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Photo Gallery: World’s largest semi-submersible crane

May 24, 2019
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Sembcorp Marine completes world’s biggest and strongest semi-submersible crane vessel for Heerema SSCV Sleipnir is a new-generation semi-submersible crane vessel with a pair of revolving cranes that can lift 20,000 tonnes in tandem – no other existing crane vessel has this capabilityThe vessel is also the first dual-fuel crane vessel, with engines running on MGO and LNG for

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Seadrill considers selling non-core assets

May 24, 2019
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Offshore drilling contractor Seadrill is considering selling non-core assets, including its 15.7% stake in oil service firm Archer, to reduce its liabilities, the firm’s outgoing chief financial officer said on Thursday. Seadrill, controlled by Norwegian billionaire John Fredriksen, emerged from U.S. Chapter 11 bankruptcy proceedings last year, and is betting on the offshore oil market’s recovery to repay

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Offshore rig market expectations don’t match reality- Bassoe Commentary

May 23, 2019
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Recent long-term offshore drilling contract awards might not fit with investors’ expectations, but it’s the expectations that are the problem, not the reality. I don’t normally comment on drilling contractor share prices (and I’m not telling you to buy anything), but the latest share price reaction to some of the great news and developments in the market indicates that

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Seadrill Q1 results, CEO says “â€We continue to see increased contracting activity in the deepwater marketâ€

May 23, 2019
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Highlights Revenue of  $302 million Operating loss of $71 million Adjusted EBITDA of $72 million 93% economic utilizationReported net loss of $296 million and net loss per share of $2.95 Total cash of $1.9 billion Seadrill Limited order backlog of approximately $1.9 billion$130 million added to backlog since our last earnings report in February  Anton Dibowitz, CEO, commented:“We continue to see increased contracting activity

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U.S. shale producer Pioneer Natural Resources cuts 25% of workforce

May 23, 2019
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Pioneer Natural Resources Co, one of the largest producers in the Permian Basin of West Texas and New Mexico, announced on Tuesday that it had cut about a quarter of its workforce to save costs and boost shareholder value. Irving, Texas-based Pioneer laid off 230 employees this week at its headquarters and in its Permian Basin offices, and

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Saipem rounds up contracts totalling over $100 million

May 20, 2019
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Saipem has been awarded new contracts in offshore drilling in Norway and the Middle East totalling over USD 100 million. One contract was signed with Repsol Norge AS for the drilling of a well for operations in Norway expected to commence in the third quarter of 2019. Works will be executed by the sixth-generation semisubmersible rig Scarabeo 8, a

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Bassoe: Jackup Report – Fixtures are surging!

May 20, 2019
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Jackup fixture activity is surging. In addition to the latest fixtures, six of the eight jackups which were awarded multi-year contracts with Qatar Petroleum in early May are yet to be named, another 15 jackups from the recent and ongoing Pemex tenders are yet to be named, and other awards in the Middle East, West Africa, and

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ExxonMobil Permian development to provide $64 billion in benefits to New Mexico

May 17, 2019
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IRVING, Texas – ExxonMobil today said a new study estimates the company’s development of Permian Basin resources in New Mexico will generate approximately $64 billion in net economic benefits for the state and local communities over the next 40 years, creating thousands of new jobs and providing increased funding for education, health and human services and infrastructure

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EnscoRowan Awarded $180 Million by Arbitration Tribunal

May 17, 2019
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LONDON–(BUSINESS WIRE)– Ensco Rowan plc today announced that an arbitration tribunal has awarded the Company $180 million in damages in its proceedings against Samsung Heavy Industries, a shipyard in South Korea (“SHIâ€). Further, the Company will be claiming interest on this amount and costs incurred in connection with this matter. In April 2016, the Company initiated arbitration proceedings

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DNV-GL Highlights Digital Skills Gap in Energy Sector

May 17, 2019
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Enabling successful digital transformation goes beyond technology. For an organization to truly benefit from any new approach, every layer of the organization needs to be involved and every employee needs to be on board. Organizations can invest millions into new systems, processes and technologies but all this investment will be worthless if the company structure and culture prevents

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