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WSJ: Big Oil’s Flood of Cash Underwhelms Investors

October 24, 2018
| Archives

Soaring crude prices have put the oil industry on track to churn out huge cash piles this year. Even so, investors aren’t buying it. Literally. The world’s six largest Western energy companies— Exxon Mobil Corp. , Chevron Corp.Royal Dutch Shell PLC, BP PLC, Total SA and Equinor AS A—are set to generate their biggest profits since 2013. At the same time, they are projected to produce $90 billion in excess cash, the

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Bassoe: Ultra Deepwater drillship Deepsea Metro 1 sold for 262.5 million

October 24, 2018
| Archives

Golden Close Maritime Corp. announced [on Tuesday] the sale of their only drilling rig, the Deepsea Metro I, to an Asian buyer. The drillship, built in 2011 by Hyundai Heavy Industries and managed by Odfjell Drilling, has been warm stacked in Malaysia since 2017 after seeing its most recent contract in disputed waters offshore Vietnam cut short due

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Maersk Resolute Lands Extension From Petrogas E & P

October 22, 2018
| Archives

  Petrogas E&P Netherlands B.V. has exercised an option with Maersk Drilling to extend the current contract of jack-up rig Maersk Resolute. The contract extension is for one well, A15 on the Dutch continental shelf, with an expected duration of 21 days. The exercised option extends Maersk Resolute’s confirmed work scope into March 2019. The high-efficiency jack-up Maersk Resolute,

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Pacific Drilling Awarded Contract for the Pacific Bora

October 22, 2018
| Archives

HOUSTON–(BUSINESS WIRE)–Oct 22, 2018–Pacific Drilling S.A. (OTC: PACDQ) (“Pacific Drilling†or the “Companyâ€) announced today that its deepwater drillship the Pacific Bora has been awarded a contract by Nigerian Agip Exploration Limited (a subsidiary of Eni SpA) for drilling operations in Nigeria. The term of the contract is for one firm well plus two additional option wells.

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Rowan Stavanger wins contract for Equinor’s Gudrun field

October 22, 2018
| Archives

  The deal, for an initial five months, will see the rig drill two wells at the field, plus five options to extend which are not included in the initial contract value. Equinor has signed a framework agreement with Rowan Norway, giving the operator exclusive rights to the rig, if it is kept in continuous operation, up until 2025. The

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Transocean cheers new rig deals

October 22, 2018
| Archives

  In its latest fleet status report issued on Monday, October 22 Transocean said that the semi-submersible drilling rig Henry Goodrich has been awarded a one-year contract extension with Husky offshore Eastern Canada. The contract, with a dayrate of $275,000, is set to end in November 2019. Paul B. Loyd, Jr. semi-submersible rig has been awarded a two-well contract by BP, which is expected

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OutPut’s Weekly Top 5

October 21, 2018
| Weekly Rundown

This week Noble, Ensco and Rowan have made it back into the Top 5 with two articles from last week, one of course being the buyout of Rowan under the Ensco umbrella and Noble putting two ships back to work, which is always good news when we hear these rigs going back to work because the market

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How Trucking Affects the Oil and Energy Markets

October 21, 2018
| Archives

Oil production in the Permian oil fields has created its own set of problems. There’s more oil being produced than can be efficiently moved out of the area. That’s partly due to a lack of truck drivers, along with inadequate infrastructure to support them. It’s a two-way problem in which needed supplies can’t come in fast enough

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Myanmar to Auction off 31 New Blocks

October 21, 2018
| Archives

On August 30 the Ministry of Electricity and Energy (MoEE) announced it would be opening fresh rounds of bidding for oil and gas blocks in the first half of next year, and there are plans to launch a tender for at least one onshore block before the end of 2018. If all goes according to plan, the MoEE’s

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US rig count up by 4 this week

October 21, 2018
| Weekly Rig Count

The US drilling rig count was up 4 units to 1,067 rigs working for the week ended Oct. 19, according to Baker Hughes data. The count is up 154 units from the 913 rigs working this time a year ago. Land-based rigs rose 7 units to 1,044 for the week. Offshore units fell by 3 to 20 rigs

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