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May 29, 2020
| Archives

Want to be a guest writer here with us? Our "Guest Writer" section will be starting up very soon and we are giving an open invitiation to all you writers out there! Easy peasy process: 1. Click the link below 2. Fill in required info 3. Attach your written work along with a short bio and any artwork that you would like to

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Subsea 7 cuts 3,000 jobs

May 28, 2020
| Archives

Subsea 7 issued further details of the cost reduction programme, following initial guidance provided on 30 April. It is envisaged that the overall reduction in headcount would be approximately 3,000 from the global workforce of 12,000, by the end of the second quarter 2021.  It is anticipated that two-thirds of the reduction would affect the non-permanent workforce and

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Maersk fleet status update highlights

May 28, 2020
| Archives

Maersk released their fleet update status and below are the highlights Commercial activity in Q1 2020: Maersk Integrator Awarded extension from Aker BP in Norway with a minimum contractual duration of 93 days in direct continuation of the rig’s current work scope. The extension has a firm value of approximately USD 25.5m, excluding a potential performance bonus. (1) Maersk

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Shale comeback still a year away

May 28, 2020
| Archives

Even if the economy continues to recover and a second wave of the pandemic is less damaging than the first, U.S. shale drillers may still take at least a year before moving rigs back into the field, according to the leader of an oilfield-services company. Precision Drilling Corp. Chief Executive Officer Kevin Neveu said activity in U.S. shale

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Repsol makes two significant deepwater oil discoveries in Mexican waters

May 27, 2020
| Archives

Repsol has made two significant offshore oil discoveries in Mexico’s deep water with its Polok-1 and Chinwol-1 exploration wells in Block 29 in the Salina Basin. Both wells confirmed high quality reservoirs with excellent properties, encountering net oil pay of 200 meters and 150 meters respectively. With these finds Repsol has posted six discoveries from six wells drilled

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Occidental is sued by shareholders, bondholders over Anadarko merger

May 27, 2020
| Archives

Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf

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Chevron may eliminate up to 15% of workforce

May 27, 2020
| Archives

Chevron is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic. The company aims to reduce costs to ride out the worst crude-price crash in a generation. Among other big oil companies, BP Plc is reducing senior management roles ahead of

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The DH350 from Epiroc: a step change in drilling rig mobility

May 27, 2020
| Archives

Epiroc, a leading productivity partner for the mining and infrastructure industries, introduces DH350, the first of a new line of oil and gas drilling rigs that delivers advanced performance for customers who want the very best in an oil and gas machine. The Epiroc DH350 challenges conventional rig design while offering advantages of Tier-1 class drilling rigs

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How to prepare a ship for Layup

May 26, 2020
| Archives

With the recent dip in oil prices, like many drilling contractors, ship owners have had to stack or Layup vessels. It is always a big decision to layup a vessel.  But with recent market conditions many oil exploration companies with marine fleets have had to Layup vessels until the market improves. “Laidup” or “Layup” of a ship technically means

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