Transocean's Drillship to be Used for Deep-Sea Mineral Exploration
. GSR is the deep-sea mineral exploratory company engaged in the development and exploration of deep-sea polymetallic nodules that contain metals critical to the growing renewable energy market, and is a developer of nodule collection technology.Transocean has agreed to contribute the stacked Ocean Rig Olympia drillship for GSR’s ongoing exploration work, as well as make a nominal cash investment. In addition, Transocean expects to contribute engineering services on an in-kind basis.Rig conversionGSR plans to convert the Olympia for a system integration test scheduled for 2025 to validate
Transocean to Buy Ocean Rig in $2.7 Bln Deal
Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.Global crude prices have since recovered to above $70, renewing producer interest in offshore
Cairn Success in offshore Senegal continues
planned future activity.” The SNE-4 well is the Joint Venture’s (JV) sixth well offshore Senegal and the fourth completed this year as part of a multi-well evaluation programme to help delineate the shape of the structure and establish deliverability and full potential of the field. The Ocean Rig Athena will now be de-mobilised and the JV will continue integrating the significant amount of data collected from the four wells, including two drill stem tests and more than 600m of core. This will enable the JV to determine the most effective way to further the appraisal of this significant
Cairn Gears up For Fourth Well Offshore Senegal
results, along with the latest 3D seismic acquired in Q4 2015, will be incorporated into block wide remapping to look at possible new plays and down-dip oil potentially associated with the shallower reservoirs. In light of the success of the ongoing appraisal programme, the JV has agreed that the Ocean Rig Athena will now drill SNE-4, located 5km south-east of the SNE-1 discovery well, to appraise the eastern extent of the field and aiming to confirm the nature of the upper reservoirs in the oil zone. Cairn Energy PLC Chief Executive Simon Thomson said, “The drilling programme in Senegal
Cairn Firms up Senegal Drill Efforts
in Q4 2015 in Cairn’s new basin play offshore Senegal focused on the acreage around the SNE-1 discovery well. Cairn estimates that the existing two discoveries and the currently identified prospects and leads have an estimated mean risked resource base of more than a billion barrels. The Ocean Rig Athena, a 7th generation dual activity drillship has been selected for the drilling programme. The rig is currently contracted to ConocoPhillips in Angola. Cairn is in the final stages of working with its joint venture partners to finalise the rig contract and associated support services, which
$475 mi Committed Financing for Ocean Rig Apollo
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, today announced that Ocean Rig has received firm commitments from lenders for up to a $475 million syndicated secured term loan to partially finance the construction costs of the Ocean Rig Apollo. The facility amount is for the lesser of $475 million and 70% of the fair market value of the drillship. This facility has a 5 year term, and approximate 12 year repayment profile, and
Dryships Inks Deal with ENI
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. (“Ocean Rig”), of offshore deepwater drilling services, today announced that certain of Ocean Rig’s subsidiaries have entered into an Omnibus Agreement with ENI Angola S.p.pursuant to which ENI has exercised its option to extend the contract for the drillship Ocean Rig Poseidon for a further one year until the second quarter of 2017. As part of the contract extension for the Ocean Rig Poseidon, Ocean Rig has
Ocean Rig's $120m Loan Agreement with DryShips
Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of Directors which received a fairness opinion from Global Hunter Securities, a division of Seaport Global Securities LLC, and the loan agreement was executed by both companies. This loan is for a period of 18 months, is unsecured and bears interest at LIBOR plus an average of approximately 10% for the first
DryShips Reports 3Q 2014 Results
DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the third quarter ended September 30, 2014. Third Quarter 2014 Financial Highlights For the third quarter of 2014, the Company reported net income of $16.7 million, or $0.04 basic and diluted earnings per share. Included in the third quarter 2014 results are: - Non-cash write offs and
February 2024
