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Expro Group and Franks International combine in all stock deal

March 12, 2021
| Archives

Expro Group, a privately-held international energy services company with market leadership in well access and well flow optimization, and Frank's International (NYSE: FI), a global oil services company that provides a broad range of highly engineered drilling and completions solutions and services, today announced a definitive agreement under which the companies will combine in an all-stock transaction. Upon the

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Shell charters 10 new LNG fueled oil tankers for 7 years

March 12, 2021
| Archives

Royal Dutch Shell has reached an agreement with three shipowners to build and charter a total of 10 dual fuel LNG-powered very large crude carriers, with the first entering into operation in 2022. All will be built at DSME, and all will be chartered to Shell for the first seven years. The main engines were selected for minimal

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Noble reports on 4th quarter and 2020 results, backlog of $1.6 billion

March 12, 2021
| Archives

Noble reported on their fourth quarter and full year 2020 results and the highlights are below: Completed financial restructuring on February 5, 2021 Achieved zero lost-time incidents during 2020 and set several company safety records during the year Contract backlog over $1.6 billion at the end of 2020 Fourth quarter results include a non-cash, before-tax charge of $2.8

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Noble issues fleet status update, includes 2 year contract for the Sam Turner

March 12, 2021
| Archives

Noble Drilling shared their recent fleet status update with new contracts / extensions / modifications and letters of intent: Denmark Noble Sam Turner – 2-year contract award with Total from Early March 2021 to Early March 2023 Guyana Contract term shifted between rigs under the Commercial Enabling Agreement with Esso Indonesia Noble Clyde Boudreaux – Contract award with Premier

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Apache and Total stop drilling offshore Suriname due to blowout risk

March 11, 2021
| Archives

Apache and Total updated the operational status of the Keskesi East-1 discovery well offshore Suriname. As announced on Jan. 14, 2021, Keskesi East-1 discovered oil, volatile oil and condensate in the Upper Cretaceous-aged Campanian and Santonian intervals and, subsequently, continued drilling toward deeper Neocomian-aged targets. As drilling progressed, the well encountered substantial pressure increases that APA and Total

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Israel, Cyprus agree on framework for settling offshore gas dispute

March 11, 2021
| Archives

Israel and Cyprus have reached an understanding over gas reserves straddling their maritime border, the Cypriot energy minister said on Tuesday, in a key step towards resolving a nine-year impasse over offshore spoils. Development of the Aphrodite gas field in Cypriot waters has been held up because a small part of it stretches into Israel’s maritime zone and

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U.S. lost 120,000 Oil and Gas jobs due to COVID-19 in 2020

March 11, 2021
| Archives

The Covid-19 pandemic not only devastated oil demand in 2020 but also forced the global oil and gas industry to severely downsize its staffing levels. However, not all producing countries were affected in the same way. A Rystad Energy analysis shows that the world’s top oil and gas employer, China, lost only 5.3% of its massive workforce.

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Seadrill gets more breathing room from creditors

March 10, 2021
| Archives

Seadrill Limited announced that Seadrill New Finance Limited (the “Issuer”), a subsidiary of the Company, has agreed to extend the existing forbearance agreement announced on 11 February 2021, and extended on 23 February 2021, with respect to the 12.0% senior secured notes due 2025 (the “Notes”) with certain holders of the Notes (the “Note Holders”). Pursuant to the

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VAALCO announces 2021 – 2022 drilling program

March 10, 2021
| Archives

VAALCO is planning for the commencement of the next drilling campaign at Etame in late 2021 or early 2022. The locations of the wells will be determined in conjunction with the new seismic processing and interpretation, and VAALCO is currently planning for a four-well program with two development wells and two appraisal wells. Preliminary production uplift estimates

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Stena wins $411 million arbitration against Samsung Heavy

March 10, 2021
| Archives

A London arbitration tribunal has determined certain issues in dispute between Stena Atlantic Limited and Samsung Heavy Industries Co over the construction of harsh environment semi-submersible drilling unit, formerly known as Stena Midmax. The Contract for the unit was signed on 26 June 2013 with delivery of the unit to be made by 20 March 2016.  The Contract

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