Safety Boost: 4Subsea to Monitor Var Energi's Drilling Ops at Balder
Balder Future redevelopment project is located in the Norwegian sector of the North Sea. It is a part of the Balder X project with the target to recover around 200 million barrels of additional reserves from the Balder-Ringhorne area in the North Sea.Vår Energi in 2019 awarded a rig contract to Seadrill to secure the West Phoenix drilling rig for the drilling new production and injection wells on the project.According to Seadrill's fleet status report, the rig's $359,000 a day contract with Var Energi starts this month and will run until September 2023.Vår Energi will then have options
Offshore Energy Outlook for 2020
technologies that will increase efficiency and reduce or even eliminate emissions from hydrocarbon exploration and production. Oilfield services company Baker Hughes, for example, has committed to reducing CO2 equivalent emissions by 50% by 2030 and achieving net zero by 2050. As another example, the Seadrill-operated drilling rig West Mira has been equipped to run on batter power. The list goes on and on.The shift is undoubtedly a global one, but nowhere is it better showcased than in the North Sea. While those working in the region are already among the most experienced and technologically advanced
West Phoenix to Drill in UK and Norway
Statoil and its partners have contracted the West Phoenix rig for exploration drilling on the U.K. and Norwegian continental shelves from the summer of 2018. The contract is awarded to the two Seadrill companies North Atlantic Drilling UK Ltd. and North Atlantic Norway Ltd. The semi-submersible rig West Phoenix will first drill an exploration well for the Ragnfrid North license on the Norwegian Continental Shelf (NCS), followed by three wells on the U.K. Continental Shelf (UKCS). The rig has been approved by authorities for use both on the NCS and UKCS. “We needed a high capacity
Offshore Rig Firms See End to Historic Downturn
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 can build a bridge to the upturn in the industry when fleet utilisation and day rates return
Borr Drilling Aims to Expand Fleet, Keep Costs Low
on the over-the-counter market. "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
Statoil Completes Two-well Exploration Drilling Campaign Off Newfoundland
Statoil, along with its partner, Husky Energy, has finalized a two-well exploration drilling program in the Flemish Pass Basin offshore Newfoundland. Both wells were drilled safely and efficiently by the Seadrill West Aquarius in the Flemish Pass Basin, located approximately 500 kilometres east of St. John’s, Newfoundland and Labrador. The two wells, located within tie-back vicinity to Statoil’s 2013 Bay du Nord discovery, did not result in the discovery of hydrocarbons. “These results are disappointing, as we had hoped to add additional optionality to the near-field area
Seadrill Names Dibowitz CEO
Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. 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.
Oil Industry Suppliers See Light at the End of the Tunnel
, potentially others," Canaccord Genuity Alex Brooks said. "What will definitely not recover anytime soon is pure-play asset companies, those where margins are more or less directly linked to asset rates, or those where capacity is incredibly difficult to actually take out - like Seadrill, Transocean, Vallourec, Fugro, Subsea 7, or Saipem," Brooks said. Saipem, one of Europe's biggest oil contractors, beat expectations with its second-quarter results on the back of an improving order backlog but still had to cut guidance for the year, citing delays in the awarding of
Offshore Survey Delivers Millions of Savings in Industry First
Global Maritime Consultancy & Engineering, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has completed an offshore deadweight survey and inclining experiment at the same time as ongoing drilling operations for Seadrill’s deep water semi-submersible drilling vessel West Pegasus. The successful project is the first time an inclining experiment has been conducted for a DNV GL-classed drilling vessel in parallel with ongoing drilling operations. According to Global Maritime’s Houston team that carried out the project, the
February 2024
