(Bloomberg) — Offshore oil contractor Borr Drilling Ltd. expects almost a third of the world’s fleet of shallow-water rigs to be retired in the coming years because of their age,…
https://gcaptain.com/oil-driller-borr-sees-wave-of-shallow-water-rigs-retiring/
Seatrium Limited has delivered the jack-up rig Vali to Borr Drilling, about a year ahead of its planned delivery next year.
Completed and delivered on an accelerated schedule, Vali is a KFELS Super B Class rig, specifically engineered to operate in water depths of up to 400 feet and capable of drilling to depths of up to 35,000 feet. The rig can also drill deep wells both vertically and horizontally. Its cantilever structure is designed with a maximum combined load of 3,700 kips and is equipped...
https://www.marinelog.com/offshore/oil-gas/seatrium-delivers-fourth-borr-drilling-jack-up-rig/
In a sign of the continuing uptick of offshore drilling activities in a number of regions, Borr Drilling Limited [NYSE and OSE: BORR] today reported new contract commitments for three of its premium jack-up rigs, the Arabia I, the Gunnlod and the Norve. The commitments cover a total of 1,779 days and $332 million in contract revenue, including mobilization and demobilization compensation.
The Arabia I, which had its work scope suspended earlier this year in Saudi Arabia has secured a new...
Harold Macmillan was supposedly once asked what the most troubling problem of his time as British Prime Minister was. “Events, my dear boy, events,” was his reply. I thought I had this week’s column nailed well in advance, but offshore is an industry especially susceptible to unexpected and hard to predict “events”. So, we must […]
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The novelist Jodi Picoult once said that, “there are two ways to be happy: improve your reality, or lower your expectations.” Changing the world for the better is hard, but there have been a lot of expectations lowered in the offshore industry this week. Unfortunately, these reduced expectations seem to have produced little joy in […]
The post COLUMN | Lowered expectations: Saudi Arabia’s oil production; Nigeria’s currency; SBM’s whistleblower; Falkland Islands’ FPSO [Offshore Accounts] appeared...
Offshore is a cyclical industry; when assets are at their cheapest, nobody wants to buy them, and nobody will lend money to acquire offshore vessels and rigs. If only I had had the foresight to buy Tidewater stock in May 2020 when it traded below US$5 per share, as opposed to US$68 on Friday. But...
One of the delights of the offshore market recovery has been the surge in charter rates for platform supply vessels (PSVs) around the world. Tidewater’s triumphant presentation at the Barclays CEO Energy Conference earlier this month showed the potency of the market recovery that the company has driven ever onwards and upwards after its acquisition […]
Kylie Minogue has a new pop single out this week, called Tension, which is most appropriate. There’s tension in the Eastern Mediterranean, tension across the offshore wind industry, as another major operator takes a big write off, and tension in Maersk Supply Service, where 130 British staff face redundancy, the COO has been let go, […]
The post COLUMN | Tension: Chevron in Cyprus; Ørsted’s woes; Maersk Supply Service restructures; Borr’s Mexican receivables [Offshore Accounts] appeared first on
Tor Olav Trøim has enjoyed a stellar career in shipping. Now chairman of Golar LNG, a role he has held for more than five years, Mr Trøim has served as a director of th ..
The post COLUMN | Tor Olav Trøim, Golar LNG, diversity and carbon emissions equity [Offshore Accounts] appeared first on Baird...
Last week (here), we looked at the recovery of the drilling market, epitomised by the return to a public listing of Dolphin Drilling in Oslo on September 15. A few days l ..