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ADES signs up the Admarine 5 for 6 month gig

January 27, 2021
| Archives

ADES International Holding, a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has secured a new contract for Admarine 5 in the Gulf of Suez. The contract, secured with a top-tier client, covers a firm six-month period with the option to extend for an additional six months, further strengthening

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Sete creditors refuses Petrobras deal, negotiations continue

January 27, 2021
| Archives

Petrobras, following up on the release disclosed on November 12, 2020, informs that it has received a notification from the Sete Brasil in which: (a) it indicates that will not comply with certain conditions set forth in the agreement that should be fully met by January 31, 2021; and (b) requests the beginning of a new negotiation

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Biden to pause onshore and offshore drilling leases

January 27, 2021
| Archives

President Joe Biden will take additional executive action on Wednesday to combat climate change, including temporarily blocking new leases for oil drilling on federal lands and waters, ordering a review of fossil-fuel subsidies and other measures to overhaul U.S. energy. Biden will sign a broad-ranging executive order directing federal agencies to consider climate change in everything from government

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Polarcus receives default and enforcement notice

January 26, 2021
| Archives

Polarcus Limited refers to the announcement issued earlier on 26 January 2021 (Polarcus Addressing Long Term Financing Structure Following Financial Default). During trading hours today, Polarcus Asima AS, Polarcus Alima AS, Polarcus Amani AS, Polarcus Adira AS, Polarcus Nadia AS, Polarcus Naila AS and Polarcus Shipholding AS (collectively, the “Former Subsidiaries”) each received default and enforcement notices

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Nigeria looks to issue new petroleum bill in Q2 2021

January 26, 2021
| Archives

The National Assembly of Nigeria is targeting April or May for the passage of the highly anticipated Petroleum Industry Bill, according to an announcement by Senate President Ahmed Lawan on Monday. After being sent to the Senate by President Muhammadu Buhari last September and passing its second reading by the House of Representatives last November, the passage of

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Solstad adds more work in West Africa

January 26, 2021
| Archives

Solstad Offshore announced that it has received four contract awards for three of its subsea construction vessels (CSV). The Normand Jarstein has secured a contract with a Norwegian subsea contractor for a project in West Africa. The commencement will be January 2021 and the duration are two months firm plus one-month option. In addition, Normand Jarstein has been awarded a contract with

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Stena grabs works with Petrofac for the Stena Don

January 25, 2021
| Archives

Stena Drilling are pleased to announce that they have signed a new contract for drilling operations with Petrofac using the Stena Don Operations are due to commence between 1st July 2021 and 31th July 2021, for the drilling of one (1) firm well with an estimated duration of 76 days in the UK Continental Shelf for an as yet undisclosed operator. Stena

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Odfjell signs LOI with Lundin for the Deepsea Stavanger

January 25, 2021
| Archives

Lundin Energy Norway and Odfjell Drilling have signed a letter of intent for the use of Deepsea Stavanger. The letter of intent is subject to finalization of contract and final approvals from involved parties. The contract is set to commence in Q3 2021 with a duration of one (1) firm well plus eight (8) optional wells. The

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Diamond Offshore enters Chapter 11

January 25, 2021
| Archives

Diamond Offshore Drilling, Inc. ("Diamond" or the "Company") today announced that it has entered into a plan support agreement with holders of over 70% of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction that will significantly deleverage the Company's balance sheet and position the Company for future growth.  As previously

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Hess to spend $1.9 bln in 2021

January 25, 2021
| Archives

U.S. oil producer Hess Corp said on Monday it expects to spend $1.9 billion in 2021 and more than 80% of the budget will go to Guyana and the Bakken oil play. The company forecast net production to average about 310,000 barrels of oil equivalent per day (boepd) in 2021, excluding Libya, slight below company’s 2020 estimate of

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