For those that missed this weeks top posts, here they are starting with the hottest one first!
Ocean Rig Poseidon Swims Into A Contract with Chariot Oil and Gas
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Chariot Oil & Gas has secured the Ocean Rig Poseidon, a sixth generation deepwater drillship to drill one firm and one optional well offshore Namibia.
Chariot, the operator of the Central Blocks license offshore Namibia currently anticipates that the drillship will arrive on location in 4Q 2018 and that the drilling of Prospect S will start shortly thereafter, the company said on Monday.
Chariot has a 65% interest in Block 2312 and Block 2412A and its partners AziNam 20%, NAMCOR 10%, and Ignitus 5% interest…..
How a Father and Daughter Team Overcame the Odds
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The industry has seen many ups and downs during the last 4 years, companies declaring bankruptcy and some merging just to survive, long term employees being let go for some to stay in the black, thousands of people without jobs and nowhere to find work. In the midst of this was a small company, Map Oil Tools.
This is the story of their CEO, Ragen Borel..
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The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations…..
Pacific Drilling Backs Up from Reorganization for the Second Time
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Summer is usually quiet for business, but in Pacific Drilling’s (OTCPK:PACDQ) case summer will definitely be hot. The reason for this is that the company continues to go through restructuring and has not filed a restructuring plan yet.
The company has just filed an 6-K where it stated that it was able to extend the mediation and the exclusive filing period to June 15, 2018. The previous deadline was June 4, 2018. It looks like the ultimate solution will soon be presented to the public as the extensions are getting shorter. Before June 4, 2018, the deadline was May 21, 2018. Meanwhile, Pacific Drilling’s shares are stuck near the $0.80 level for quite some time…
Shell Drillers Tech Worrying OPEC
What doesn’t kill you makes you stronger.
Two years ago, it looked like Saudi Arabia was winning its fight against the U.S. shale oil industry by furiously pumping crude to drive down prices. Some drillers went bust and many more flirted with bankruptcy while oil drilling in places like West Texas and North Dakota collapsed….
Thats all for this week!
Lets keep people working and keep turning to the right!
Everyone have a great Sunday wherever in the world you are!
~OutPut Team
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