Tidewater Names Rynd President, CEO
Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as…
Borr Drilling Aims to List in Q3, May Buy More Rigs
Norwegian drilling star-up Borr Drilling plans to list on the Oslo exchange this quarter and is considering buying more assets to position itself for a market upturn, Chief Financial Officer Rune Magnus Lundetrae said on Friday.
The New Offshore Reality
Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist…
Ocean RIG Files for Bankruptcy Protection in US
Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday.
Offshore Vessel Contractors Re-shaping for a Rebound
The announcement on the February 28 of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive…
Seventy Seven Energy Files for Bankruptcy
Oilfield services company Seventy Seven Energy Inc filed for a prepackaged Chapter 11 bankruptcy on Tuesday to carry out a plan to convert $1.1 billion of its debt into equity in a reorganized company.
Hercules Offshore Files for Bankruptcy Again
Drilling contractor Hercules Offshore Inc filed for bankruptcy protection on Monday in a Delaware court, just six months after emerging from its first bankruptcy. The Houston-based company listed…
Hercules Offshore Filing for Bankruptcy Again
Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection. The company said it had entered…
Maersk Drilling Acquires Newbuild Jackup from Hercules
Maersk Drilling has entered into a definitive agreement to acquire the newbuild harsh environment jack-up rig, formerly named Hercules Highlander, from a subsidiary of Hercules Offshore (Nasdaq…
Parallel Energy Files for Bankruptcy, Seeks Sale to Scout Energy
Oil-and-gas company Parallel Energy LP filed for U.S. Chapter 11 Bankruptcy on Monday due to low oil prices and said it had agreed to sell its assets to Scout Energy Group II LP for $110 million, according to court documents.
Hercules Offshore Expects to Emerge from Bankruptcy in Q4
Rig provider Hercules Offshore Inc said on Thursday that it expects to file for Chapter 11 protection next month and emerge with a restructured balance sheet in the fourth quarter. The company…
Hercules Offshore to File Chapter 11
Rig provider Hercules Offshore Inc said it had entered into a restructuring agreement with a majority of its debtors, which would lead to a Chapter 11 filing within the next few weeks. A 44 percent…
Hercules Offshore: Challenges Ahead in 2015
Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company…
Hercules Offshore Shares Fall 33%
Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned…
Oilfield Firm's Stumble May be Symptom of Greater Pain
A nasty profit warning and deep job cuts. A gutted capital budget, a suspended dividend and shares tumbling by more than half on a single day. The retrenchment at Civeo Corp, which provides temporary housing for oilfield workers and miners…
US Oil States Impacted by Crude Slide
After leading the U.S. economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices. In Houston, Texas…
Energy Sector Volatility Affects Middle Market M&A Activity
Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series…
Risky Business: High-Yield E&P Energy Bonds
Investors betting that oil prices will recover are starting to support the battered prices of high-yield bonds from exploration and production (E&P) energy companies. But market strategists warn…
Diamond Offshore Revenue Rises on Ultra-deepwater Demand
Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs.
NOIA Elects Rynd Chairman, Taylor Vice Chair
The National Ocean Industries Association (NOIA) Board of Directors has elected John T. Rynd as Chairman of NOIA and Cindy B. Taylor as Vice Chair of NOIA for the upcoming 2014-2015 term. Rynd…
