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Month: May 2021

Petronas Q1 profit doubles

May 31, 2021
| Archives

Petronas’s first-quarter profit more than doubled on the back of recovering commodity prices, but the Malaysian state oil firm cautioned demand prospects hinged on vaccines preventing a resurgence of the COVID-19 pandemic. Petronas said on Monday it made a post-tax profit of 9.3 billion ringgit ($2.25 billion) in January-March, against 4.5 billion ringgit in the same quarter last

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Borr 1st Q update holds 17 new contracts, extensions, exercised options and LOAs/LOIs

May 31, 2021
| Archives

Borr published their financial and fleet status update for the first quarter of 2021, which included 17 new contracts, extensions, exercised options and LOAs/LOIs. Total operating revenues of $48.4 million, net loss of $58.1 million and Adjusted EBITDA of $(10.6) million for the first quarter of 2021.  Total operating revenues includes a reduction of related party revenues of $9.2

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NNPC settles OML 118 disputes, unlocks $10 billion in deepwater investment

May 31, 2021
| Archives

The Nigerian National Petroleum Corporation (NNPC) has signed an agreement with the partners in the offshore OML 118 area, aimed at bringing more investment into the country’s deep offshore arena. Partners in OML 118 include operator Shell, along with other supermajors Total, Agip and Esso. In a social media post, NNPC stated the new agreement “marks a watershed

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It has been a week of changes for Seadrill Limited

May 31, 2021
| Archives

It has been a week of changes for Seadrill Limited after they announced their first quarter financial update on May 20th. Seadrill Limited announced on the 20th that their backlog was sitting at $2.1 billion and included updates for contracts in regard to the West Tellus, West Hercules, West Saturn and the West Neptune. May 27th, just 7 days

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Equinor adds on more work for the Intrepid

May 28, 2021
| Archives

Equinor Energy AS has exercised an option to add well intervention work at the Martin Linge field offshore Norway to the previously agreed work scope for the ultra-harsh environment jack-up rig Maersk Intrepid. The well intervention scope has an estimated duration of 29 days. The firm value of the contract extension is approximately USD 9.9m, including integrated services but

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Nearly two-thirds of U.S. public opposes phasing out fossil fuels

May 28, 2021
| Archives

Most Americans favor using a mix of energy sources to meet the country’s needs – including renewables as well as oil, coal and natural gas. There is limited support for phasing out the use of fossil fuels altogether. And the public is closely divided over the idea of phasing out the production of gas-powered vehicles by 2035. Despite

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Seadrill Partners emerge from bankruptcy lead by new CEO Steven Newman

May 27, 2021
| Archives

Seadrill Partners LLC announced that it has emerged from Chapter 11 after successfully completing its reorganization pursuant to its Chapter 11 plan of reorganization (the “Plan”). All conditions precedent to the restructuring contemplated by the Plan have been satisfied or otherwise waived. The Plan has equitized approximately $2.8 billion in funded debt obligations, leaving the Company debt free

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Maersk to sell the Inspirer for all cash deal, 373m USD

May 27, 2021
| Archives

Maersk Drilling has entered into an agreement to divest the combined drilling and production unit Mærsk Inspirer to Havila Sirius for a price of USD 373m. This transaction is in line with Maersk Drilling’s strategic objective of aligning its fleet to its core business, while also further strengthening Maersk Drilling’s balance sheet through a material reduction of

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Equinor hires in a third Odfjell rig

May 27, 2021
| Archives

Odfjell has been awarded a drilling contract for its Deepsea Stavanger mobile rig, scheduled to start drilling in February 2022. The contract includes continuing options after the initial phase. The contract value is estimated at around USD 40 million for the fixed part of the contract. Drilling services and other additional services, such as running casing, treatment of

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