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Reliance’s unit to sell off Marcellus shale play for $250 million

February 4, 2021
| Archives

Reliance Industries Ltd said on Thursday its unit will sell its interest in certain upstream assets in the Marcellus shale in the United States for $250 million in cash to Northern Oil and Gas Inc. The assets, currently operated by various affiliates of EQT Corp, will be sold for the cash consideration and warrants, that will allow for

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Seadrill given more time on the restructure from 9 of the 12 creditors

February 4, 2021
| Archives

Seadrill Limited announces that it has entered into a forbearance agreement with certain creditors in respect of nine out of the group's twelve senior secured credit facility agreements. The purpose of the forbearance agreement is to allow the Company and its stakeholders more time to finalize negotiations on the head terms of a comprehensive restructuring of its balance

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Maersk Drilling bags 4-year contract with Tullow

February 4, 2021
| Archives

As we published last week, Tullow had mentioned a rig was going to be mobilized and we thought at the time that it may be the Venturer but today it was confirmed, congrats Maersk and the team of the Venturer. Maersk Drilling has received a conditional letter of award (“CLOA”) from Tullow Ghana Ltd. (“Tullow”) for the

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Chesapeake Energy cuts 15% of workers as it emerges from bankruptcy

February 4, 2021
| Archives

U.S. shale oil and gas producer Chesapeake Energy Corp plans to cut 15% of its workforce, an email sent to employees revealed, as it closes on new financing that will allow it to emerge from bankruptcy court protection next week. Once the second-largest U.S. natural gas producer, Chesapeake was felled by a long slide in gas prices. The

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Singapore’s Keppel submits lowest bid for Petrobras platform

February 4, 2021
| Archives

A consortium led by Singapore-based Keppel Shipyard Limited offered Brazil’s Petrobras the lowest price to build a floating platform for Buzios, Latin America’s second-largest oil field, three people close to the competition said. Keppel offered to build P-78, a 180,000-barrels-per-day production unit that Petrobras plans for its deepwater Buzios field, for 12.52 billion reais ($2.33 billion), the sources said,

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Vallourec reaches agreement with creditors

February 3, 2021
| Archives

French steel pipemaker Vallourec said on Wednesday it has reached an agreement in principle on financial restructuring with its main creditors. It has filed a request with the commercial court of Nanterre, in greater Paris, for the opening of safeguard proceedings, the company said in a statement. The deal, which reduces its debt by 1.8 billion euros ($2.16 billion),

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Vantage Drilling awarded two year contract for the Platinum Explorer

February 3, 2021
| Archives

Vantage Drilling International (“Vantage” or the “Company”), announced today, that its ultra-deepwater drillship, the Platinum Explorer, has received a letter of award for a two-year contract from Oil and Natural Gas Company (“ONGC”). The Platinum Explorer is currently performing under an existing three-year contract with ONGC, which is expected to conclude in the second quarter of 2021. The new contract

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Seadrill Announces Expiry of Forbearance Agreements

February 2, 2021
| Archives

Reference is made to the announcements by Seadrill Limited on 30 December 2020 regarding forbearance agreements entered into by the Company with certain creditors in respect of the group's senior secured credit facility agreements. The term of the forbearance agreements expired on 29 January 2021, and, accordingly, the creditors with whom forbearance agreements were entered into are no

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Polarcus lenders sail vessels to safe location for sales process and all employees to be terminated

February 2, 2021
| Archives

Since the earlier announcements, the Company has been in continuous dialogue with the Lenders and the new managers of the Former Subsidiaries (“New Managers”). The Company’s objective of those discussions has been to ensure the safety of current vessel operations and the stability for the Company and its subsidiaries for the benefit of all Polarcus’ stakeholders. The

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