Forbearance agreements between offshore drilling contractor Seadrill Limited and its creditors related to the company’s senior secured credit facility agreements and leasing arrangements have expired. As a result, Seadrill is exposed to legal actions if it fails to make necessary payments on time. Seadrill entered into forbearance agreements with certain creditors in respect of its senior... Continue Reading →
Offshore Rig Values Take $30 Billion Hit in Just 12 months
The challenges of 2020 have made their mark on offshore rig values but have they reached the trough? Bassoe's Hans Hagelberg takes a deeper look. It may be the understatement of the decade, but the offshore rig market has had a pretty bad year. The Coronavirus pandemic and collapsing commodity prices have resulted in dozens... Continue Reading →
What’s In Store for 2021? More Remote, More Data, More Autonomy
Late 2018, before net-zero targets had been agreed to by most western energy giants and nations, BP came out with a goal to reach 100% of subsea inspection by marine autonomous systems by 2025. It was a tangible goal then, and it’s one that might now be reached faster as remote and more “digitally” oriented... Continue Reading →
ExxonMobil hires Solstad supply vessel in Brazil
Norwegian offshore vessel owner Solstad Offshore has entered into a frame agreement with ExxonMobil for the provision of supply vessel services supporting its exploration activities in Brazil. Solstad said on Tuesday that the frame agreement is for three years firm. The first call-off has been received for the platform supply vessel (PSV) Normand Swift for... Continue Reading →
Mexico: Blackford Dolphin Rig Starts Pemex Work
Offshore drilling company Dolphin Drilling said Tuesday that its Blackford Dolphin semi-submersible drilling rig had completed inspection and started a contract with Pemex in Mexico. "We are delighted to announce that on Thursday, 3rd December 2020, Blackford Dolphin successfully completed the Pemex Contract checklist inspection and commenced the contract with the Mexican operator," Dolphin Drilling... Continue Reading →
Fugro’s Positioning Services for Petronas’ Suriname Drilling Program
Dutch offshore services company Fugro has said it has won a contract with Malaysia's Petronas, to provide positioning services for Petronas' exploration program offshore Suriname. The news comes just days after Petronas said it had discovered hydrocarbons in its Block 52, off Suriname. Under the 2-year contract, which has already started, Fugro is deploying its... Continue Reading →
Modec Nets Sangomar FPSO Operations and Maintenance Deal
Japanese FPSO contractor Modec has won a contract with Woodside for the operations and maintenance of the Sangomar FPSO in Senegal. The deal follows a contract signed in January for Modec to deliver the FPSO for Sangomar field development - Senegal's first offshore development. The operations and maintenance contract will cover all in-country installation and commissioning activities following which... Continue Reading →
Exclusive: Ecuador weighs suit against Vitol in wake of graft revelations, sources say
(Reuters) - Ecuadorian state-run oil company Petroecuador is weighing a lawsuit against Vitol after the world’s largest oil trader admitted last week to bribing officials in the South American country, according to two sources with direct knowledge of the matter. Petroecuador is working with the nation’s attorney general to assess how much the Vitol-led graft... Continue Reading →
Brazilian Prosecutors Sue Maersk Over Alleged Corruption
Federal prosecutors in Brazil filed a civil lawsuit against Danish shipping company Maersk and former executives representing the firm for alleged corruption involving shipping contracts with state-run oil firm Petrobras, they said on Friday. The lawsuit requests that a judge freeze almost 1 billion reais ($198 million) in assets in order to make sure funds... Continue Reading →
Cosco delivers FPSO set for Eni’s Amoca field off Mexico
Chinese shipbuilder Cosco Shipping Heavy Industry has delivered the floating production, storage, and offloading (FPSO) vessel set to work on Eni’s Amoca shallow-water project off Mexico. Cosco held the delivery ceremony on Thursday, 10 December. It was the second large-scale offshore engineering project delivered by Cosco Shipping Heavy Industry yard in Shanghai this year. This... Continue Reading →
Brazil Energy Insight 