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Month: July 2020

Transocean confirms cancellation of Paul B. Loyd contract with Hurricane

July 16, 2020
| Archives

Transocean issued its fleet status update today and has confirmed the cancellation of the Paul B. Loyd with UK's Hurricane Energy which was lined up to drill three wells and take care of one completion for them but the rig is lined up for work with Chrysaor offshore UK commencing in October and running through August 2021. Source: Transocean Image by: Kees Torn;

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U.S. Treasury extends protection for Citgo from PDVSA creditors

July 15, 2020
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The U.S. Treasury on Wednesday extended a measure preventing creditors of Venezuelan state oil company PDVSA from seizing shares in the parent company of U.S. refiner Citgo, a PDVSA subsidiary, through October 20. PDVSA pledged a majority stake in Citgo’s parent company as collateral for its 2020 bond, which is now in default. But the refinery is now

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Total selling stake in North Sea pipeline

July 15, 2020
| Archives

Total is seeking to sell its 25.7% stake in the Shearwater Elgin Area Line (SEAL) natural gas pipeline in the British North Sea, industry sources said. The sale could raise about $200 million, one of the sources said. Total has engaged in direct discussions with several interested parties in recent weeks, the sources said. Source: Reuters

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Offshore drillers facing another shakeup

July 14, 2020
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The offshore services business is the worst performing of the oilfield services sector, with shares of the 10 largest publicly traded down 77% since the start of the year. Four of the seven largest offshore drillers - Diamond Offshore Drilling Inc, Noble Corp, Seadrill Ltd and Valaris Plc - have sought protection from creditors or begun debt restructuring

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Aker BP beat Q2 estimates

July 14, 2020
| Archives

Norwegian oil firm Aker BP on Tuesday beat second-quarter pretax profit expectations helped by record output and a partial reversal of impairments from the previous quarter as oil prices rose. Pretax profit fell to $151 million from $249 million a year earlier but beat a forecast of $91.3 million in a Refinitiv poll of analysts, said the company,

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Woodside forecasts $4.37 billion impairment

July 14, 2020
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Australia’s Woodside Petroleum Ltd on Tuesday forecast a first-half loss of $4.37 billion after tax, as it joined oil majors BP and Shell in writing down several assets after a coronavirus-induced slump in oil prices. The company said it expects to book non-cash, post-tax impairment losses of $3.92 billion related to the write down, and a further $447

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Weatherford bags Iraq drilling contract for 20 wells

July 14, 2020
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Weatherford International plc announced today it has signed an 18-month contract with the Iraqi Drilling Company (IDC) to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah field in the Dhi Qar province in southern Iraq. Basim M. Khudair, General Director for IDC, said, "Signing this contract between IDC and Weatherford is a great accomplishment for both

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Most Active User Contest Week 29

July 13, 2020
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Most Active User Contest We give away $100 bucks each week! We want to see you using the app, getting active on the newsfeed, sharing the app with your friends by using the invite option, bringing new people along, get some great content on there, and have some friendly competition whether it be by video, photo or text We want

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Rig Lynx Weekly Rundown – Top 5 from week 28

July 13, 2020
| Weekly Rundown

Welcome back! If you missed any of the trending articles from last week we got them all here for you to start your week off with For week 28, July 5 - July 11, we had 3k page views, and below are the top 5 Have a great week ahead! BW Offshore FPSO attacked by pirates off Nigeria, nine workers kidnapped Noble

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