Offshore Rig Firms See End to Historic Downturn
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 can build a bridge to the upturn in the industry when fleet utilisation and day rates return to more normal levels," Seadrill said.
Borr Drilling Aims to Expand Fleet, Keep Costs Low
;That might change in the future, depending on the financing needs, but we can control what we pay for assets," Johnson said. Offshore drilling companies have come under pressure as oil companies have cut back on spending to cope with lower oil prices. Seadrill, part of Norwegian billionaire John Fredriksen's business empire, is trying to restructure its debts. Borr Drilling, which is led by former Seadrill executives, has acquired 17 jack-up rigs since last December and in March won a one-year contract for drilling off Nigeria from Total . Johnson, who joined Borr in August, said he expected
Seadrill Names Dibowitz CEO
. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a board director, the company said. Dibowitz, a U.S. citizen, joined the company 10 years ago. Seadrill, once the crown jewel in billionaire shipping tycoon John Fredriksen's empire, is now in "advanced discussions" with lenders and investors on how to restructure its debt ahead of a July 31 deadline, it added. "Reading between the lines, it looks like most of the work could be completed in the course of June," ABG Sundal Collier analyst
Norway's Heavyweights & Entrepreneurs
;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. The new company will own 17 rigs. Earlier in 2016, Borr agreed to buy two Hercules Offshore jack-ups.
Seadrill Appoint Per Wulff New CEO
President and Chief Operating Officer. Prior to Seadrill, he held several senior positions in Maersk, most recently as Managing Director of Maersk Contractors in Norway. He has 33 years of experience in the drilling industry, including 17 years in international and offshore operations. John Fredriksen, Chairman of the Board of Directors said, "The Board would like to express its thanks to Fredrik Halvorsen for his contribution to the Fredriksen group of companies since he joined us in 2010. His track record of managing organizational change brought a much needed skillset to our businesses
Offshore Brazil PLSV's: Huge Petrobas Contract for SNM
of 2016. Total revenue potential for the contract is expected to be US$2.7 billion. The three vessels will be constructed in Holland with IHC Caland and will have the same specifications as SNM's existing orders with the yard. Total newbuild cost will be approximately US$800mm. John Fredriksen, Chairman of Seadrill Limited says, "Seadrill, along with SapuraKencana, continues to support the strategic investment in SNM. The additional vessels bring the total PLSV fleet in the region to 6 units and builds capacity in order to insure that Petrobras has best in class support
February 2024
