Baker Hughes exceeds profit forecasts on international drilling demand
Baker Hughes, a drilling equipment and oilfield technologies company, beat Wall Street's third-quarter profit estimates on Tuesday. Oilfield Services Companies have been able to offset some of their declines in North America due to the robust activity on several international markets.
Halliburton Lays Off 1,000 Employees at Houston HQ
Oilfield services firm Halliburton has laid off roughly 1,000 employees, or 22% of staff, at its corporate headquarters in Houston, a company spokeswoman said on Wednesday, as oil prices collapse.The cuts by one of the biggest names in oilfield services come with oil prices having plunged to around $24 a barrel…
NOV Warns Virus Fallout Could Hit Supply Chain
U.S. oilfield equipment supplier National Oilwell Varco on Friday called the coronavirus a "wildcard" in the oil industry's outlook, with an extended outbreak potentially hurting access to Chinese-make materials and foreign sales.The Houston-based company said further shutdowns…
Infinity, Medserv Form Services JV
Aberdeen-based Infinity Oilfield Services and Malta-based Medserv have formed a new joint venture named InMedCo, to provide a broader portfolio of highly specialized technical services to the oil and gas market.The InMedCo joint venture combines Infinity’s technical and engineering…
Saudi Aramco Lauches Arabian Rig Manufacturing
Saudi Aramco and National Oilwell Varco Incorporated (NOV) recently held the first Arabian Rig Manufacturing (ARM) Board of Managers meeting.ARM is a newly formed company, a joint venture (JV) between NOV (owning 70% of the JV’s shares) and Saudi Aramco. Highlights of the…
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this…
Henderson Acquires HP Piping Solutions
Drilling rigs and capital drilling equipment sales and service provider Henderson said it has acquired high specification/high pressure fabrication company HP Piping Solutions in a move to further improve its service capabilities within the growing North American oil and gas market.HP Piping Solutions offers high-pressure mud piping…
HENDERSON Opens New Service Center
Drilling rigs and capital drilling equipment sales and service provider HENDERSON has expanded its service capabilities with a newly opened 60,000 square-foot service center on a 4.8 acre site in Odessa, Texas.The new center serves as a spare parts warehouse and provides rig…
Op/Ed: Connecting to the Future of Offshore
120 miles out at sea, 6,000-horsepower devices lift drilling equipment weighing up to 3 million pounds out of holes lying 10,000 feet beneath the water. Keeping such sea monsters in good working order, often for years at a time, is no mean feat. Oil companies spend between $300,000 and $800,000 per day on each vessel drilling offshore.
MHWirth Bags Drilling Equipment Contract
MHWirth AS, a company owned by Akastor ASA, has entered into a contract with Keppel FELS for delivery of the drilling equipment package for a new semisubmersible drilling rig for harsh environment use, with options for further three packages. The rig will be built for Awilco…
The Role of Safety in the Offshore Environment
On rigs and offshore vessels, the safety of crew and passengers is a top priority in the energy industry. However, with the particularly hazardous environments of remote offshore worksites, accidents can happen, and it’s up to the operators to ensure their crew members are well-equipped to handle an emergency situation.
SBM Offshore to Pay $238 Mln in US Bribery Case
SBM Offshore NV, a Netherlands-based maker of offshore oil drilling equipment, and its U.S. subsidiary, SBM Offshore USA Inc, agreed to settle criminal charges of bribing officials in five countries and pay a $238 million penalty, the U.S. Justice Department said on Wednesday.
CFD Simulation of a Fully Featured Offshore Platform Model
CFD simulations of offshore oil and gas platforms are used to predict the maximum wind loads acting on the structure of the platform topsides (the upper half of the platform, above sea level and outside the splash zone, including the oil production plant, the accommodation block and any drilling equipment).
Volatility and Cyclicality in Oil Prices - will this time be different? Kemp
Extreme volatility and strong cyclicality have been the defining characteristics of oil prices and the industry since the first modern oil well was drilled in Pennsylvania in 1859. Oil prices are much more volatile than the prices of manufactured goods or services, and in this they resemble other industrial and agricultural commodities.
IHI Delivers Drillship Hull to Singapore
IHI Corporation (IHI) announced today that Drillship Hull for Singapore was delivered on December 17, which was constructed at IHI Aichi Works. Drillship is designed for the use in exploratory, completion and maintenance drilling of offshore oil and gas fields. The delivered Drillship Hull is with the length of 242 meters…
New Drillship Design Offers Cost Efficient Deep-water Capabilities
The Scylax is designed to make developments available in the mid to deep–water market at reduced building and operating costs by providing fit-for-purpose capabilities. The key is to focus on the essential functionality for deep-water drilling. Whereas ultra-deep water units feature ever increasing hook loads and capacities…
Obama Administration Bars New Oil, Gas Exploration off Alaska
The Obama administration on Friday blocked new exploration for oil and gas in Arctic waters, in a win for environmental groups that had fought development of the ecologically fragile region. The Department of the Interior released a 2017 to 2022 leasing plan that blocked drilling in the Chukchi and Beaufort Seas off northern Alaska.
Protesters Arrested at North Dakota Pipeline as Decision Expected
About 40 people involved in protests against the Dakota Access oil pipeline were arrested on Friday in rural North Dakota as the U.S. Army Corps of Engineers said it would soon clarify its plans for the controversial project near sacred tribal lands. Army Corps of Engineers…
National Oilwell Varco Says Cut 6,000 Jobs in Q1
National Oilwell Varco Inc, the largest U.S. provider of oil drilling equipment, said on Thursday it slashed 6,000 jobs in the first quarter as weak oil prices forced its customers to cut production and exploration. The company received no new rig orders for the second quarter in a row in the three months ended March 31…
Persistence of Instability in the Oil Market: Kemp
Volatility has always been the defining characteristic of oil and other commodity markets, defying repeated attempts to stabilise prices. Volatility is present at all timescales from seconds, minutes and hours to days, weeks, months and years ("Oil makes only one promise and that's volatility", Reuters, December 2015).
