Offshore drilling upcycle whets contractors’ appetite for rig reactivation with scrapping taking a downturn

Westwood Global Energy, an energy market research and consultancy firm, has revealed that offshore rig scrapping is at its lowest level in years, as the offshore drilling market’s recovery intensifies. As a result, cold-stacked rigs are being increasingly reactivated for new assignments amid growing demand and elevated day rates. According to Westwood’s analysis, during the... Continue Reading →

March 8, 2023 0

Guyana Planning Second Oil Auction in 2024 to Bolster Expansion

(Bloomberg) Guyana is planning another auction of prospective oil-field leases next year as the world’s fastest-growing economy seeks to maintain the pace of development, Vice President Bharrat Jagdeo said. The country’s first auction is expected to take place by the end of May after being delayed by a few weeks as the government finalizes contract terms and legislation... Continue Reading →

March 8, 2023 0

Rystad: Offshore Oil & Gas is Back

The offshore oil and gas sector is back and is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up, the Norwegian energy industry intelligence firm Rystad said in a report Tuesday. According to Rystad, the annual greenfield capital expenditure (capex) will break the... Continue Reading →

March 7, 2023 0

Petrobras Awards 3-year Contracts for Maersk Anchor Handler Trio

Danish offshore support vessel owner Maersk Supply Services has secured three-year contracts for three of its L-class anchor handlers with Petrobras in Brazil. Petrobras will use the vessels for a broad scope of anchor handling activities and offshore drilling rig movements. Maersk Leader, Maersk Launcher, and Maersk Lancer have been delivered in Brazil. This now... Continue Reading →

March 7, 2023 0

International offshore rig count increases

Baker Hughes’ international rig count report shows that the number of offshore rigs took a downturn in February 2023, slipping by 4 units, compared to last month. However, the total number of international rigs rose to 915 from 901 units during the previous month. After the number of international offshore rigs increased by 10 units in January... Continue Reading →

March 6, 2023 0

Valaris Bags Three Offshore Drilling Contracts Including $500M Deal for Stacked Drillship

Offshore drilling contractor Valaris said Monday it had secured contracts for two drillships and one jack-up rig. One of the drillships in question is the Valaris DS-8, which secured a three-year, $500 million contract with Petrobras in Brazil, including a $30 million mobilization fee. The rig has been preservation stacked in Las Palmas, Spain, and... Continue Reading →

March 6, 2023 0

Shell Strikes Oil Again in Namibia with Jonker-1X Deepwater Exploration Well

After discovering oil and the Graff-1 well in Namibia in 2022, Shell has now made another offshore oil discovery in the country's deep waters. This time, Shell made a discovery at the Jonker-1X deep-water exploration well, QatarEnergy and Namcor, Shell's partners in the PEL-39 Exploration License, offshore Namibia, said Monday. Using the Deepsea Bollsta semi-submersible drilling rig, the Jonker-1X... Continue Reading →

March 6, 2023 0

Shell, Chevron, and Petrobras Eye Guyana Offshore Oil Auction Bids

(Reuters) Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras, and Chevron, to consider the decade's hottest oil region, people close to the matter said. The South American country is offering 14 offshore blocks, a move to speed economic development and reduce an Exxon Mobil-led consortium's dominance... Continue Reading →

March 6, 2023 0

Saipem Aims to Raise €750 Million from Asset Sales

(Reuters) Italian energy services group Saipem aims to raise about 750 million euros ($796 million) from the partial sale of assets in its drilling business, CEO Alessandro Puliti said on Tuesday, citing shallow water vessels in particular. Saipem, in which energy group Eni and Italian state lender CDP own stakes, has pledged to sell assets... Continue Reading →

February 28, 2023 0

Saipem Raises Expectations after Exceeding 2022 Targets

(Reuters) Italian energy services group Saipem on Monday raised its earnings expectations for 2023 and the next few years after beating 2022 targets as its restructuring plan started to bear fruit. The company reported adjusted core earnings of 595 million euros ($631 million) on sales of 9.98 billion euros last year. This compares with the... Continue Reading →

February 28, 2023 0

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Category: drilling

Offshore drilling upcycle whets contractors’ appetite for rig reactivation with scrapping taking a downturn

Guyana Planning Second Oil Auction in 2024 to Bolster Expansion

Rystad: Offshore Oil & Gas is Back

Petrobras Awards 3-year Contracts for Maersk Anchor Handler Trio

International offshore rig count increases

Valaris Bags Three Offshore Drilling Contracts Including $500M Deal for Stacked Drillship

Shell Strikes Oil Again in Namibia with Jonker-1X Deepwater Exploration Well

Shell, Chevron, and Petrobras Eye Guyana Offshore Oil Auction Bids

Saipem Aims to Raise €750 Million from Asset Sales

Saipem Raises Expectations after Exceeding 2022 Targets

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