Q4 2022 Highlights   Seadrill relisted its common shares on the New York Stock Exchange (“NYSE”) with trading commencing on October 14, 2022, and following the NYSE relisting Seadrill’s status on the Euronext Expand changed from a primary listing to a secondary listing. Subsequently, Seadrill uplisted to the main list of the Oslo Stock Exchange with trading commencing on November 17, 2022. Seadrill added approximately $187 million of Order Backlog during the quarter, bringing the total as of December 31, 2022 to approximately $2.3 billion. Total Adjusted EBITDA for the full year of 2022 was $265 million, at the top end of Seadrill's 2022 financial guidance range. Operating revenues decreased by 15% to $228 million in Q4 2022 largely due to fewer rig operating days overall across the fleet. Total Adjusted EBITDA was $41 million in Q4 2022 in line with expectations and previous guidance, but lower than prior quarters primarily as a result of: (i) idle time for the West Tellus, which completed upgrades for its upcoming long-term campaign with Petrobras that commenced in early January 2023; (ii) fewer rig operating days for the West Hercules, which concluded its operations in Canada and subsequently demobilized to Norway; and (iii) not benefiting from a full quarter of operating results with respect to the rigs sold under the Jackup Sale. Consistent operational performance in Q4 2022, resulting in 95% technical utilization. Seadrill completed the sale of the legal entities that own and operate seven jackup rigs (AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida and West Leda) in the Kingdom of Saudi Arabia on October 18, 2022 (the "Jackup Sale"). The Jackup Sale triggered a mandatory payment of $204 million (inclusive of principal, accrued interest and exit fee) under Seadrill’s secured second lien debt facility (the "Second Lien Facility"). On November 14, 2022, Seadrill made a voluntary payment of $269 million (inclusive of principal, accrued interest and exit fee) under the Second Lien Facility. Cash and cash equivalents, which excludes restricted cash, as at December 31, 2022 was $480 million. The increase was primarily driven by proceeds from the Jackup Sale, partly offset by debt payments made under the Second Lien Facility. In addition, restricted cash as at December 31, 2022 was $118 million. On December 22, 2022, Seadrill entered into a definitive agreement to acquire Aquadrill LLC (formerly Seadrill Partners LLC) in an all-stock transaction.   Simon Johnson, President & CEO, commented:   “2022 was an extraordinary year of transformation for Seadrill that began with our successful emergence from restructuring in February. We later completed the sale of our seven jackups in the Kingdom of Saudi Arabia which enabled us to reshape our capital structure through substantial debt prepayments. To conclude the year, we announced the return of Aquadrill to the Seadrill family. This transaction completed on April 3, 2023, and coupled with our other strategic initiatives over the course of 2022, we believe we have a solid platform for growth and enhanced performance in the future that will deliver value to our shareholders. We continued our excellent operational performance in 2022 and in turn delivered strong financial performance within our 2022 guidance.   The management team and I would like to thank both our onshore and offshore employees for their continued efforts throughout the year. Our strong operational record and continued commercial success is down to our staff, whose hard work has been instrumental in driving Seadrill’s development. As the industry continues its realignment, we look forward to continuing to play an active role through 2023."   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  

  QatarEnergy has entered into an agreement with Shell to acquire a 40% working interest in the C-10 block located offshore Mauritania.   Pursuant to the terms of the agreement, and subject to customary approvals by the government of Mauritania, QatarEnergy will hold a 40% working interest in the Exploration and Production Agreement pertaining to the C-10 block. Shell (the operator) will hold a 50% interest, while Société Mauritanienne des Hydrocarbures, ('SMH') will hold a 10% interest.   Commenting on the signing of this agreement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: 'We’re excited about the opportunity to participate in Mauritania’s upstream sector which further builds on our exploration footprint in Africa, and we look forward to a successful exploration program.'   Minister Al-Kaabi added: 'We are delighted to have the opportunity to work with our strategic partner Shell and with SMH. We also look forward to collaborating with the Mauritanian government and thank them and our partners for their valuable support and cooperation.'   The C-10 block covers a total area of approx. 11,500 sq kms and is located approx. 50 kms off the coast of Mauritania in water depths of approx. 50 to 2,000 meters. Source: QatarEnergy   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  

  The Norwegian Petroleum Directorate (NPD) has granted Aker BP a drilling permit for well 6405/7-2 S in PL 1005.   The well will be drilled at location 64° 15' 59.41'' N 5° 15' 36.99'' E by the Scarabeo 8 semi-sub.   Licensees are: Aker BP 40%; Vår Energi 40%; Norske Shell 20%.   Planned spud date is June 2023. Source: NPD   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  

  Despite efforts to accelerate the clean energy transition, many countries in Latin America and the Caribbean are pushing ahead with plans to offer drilling rights for new oil and gas acreage.    Here is a look at the latest developments:   Brazil   Hydrocarbons agency ANP is currently discussing the possibility of unifying the different E&P bidding round regimes (open acreage, concession and production sharing), but only after the public consultation on this subject (scheduled to be concluded in mid-April) will there be a definition of this year’s calendar.    The areas included in the open acreage program are always available, but the realization of the public bidding session depends on a previous expression of interest by oil companies.    The realization of concession and production sharing rounds depends on a decision from the national energy policy council (CNPE/MME).   The usual calendar (except during the pandemic) included one open acreage round, one concession and one production sharing round.    The ruling Workers Party is not likely to offer rights for strategic, pre-salt areas (mostly production sharing system) on a regular basis, unless federal oil firm Petrobras is interested in acquiring them.   The largest hiatus of bidding rounds happened during the Workers Party administrations between 2007 and 2012, when Petrobras was too busy exploring and developing the huge pre-salt discoveries made in the 2000s, such as Tupi, Sapinhoá and Búzios.   Argentina   Neuquén province holds two exploration rounds a year. The process is led by provincial hydrocarbons firm GyP, which participates as a minority stakeholder in the blocks offered.   The first process of the year is underway and details of the second round should be published next half.    Some other provinces also conduct bidding rounds, but they seem to be on an ad hoc basis and are usually much smaller than those in Neuquén.    Colombia   President Gustavo Petro said upon taking office last August that there would be no new auctions for exploration blocks. However, officials have since said this decision could be reversed.    According to finance minister José Antonio Ocampo, a final decision will be made in May after the publication of data on Colombia’s oil and gas reserves.    Peru   Peru could also offer opportunities for blocks whose contracts will expire in the near term, but a lot will depend on the participation of national oil company Petroperú.   Barbados   Barbados plans to launch the licensing round for offshore acreage in April, according to Prime Minister Mia Mottley.   The process was due to begin in December but was postponed after companies requested additional time to evaluate acreage and data, and the need to complete amendments to the legislative and licensing framework.   Ecuador   According to the mines and energy ministry, 13 companies participated in the information and data session for the Intracampos II oil round.   Guyana   Guyana launched its first licensing round for offshore oil and gas exploration and production in December. It comprises 14 shallow water and deepwater areas.   Suriname   Companies have until April 28 to access the virtual data room for Suriname's 2022-23 Demerara bid round.   Trinidad & Tobago   The energy ministry plans to launch the competitive bid round for shallow water acreage in the coming weeks. The government opened nominations for 23 shallow water blocks last year.   Paraguay   Undeterred by lackluster results from previous calls, state oil company Petropar launched its latest open round for upstream hydrocarbons acreage last year.    The process is for blocks Petropar II (6,340km2), Petropar IV (8,006km2) and Petropar V (7,954km2), which drew no bids the last time the areas were offered in 2020, following failed rounds in 2017 and 2018.   Read more here   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  

  QatarEnergy has entered into a farm-in agreement with ExxonMobil Canada for two exploration licenses offshore the province of Newfoundland and Labrador in Canada.   Pursuant to the agreement, QatarEnergy holds a 28% working interest in license EL 1167, where the Gale exploration well and associated activities are planned. ExxonMobil Canada (operator) holds 50% while Cenovus Energy holds 22%. QatarEnergy also holds a 40% working interest in license EL 1162, while ExxonMobil Canada (operator) holds the remaining 60%.   The transaction has completed all necessary formalities with the Canada- Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).   Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said:   'We are pleased to sign this agreement with our strategic partner, ExxonMobil, to further grow our offshore Atlantic Canada portfolio as part of our international growth drive, and look forward to continue working within Canada’s transparent and stable regulatory environment.' His Excellency Minister Al-Kaabi added: 'I would like to take this opportunity to thank the Canada- Newfoundland and Labrador Offshore Petroleum Board, which has been very supportive of this process, and look forward to a successful exploration campaign with our partners.'   Located offshore Eastern Canada, EL 1167 and EL 1162 lie in water depths ranging from 100 to 1,200 meters and cover an area of approx. 1,420 and 2,400 sq kms, respectively.   Source: QatarEnergy   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  

  The Bureau of Ocean Energy Management (BOEM) held Gulf of Mexico Lease Sale 259, which generated $263,801,783 in high bids for 313 tracts covering 1.6 million acres in federal waters of the Gulf of Mexico.    A total of 32 companies participated in the lease sale, submitting $309,798,397 in total bids. Leases resulting from this sale will include stipulations to mitigate potential adverse effects on protected species and to avoid potential conflicts with other ocean uses in the region.    Revenues received from offshore oil and gas leases (including high bids, rental payments, and royalty payments) are directed to the U.S. Treasury, certain Gulf Coast states (Texas, Louisiana, Mississippi and Alabama) and local governments, the Land and Water Conservation Fund and the Historic Preservation Fund.    Lease Sale 259 offered approx. 13,600 unleased blocks, approx. 73 million acres, in the Gulf’s Western, Central and Eastern Planning Areas.    All terms and conditions for Lease Sale 259 are detailed in the Final Notice of Sale information package, which is available at https://www.boem.gov/oil-gas-energy/leasing/lease-sale-259.   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  

  Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins, and its partners are applying for Environmental Authorisation to undertake exploration activities in Block 3B/4B in the Orange Basin off the Northern Cape/South-West Coast of South Africa.    The Joint Venture Partners have contracted Environmental Impact Management Services ('EIMS') of South Africa to apply for a permit to drill one well and one contingent well (and potentially up to five wells) within an area of interest in the north of the Block.  Block 3B/4B is located offshore western South Africa and is centred approximately 180 km from the coast, in water depths averaging approximately 1000m. EIMS has been appointed to undertake the required Environmental Impact Assessment ('EIA').   The Block 3B/4B JV Partners are Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp, the Operator of the Block, holding a 20% Participating Interest, Azinam, a wholly owned subsidiary of Eco Atlantic, holding a Participating Interest of 26.25%, and Ricocure (Proprietary) Limited, holding the remaining 53.75% Participating Interest.  The JV partners continue to progress the collaborative farm-out process, up to 55% gross working interest in the Block, with various potential parties. Source: Eco   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  

  Aker BP has notified the Norwegian Ministry of Petroleum and Energy that the company has acceded to all the Plans for Development and Operation submitted in December 2022, except from one. The Troldhaugen project in the Edvard Grieg area, which represents around four percent of the net estimated resources in these projects, has been discontinued.    When an offshore field development decision is made in Norway, the licensees are required to submit a Plan for Development and Operation (PDO) to the Ministry of Petroleum and Energy (MPE) for approval. After this, each licensee must notify the MPE within three months whether they accede to the field development plan or not.   On 16 December 2022, Aker BP and its partners submitted PDOs to the MPE for the following field development projects:   Yggdrasil (Hugin, Munin and Fulla) Valhall PWP-Fenris Skarv Satellites (Alve Nord, Idun Nord and Ørn) Utsira High (Symra and Troldhaugen – in addition to a Development Report for Solveig Phase 2)   The total recoverable resources from these development projects were estimated to 730 million barrels of oil equivalent (mmboe) net for Aker BP, with net investments of approx. USD 19 billion in nominal terms and an average break-even price of USD 35-40 per barrel.   Aker BP has notified the MPE that it accedes to all but one of these PDOs, and the development projects are progressing according to plan.   As previously communicated, the execution of the Troldhaugen project was subject to the performance of an extended well test (EWT) which has been producing since August 2021. The experience from the EWT has resulted in a reduction in the expected recoverable volume. The project is no longer considered to have sufficient financial robustness, and Aker BP has decided not to accede to the PDO.   In the resource and investment figures mentioned above, Troldhaugen was included with approx. 30 mmboe and USD 0.5 billion, respectively.   Source: Aker BP   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  

  The exploration potential of hydrocarbons in the Northwest of Peru (Tumbes, Talara and Sechura basins) amounts to 344 million barrels of oil and 4.8 TCF of gas, which demonstrates the need to promote exploratory activity for the discovery of new reserves that guarantee the country's energy development, PERUPETRO.   PERUPETRO's Technical Resources manager, Asaid Bandach, explained that, to date, in the Northwest, the exploratory effort has only focused on Eocene reservoirs (300 to 3,000 feet deep), which is why it is necessary to promote exploration of deep horizons to discover the hydrocarbons that lie in the Peruvian subsoil.   "The Cretaceous and Paleozoic formations are considered semi-explored, and according to the studies carried out there is evidence of structures with significant potential that needs to be discovered," he said during his participation in the Peru Energía Norte 2023 forum.   He explained that the accumulated production in the Northwest of the country amounts to 386 million barrels of oil, with an investment of 4.963 million dollars. Said production has generated, in the last 30 years, royalties for 5,524 million dollars and 3,378 million dollars in canon and supercanon.   In this sense, he said that PERUPETRO has been evaluating the best scheme to promote exploration and production in the lots located in the Northwest, whose contracts are close to expiring. In this regard, he reported that the PERUPETRO board of directors has approved the bidding for lots V and VII, whose contracts expire in October of this year.   Source: PERUPETRO   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  

  ABL Group has entered into an agreement with a subsidiary of Akastor to acquire 100 percent of the shares in multi-disciplinary engineering consultancy and software company AGR. The acquisition will bolster ABL Group’s offering within well and reservoir consultancy, enhance the group’s position supporting operators’ digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure.   HIGHLIGHTS   Accretive acquisition with strong industrial rationale. Consolidating well and reservoir services with globally recognised brand. High-end resource solutions platform positioned for growth in offshore wind. Additional capability and track record in CCUS and energy transition solutions. Strengthens ABL Group’s software and digitalisation offering with fully commercialised platform. The transaction will be funded through existing cash and issuance of consideration shares. Shareholders representing approximately 40% of ABL Group shares have undertaken to support the transaction by voting in favour at the EGM.   'This is a good fit for ABL Group. The acquisition gives ABL Group a strong position in well and reservoir consultancy, grows our position within digitalisation and energy transition solutions, and expands our services with a resourcing offering that is already well established in the oil and gas sector and positioned for growth within offshore wind,' said Reuben Segal, CEO of ABL Group.   The acquisition of AGR, which has high brownfield exposure, builds on the previous purchase of Add Energy. AGR will bring scale to ABL Group’s well services, and increases the group’s exposure to the opex-driven phases of offshore energy. It strengthens the group’s suite of software products and digitalisation capabilities, and adds competence and scale to support energy transition technologies and projects.   AGR has a well management track record that spans more than 550 oil and gas wells worldwide. ABL Group aims to utilise its global office network to, in a cost-efficient manner, re-introduce AGR’s unique offering and capabilities to local operators in the key international oil and gas hubs.   In addition, the acquisition enables ABL Group to offer resourcing solutions across oil and gas and renewables projects at a time when talent scarcity is putting these projects and deployments at risk.   Following completion of the transaction, Add Energy will become part of AGR, which will continue as a stand-alone business line within ABL Group.   Source: ABL   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