Last week saw Noble Corporation cement its place as the great consolidator in the offshore drilling industry recovery. Seven days ago, Noble announced that it was buying Diamond Offshore Drilling in a stock plus cash transaction valuing the company at around US$1.6 billion, a deal unanimously...
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COLUMN | Riding the rollercoaster (again): ARO, Deep Value Driller, Dolphin, UDS, MEO and Uniwise [Offshore Accounts]
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 ..
COLUMN | Drilling Update: Borr, Vantage/ADES, Stena/Samsung, Adnoc Drilling, Maersk, and Standard not Drilling [Offshore Accounts]
Time for a six pack of updates on the biggest offshore drilling stories of the last few weeks. Whilst three autonomous marine survey companies and one of Australia’s la ..
COLUMN | Maersk/Noble: Danish retreat from oil and gas raises bigger questions [Offshore Accounts]
On November 10, drilling giants Noble Corporation and Maersk Drilling announced their merger (here). The new company will own 20 floaters and 19 jackups. Each company’s ..
COLUMN | Private equity: can the billionaire factory save the offshore industry? [Offshore Accounts]
Question: What do the Formula One motor racing franchise, Heinz tomato ketchup, British supermarket chain Asda, and the North Sea safety standby companies North Star Ship ..
COLUMN | The Metals Company: what lies behind the subsea mining pitch? – Part One [Offshore Accounts]
There’s so much not to talk about this week. We’re not talking about Tidewater Earlier this month, industry leader Tidewater reported its quarterly results (here) wit ..
COLUMN | Quick updates: Eni acquittal on corruption charges, SBM whistleblower, Fisher fatalities, Pacific Drilling/Noble merger, Scottish windfarm windfall, and Golar/Perenco FLNG dispute [Offshore Accounts]
For the end of the quarter, we feature a six-pack of updates on stories we covered recently. Eni (and Shell) acquitted over US$1 billion Nigerian corruption (for now) One ..
COLUMN | A tale of six restructurings: Polarcus, Seadrill, Diamond Offshore, Siem Offshore, SeaBird Exploration, and Pacific Radiance [Offshore Accounts]
Charles Dickens offered only A Tale of Two Cities. This week, I offer a tale of no less than six restructurings, as the crisis in the offshore sector comes to a head. One ..
COLUMN | Falling knives and walking away: drilling contractors, Chinese yards, Korean cast-offs, Northern Drilling, SinoOcean and the Tiger rigs – Part One [Offshore Accounts]
Sometimes it is not only easier to walk away, but actually better The deepwater drilling industry is in crisis, as you know. In 2020, four major owners of deepwater rigs ..
COLUMN | The twelve days of offshore Christmas: Brent Crude, ammonia fuel cells, Myanmar, floating wind turbines, Bourbon, and Standard Drilling – Part Two [Offshore Accounts]
Not long until Christmas now! As the big day gets closer, you will have seen Esvagt, Swire, Seacor, Cairn Energy, Vantage and Shearwater featuring in Part One of our ..