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Total purchase of ex-Anadarko assets to be blocked

May 28, 2019
| Archives

Algeria will block Total from acquiring Anadarko’s assets in Algeria, energy minister Mohamed Arkab told reporters on the sidelines of a conference on Sunday. Occidental Petroleum has agreed to sell Anadarko Petroleum Corporation’s assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion if the U.S. oil company succeeds in completing its plan to take

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3 PDVSA Oil Tankers Seized by BSM for $15 million in back payments

May 26, 2019
| Archives

German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by Reuters and sources close to the decision. PDVSA has struggled for years to pay its bills due to falling

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Photo Gallery: World’s largest semi-submersible crane

May 24, 2019
| Archives

Sembcorp Marine completes world’s biggest and strongest semi-submersible crane vessel for Heerema SSCV Sleipnir is a new-generation semi-submersible crane vessel with a pair of revolving cranes that can lift 20,000 tonnes in tandem – no other existing crane vessel has this capabilityThe vessel is also the first dual-fuel crane vessel, with engines running on MGO and LNG for

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Seadrill considers selling non-core assets

May 24, 2019
| Archives

Offshore drilling contractor Seadrill is considering selling non-core assets, including its 15.7% stake in oil service firm Archer, to reduce its liabilities, the firm’s outgoing chief financial officer said on Thursday. Seadrill, controlled by Norwegian billionaire John Fredriksen, emerged from U.S. Chapter 11 bankruptcy proceedings last year, and is betting on the offshore oil market’s recovery to repay

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Canada up 15 rigs on this weeks rig count!

May 24, 2019
| Weekly Rig Count

Baker Hughes, a GE company has posted Weekly Rig Count reports. Baker Hughes Rig Count: U.S. -4 to 983 rigs U.S. Rig Count is down 4 rigs from last week to 983, with oil rigs down 5 to 797, gas rigs up 1 to 186, and miscellaneous rigs unchanged at 0. U.S. Rig Count is down 76 rigs

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Offshore rig market expectations don’t match reality- Bassoe Commentary

May 23, 2019
| Archives

Recent long-term offshore drilling contract awards might not fit with investors’ expectations, but it’s the expectations that are the problem, not the reality. I don’t normally comment on drilling contractor share prices (and I’m not telling you to buy anything), but the latest share price reaction to some of the great news and developments in the market indicates that

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Seadrill Q1 results, CEO says “â€We continue to see increased contracting activity in the deepwater marketâ€

May 23, 2019
| Archives

Highlights Revenue of  $302 million Operating loss of $71 million Adjusted EBITDA of $72 million 93% economic utilizationReported net loss of $296 million and net loss per share of $2.95 Total cash of $1.9 billion Seadrill Limited order backlog of approximately $1.9 billion$130 million added to backlog since our last earnings report in February  Anton Dibowitz, CEO, commented:“We continue to see increased contracting activity

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U.S. shale producer Pioneer Natural Resources cuts 25% of workforce

May 23, 2019
| Archives

Pioneer Natural Resources Co, one of the largest producers in the Permian Basin of West Texas and New Mexico, announced on Tuesday that it had cut about a quarter of its workforce to save costs and boost shareholder value. Irving, Texas-based Pioneer laid off 230 employees this week at its headquarters and in its Permian Basin offices, and

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Saipem rounds up contracts totalling over $100 million

May 20, 2019
| Archives

Saipem has been awarded new contracts in offshore drilling in Norway and the Middle East totalling over USD 100 million. One contract was signed with Repsol Norge AS for the drilling of a well for operations in Norway expected to commence in the third quarter of 2019. Works will be executed by the sixth-generation semisubmersible rig Scarabeo 8, a

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Bassoe: Jackup Report – Fixtures are surging!

May 20, 2019
| Archives

Jackup fixture activity is surging. In addition to the latest fixtures, six of the eight jackups which were awarded multi-year contracts with Qatar Petroleum in early May are yet to be named, another 15 jackups from the recent and ongoing Pemex tenders are yet to be named, and other awards in the Middle East, West Africa, and

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