i-Tech 7 Performs UWILD for Borr Drilling
Subsea 7’s life of field business unit i-Tech 7 reports it has completed an underwater inspection in lieu of dry-docking (UWILD) project for Borr Drilling in the North Sea.Borr Drilling required a hull inspection for its Paragon MSS-1 mid-water semi-submersible, to meet ABS intermediate survey certification requirements. In place of conventional methods using divers, i-Tech 7 presented a solution using a remotely operated underwater vehicle (ROV) to reduce cost, risk, and allow drilling operations to continue without interruption.i-Tech 7 mobilized an observation class ROV and supporting UWILD
Maersk Likely to Shelve Plans to List Drilling Division
of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the division, but analysts value it at around $4.8 billion.It has not yet received any firm offers for the unit, according to two of the sources. But offshore rig firm Borr Drilling, whose biggest shareholder is the world's largest oil service firm Schlumberger, and Houston-based Diamond Offshore were considering bids, sources said.Maersk group declined to comment on the divestment process, which it announced in September 2016, adding it was "thoroughly reviewing
Offshore Rig Firms See End to Historic Downturn
; Nordea bank said it saw the rig market in the North Sea tightening in 2018, particularly for high-end rigs, with Odfjell Drilling signing in August a nine-month contract with Aker BP at a day rate of $250,000. Analysts mostly have "Buy" or "Strong Buy" ratings for Borr Drilling, Odfjell Drilling, Transocean and Northern Drilling, according to Thomson Reuters data, as they have the most exposure to harsh-environment rigs, the newest fleets and the lowest debts in the sector. However, Simen Lieungh, chief executive of Odfjell Drilling, told Reuters he did not
Borr Drilling Aims to Expand Fleet, Keep Costs Low
Borr Drilling, the Norwegian drilling start-up, which listed on the Oslo exchange on Wednesday, said it aimed to expand its fleet, taking advantage of its low cost base. The start-up, launched last year and backed by the world's biggest oil service firm Schlumberger, said it aimed to have the lowest cash break-even costs in the industry and would take advantage of current low prices for rigs. "We have no debt," Borr's Chief Executive Simon Johnson told Reuters after its shares started trading on Oslo's main market. They were previously listed on the over-the-counter market. "That
Norway's Heavyweights & Entrepreneurs
offshore business off Norway: a record number of wells were drilled in 2016, according to the government’s oilfield investment entity, Petoro, which acts a field partner with bottomless pockets. Nearly all were infield drilling (production wells). New Rig Company New rig entity Borr Drilling — formed by Tor Olav Troim, a former business associate of ship and rig mogul, billionaire John Fredriksen — is extra bullish on Onshore. Borr will pay $1.35 billion to buy Transocean’s 15 jack-up rigs, including associated debt, five newbuilds and their drilling order book
February 2024
