This week we saw Transocean kicking the wood out of the shed with a 790 day extension for the PB10K, Borr is back in our weekly wrap up with the activation of 4 jackups without contracts, the Rowan Norway gets a contract, Trinidad and Precision come to the table on a buyout and Turkey and Cyprus sling words back and forth with blocks in the middle.

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Here we go, we start off with that 790 day extension!

#1 (476 Views)

Transocean drillship gets 790 day extension

Transocean said on Friday that the contract extension was for the ultra-deepwater drillship Petrobras 10000.

The company added that the contract was extended by 790 days and that the vessel would work offshore Brazil.

The contract is extended through October 2021 and includes a blend and extend modification to the previous contract dayrate, effective September 2018. The additional net contract backlog is approximately $185 million, including cost escalations. (more)

#2 (294 Views)

Borr reactivates 4 jackups on market speculation

The driller on Wednesday said the move to reactivate four additional jack-ups was made based on recent contracts secured and a rise in customer inquiries-

Borr Drilling said: “Supported by the strong increase in direct customer requests and the material increase in tender activity of approximately 50% year to date, the Board has decided to initiate the activation without having secured firm employment for the four rigs. However, the Board sees several interesting opportunities for employment at attractive rates.†(more)

#3 (278 Views)

Rowan Norway going back to work

Rowan Companies said Rowan Norway, an N-Class ultra-harsh environment jack-up rig, has been awarded a two-well contract in the Mediterranean Sea by Turkish Petroleum with an estimated duration of 100-140 days.

The contract is expected to commence in late 2018. The Rowan Norway is currently warm-stacked in the United Kingdom sector of the North Sea, the company said in a statement. (more)

#4 (163 Views)

Trinidad accepts $1 Billion offer from Precision, turns away Ensign

Canada’s largest contract drilling firm is transferring to solidify its place with a $540-million all-share merger provide for the nation’s third-largest driller.

However the true attraction for Precision Drilling Ltd. is Trinidad Drilling Ltd.’s “super-spec†American rig fleet because the Canadian drilling trade stays in a deep funk due to commodity value reductions and low investor confidence.

“We have stated many instances that … acquisitions usually are not a precedence for Precision, however in this case the worth creation alternative was too compelling for us to ignore,†stated Precision CEO Kevin Neveu on a Friday convention name.

“Each Precision and Trinidad have centered on the US and the Center East as our major progress geographies. This mixed platform considerably reinforces our scale and market relevance in these key areas, positioning us for sustained progress and know-how deployment.†(more)

#5 (180 Views)

Turkish President warns not to “overstep the mark†in disputed waters as Cyprus invites oil majors back

Cyprus decided Wednesday to invite energy giants Total, Eni and ExxonMobil to bid for a license to explore for oil and gas in a new offshore block, officials said.

The cabinet agreed to allow firms already licensed to exploit oil and gas in the Mediterranean island’s Exclusive Economic Zone (EEZ) to bid for exploration rights in an area known as Block 7.

That makes the US giant ExxonMobil, France’s Total and Italy’s ENI all eligible to bid, with a month to do so. (more)

Alright, that’s this week wrap up!

From all of us here at OutPut- Have a great week and stay safe for the week ahead!