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Schlumberger sells off the drill pipe and fishing business for $400 million

May 14, 2019
| Archives

Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhône Capital, and Schlumberger today jointly announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The

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Bristow Files Chapter 11 Bankruptcy

May 13, 2019
| Archives

Bristow Group voluntarily filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on 11 May. The oil-and-gas helicopter operator says it intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more-sustainable debt profile. Bristow states that its businesses will operate normally throughout the bankruptcy. Only the group’s

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Dolphin Drilling signs LOI with “un-named†partner

May 13, 2019
| Archives

Dolphin Drilling AS, a subsidiary of Dolphin Drilling ASA, has entered into a Letter of Intent (LOI) for a contract with an un-named operator in Norway for a one-well development drilling program in the North Sea, using the semi-submersible drilling rig Borgland Dolphin. The LOI is subject to final contract. The program is estimated to 70 days with a commencement

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Weatherford to file for Chapter 11 bankruptcy

May 11, 2019
| Archives

Oilfield services provider Weatherford International Plc, burdened by a heavy debt load and years of losses, said on Friday it would file for Chapter 11 bankruptcy protection. The company, which at its peak was valued at more than $50 billion, never recovered from the 2014 oil price collapse. Efforts under Chief Executive Officer Mark McCollum to quickly sell

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5 Emerging Logistic Trends

May 10, 2019
| Archives

1. Warehouse Majors Invest in Automation in a Big Way Today’s business has increasingly become fast-paced. Highly demanding customers seek instant gratification on one side, and businesses, in a quest to do more with the finite resources on hand, try to optimize and accelerate their supply chain, on the other side. All this means not just larger volumes to

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US down 2 and Canada up 2 for this weeks rig count

May 10, 2019
| Weekly Rig Count

Baker Hughes, a GE company has posted Weekly Rig Count reports. Baker Hughes Rig Count: U.S. -2 to 988 rigs U.S. Rig Count is down 2 rigs from last week to 988, with oil rigs down 2 to 805, gas rigs unchanged at 183, and miscellaneous rigs unchanged at 0. U.S. Rig Count is down 57 rigs from last year’s

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Occidental shares tank after Anadarko win

May 10, 2019
| Archives

Occidental Petroleum will hear directly from investors one day after clinching victory in the battle for Anadarko Petroleum and seeing its shares touch a new 10-year low. The oil company will host its annual general meeting Friday in Houston, including an investor vote on the board of directors. The meeting could become a proxy referendum on the $38

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Transocean highlights new rig technology at Houston’s 50th OTC

May 8, 2019
| Archives

Offshore drilling rig technologies are continuing to develop and evolve in response to increased industry demand for safer and more efficient systems, said Transocean CEO and President Jeremy Thigpen at the Offshore Technology Conference on Tuesday. While the market downturn of the past five years led many companies to sacrifice their R&D budgets, Thigpen explained that this was

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