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Turkey vowed to defend its interests in the eastern Mediterranean, where it’s preparing to issue new energy exploration licenses over the objections of Greece and the European Union.
President Recep Tayyip Erdogan chaired a National Security Council meeting late Tuesday at which civilian and military leaders discussed “activities of some countries against Turkey’s interests in the Mediterranean,” according to a statement.
“Turkey will continue to defend its rights and interests in the land, air and sea without any concession,” the council said.
The eastern Mediterranean has become an energy hot spot with big finds for EU member Cyprus, Israel and Egypt in recent years, and Turkey’s push to secure a share of the resources in those waters has exacerbated strains in an already tumultuous region.
“Greece, Egypt and some other countries have tried to exclude us” from energy sharing in the Mediterranean, Turkey’s Foreign Minister Mevlut Cavusoglu told TV24 television in an interview on Wednesday. “Any deal that excludes Turkey can’t survive and is not valid, we won’t allow any fait accompli.”
Having sent troops to northern Cyprus after a 1974 coup aimed at uniting the island with Greece, Ankara vehemently opposes Cypriot drilling without an agreement on sharing any proceeds. It also struck an accord with Libya on their maritime boundary that led Erdogan to declare rights to parts of the seabed that Athens say is Greek under international law.
In return, Turkey has given military support to Libya’s internationally recognized government, turning the tide in its war against militia commander Khalifa Haftar, who is backed by Egypt, the United Arab Emirates and Russian mercenaries. The National Security Council statement expressed continued “military support” for the government of Libyan Prime Minister Fayez al-Sarraj.
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“Haftar can’t win this war,” Cavusoglu said.
While European nations, Egypt and Israel have built a forum to promote their interests, Turkey deployed its own exploration ships under the protection of its navy and air force.
Turkey’s state-run oil company, TPAO, officially sought new exploration licenses in the Mediterranean last week. It’s preparing to expand its exploration activities closer toward the Greek island of Crete while drilling for oil and gas off the coast of the divided island of Cyprus at the same time.
“The fact that NATO allies are staring each other down on the European Union’s doorstep should cause all Europeans to pay greater attention to the region,” the European Council on Foreign Relations wrote in a recent report.
“Given the potential for instability in the eastern Mediterranean to affect core EU interests – migration, counter-terrorism, energy security, sovereignty, and more – European states not directly involved in the overlapping conflicts should help improve the relationship with Turkey.”
Source: Bloomberg
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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