Miller Takes Over as Halliburton Chairman
Oilfield services provider Halliburton announced that its board of directors has appointed president and chief executive officer Jeff Miller as chairman of the board, effective January 1, 2019, following the retirement of executive chairman Dave Lesar on December 31, 2018.Robert A. Malone will continue as lead independent director of the Halliburton board of directors.Miller has served on Halliburton's board since 2014…
Ensco to buy Atwood Oceanics
Offshore driller Ensco Plc said it would buy smaller rival Atwood Oceanics Inc in an all-stock deal valued at about $839 million. Atwood shareholders will receive 1.6 Ensco shares for each Atwood share. The deal, which values each Atwood share at $10.72, represents a premium of 32.6 percent to the company's Friday close. Reporting by Yashaswini Swamynathan
Atwood Delays Drillship duo by Two Years
Atwood Oceanics, Inc. announced today that it has agreed with Daewoo Shipbuilding & Marine Engineering Co. ("DSME") to delay the requirement to take delivery of Atwood's two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, by two years to September 30, 2019 and June 30, 2020, respectively. In connection with the delay…
U.S. Oil & Gas Lenders Demand Liquidity Floors
Banks are increasingly requiring U.S. oil and gas companies to maintain minimum levels of liquidity, an unusual step that could help reduce the risk of being exposed to companies struggling to maintain operations and repay debt. One of the energy companies hardest-hit by so-called minimum liquidity covenants is Chesapeake Energy Corp, according to a Reuters review of regulatory filings.
Advanced Drillships a Burden for Owners as Business Slows
Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows. Drillship operators face a more brutal…
Transocean CEO's Exit Possibly Linked to 'Lack of Vision'
Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. Too steady, perhaps. Since Sunday Newman, 50, is out of work. People inside and outside the company say his abrupt…
18 O&G Leaders Appointed to NOIA Board
The National Ocean Industries Association (NOIA) appointed 18 industry leaders to its Board of Directors on April 10, 2014 during its Annual Meeting in Washington, DC. Benjamin G. Mark Meunier, Vice President, Business Development, Kiewit Offshore Services, Ltd. Lee Orgeron, President, Montco Offshore, Inc. Rob Saltiel, President and CEO, Atwood Oceanics, Inc.
