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Month: July 2020

International Rig Count Down 24 Units in June

July 2, 2020
| International Rig Count

Baker Hughes issued their international rig count data, here is the breakdown: The international rig count for June was 781, down 24 units from the count in May and down 357 from the 1,138 counted in June 2019. Latin America is up 9 units to 71 from the May count of 62 units and is down 118 units year-over-year. The Asia-Pacific region is up 1 unit to 197 from the May count of 196 units and

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20% of Petrobras workforce accept voluntary buyout

July 2, 2020
| Archives

Some 10,000 employees of Brazil’s Petrobras, or 22% of its workforce, have accepted voluntary buyouts, Chief Executive Roberto Castello Branco said on Wednesday, as the state-run oil company intensifies its quest to slim down and refocus on core businesses. In a webinar hosted by Brazilian newspaper Valor Economico, Castello Branco said the deadline for employees to sign up

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OPEC slashes production to 1991 levels

July 2, 2020
| Archives

OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, and the laggards, though still trailing in implementing the cuts, stepped up their performance, according

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Rig Lynx Monthly Rundown – Top 5 for June

July 1, 2020
| Monthly Rundown

For June we had over 14k article views, here we will cover the top 5! News from Valaris, Maersk and a crazy prediction from JPMorgan… We know that it is not easy at the moment but we wish all of you well wherever you are, thanks for reading with us and we wish you a great start to July! Stay safe! $190

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Winner Most Active User Week 26

July 1, 2020
| Archives

Each week we give away a cool $100 bucks! Congrats to Bharti Sharma for getting in there and getting that $100 bucks! She generated over 13k clicks!! Rules are pretty simple, you can find out more by following the link below: Most Active User Contest Week 27

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Shell plans to writedown $22 billion on weak demand outlook

July 1, 2020
| Archives

Royal Dutch Shell plans to slash the value of its oil and gas assets by up to $22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday. The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that

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Dril-Quip and Proserv Group Announce Strategic Agreement

July 1, 2020
| Archives

Dril-Quip, Inc. and Proserv Group announced an agreement pursuant to which Dril-Quip will rely upon Proserv for the development and manufacturing of its subsea control systems as a supplier. The mutually beneficial arrangement allows Dril-Quip to continue to support its existing subsea controls customers with the support of Proserv. The arrangement follows Dril-Quip’s strategic decision to consolidate the

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Vantage Drilling signs up with ENI Montenegro for 6 month gig

July 1, 2020
| Archives

Vantage Drilling International announced on LinkedIn that it has entered into a contract with Eni Montenegro BV for its premium jackup rig, the Topaz Driller, to perform drilling services offshore of Montenegro for 180 days. Ihab Toma, the Company’s Chief Executive Officer, commented, “We are very pleased to announce this contract with our client Eni for the Topaz Driller in Montenegro. Securing this

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