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PEOPLE OFTEN START OFF in conservation with great intentions. They become activists. They advocate for causes. But they can quickly get bogged down and discouraged when reality hits: conservation isn’t black and white. Successful conservationists learn to view the “other side†(typically resource extraction industries) not as the enemy per se but as potential partners in solving problems long term. And to do this, everyone involved must learn to look at things from a new perspective.
Nowhere is this hypothetical more apt than with offshore oil rigs. Most people see offshore oil platforms as huge industrial blots on the ocean. And yet marine conservation scientists Amber Jackson and Emily Callahan are helping uncover a remarkable story: the thriving ecosystems formed on these structures beneath the surface.
The two co-founded Blue Latitudes, a company that landed them coveted spots on Forbes 30 Under 30 list. Their mission is to transform old offshore oil platforms into artificial reefs, avoiding the huge carbon footprint that occurs when the structures are removed, and encouraging the development of thriving marine ecosystems. These artificial reefs not only preserve new habitat but can also create public awareness around ocean conservation.
To accomplish this, Blue Latitudes conducts scientific research, including ecological value assessments through diving as well as Remotely Operated Vehicle (ROV) surveys (essentially underwater drones). They also advocate for environmental support through media campaigns and work with regulators and industry stakeholders.
Matador Originals’ new documentary Rigs to Reef: Transecting Borneo follows Amber and Emily on an epic journey across Malaysia and back to California where they attempt to gather data via “transects,†essentially monitoring all marine life that’s found in a given area. The goal is to demonstrate the ecological value of artificial reefs.
They first visit Seaventures, the world’s only decommissioned oil rig transformed into a dive resort. From there, they dive off the nearby island of Mabul, which allows them to compare data of the artificial reef with that of a human-impacted natural reef.
From here they explore Sipadan Island, one of the world’s most pristine marine ecosystems. Finally, they return to California to compare data, which leads to some surprising results.
As with all conversation stories, Rigs to Reef starts with people’s deep connections to place and from there, their desire to protect it. Amber Jackson grew up in Southern California. As a kid, she spent her days swimming through kelp forests and jumping in blowholes. On the opposite coast, Emily Callahan grew up on tiny New Castle Island off of New Hampshire. Her afternoons were filled with trips to the beach to go tide-pooling where she’d bring marine collections back to the house in sea-water filled buckets.
Matador Originals
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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