Repsol Given Green Light to Use Maersk Inspirer at Yme
Spanish oil company Repsol has been given a green light to use the Maersk Inspirer jack-up rig at the Yme field, in the North Sea, offshore Norway.The consent, granted by the Petroleum Safety Authority Norway, to connection, completion, and start-up preparations in conjunction with previously installed fixed facilities on the Yme field.The Yme is a field in the southeastern part of the Norwegian sector of the North Sea, 130 kilometers northeast of the Ula field. The water depth is 77-93 meters. The field was discovered in 1987. Production started in 1996 and ceased in 2001.
New Round of Layoffs at Maersk Drilling
Offshore drilling company Maersk Drilling has announced a new wave of layoffs and has revised its financial guidance for 2020, citing oil and gas companies' budget cuts and delays and cancellations in offshore drilling tenders.As previously reported, Maersk Drilling in April said it would lay off around 250-300 people in its North Sea crew pool, and mothball several drilling rigs due to the effects of low oil price on offshore drilling activities.The Danish offshore driller on Thursday announced a new round of cuts, this time onshore."...the need for onshore support is expected to be adversely impacted by the reduced offshore activity.
Maersk Drilling Loses Two Offshore Rig Deals
Danish offshore drilling company Maersk Drilling has said it has received early contract termination notices for two of its drilling rigs.Maersk Drilling said Friday that Shell had the contract for the semi-submersible Mærsk Developer "with immediate effect." The original end of the contract for the Maersk Developer was expected to be in August 2020.Further, Aker BP has terminated the contract for the jack-up rig Maersk Reacher. The jack-up rig was hired for accommodation services on the Valhall field, offshore Norway, with effect from end-April 2020.
Offshore Drillers to Lose $3B Due To COVID-19, Low Oil Prices
Offshore drillings contractors leasing drilling rigs to oil and gas companies are set to lose contracts worth $3 billion in combined revenue in 2020 and 2021, Rystad Energy said Thursday, citing the impact of the coronavirus pandemic and low oil prices.According to Rystad, the estimated contract value in 2020–2021 is $30 billion in total; $20 billion in 2020 and $10 billion in 2021. "So far six rig years of contracts have been canceled, translating to approximately $400 million in contract value. These numbers will only increase as operators continue to slash capex budgets and delay projects…
NGA in Rig Settlement Pact with Industri Energi
The Norwegian Shipowners' Association (NGA) reached an agreement with Industri Energi and SAFE in the Mid-Term Settlement for employees on mobile offshore units, drilling and catering on permanently placed facilities on the Norwegian Continental Shelf, after mediation at the national Mediator’s Office several hours past deadline.The result involves a general wage growth of 3,6%. A strike among under 1600 rig workers is thus prevented."For the sake of the competitive situation and jobs on the Norwegian Continental Shelf…
Maersk Drilling Mulls Listing in Recovering Market
Drilling rig contractor Maersk Drilling, which will soon list on the Copenhagen stock exchange, said the offshore drilling market is improving as oil firms generate more cash and look to boost reserves.A fall in oil prices in 2014 prompted a severe downturn in the industry as oil companies cancelled or postponed exploration plans, reducing demand for offshore drilling rigs."What drives our faith in a market recovery is to a high degree the higher activity we see from the oil companies," chief executive Jorn Madsen told Reuters.He referred to an increase in utility rates and the number of tenders…
Equinor Extends Contract for Maersk Intrepid Rig
Norway's Equinor has awarded Maersk Drilling AS a five-month contract for the Maersk Intrepid rig to provide operational support on the Martin Linge field in the North Sea. Two extension options will also be exercised, and four new options will be added.Maersk Intrepid initially had a contract for operational support for the Martin Linge licence until April 2019. Equinor has chosen to exercise two one-month options, and then start a new contract from June 1 to October 31, 2019.In addition, Maersk Intrepid will get four new two-month extension options.
Semco Maritime Extends Maersk Innovator Cantilever
Maersk Drilling’s ultra-harsh environment jack-up Maersk Innovator is now heading for operation at the Buzzard field in the Central North Sea following a six-week yard stay at Invergordon, during which main contractor Semco Maritime has extended the cantilever alongside various other maintenance and updating projects.Semco Maritime’s main work scope was to extend the cantilever 5 meters in order to allow the rig a larger drilling envelope. The highly complex job involved fabricating and installing beams with flanges up to 100 mm and very high tensile 690 Z grade material requiring special weld procedures…
Aker BP, Maersk Drilling Sign Rig Contract off Norway
Maersk Drilling and Aker BP have signed a one-year contract to deploy the Maersk Integrator jack-up rig off Norway from June 2019, Aker BP said in a statement on Thursday.The contract, based on an alliance created between the two firms and Halliburton in 2017, is based on market-rate terms and holds the possibility of a sizeable upside for all parties, based on actual delivery and performance, it said.Maersk Integrator will finish its current campaign on the Gina Krog field off Norway in June 2019, and then go directly to the Ula field in the North Sea for a new one-year assignment with Aker BP.(Reporting by Ole Petter Skonnord, editing
Maersk Rig Contracted to Aker BP
Maersk Drilling and Aker BP have agreed to a new two-year contract to reactivate and quickly deploy jack-up rig Maersk Reacher in the Norwegian part of the North Sea.Maersk Reacher will be deployed as an accommodation rig, with the option of repurposing the rig for plugging & abandonment for the final phase of the contract. The rig is expected to commence operations in its new role by October, 2018.The flexible contract is agreed upon in continuation of the alliance between Maersk Drilling and Aker BP where the parties have committed to align incentives and co-create optimal solutions.“Like Aker BP…
Cubility Launches MudCube X
Cubility AS, a provider of solids control solutions that improve efficiencies, solids control and HSE around drilling operations, has launched the latest evolution of its industry leading solids control solution, the MudCube X. Building on the capabilities of the MudCube as a field-proven, suction-based, solids control alternative to vibrating shale shakers, the MudCube X comes with an enhanced modular design allowing for easy integration into all rig designs; and fast installation and maintenance so that the MudCube X is up and running and delivering immediate value to customer operations and rapid ROI.
Maersk to Spin off Drilling, Hand Total Shares to Investors
A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics.Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to French oil major Total last year in a $7.5 billion deal as part of a restructuring under Soren Skou, who became chief executive in 2016.Skou used to head Maersk's container business and is a long-time veteran of the Danish firm whose mainstay industry is emerging from a fierce price war as too many ships chased too little business…
Seadrill Suggests Consolidation for Drilling Market Recovery
On Tuesday, Seadrill CEO, Anton Dibowitz said consolidation of smaller offshore oil rig companies would help boost drilling market recovery in the drilling market. The statement comes a day the offshore rig firm emerged from Chapter 11 bankruptcy proceedings. Seadrill started trading new shares on the New York Stock Exchange and plans to list new shares on the Oslo Stock Exchange by end of July. Shares of Seadrill, controlled by Norwegian-born John Fredriksen, opened at $25 a share, but slid to $18 a share by 11:08am (ET).
Equinor Awards $3.7 Billion Service Deals
Norwegian oil and gas firm Equinor has awarded drilling and well service contracts worth 30 billion Norwegian crowns ($3.68 billion) to Schlumberger, Halliburton and Baker Hughes, it said on Monday.The contracts cover integrated well services, such as directional drilling, drill bits, fluids and cementing, for an initial four years, and can be extended for up to 10 years."The purpose of integrated drilling and well services is to clarify roles and responsibilities," Equinor, formerly known as Statoil, said in a statement."This results in less interfaces and more clearly defined responsibilities, facilitating more seamless planning and im
Aker to explore options for Aker Energy after Ghana plan filing
Norwegian investment firm Aker will consider options for its stake in oil startup Aker Energy after the unit has appraised its offshore field in Ghana and submitted a development plan for the site to the Ghanaian government.Aker Energy bought a 50-percent stake in Ghana's ultra deepwater Tano Cape Three Points block from Hess for $100 million in February.Options for the stake include listing Aker Energy separately, offering it for sale to oil companies in the area or those seeking to enter Ghana, or a combination of both…
Maersk Likely to Shelve Plans to List Drilling Division
Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the division, but analysts value it at around $4.8 billion.It has not yet received any firm offers for the unit, according to two of the sources.
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. Any failures can result in losses that run into hundreds of thousands of dollars per day.With such high costs and massive market pressures, including volatile oil prices, increasing competition and operations in complex environments…
Maersk Drilling Bags North Sea Contracts
Maersk Drilling said it has been awarded three consecutive contracts for the Maersk Resolute and a contract extension for the Maersk Resolve, both operating in the Dutch sector of the North Sea.“The North Sea continues to be a key market to Maersk Drilling, and with the new contracts for Maersk Resolute and the contract extension for Maersk Resolve, we are further strengthening our presence in the area,” said Morten Kelstrup, CCIO in Maersk Drilling.Three consecutive contract agreements with TAQA Energy B.V., Petrogas E&P Netherlands B.V. and Dana Petroleum Netherlands B.V.
Maersk Establishes Decomissioning Company
A 50/50 joint venture (JV) between Maersk Drilling and Maersk Supply Service will provide decommissioning services to oil and gas operators. After decades of production, an increasing amount of offshore oil and gas fields are approaching the end of their economic life. In the North Sea alone, more than 400 fields are expected to cease production by 2026 at an estimated cost of $56 billion. Globally, more than 700 fields are expected to require decommissioning. The JV will initially offer bundled solutions for up to 80 percent of the oil field decommissioning process…
Sale of Maersk Oil to Total Complete
A.P. Møller - Mærsk A/S [A.P. Moller - Maersk] has received all regulatory approvals and has today completed the sale of Mærsk Olie og Gas A/S [Maersk Oil] to Total S.A. [Total], which was announced on 21 August 2017. A.P. Moller - Maersk has transferred its shares in Maersk Oil to Total and as consideration received 97.5 million Total shares equalling USD 5.6bn as of 7 March 2018. In addition to the shares, Total has assumed a short-term debt of USD 2.5bn via a debt push down from A.P. Moller - Maersk into Maersk Oil, which will be repaid to A.P. Moller - Maersk shortly after closing.
