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Seadrill issues trading update, contract awards, cancellations, suspensions and scrapping

November 20, 2020
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Seadrill issues trading update, contract awards, cancellations, suspensions and scrapping, below are the highlights: Highlights Technical utilization of 94% and economic utilization2 of 92% Total backlog stands at $2.1 billion Cash and cash equivalents as at September 30, 2020 was $851m Stuart Jackson appointed Chief Executive Officer The role and responsibilities of the Chief Financial Officer are now divided into two new roles: Grant

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Maersk issues fleet status update, backlog sits at 1.5 billion US

November 20, 2020
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Maersk issued their fleet status update and below are the highlights Commercial activity in Q3 2020: Maersk Integrator: Awarded one-well contract with Aker BP in Norway in direct continuation of the rig’s current work scope with an estimated duration of 73 days. The contract is expected to commence in February 2021 and has a firm value of

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Seadrill sees depressed drilling rig demand until late 2021

November 20, 2020
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Offshore oil drilling contractor Seadrill expects the market for its rigs to remain depressed until late 2021, the Oslo-listed firm said on Friday as it continued talks with creditors over a debt restructuring. Seadrill, controlled by Norwegian-born billionaire John Fredriksen, in September suspended interest payments after failing to agree with lenders on amending terms for its $5.7 billion

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U.S. moves to loosen safety rules for Arctic Ocean oil drilling

November 20, 2020
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The Trump administration on Thursday proposed to loosen Obama-era safety regulations for the oil industry in the Arctic Ocean off Alaska to ease the way for petroleum extraction in the region, an effort that President-elect Joe Biden will likely throw out once in office. The proposal would revise a suite of Obama-era rules crafted to improve safety in

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Norway offers 136 Arctic oil exploration blocks

November 19, 2020
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Norway will offer oil firms 136 new offshore exploration blocks in a new frontier area licensing round in the Norwegian Sea and the Barents Sea, the Ministry of Petroleum and Energy and the Petroleum Directorate (NPD) said on Thursday. The government had previously indicated that it could offer up to 136 blocks, including 125 in the Barents Sea,

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NexTier and NOV team up on electronic fracking

November 19, 2020
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NexTier Oilfield Solutions Inc. and National Oilwell Varco, Inc. announce that the two companies recently entered into an agreement to collaboratively field test NOV’s electric fracturing system known as the Ideal™ eFrac fleet. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201118005378/en/ The Ideal eFrac fleet provides efficient, environmentally conscious hydraulic fracturing capabilities that dramatically reduce emissions, equipment, and complexity

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Transocean Mykonos and Corcovado extended in Brazil

November 19, 2020
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Transocean Ltd. announce that Petrobras has exercised a 680-day preexisting, fixed price option for the Deepwater Corcovado, and a 815-day preexisting, fixed price option for the Deepwater Mykonos. Together these contract extensions add approximately $297 million to Transocean’s industry leading backlog. Both rigs will continue to operate in Brazil and are subject to annual indexed dayrate escalations. Source: Transocean

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Total in investment talks with Libya

November 19, 2020
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France’s Total SE is in talks to increase energy investment in Libya, where oil output has surged in the past two months amid a truce in the OPEC member’s civil war. Total and Libya’s state-run National Oil Corp. held a virtual meeting and discussed efforts to increase Libyan production capacity and output “to the highest levels,” the NOC

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