Bloomberg News: Transocean and Seadrill in merger talks
Bloomberg News reported Wednesday that offshore drilling provider Transocean was in merger talks with Seadrill Ltd. The report came from people who were familiar with the situation. It said that the companies are currently discussing the possible structure of a merger. Bloomberg reported that a final decision had not yet been made, and the companies may choose to remain independently.
Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil
A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week.Bankruptcies surged in the second quarter, including from major shale independents Chesapeake Energy and Whiting Petroleum…
Diamond Offshore Files for Bankruptcy
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11, said day rates and demand for its…
Diamond Offshore Posts Smaller-than-expected Loss
Diamond Offshore Drilling Inc posted a smaller-than-expected loss on Monday, as a fall in revenue was offset by a 15 percent drop in costs.The Houston-based company's total operating expenses fell to $321.2 million from $378.5 million, a year earlier.As oil prices stay above $70 a barrel, oil and gas producers are again showing an interest in expensive…
Diamond Offshore Beats Street, Posts Q1 Loss
Diamond Offshore Drilling Inc reported a smaller-than-expected quarterly loss on Monday, helped by new contracts for the company's deep-water rigs. Rig utilization was at 52 percent during the first quarter, from 47 percent last year, even as average day rates, which clients pay to use the company's deep-water rigs fell 4 percent. Deepwater drilling…
Interview: Antony Croston, Trelleborg Offshore
Antony Croston is Business Group Director at Trelleborg’s offshore operation in Houston, responsible for the externally-facing functions of the business covering engineering, business development and project management.MTR caught up with Croston ahead of next week’s Offshore Technology Conference (OTC) in Houston to discuss some of Trelleborg’s latest developments in buoyancy…
Vryhof Bags Anchoring Contract with Cooper Energy
Deep Sea Mooring (DSM) and Vryhof Anchors, both Vryhof businesses, have secured a contract to provide full-scale mooring and anchoring services to Australian energy company Cooper Energy. The announcement also sees Vryhof businesses secure contracts in Cooper’s main target drilling area - offshore Victoria, Australia - for the first time. The contract will result in full-scale engineering…
Diamond Offshore Revenue Beats Estimates
Diamond Offshore Drilling Inc's fourth-quarter revenue beat analysts' estimates on Monday, helped by higher demand for its ultra-deepwater rigs. The company's revenue from its ultra-deepwater rigs rose more than 24 percent to $288.28 million in the fourth quarter. Total revenue fell nearly 12 percent to $346.21 million, but beat analysts' estimate of $331.91 million, according to Thomson Reuters I/B/E/S.
Options Bulls Betting on U.S. Energy Rebound
Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P's tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year.
Slumping Oilfield Services Sector bets on Offshore Tech
The oil industry's top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry. At the Offshore Technology Conference, the industry's annual gathering of floating rig and subsea well suppliers,…
ABS Approves Innovative Drillship Design
ABS is working with industry to improve efficiencies in offshore development. “ABS is working on multiple fronts to help the offshore industry find efficiencies and streamline operations,” says ABS Executive Vice President for Global Offshore Ken Richardson. “We are coordinating efforts for standardization and working one-on-one with companies that are changing the way offshore projects are executed,” he added.
Diamond Offshore Beats the Street on Cost Cuts
Diamond Offshore Drilling Inc reported a higher-than-expected quarterly profit, helped by lower costs. Total operating expenses in the quarter fell 10 pct to $323.36 million. Contract drilling revenue fell 18 percent to $363.56 million from the first quarter. Offshore projects, which take years to develop and are capital intensive, were the hardest hit by the slump in crude prices, as oil and gas producers slashed spending.
Diamond Offshore Sees Recovery when Oil 'Well over $60'
Rig contractor Diamond Offshore Drilling Inc's Chief Executive Officer Marc Edwards said on Monday oil prices needed to be "well over $60" to spur a recovery in offshore drilling. The company's shares reversed course and were down 2.3 percent at $16.67, with investors shrugging off a beat on quarterly profit and revenue. Global benchmark Brent crude prices have stabilized after a more than two-year slump…
Diamond Offshore Beats Street on Cost Cuts
Rig contractor Diamond Offshore Drilling Inc's quarterly profit beat analysts' estimates as the company kept a tight leash on costs. The company, which operates in the Americas, Europe, Australia and Asia, earned an adjusted profit of 27 cents per share for the fourth quarter, according to Thomson Reuters I/B/E/S. Analysts on average had expected 13 cents per share.
Diamond Offshore's Profit beats Street
Diamond Offshore Drilling reported a higher-than-expected quarterly profit as the company cut costs to cope with lower demand for its rigs amid a slump in oil prices. The rig contractor has scrapped dividend, retired assets and scaled back drilling as it struggles against a fall of more than 60 percent in oil prices since mid-2014. The company said on Friday its operating expenses fell by a third in the second quarter…
Partnership Yields New Helical Buoyancy Technology
Diamond Offshore Drilling, Inc. and Trelleborg's offshore operation today announced a joint development agreement to develop, manufacture and market Helical Buoyancy riser technology developed by Diamond Offshore. This innovative, patented riser buoyancy design reduces riser drag and mitigates Vortex-Induced Vibration in offshore applications and enables improved operational efficiency.
Diamond Offshore Names Senior VP, CFO
Diamond Offshore Drilling, Inc. has appointed Kelly Youngblood as Senior Vice President and Chief Financial Officer, to be effective May 3, 2016. Youngblood succeeds Gary T. Krenek, who is retiring after 33 years of service to the Company and its predecessors. Prior to joining the company, Youngblood held a variety of managerial positions with Halliburton Company, where he most recently served as Vice President, Investor Relations.
Diamond Offshore Beats Street on Lower Costs
May 2 (Reuters) - Rig contractor Diamond Offshore Drilling Inc reported a higher-than-expected quarterly profit as its ongoing cost-cutting measures pay off. The company has scrapped its dividend, retired assets and scaled back drilling to cope with a more-than 60 percent fall in oil prices since mid-2014. Diamond Offshore said on Monday its total…
Diamond Offshore: Two Petrobras Rig Contracts Terminated
Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, said contracts for two rigs with Brazil's Petrobras had ended ahead of schedule. The company said it had secured an 875-day extension on another rig working for the Brazilian oil and gas producer in exchange for the terminations. Diamond, which also reported a better-than-expected quarterly profit on Monday…
Samson Bankruptcy Spotlights Offshore Rig Situation
The most significant bankruptcy of the current oil downturn has shone a spotlight on what is perhaps the most oversupplied corner of the energy world: the market for offshore rig services. Samson Resources Corp, an independent oil producer bought just four years ago for $7.2 billion, said in its late Wednesday filing for creditor protection that a 60 percent crude price slide had upended its business.
