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Seadrill Limited – First Quarter 2020 Results Highlights

June 2, 2020
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Highlights Revenue down 19% at $321 million with lower proportion of reimbursable revenues Technical utilization of 95% and economic utilization of 93% Operating Loss of $1,284 million after making material asset impairments Adjusted EBITDA of $55 million, representing 17.1% margin Net loss attributable to shareholder of $1,564 million equivalent to net loss per share of $15.59 During the quarter we added $77 million in backlog,

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Seadrill to Delist from the New York Stock Exchange

June 2, 2020
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Seadrill Limited announced its intention to delist from the New York Stock Exchange (NYSE).  On March 26, 2020, Seadrill received written notice from the NYSE that it was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required, because the average closing price of its common shares had fallen below $1.00

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America must continue oil and natural gas investment

June 1, 2020
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As our energy-environment discussion marches on amid the pandemic, one of our biggest concerns must be that temporary fallen demand and extreme lower prices discourage investments in new oil and natural gas supply. Worse, there is also a loudening mantra that COVID-19 somehow signals the “the end” of oil and gas so new investments are not warranted. The

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$20 billion LNG shipbuilding deal awarded to 3 heavyweight South Korean yards

June 1, 2020
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Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., according to a statement on Monday from state producer

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Why reenvision how oil and gas people connect?

May 29, 2020
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It’s pretty standard now… Everyday there is an announcement about a new technical advancement in the industry with IIOT (Industrial Internet of Things), machine learning or AI (Artificial Intelligence). Biggest collaboration mentions: Chevron’s agreement with Microsoft for a 7-year partnership for use of their cloud technology as part of Chevron’s overall digitization initiative. ExxonMobil’s agreement with Microsoft

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Ready to get your content published?

May 29, 2020
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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
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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
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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
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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
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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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