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Seadrill and Sonangol form Sonadrill JV

February 6, 2019
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Seadrill Limited announced today that it has entered into a 50:50 joint venture with Empresa de Serviços e Sondagens de Angola Ltda, an affiliate of Sonangol E.P. The new joint venture, Sonadrill, will operate four drillships, focusing on opportunities in Angolan waters. Each of the joint venture parties will bareboat two drillships into Sonadrill. The Seadrill drillships will

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Explorers’ success in 2018 reflects a disciplined approach that’s set to continue this year

February 5, 2019
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(Wood Mackenzie) After a difficult few years, the exploration sector is back in the black – and keen to stay there. New analysis from Wood Mackenzie shows that explorers’ success in 2018 reflects a disciplined approach that’s set to continue this year. Dr Andrew Latham, vice president, Global exploration, said: “We are seeing a long-overdue recovery in

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Italy may vote in an 18 month offshore drilling suspension

February 5, 2019
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The suspension, if approved, would be for a period of up to 18 months to enable the government authorities to evaluate the suitability of exploration areas for sustainable hydrocarbon exploration and production activities (the Plan). The bill is scheduled to be voted on in Parliament on the 12th of February 2019 and if enacted will become law, ADX said. It

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January was a big month for oil

February 5, 2019
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Oil closed lower but still scored its best January gain on record, after a month in which OPEC’s emergency supply cuts started to take root and panic eased about the global economy.Futures in New York dived 0.8% late Thursday, after a government report that U.S. production had swelled to an all-time high in November. Nonetheless, benchmark West

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HHI and DSME line up for a potential merger in South Korea

February 4, 2019
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SEOUL: The world’s biggest shipbuilder, South Korea’s Hyundai Heavy Industries, has reached a deal to acquire a majority stake in ailing number two Daewoo from the government, Seoul said on Thursday (Jan 31). The world’s top three shipbuilders are South Korean – Samsung Heavy ranks third – but the industry has been hammered in recent years by overcapacity and

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Bassoe: 34 years of backlog added to the jackup market in January

February 4, 2019
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Nearly 34 years of jackup contract backlog has been added since the start of the year, but utilization has fallen slightly.  Most recently, ONGC announced six awards for its Cat. 1 tender (three more awards for Cat. 2 are expected shortly) and various contracts were handed out in other regions since our last report.  Dayrates have not

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Industry “Social Dumpingâ€, a must read in our opinion

February 4, 2019
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(Energy Voice) Union bosses have accused offshore accommodation provider Prosafe of perpetrating one of the most “appalling examples of social dumping†ever seen. They claimed Cyprus-headquartered Prosafe had made “loyal, competent†employees redundant and was using an agency to recruit replacements at much lower pay grades. Prosafe deputy chief executive Stig Christiansen argued the company was “doing everything right

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COSL lines up the Innovator for work in Ireland

February 2, 2019
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  In a press release yesterday from Providence Resources it states that they have come to nominate the 6th generation harsh environment semi-submersible the COSL Innovator for work in the Barryroe, North Celtic Sea Basin. Contract commencement is said to be Q3 2019 the drilling program is primarily composed of drilling and testing of four vertical wells and

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Ensco plc Announces Amendment to Transaction Agreement with Rowan Companies plc

February 2, 2019
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Ensco plc announced on Tuesday by press release that the Company has entered into an amendment to the transaction agreement with Rowan Companies plc under which the companies will combine in an all-stock transaction. The amendment has been unanimously approved by each company’s board of directors. Amended Terms Under the terms of the amended transaction agreement, Rowan

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ExxonMobil Leads the Pack of Top Explorers of 2018

February 2, 2019
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Driven by its significant investment in Guyana, ExxonMobil is leader of the pack among the top oil and gas explorers of 2018, according to Rystad Energy’s annual exploration review covered in their recent press release. “ExxonMobil was exceptional, both in terms of discovered volumes and value creation from exploration,†said Rystad Energy head of upstream research Espen Erlingsen. Erlingsen

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