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Borr lands 3 year LOA with PTTEP Thailand

February 26, 2021
| Archives

Borr issued their fleet stats update today, highlights are below: New Contracts / Extensions / Amendments Idun Signed contract (from LOA)” March 2021 to January 2022, Vestigo, Malaysia Letters of Award / Letter of Intent / Negotiations Prospector 1 LOI: Q2 2021, Undisclosed, North Sea Skaid LOA: June 2021 to June 2024, PTTEP, Thailand Grid LOI: March 2021 to December 2021, Pemex, Mexico Gersemi LOI: March 2021

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Nigeria and Equatorial Guinea Sign MoU for Hydrocarbon Opportunities

February 26, 2021
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H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea met with H.E. Timipre Sylva, Minister of Petroleum Resources of Nigeria at the presidential palace in Malabo intending to strengthen bilateral relations between the two countries. The meeting included a signing of a memorandum of understanding (MoU) which will consolidate new opportunities for the hydrocarbons

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VAALCO Energy completes purchase of Sasol Gabon’s working interest in Etame Marin

February 26, 2021
| Archives

VAALCO Energy, Inc. announced that it has now completed the previously announced acquisition of Sasol Gabon S.A.’s 27.8% working interest in the Etame Marin block offshore Gabon, increasing the Company’s total working interest to 58.8%. Key Highlights Nearly doubles VAALCO’s total net production and reserves Expected to be immediately accretive to VAALCO, with minimal additional variable costs Anticipated to materially increase

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Pemex swings profits of $6 billion in 4th quarter

February 26, 2021
| Archives

Mexico’s state oil company Petroleos Mexicanos (Pemex) reported on Friday a fourth-quarter 2020 net profit of 124.28 billion pesos ($6.23 billion), helped by currency appreciation, lower imports and tax benefits. It marked a second consecutive quarter of net profit. “It’s a great achievement,” said Octavio Romero Oropeza, chief executive officer, in a call with investors. Pemex also reported total income

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Chevron launches $300 million fund to focus on low-carbon technology

February 26, 2021
| Archives

Chevron Corp has launched a $300 million fund focused on low-carbon technology, as traditional global oil and gas firms attempt to invest more in green energy and tackle climate change. Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists. Earlier

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Borr on 2020 results, with oil prices above $60 bbl we anticipate seeing a stronger market going forward

February 26, 2021
| Archives

Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three and twelve months ended December 31, 2020. Highlights in the Fourth Quarter of 2020: Total operating revenues of $60.2 million, net loss of $46.7 million and Adjusted EBITDA of $6.6 million for the fourth quarter of 2020.  On October 5, 2020, equity offering raised total

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ADNOC finalizes purchase of Shelf Drilling Journey

February 25, 2021
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Reference is made to the announcement made on December 21, 2020 by Shelf Drilling, Ltd. (“Shelf Drilling”, or the “Company”, OSE: SHLF) concerning the sale of the Shelf Drilling Journey jack-up rig by one of its subsidiaries. The Company is pleased to announce that it has on February 24, 2021, completed the sale and delivery of the

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Petrobras launches tender for 5 offshore rigs

February 25, 2021
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In the midst of the process of change in its high command, Petrobras launched this week a new tender that promises to move the market. The state-owned company published a public notice to contract up to five offshore drilling rigs. The opening of the envelopes with the bidders’ proposals is scheduled for March 15th. The vessels that

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Norway offers 84 exploration blocks in 2021 licensing round

February 25, 2021
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Norway launched a consultation on Thursday on a 2021 licensing round in mature areas in which it offered 84 new blocks for petroleum exploration, including 70 in the Arctic Barents Sea. The maps attached to a statement by the Petroleum and Energy Ministry showed new blocks offered southeast of Bear Island, roughly half way between the Arctic Svalbard

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Higher dayrates and more work for Transocean

February 25, 2021
| Archives

During Transocean’s last earnings call, CEO, Jeremy Thigpen, said that, just last week, BHP exercised one of its options on the 2014-built Deepwater Invictus drillship at an increased day rate of $215,000. The last fleet status report, published earlier in February, shows that the rig’s previous day rate under the contract with BHP was $155,000 for operations in Trinidad where BHP failed to find

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