Transocean to Buy Ocean Rig in $2.7 Bln Deal
contracting activity," said Transocean Chief Executive Jeremy Thigpen.Ocean Rig shares were up 11.7 percent at $30.24, after climbing roughly 13 percent, while Transocean's U.S.-listed shares fell 6.5 percent to $11.33 at mid-morning.Transocean earlier this year acquired Norwegian rig firm Songa Offshore in a $1.1 billion deal."We see strong contract opportunities emerging across the globe for the combined fleet (particularly in Brazil)," analysts at Tudor Pickering & Holt Co wrote in a note on Tuesday.Majors, including Norway's Equinor, Chevron Corp and BP, won bids for offshore
Mannering Named Polarcus Chairman
Michael Mannering has been nominated to succeed Polarcus’ outgoing chairman of the board, Peter Rigg, with effect from the 2018 AGM on May 10.Rigg will retire after a decade as chairman of the marine geophysical company, having served in the role since the company’s inception in 2008.Mannering has previously held many senior corporate positions in Schlumberger as well as chairman and, subsequently, non-executive director of Songa Offshore until its acquisition by Transocean. He has a BSc (First Class) in Mechanical Engineering from the University of Southampton.
Offshore Rig Firms See End to Historic Downturn
following an extended downturn ...," Ensco's Chief Executive Carl Trowell told investors on Sept. 22. "... now is the time to make counter-cyclical investments in the highest-specification assets...," he added. Other recent deals include Transocean buying Norway's Songa Offshore and Borr Drilling acquiring 15 jack-up rigs from Transocean in March. Seadrill, controlled by Norwegian-born billionaire John Fredriksen, expects the recovery to help it to emerge from Chapter 11 proceedings next August. "We have decided to restructure our finances so we
Statoil Downplays Risks Ahead of Arctic Drilling
. The company said it would have vessels on standby round the clock in case of any emergency. Statoil also said Norway and Russia had a joint contingency plan in case an oil spill from the Korpfjell well drifted to Russian waters some 37 kilometers away. Songa Enabler, a rig owned by Songa Offshore, was on its way to drill the first well, Blaamann, 26 kilometers from Eni's Goliat field, the world's northernmost field in production, shipping data showed. Gulowsen said Greenpeace planned to send its vessel to observe Statoil's Arctic drilling. In 2014, Greenpeace activists
Well incident at Songa Endurance - Statoil
the well. Fluid for stabilising the well is being sent out to the rig from land to be able to perform this work. These supplies are expected to arrive at the field at around 8 pm CET this evening. Extra specialist personnel are on the way to the rig to assist those on board. Statoil and Songa Offshore have mobilised their emergency response organisations. The emergency response vessel Stril Merkur is at the field and other resources, including helicopters, are available. Weather conditions are good. The Troll field is located in the northern part of the North Sea, approximately
Statoil Cancels Songa Trym Rig Contract
Statoil has decided to cancel the contract with Songa Trym, four months before the expiration of contract on 4 March 2016. Statoil has previously notified Songa Offshore that the rig would be suspended for a period, and Statoil has tried to find other assignments for the rig after the suspension period and up to the expiration of contract. “We informed the supplier earlier in October about suspending the contract after the rig has completed the drilling operation on the Tavros well on the Visund field. Statoil has hoped for further activity in the remaining contract period
Songa Offshore: Latest Fleet Update
Songa Offshore is an International Midwater Drilling Contractor with a strong presence in the harsh environment North Atlantic basin. It operated a fleet of 5 rigs in June 2014 as follows: Songa Dee achieved an operational efficiency of 100% and an earnings efficiency of 100% during the month working for Statoil in Norway. Songa Delta achieved an operational efficiency of 100% and an earnings efficiency of 100% during the month working for Statoil in Norway. Songa Trym achieved an operational efficiency of 100% and an earnings efficiency of 97% during the month working for Statoil in Norway.
Songa Offshore Secures Newbuild Credit
Drilling contractor Songa Offshore says it has secured a USD 1.1 billion credit facility for Cat D 3 & 4 newbuidings. Songa explains it has received a firm commitment from banks and an Export Credit Agency for the financing of the Cat D 3 and 4 newbuilds with a pre-delivery financing of USD 90 million per rig and a post-delivery financing of USD 550 million per rig. The terms of the financing are at competitive terms and the Company plans to complete final documentation of the transactions in third quarter 2014. The commercial tranche of the senior secured credit facility is underwritten.
February 2024
