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Transocean lines another rig up for Petrobras

February 23, 2022
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Transocean to sign a new charter contract with Petrobras. The company took the lead in the oil company’s new request for quotation aimed at the international bid to carry out a drilling campaign in the Tayrona area, located offshore Colombia. According to PetróleoHoje, the two companies have already settled most of the commercial terms. The conclusion of the

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Seadrill emerges from bankruptcy after more than a year of restructuring

February 23, 2022
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Seadrill 2021 Limited has emerged from Chapter 11 after successfully completing its reorganization pursuant to its Chapter 11 plan of reorganization (the 'Plan'). The Plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on October 26, 2021.  The restructuring significantly delevered the Company’s balance sheet by equitizing approx. $4.9 billion of secured bank debt previously held across twelve silos,

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Transocean Q4 results, backlog sits at USD $6.5 billion

February 23, 2022
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Transocean reported on their Q4 results and full year of 2021, below are the highlights Total contract drilling revenues were $621 million, compared to $626 million in the third quarter of 2021 (total adjusted contract drilling revenues of $671 million, compared to $683 million in the third quarter of 2021); Revenue efficiency(1) was 94.5%, compared to 98.1% in the prior quarter; Operating and maintenance expense was $430 million,

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Exxon spuds Cutthroat

February 22, 2022
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ExxonMobil began drilling the first exploratory well in block SEAL-M-428 (Cutthroat prospect), named 1-EMEB-3-SES. The drilling is being carried out by Seadrill’s West Saturn rig, in a water depth of 3,093 meters, with an estimated duration of between two and four months. The information was released this Monday morning by Enauta. The company has a 30% interest in

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Seadrill looks to exit bankruptcy

February 22, 2022
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Seadrill has announced that it anticipates emerging from the Chapter 11 process in February 2022, likely prior to the end of the present week. As previously announced, Seadrill's Chapter 11 plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on October 26, 2021. Since confirmation of the Plan, the Company has been preparing to satisfy

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Valaris announces Q4 results, backlog sits at USD $2.4 billion

February 22, 2022
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Valaris Limited reported fourth quarter 2021 results and below are the some of the highlights President and Chief Executive Officer Anton Dibowitz said, “We focus every day on delivering safe, reliable and efficient operations to our customers. I would like to thank the Valaris team for continuing to deliver the strong performance that our customers have come

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Valaris fleet status update is out, multiple contracts awarded

February 21, 2022
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Valaris just published a fleet status update and below are the highlights that have not been previously announced: Floaters VALARIS MS-1 awarded a five-well contract with an undisclosed operator offshore Australia. The contract is expected to commence in the second half 2023 with an estimated duration of 300 days. The contract is subject to final investment decision (FID) by

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Odfjell picks up management of the West Linus

February 21, 2022
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Odfjell Drilling has agreed with SFL to provide management services for the harsh environment jack-up drilling rig West Linus. The agreement is based on terms and conditions customary for this type of agreements. The rig is employed on a long-term drilling contract with ConocoPhillips Scandinavia AS (“ConocoPhillips”) in the North Sea until the fourth quarter of 2028. Odfjell

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Saipem exploring drilling division sell off

February 21, 2022
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Saipem SpA is considering a roughly 4 billion euro ($4.5 billion) restructuring package that could include a cash injection and asset sales, according to people familiar with the matter, in the wake of a shock profit warning.  The Italian engineering firm is exploring plans for a capital increase of about 2 billion euros and also negotiating with banks to

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Equinor granted exploration permit using the Transocean Enabler

February 21, 2022
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The Petroleum Safety Authority Norway has given Equinor consent for exploration drilling in production license PL 532 in the Norwegian Sea. Well 7220/8-3 and 7220/8-U-3 (pilot well) will be drilled to test a prospect named Skavl Stø. The wells will be drilled Transocean Enabler at location 72° 26`57,18 N 20° 20`33,02 E. Water depth is 352 metres. Source: PSA Join our mailing list here

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