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The market for modern jack-up rigs has reached 90 percent utilization – for the first time in the cycle – and the demand for jack-up rigs is growing, offshore drilling company Borr Drilling has said. Borr said there is visible demand for more than 50 jack-ups in the next 12 months, most of which is... Continue Reading →
The Norwegian Competition Authority last month objected the proposed merger of the two largest providers of semi-submersible accommodation rigs. The NCA said the merger would reduce competition and lead to increased cost for customers. The proposed merger, if realized, would create the world’s largest offshore accommodation company, with Prosafe currently owning and operating a total... Continue Reading →
Nov 25, 2019 Samsung heavy industries Co Ltd has agreed to pay more than $75 million in criminal penalties to resolve a U.S. investigation of a scheme to pay millions of dollars in bribes to officials in Brazil, the U.S. Justice Department said on Friday. Samsung Heavy has admitted to paying about $20 million to... Continue Reading →
Weatherford International has appointed Christian Garcia as executive vice president and chief financial officer, effective January 06, 2020. He will take over from Christoph Bausch who will step down as executive vice president and chief financial officer on November 14, 2019 to pursue other opportunities. He will remain with the company through November 30, 2019... Continue Reading →
Oilfield services company Halliburton introduced the Xtreme Single-Trip Multizone (XSTMZ) system for completing wells in deepwater and ultra-deepwater conditions up to 15,000-psi, to be used by a major operator in the Gulf of Mexico in 2020. Based on Halliburton's existing 10,000-psi rated Enhanced Single-Trip Multizone (ESTMZ) system, the increased pressure rating of the XSTMZ system... Continue Reading →
Nov 21, 2019 Brasco, the Wilson Sons Group's offshore support base company, has entered into a contract with NFX Combustíveis Marítimos, a joint venture between BP and Prumo Logística, to support ship transfer and fueling operations that take place at the Marine Fuels Terminal, in Porto do Açu. In addition to acting as terminal operator,... Continue Reading →
This follows SBM Offshore being chosen as the successful bidder in the public auction for equity ownership in five FPSOs back in October. Under the acquisition, SBM Offshore bought minority interests held by Constellation in entities related to the Cidade de Paraty (20%), Cidade de Ilhabela (12.75%), Cidade de Marica (5%), Cidade de Saquarema (5%), and Capixaba (20%) FPSOs. SBM Offshore was already the... Continue Reading →
Siemens AG aims to shed about 75% of its struggling power and gas unit in one of the most radical moves to date by Chief Executive Officer Joe Kaeser to untangle the sprawling conglomerate and try to boost its valuation. The Munich-based industrial giant wants to “massively deconsolidate” the division to make the parent company... Continue Reading →
Offshore drilling company Seadrill has painted a cautiously optimistic picture for the offshore drilling market outlook, with the company seeing an opportunity for high-end floaters as well as for jack-up reactivations in 2020. At the end of the third quarter, Seadrill had 35 offshore rigs in Total, of which, 19 floaters and 16 jack-ups. Of... Continue Reading →
“On the supply side, our view is that the market is tightening and that the oversupply of vessels is overstated, with many vessels which have been laid up during the downturn facing prohibitive reactivation costs and lower demand due to their age and condition. Industry experts predict that a large portion of the laid-up fleet... Continue Reading →
Brazil Energy Insight 