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Baker Hughes has announced the successful launch of Terminator, its vessel-deployed subsea wellhead cutting system. Using a first-of-its-kind mechanical wellhead removal method, the Terminator system has already proven its capabilities by successfully cutting a subsea wellhead from an abandoned exploration well owned by Wintershall DEA in Norway.
“In the current environment, every aspect of operations is under the spotlight. We see unavoidable costs for our customers, like wellhead removal, as opportunities to build new efficiencies into operations,” said Romain Chambault, Europe vice president for oilfield equipment at Baker Hughes. “The Terminator system is a game-changer for our industry, saving time, costs and fuel consumption to improve operators’ efficiencies and their carbon footprint.”
Baker Hughes worked with Wintershall DEA to cut the subsea wellhead from an abandoned exploration well in 360-metre water depth in only 35 minutes. By comparison, alternative abrasive cutting methods could take as long as five or six hours for the cut alone. The Terminator system can be deployed from a vessel and uses a mechanical cutter, rather than water jet cutting methods of conventional systems, to eliminate associated risks with high pressures. In addition, the system can reduce offshore personnel by two-thirds compared to conventional systems, requiring just two people instead of the typical six for water cutters.
The Terminator system can reduce fuel consumption with its 100-horsepower motor and is also smaller and lighter compared to the original 1000-horsepower abrasive water cutting system typically used on similar types of vessel-based operations. The Terminator technology is another example of Baker Hughes’ commitment to leading in the energy transition by helping customers decarbonize oil and gas operations.
“While working with Baker Hughes on this project, we selected the Terminator system because of the lower CO2 impact it had on the environment”, said Tore Oian, Drilling Manager for Wintershall DEA. “In addition, the solution required a minimum amount of deck space and only needed a crew of two people which gave us much more flexibility when selecting the vessel and reduced the mobilization time, considerably. Altogether, this was the best technical, environmental and economical solution for our operation.”
The total operation with Wintershall DEA, from deck deployment to laying down the Terminator system, took just two and a half hours – saving the operator up to 12 hours compared to conventional systems. After the cut was complete, the subsea wellhead, conductor and spudcan were removed immediately in a separate run from the same vessel.
Source: Baker Hughes
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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