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Month: November 2019

Billionaire Fracking Brothers Hammered by Permian Holdings

November 22, 2019
| Archives

Farris and Dan Wilks hit pay dirt during the shale boom when they sold their Texas fracking company in 2011 for $3.5 billion, giving them ample resources to fund their interests in land, politics and religion. But many of their more recent investments in the Permian Basin have turned to dust. The brothers put some of their fortune into

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Seadrill Chairman John Fredriksen steps down

November 22, 2019
| Archives

Seadrill Chairman John Fredriksen, the oil rig firm’s top shareholder, is stepping down with immediate effect, the company said on Thursday, as it holds discussions with lenders about restructuring its massive debts. The 75-year-old billionaire investor, who said his support for the company remained unchanged, will be replaced by Glen Ole Roedland, who has worked in shipping, oil,

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Transporting oil and gas drilling rigs is a tough business in an unpredictable market

November 19, 2019
| Business Spotlight

Moving oil rigs and oil-drilling equipment is not for the faint of heart. Every niche industry presents unique supply chain challenges, but oil rig transporters said few jobs are as challenging as hauling oil and gas drilling machinery. “There are no classes at the University of Texas training drivers or training people how to break down and assemble rigs

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$460m of land drilling contracts awarded to KCA Deutag in the Middle East, Africa and Europe

November 18, 2019
| Archives

KCA Deutag (“KCADâ€) today announces that its land drilling operation has won new contracts worth approximately $460m in the Middle East, Africa and Europe.  Middle East Following the announcement we made in March that a client had reserved three rigs for an option period, we can now confirm that these have subsequently been contracted for two years, with an

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Bassoe: Floater Report

November 18, 2019
| Archives

Floater utilization is making another move upward, with several contracts being awarded lately for 2020 work. Contract duration’s are varied, but day rates are increasing in benign and harsh environments. Primary markets like Brazil, US Gulf, Mexico, and West Africa are experiencing higher activity, but recent awards in less prominent areas like Peru and Oman are promising

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Popular News – Top 5 from this past week!

November 18, 2019
| Weekly Rundown

We had 4.3k page views this past week and the top 5 grabbed up 1k of them, below are our top 5 articles for the week of Nov 11 – Nov 17! #1 with 473 views Shelf Drilling issues fleet update status #2 with 154 views ADNOC Announces Major Rig Fleet Expansion Program #3 with 135 views Karoon and Tullow line

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Karoon and Tullow line up the Stena Forth for one well in Peru

November 16, 2019
| Archives

Karoon Energy Ltd (“Karoonâ€) is pleased to announce that it has executed binding agreements with Stena Drilling Ltd (“Stenaâ€) and Tullow Oil Limited (“Tullowâ€) to contract the “Stena Forth†Dynamically Positioned Drillship. The “Stena Forth†has been contracted to drill one well, being the Marina-1 exploration well, in Karoon’s 40% owned and operated Block Z-38 in the

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Shelf Drilling issues fleet update status

November 16, 2019
| Archives

New Contracts and Extensions High Island II, High Island IV, Main Pass I and Main Pass IV secured four-month extension each with Saudi AramcoHigh Island VII secured a contract extension for three-year firm plus two (2) one-year options with ADNOC DrillingRig 141 secured a contract extension for 165 days firm plus two (2) three-month options with GempetcoTrident II

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ADNOC Announces Major Rig Fleet Expansion Program

November 14, 2019
| Archives

ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced today a major rig fleet expansion program to support ADNOC’s upstream growth plans and enable the delivery of its 2030 Smart Growth Strategy.  In the first phase of the wider expansion program, ADNOC acquired, in November 2019, four technologically advanced and UAE-built land rigs with

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