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Month: December 2022

Seadrill Limited to acquire Aquadrill in all stock transaction

December 23, 2022
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Seadrill Limited and Aquadrill LLC announced that they have entered into a definitive merger agreement under which Seadrill will acquire Aquadrill in an all-stock transaction. Upon completion of the transaction Seadrill shareholders and Aquadrill unitholders will own 62% and 38%, respectively, of the outstanding common shares in the Company. The transaction values Aquadrill at an implied equity

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Nigeria launches deepwater bidding round

December 22, 2022
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The Nigerian government has launched bidding for seven deep offshore oil blocks as it calls on investors globally to bid for marked oil blocks. Recall that in October, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during an interview with Bloomberg announced that the government plans to auction deep offshore oil and gas licences

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Shelf lands 3 year deal for two jackups with ONGC

December 22, 2022
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Shelf Drilling, Ltd. announced that it has received a three-year contract award for each of the Compact Driller and Key Singapore with Oil and Natural Gas Corporation (ONGC) for operations in the Mumbai High, offshore India. The planned start-up of operations for both contracts is Q2 2023. Source: Shelf Drilling Join our mailing list here

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TotalEnergies and Eni announce new discovery offshore Cyprus

December 22, 2022
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TotalEnergies and Eni have made a new gas discovery at the Zeus-1 well, in Block 6, offshore Cyprus. This discovery follows the Calypso-1 and the Cronos-1 discoveries made on the same block respectively in 2018 and August 2022. The Zeus-1 well encountered 105 meters of net gas pay in carbonate reservoirs that re-enforces the promising outlook for

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Serica Energy to buy Tailwind Energy Investments for $782 million

December 22, 2022
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UK oil and gas producer Serica Energy agreed to buy North Sea peer Tailwind Energy Investments for 644 million pounds ($782 million), including debt, bringing on energy trader Mercuria as its biggest investor as part of the deal. Serica, whose production operations are centred on the UK North Sea, said it would issue 367 million pounds of new shares,

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DSME to hand the keys over to Hanwha Group

December 16, 2022
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South Korea’s Hanwha Group has signed an agreement to take over Daewoo Shipbuilding & Marine Engineering, Daewoo Shipbuilding. The deal comes after the two parties signed a tentative agreement in September in which affiliates of Hanwha Group including Hanwha Aerospace Co Ltd said they would invest 2 trillion won ($1.53 billion) in return for a 49.3% stake and

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Aquadrill extends the work for the Vela in the GOM

December 16, 2022
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Aquadrill LLC has extended a charter hire agreement with a subsidiary of Diamond Offshore Drilling, Inc. to provide the Company’s Vela rig, an MPD outfitted 7th generation drillship, for operations in the US Gulf of Mexico for a 150 day drilling contract with a total expected contract value of approximately $60 million. The terms of the charter hire agreement

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Ocyan creates new company named Drillco

December 16, 2022
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Ocyan S.A. announced the creation of a new company (DrillCo), which will concentrate its drilling activities with its current five rigs, ODN I, ODN II, Norbe VI, Norbe VIII and Norbe IX – that will form part of the new company’s fleet. The new corporate structure is born in the context of the restructuring of the financial

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Subsea 7 awarded new contracts with AkerBP

December 16, 2022
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Subsea 7 has confirmed the award of three contracts by Aker BP; a major contract for Yggdrasil field development project (formerly NOAKA), a large contract for Skarv Satellite Project and a substantial contract for Valhall PWP-Fenris project, all located offshore Norway. The awards were pre-announced on 8 December 2022 and will be recorded in the backlog of Subsea and Conventional upon signature by

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