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This week at the top of the list is a forecast across the next year or so on hopefully what will be the opening of some of the Permian’s choke points as well as a few other things, now more than ever it will be a people issue, that’s our opinion anyway. Just behind that we have the US Coast Guard and Good Samaritans out rescuing 15 from a capsized ram vessel close to Grand Isle Louisiana, thanks to both of those groups for their daring work! In the 3rd spot we have Seadrill’s West Aquarius headed into Newfoundland for what looks like an SPS before they get started next year drilling for ExxonMobil. Pulling into 4th and back in the weekly top 5 are Rowan and Ensco both voting for an early termination of the waiting period prior to their merger, wanting to clean the books up before the end of the year, our thoughts anyway. For the 5th and final spot for this week we have the team over at Pacific emerging from bankruptcy proceedings, looks like they may not be 100% out of the water yet, they need some additional work into the future to keep from dipping back in the red again but only time will tell!
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Here we go, we start off with that knee jerk reaction from this past week!
Bloomberg: The map lays out OPEC’s nightmare in graphic form.
An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel. (More Here)
The Coast Guard and good Samaritan vessels have helped rescue 15 people from a lift boat near Grand Isle today.
The Coast Guard was called at about 3:16 a.m. Sunday from a lift boat, Ram XVIII, which was taking on water about 23 nautical miles west of Southwest Pass. There were 15 souls on board. (More Here)
Local contractor DF Barnes has been awarded a contract by Seadrill that will bring the ultra-deepwater semi-submersible drilling rig, West Aquarius, to the Bull Arm fabrication site.
Nalcor Energy-Bull Arm Fabrication has signed a short-term agreement for the fabrication yard with DF Barnes that will see work begin at site in December and continue into spring 2019. (More Here)
LONDON, Nov. 20, 2018 /PRNewswire/ — Rowan Companies plc (NYSE: RDC) (“Rowanâ€) and Ensco plc (NYSE: ESV) (“Enscoâ€) jointly announced today that they have received notice from the Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Actâ€), with respect to the proposed combination previously announced on October 8, 2018 pursuant to which Rowan and Ensco will combine. (More Here)
Pacific Drilling S.A. (OTC: PACDQ) (the “Companyâ€) announced that effective today the Company and certain of its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing restructuring transactions pursuant to their chapter 11 plan of reorganization (the “Planâ€).
In connection with emergence from bankruptcy, the Company raised $1.5Â billion in gross proceeds in new capital, consisting of $1.0Â billion of new secured notes and $500Â million of equity. (More Here)
Alright, that’s this week’s wrap up!
From all of us here at OutPut- Have a great week and stay safe!
Photo by Michael Elleray Used under CC License 2.0Â
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