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.
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…
Schlumberger to Manage Equinor Project in Brazil
Schlumberger signed a contract worth over $200 million with oil major Equinor to manage an offshore rig as part of a drilling program in Brazil's offshore Campos oil basin, a person familiar with the matter said on Thursday.The deal would be the first time an oil services company replaces a drilling-rig contractor, the person said, adding pressure to…
Borr Drilling Aims to Start Paying Dividends by 2020
Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters.Schlumberger…
Transocean to Buy Ocean Rig in $2.7 bln Deal
Drilling rig contractor Transocean Ltd said on Tuesday it would acquire peer Ocean Rig UDW Inc in a cash-and-stock deal valued at about $2.7 billion, including debt.The deal will help Switzerland-based Transocean enhance its fleet of ultra-deepwater and harsh environment floating rigs."The combination of constructive and stable oil prices over the last several quarters, streamlined offshore project costs, and undeniable reserve replacem
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…
Seadrill Exits Chapter 11
Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation, was forced to seek protection from creditors when it was unable to repay its debts amassed during boom years to buy new rigs.
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 has…
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.
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.
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. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S.
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.
Paragon Offshore Eyes Options after Court Denies Bankruptcy Plan
Paragon Offshore Plc said on Friday it was evaluating its options after a U.S. judge rejected the offshore rig contractor's plan to exit bankruptcy, an unusual setback for a corporate Chapter 11 proceeding. In an oral ruling in U.S. Bankruptcy Court in the District of Delaware, Judge Christopher Sontchi said the plan was not feasible because it removes too much cash from the company during the current downturn.
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…
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 assets in the range of $50 million-$100 million and liabilities in the range of $100 million-$500 million. Hercules first filed for Chapter 11 bankruptcy protection in August 2015 and emerged from it in November.
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 into a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold.
Transocean Posts Quarterly Profit on Cost Cutting
Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices. The company's net income attributable to controlling interest was $249 million, or 68 cents per share, in the first quarter ended March 31, compared with a loss of $483 million, or $1.33 per share, a year earlier. Excluding items, the company earned 69 cents per share.
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 operating…
Noble's Q1 Profit Plunges 41% in Oil Slump
Noble Corp Plc's quarterly profit plunged nearly 41 percent as the prolonged slump in oil prices pulled down rig demand and rates. The net profit attributable to the rig contractor fell to $105.5 million, or 42 cents per share, in the first quarter ended March 31 from $178.4 million, or 72 cents per share, a year earlier. Noble's operating revenue fell nearly 24 percent to about $612 million.
