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A look back at our top 10 articles for 2021

Rig Lynx
  • By Rig Lynx
  • Jan 03, 2022
  • Category : Archives
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A look back at the top 10 articles of 2021

 

It seems like every year starts off as difficult here recently, with Covid still hanging around and ABCDEFG variants coming along, it is putting pressure on many areas that came out of lockdown seem to be struggling to keep from replaying 2020 all over again and going back into lockdown.

 

Shale drillers becoming more resilient to the pricing game as Saudi keeps the hand on the valve playing it safe with production increases. No one is ready to say we are recovered yet, which by all counts means that the market is still fragile. But one thing is for certain, the market is reacting to news around the world. We saw early in 2020 that it seemed like the previous trends of weather-related events, geo-political events, nothing seemed to touch the price by very much.

 

It looks like we are in a more balanced environment, a tender one but a more balanced one.

 

Some big news that is not covered here was the amount of quantitive easing that is making its way into some of the largest board rooms in the business. We covered it more in detail here with our special report on ExxonMobil and Engine 1, something anyone in the industry needs to have a read and understand what is taking place around the world.

 

Stay safe and stay positive or in respects to COVID,stay negative!

 

 

Shell confirms Deepwater Pontus BOP incident

 

Back on Dec 13th 2021, Shell confirmed that Transocean drillship Deepwater Pontus was forced to stop working since losing a blowout preventer (BOP) when completing a well late last month.

 

Shell confirms Deepwater Pontus BOP incident

 

Bolette Dolphin sold for $85 million to Deep Value Driller AS

 

In early March of 2021, Fernley Securities reported that the Bolette Dolphin had found a new home with Deep Value Driller AS.

 

Bolette Dolphin sold for $85 million to Deep Value Driller AS

 

Vantage Drilling sells 3 jackups to ADES and pursues global strategic alliance

 

Just as recently as two weeks ago, Vantage Drilling International and ADES strengthened their partnership with VDI selling all the interest in Emerald Driller Company (EDC) in Qatar to ADES Arabi. This of course is the business unit for VDI that has 3 long term contracts in place.

 

Vantage Drilling sells 3 jackups to ADES and pursues global strategic alliance

 

Sevan Developer slated to start Petrobras contract August 2021

 

April 2021, we saw the SacanB Offshore managed Sevan Driller going to work for Petrobras offshore Brazil.

 

Sevan Developer slated to start Petrobras contract August 2021

 

 

Noble Drilling and Pacific Drilling announce merger

 

We saw one of the largest announcements of the year back in March 2021 between Noble Drilling Corp and Pacific Drilling to merge in an all-stock transition.

 

Noble Drilling and Pacific Drilling Announce Merger

 

Globetrotter 2 loses LMRP and Riser during Ida

 

Hurricane Ida wreaked havoc in the Gulf of Mexico back late August – early September as it shut down production on some Shell platforms for months and damaged one of Noble’s rigs the Globetrotter 2 with crew still aboard which ensued a BOEM investigation.

 

Globetrotter 2 loses LMRP and riser during IDA

 

Seadrill top of pack for Petrobras MPD contract

 

Many new contracts awarded this year it hot spots such as Guyana, Brazil and the Mediterranean, so no surprise that Seadrill was in the running back in September for some MPD work for Petrobras offshore Brazil.

 

Seadrill top of the pack for Petrobras MPD contract

 

 

Seadrill line up 5 rigs for scrapping

 

Another year of consolidation and of course, scrapping… Seadrill was not immune from this as they announced 5 of their floaters headed to scrap heap in June.

 

Seadrill line up 5 rigs for scrapping

 

 

Buyers circle Seadrill as it plots exit from bankruptcy

 

Seems like it was a busy year for Seadrill news as they were preparing to exit from Bankruptcy but here there was some much-anticipated info on perspective buyers waiting on them to exit back in June.

 

Buyers circle Seadrill as it plots exit from bankruptcy

 

 

Stena announces purchase agreement with SHI for drillship

 

Rounding of the list was something that many of us haven’t seen for a long time, the agreement to purchase a newbuild. Stena working in conjunction with SHI made this announcement back in December.

 

Stena announces purchase agreement with SHI for drillship

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Rig Lynx
Mar 09, 2023

  Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023.   Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.”   Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.”   Updated Guidance   As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023.   First Quarter 2023   Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023   Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Mar 09, 2023

  Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico.   The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Mar 09, 2023

  Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin.   The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL).   Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee.   “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling.   Source: Dolphin   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here