its third quarter statement. The company’s profit was $1.1million during the same period which it said had been affected by the lower revenue contribution from the sale of the Songa Venus and Songa Mercur rigs. Last month, the company cut its financial liabilities in relation to its Song Venus bareboat charter agreement.
Statoil will suspend its contract with Songa Offshore for one of its rigs following work on a well in the Oseberg field in the North Sea. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of the planned schedule. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of planned schedule. From this month, the rig will go on a 75% suspension rate at a cost of $279,000 per day until the end of this year.
Songa Offshore has signed loan agreements for its last two Cat D drilling rigs, the company announced. The $1.1billion deal is for the Songa Encourage and Songa Enabler and consists of a revolving pre-delivery financing of $90million per rig and a post-delivery financing of $550million per rig.
Songa Offshore has cut some financial liabilities in relation to its Songa Venus bareboat charter agreement. The company sold its two drilling rigs in South East Asia, the Songa Venus and Songa Mercur, to Opus Offshore in April.
A rig owned by Norwegian driller Songa offshore has suffered failure on one of its four engines, while undergoing survey work in Scotland.