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Petrofac completes sale of Mexico assets and notes $80.2 million dispute with Perenco, legal proceedings pending

November 3, 2020
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Further to its statement on 19 September 2019, Petrofac Limited (“Petrofac”) announces that the Group has completed the sale of its remaining 51% interest in its upstream IES operations in Mexico, including Santuario, Magallanes and Arenque, to Perenco Energies International Limited (“Perenco”). Perenco now owns 100% of the operations in Mexico. This transaction largely completes the Group’s

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Lufkin buys Schlumberger’s North American rod lift business

November 2, 2020
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Lufkin Industries said on Monday it had acquired oilfield services giant Schlumberger's North American unit that helps boost production from wells using so-called rod lift gear. The company did not provide a deal value. Schlumberger had put the rod lift business on sale, even before the industry was hit by an unprecedented decline in demand and prices due to

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Well-Safe Solutions secures $30 million in growth investment

November 2, 2020
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Following the recent acquisition of their second asset, Well-Safe Solutions has secured a significant £26 million (over $30 million USD) investment to fund the next phase of its growth plan. The further investment into the decommissioning company was led by MW&L Capital Partners, following their initial investment of £66 million to the company back in October 2019. Phil Milton, Chief

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Dolphin Drillings picks up short term work for the Borgland

November 2, 2020
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As announced by Mr. Bjornar Iversen CEO for Dolphin Drilling on his LinkedIn page: Very pleased with 5 months for Borgland Dolphin with DNO. This means a lot to our continuity of drilling operations for Borgland in 2021. The contract involves both drilling an exploration well, as well as plugging work on three wells on the Norwegian continental shelf.

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Pacific Drilling commences voluntary Chapter 11 restructuring

November 2, 2020
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Pacific Drilling S.A. announced that it and certain of its domestic and international subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas and have entered into a restructuring support agreement with an ad hoc group of the largest

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BW Energy grabs two jackups from Borr for conversation, purchase total $14.5 million

November 2, 2020
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BW Energy has concluded on an alternative development plan for the Hibiscus/Ruche satellite field in the Dussafu license offshore Gabon, utilizing a converted jack-up rig to reduce investments and time to first oil. Subsequently, the Company has acquired two jack-up drilling rigs, the 2003-built sister-units “Atla” and “Balder”, from Borr Drilling Ltd. BW Energy will pay a total

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Borr sells jackup Balder (ex GSF Constellation 2)

November 2, 2020
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Borr Drilling Limited is pleased to inform to have entered into an agreement to sell its cold stacked 2003 built jack-up drilling rig “Balder” to BW Energy. The completion of the sale is expected in the fourth quarter 2020, and the Company will receive USD 4.5 million sale proceeds. This sale follows the previously announced sale of

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Schlumberger introduces TruLink dynamic survey while drilling service

October 30, 2020
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Schlumberger has introduced the TruLink* definitive dynamic survey-while-drilling service. The new service helps operators to enhance end-to-end well construction operations and reduce overall drilling costs by performing definitive dynamic surveys while drilling on bottom that are used to identify and mitigate potential drilling risks. “TruLink service advances well construction operations and improves overall drilling performance through its unique,

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Valaris announces quarter 3 results and operational update

October 30, 2020
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Below are the operational highlights Floaters The floater contracting environment remains challenging due to limited demand, excess newbuild supply and the fall in oil prices earlier in the year. Floater demand declined materially in March and April 2020, as our customers reduced capital expenditures particularly for capital-intensive, long-lead deepwater projects in the wake of oil price declines from around

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Exxon plans on layoffs up to 14,000 across the globe

October 30, 2020
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Exxon Mobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices. Exxon and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S.

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