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(OE) Offshore drilling company Valaris has secured over $1 billion of new contracts and extension for its drilling rigs since its previous fleet status report published mid-February 2025. Valaris’ contract backlog, excluding lump sum payments such as mobilization fees and capital reimbursements, increased to approximately $4.2 billion from approximately $3.6 billion as of February 18,... Continue Reading →
(bbc.com) One of Scotland's largest companies - engineering giant Wood Group - is backing a £242m takeover approach. Aberdeen-headquartered Wood said Sidara, an engineering and consultancy based in Dubai, had made the offer. Wood's board of directors have now said they would be "minded to recommend" the deal. The company grew from the North Sea oil boom... Continue Reading →
(OE) Italian offshore energy services firm Saipem has secured new offshore contracts in Middle East and Guyana, worth approximately $720 million. The first contract encompasses the engineering, procurement, construction and installation (EPCI) activities for the repair of damaged subsea pipelines for a major client in Middle East. The duration of the project is expected to... Continue Reading →
(OE) Constellation, an offshore oil and gas drilling services provider in Brazil, has secured a new contract with Petrobras for the deployment of Admarine 511, a jack-up drilling rig owned by its commercial partner ADES Holding. The rig, operated by Constellation, will be used for a campaign of Plug and Abandonment (P&A) of wells at... Continue Reading →
(offshore-energy.biz) Despite the challenges hitting the fossil fuel industry, demand for hydrocarbons remains steady, as confirmed by the global engineering, procurement, and construction (EPC) contracting activity across the offshore oil and gas landscape. The batch of new projects, which are expected to reach the EPC stage this year, will lead to awards worth billions of... Continue Reading →
Jesper Skjong, Contributor (OE) After what we would argue has been an incredibly eventful 2024 with massive deals, tremendous dayrate developments, further charterer backlog build, and the first series of newbuild orders in years, now comes the time when we turn our gaze towards 2025. What are some of the main trends we expect for next... Continue Reading →
By Bruce Beaubouef, Managing Editor (Offshore-mag.com) The “Big 3” offshore drillers – listed as Transocean, Noble Corp., and Valaris by Evercore ISI – are all reporting “strong offshore fundamentals and a robust outlook” that will likely stretch out to 2030, according to a recent report by the oilfield marketplace consulting firm. Evercore based its analysis... Continue Reading →
(OE) Offshore drilling company Valaris has secured new contracts and extensions for its drilling rigs, increasing its contract backlog to approximately $4 billion. Since its latest fleet status report, issued on February 15, 2024, Valaris has secured approximately $480 million new contracts and contract extensions, increasing its backlog from $3.9 million. Drillships and Jack-Ups Deals... Continue Reading →
(Offshore-energy.biz) Subsea7 has reported a “robust” backlog of $10.4 billion in its financial results for the first quarter of 2024, with tendering activity high in both the subsea and offshore wind sectors. To remind, in the financial results for the full year of 2023, Subsea7 reported it had secured $7.4 billion of contract awards last year, taking its backlog... Continue Reading →
(OM) Global energy demand continues to ramp up as the world economy emerges from the constraints of the COVID-19 pandemic. According to the US EIA, liquids consumption has grown by 10% over the past three years, averaging 101 MMb/d in 2023. The rebound in oil demand to above pre-pandemic levels continues to spur investments in... Continue Reading →
Brazil Energy Insight 