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Booking frenzy sends tanker rates soaring

March 13, 2020
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The cost to transport oil on supertankers soared on Thursday as major producers scrambled to secure vessels to ship more crude in a bid to regain market share and buyers took advantage of plunging oil prices. Freight charges to ship oil in very large crude carriers (VLCCs) from the Middle East, which is home to the largest OPEC

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Pacific Drilling bags a two well deal with Murphy in Mexico

March 12, 2020
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Pacific Drilling announced on Wednesday via its 4th quarter results that its drillship the Pacific Sharav had been awarded a new two-well contract by Murphy in Mexico. It is scheduled to start in November 2020 and end in February 2021. The rig’s dayrate under this contract is set at $230,000. Pacific Drilling CEO Bernie Wolford also added: “We

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TechnipFMC Awarded a Significant Contract for the BP Platina Field in Angola

March 12, 2020
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TechnipFMC has been awarded a significant integrated Engineering, Procurement, Construction and Installation (iEPCI™) contract from BP Angola for the Platina field development, located offshore Angola in Block 18 at water depths ranging from 1,200 to 1,500 meters. The contract covers the manufacture, delivery and installation of the subsea equipment including subsea trees, a production manifold with associated subsea control

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One Person Confirmed With Corona Virus on Equinor’s Martin Linge

March 12, 2020
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Equinor is in dialogue with the Norwegian health authorities about further measures. The infected person has been in isolation in his cabin since 9 March. Measures to prevent further contamination for offshore installations has been introduced. It has not been decided when the person will be brought ashore. The person arrived at the field just before noon on

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Valaris DS 8 drops BOP stack off Angola

March 10, 2020
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  The VALARIS DS-8 experienced a non-drilling incident while operating offshore Angola resulting in the blowout preventer (BOP) stack being disconnected from the riser while the rig was moving between well locations. The BOP stack dropped to the seabed floor, clear of any subsea structures. Valaris plc has located the BOP stack and is actively working on ways

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Awilco signs the WilPhoenix up with Petrofac

March 10, 2020
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With reference to their press release on 30 January 2020, Awilco Drilling PLC is pleased to confirm that a contract has been signed with Petrofac Facilities Management Limited (Petrofac) for the provision of WilPhoenix for a three well Plug & Abandonment program on Rubie and Renee. The program has an estimated duration of 100 days and will

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What you need to know about coronavirus right now

March 9, 2020
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MARKETS ROUT Financial markets were thrown into turmoil on Monday after Saudi Arabia slashed oil prices and set plans for a dramatic rise in crude production. The jolt added to concerns over the spread of the coronavirus and the fears of a global recession. Oil slumped around 30%, while MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.9%

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Shelf Drilling grabs a one year extension for the Trident 16 in Egypt

March 9, 2020
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Shelf Drilling, Ltd. announced today that it has secured a one-year contract extension for the Trident 16 jack-up rig in direct continuation of its current term with Belayim Petroleum Company (“Petrobelâ€) for operations in the Gulf of Suez offshore Egypt. The Trident 16 has been working with Petrobel in Belayim fields since 2015, and following this

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Here’s How the Oil Price Crash is Upending Markets

March 9, 2020
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A crude-oil price war in the middle a worsening global virus outbreak sent a fresh wave of volatility surging through financial markets beginning on Monday in Asia. Oil futures tumbled the most since the Gulf War in 1991, Norway’s krone slid to its weakest against the dollar since the 1980s and Australia’s benchmark stock index plunged the most

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