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Parker Drilling Appoints New President

March 24, 2020
| Archives

Parker Drilling Company announced that its Board of Directors, following a global search led by Heidrick & Struggles, has appointed Sandy Esslemont, a veteran of the oil & gas industry, to serve as President and Chief Executive Officer. Mr. Esslemont will also join the Company’s Board of Directors. He succeeds Gary Rich, who retired from the Company

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Maersk Drilling receives early termination from Tullow Ghana

March 24, 2020
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Maersk Drilling announced today that it has received a notification from Tullow Ghana Ltd. of early termination for convenience of the drilling contract for the drillship Maersk Venturer. Since February 2018, Maersk Venturer has worked for Tullow offshore Ghana with an expected end of contract in February 2022. The rig is now expected to end the contract in

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Shelf receives early termination for Trident XIV

March 23, 2020
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Shelf Drilling, Ltd. announced today that it has received a notification from customer on early termination of the Trident XIV contract. The contract end date for the jack-up rig has been changed from February 2021 to July 2020. Photo for illustration purposes only Source: Shelf Drilling Canada – Technical Section LeaderAngola – Rig Admin from Canada, US or AustraliaHouston –

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It’s Not The First Time OPEC Has Pulled Up a Chair for Texas

March 23, 2020
| Archives

The crisis in the oil industry is so bad that Texas regulators are weighing whether to coordinate production cuts with OPEC. If they’re seeking advice, they should look no further than the man who first went to Vienna on behalf of the state’s oil industry. In 1988, Kent Hance, a member of the Texas Railroad Commission, boarded a

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Maersk Drilling revises financial guidance for 2020

March 21, 2020
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Today, The Drilling Company of 1972 A/S (“Maersk Drillingâ€) provides the following update on the impact of COVID-19 and lower oil prices. To date, Maersk Drilling’s operational and financial performance has been in line with expectations for 2020.  However, the rapidly developing situation around COVID-19 and the lower oil price environment is assessed to have implications for the commercial

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North America Rig Count: U.S. down 20 and Canada down 77

March 21, 2020
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U.S. Rig Count is down 20 rigs from last week to 772, with oil rigs down 19 to 664, gas rigs down 1 to 106, and miscellaneous rigs unchanged at 2. U.S. Rig Count is down 244 rigs from last year’s count of 1,016, with oil rigs down 160, gas rigs down 86, and miscellaneous rigs up 2

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Nabors and Parker go with reverse stock split

March 20, 2020
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Parker Parker Drilling Company announced that in connection with its previously announced plan to deregister its common stock under the Securities Exchange Act of 1934, as amended (the “Exchange Actâ€), the Company’s Board of Directors (the “Boardâ€) determined the reverse stock split ratio to be 1-for-50 and the forward stock split ratio to be 50-for-1. These stock split

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Shelf Tenacious contract cut short

March 20, 2020
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Shelf Drilling, Ltd. announced today that it has entered into a mutual agreement with the customer to amend the contract end date for the Shelf Drilling Tenacious from January 2022 to September 2020. This contract was originally executed in 2017 and commenced in early 2018 in the Middle East. The premium jack-up rig of BMC Pacific Class

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I3 issues Dolphin Drilling a contract for one of their semi-submersibles

March 20, 2020
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  I3 Energy has awarded a drilling contract to Dolphin Drilling to deploy one of the latter’s semi-submersible drilling rigs in Block 13/23c  in the UK North Sea. As per the contract, the UK-based oil and gas development company will either use the Borgland Dolphin or Blackford Dolphin drilling rig. The drilling campaign will last a minimum of 82 days and

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Oil rebounds from 18-year low

March 19, 2020
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Oil rebounded after plunging to the lowest level in 18 years as policy makers across the globe try to strengthen economies against the impact of the coronavirus pandemic. Futures rose as much as 18% in New York, the most since December 2008, following a 24% rout in the previous session. Prices have cratered over the past two weeks

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