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Somalia president signs new petroleum bill into law

February 10, 2020
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Somali President Mohamed Abdullahi Farmajo has signed landmark petroleum legislation into law to help open up a new frontier market, the oil ministry said on Saturday. The upper house of Somalia’s parliament in January approved the petroleum law aimed at providing a regulatory framework that will help attract investment in exploration by major oil companies. “The Petroleum Law demonstrates

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Diamond 4Q results: $50mm added to the backlog with extension of the Ocean Patriot

February 10, 2020
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  Diamond announced their 4th Q results today: During 2019, the Company secured $620 million of backlog, including over $50 million secured in the fourth quarter related to a 12-month extension for the Ocean Patriot in the North Sea. As of January 1, 2020, the Company’s total contracted backlog was $1.6 billion, excluding approximately a $100 million margin commitment from

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Tullow reduces headcount in Kenya

February 7, 2020
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Tullow Oil Plc will reduce its headcount in Kenya by about 40% as part of a company-wide restructuring following poor performances at its Africa and Guyana operations. About 35 workers will become redundant, Tullow Kenya Managing Director Martin Mbogo said in an emailed response to questions. The reduced team “will focus†on achieving a final investment decision for the Kenya project

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Saipem racks up $500mm worth of new contracts

February 7, 2020
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The first EPCI contract has been awarded by Saudi Aramco in the Kingdom of Saudi Arabia as part of the Long-Term Agreement in force until 2021. The scope of the offshore work encompasses the design, engineering, procurement, construction and installation of a 36†carbon steel pipeline onto the existing network around the Ju’aymah area and brownfield services

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Noble Fleet Update Status

February 7, 2020
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Today Noble Corp released their fleet update status which included the following: Myanmar • Noble Clyde Boudreaux – Mid March 2020 to Late April 2020 at a dayrate of $135,000. Trinidad • Noble Regina Allen – February 2021 to March 2021 (extension). See full fleet update status here Source: Noble Check out our other current stories! Sembcorp in talks for completion of 2 drillshipsMaersk

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Sembcorp in talks for completion of 2 drillships

February 7, 2020
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Sembcorp Marine Ltd refers to its announcement of 7 October 2019 in relation to the settlement reached with various subsidiaries of Sete Brasil (the “Sete Groupâ€). The settlement agreement for all contracts with the Sete Group is subject to certain conditions precedent being fulfilled. The Company wishes to inform that all conditions precedent have been fulfilled and the

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Maersk Fleet Update Status

February 5, 2020
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See full fleet update status here After the end of Q4 2019, the following contracts and extensions were signed: 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

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Brazil offshore oil auctions, U.S. set to assist

February 5, 2020
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The U.S. government is ready to help Brazil design more effective oil auctions, the U.S. secretary of energy said on Sunday, after the South American nation’s attempt to sell tens of billions of dollars of production rights to private firms last year largely flopped.  In November, Brazil, a staunch U.S. ally under far-right President Jair Bolsonaro, tried to

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Helmerich and Payne see “modest†increase in rig activity

February 5, 2020
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U.S. drilling contractor Helmerich and Payne anticipates customer spending declining about 10% in 2020 from last year’s level, the company’s finance chief said on Tuesday. The reduced spending would imply that U.S. producers will drill 2,300 fewer wells this year than 2019’s total of about 16,400 wells. That would mark a 14% year-over-year decline, the company said. Even so,

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