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The worldwide offshore rig count in December 2019 increased by 11 units sequentially and 22 units year-over-year, according to a Wednesday rig count report by Baker Hughes Company. BHGE splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. The international rig count for December 2019 was 1,104, up... Continue Reading →
Results from an independent, third-party contingent resource evaluation of the Talos Energy-operated Zama discovery off Mexico exceed the company’s previously guided resource range. Houston-based Talos on Tuesday announced the finalization of the third-party contingent resource evaluation of the company’s globally recognized Zama discovery commissioned from Netherland, Sewell & Associates, Inc. (NSAI). Talos is the operator... Continue Reading →
Polarcus, a Dubai-based seismic contractor, has recorded a decrease in its vessel utilization during the fourth quarter of 2019. The vessel activity also decreased on a full year basis from 87 percent in 2018 to 79 percent in 2019. Continue reading
Electromagnetic Geoservices (EMGS) has seen an increase in vessel utilization for the fourth quarter 2019 at 80% compared with 32% for the fourth quarter in 2018. For the full year 2019, the vessel utilization was 59%, whereas the utilization for the full year 2018 was 33%. Continue reading
Offshore drilling contractor Valaris has received a $200 million payment following the conclusion of arbitration proceedings with Samsung Heavy and has secured new contracts for its rig fleet, adding $100 million to its contract backlog. Valaris said earlier this week that it had received a $200 million cash payment upon the conclusion of previously disclosed... Continue Reading →
Offshore accommodation giants Prosafe and Floatel International have agreed an extension of a share purchase agreement related to a proposed merger of the two companies amid concerns raised by competition authorities in the UK and Norway. According to Prosafe’s statement on Thursday, Prosafe and Floatel International have agreed to extend the long stop date in... Continue Reading →
In surfing, reading the environment and anticipating a wave from a small lump on the horizon can be difficult, but rewarding. This is what SBM Offshore, a Dutch-based FPSO industry specialist which has been building floating production units for 60 years, had done when after a rather dry period for FPSO orders it ordered an... Continue Reading →
A drive by Mexico’s national oil company to drill new wells at 20 “priority” fields largely using smaller, local service providers is faltering, with the company expected to re-bid some of the work in the year ahead. Industry analysts say they see little evidence a decision by Pemex to use a closed bidding process with... Continue Reading →
As the New Year kicks off this week, some of Africa’s oil and gas producers are looking forward to fast-tracking approved offshore exploration plans to counter falling production volumes and meet the increasing demand especially for natural gas required for power generation and growing import orders especially from Asia and Europe. It is expected leading... Continue Reading →
McDermott International shares fell for a second day after reports that the company is negotiating with lenders ahead of a bankruptcy filing that could come within weeks. The Houston-based company, which builds oil platforms and gas-export plants for energy companies, is in discussions with lenders including Baupost Group LLC and HPS Investment Partners LLC about... Continue Reading →
Brazil Energy Insight 