Oil & Gas Drilling

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Mitchell Services Ltd awarded three year contract

Sunday, 22 Mar 2015 07:17pm EDT

Mitchell Services Ltd:Says that it has been awarded three year contract worth an estimated $25 million in revenue with global mining company Anglo American.Contract includes provision of six rigs, with opportunities for additional services based on performance during term of contract.

Fred Olsen Energy ASA receives $52 million rig termination fee

Friday, 13 Mar 2015 03:30am EDT

Fred Olsen Energy ASA:Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has received a termination for convenience notice from Anadarko Petroleum Corporation for the contract for the drilling unit Belford Dolphin.The termination will be effective in early Sept 2015.The termination fee is about $52 million.The unit will undertake five-year Class Renewal Survey in second/third quarter 2015.The five-year CRS and upgrades is estimated to take about 100 days and cost $130 million.

Savanna Energy Services Corp agrees to cancel new build australian contracts

Monday, 2 Mar 2015 10:45pm EST

Savanna Energy Services Corp:Says that in light of the significant uncertainty in respect of commodity pricing and activity levels for all of Savanna's services.Savanna and an Australian customer have mutually agreed to cancel construction of the 4 TDS drilling rigs previously contracted in Q4 2014.Says that is resulting in the reduction of $34.5 million from Savanna's 2015 capital budget and a further $25 million from its 2016 capital commitments.

Hercules Offshore Inc announces termination of contract for hercules 261

Thursday, 26 Feb 2015 07:30am EST

Hercules Offshore Inc:Says that it has received a notice from Saudi Aramco terminating its drilling contract for the Hercules 261, effective March 27.Says it is in the process of seeking a basis for continuing the Hercules 261 contract.As previously disclosed, the company has been in discussions with Saudi Aramco about a possible rate reduction on the Hercules 262 and Hercules 266.Says it has not received a notice of termination from Saudi Aramco with respect to these rigs.

Hess does not exercise option for Awilco Drilling PLC rig

Thursday, 26 Feb 2015 12:54am EST

Awilco Drilling PLC:Announces that Hess Limited have allowed their option on WilHunter to lapse.WilHunter is one of Awilco Drilling's two Enhanced Pacesetter semi-submersibles and is equipped for drilling in water depths up to 1,500ft.

Japan Drilling announces new drilling contract

Tuesday, 24 Feb 2015 09:30pm EST

Japan Drilling Co Ltd:Says signed new drilling contract with Dana Gas Exploration FZE that based in United Arab Emirates on Feb. 24, by using "SAGADRIL-2".Contract with term of 70 days and the operation planned will commence between March 19 and April 19.

Northern Offshore discloses contract dispute with CAMAC Energy affiliate

Monday, 12 Jan 2015 03:10am EST

Northern Offshore Ltd:Says issued a notice of contract termination to Oceanic Consultants Nigeria Ltd for the Energy Searcher drilling contract.CAMAC guaranteed Oceanic's obligations under the drilling contract.Says believes that Oceanic breached various terms of the drilling contract and will be filing a claim for in excess of $50 million are associated with this matter pursuant to the arbitration provisions of the contract.Says hopes to have the rig demobilized out of Nigeria by late January.

Ocean Rig UDW Inc announces agreement with Eni Angola

Thursday, 8 Jan 2015 08:10am EST

Ocean Rig UDW Inc:Says certain of its subsidiaries have entered into an omnibus deal with ENI Angola S.p.A.Extends contract for drillship Ocean Rig Poseidon for a further one year until Q2 2017.Total contract backlog of Ocean Rig has increased by about $187.0 million as a result of this agreement.

SeaDrill exercises option to buy West Polaris Drillship

Tuesday, 30 Dec 2014 02:51am EST

SeaDrill Ltd:Seadrill Limited has exercised a purchase option for the West Polaris, a 6th generation Ultra-Deepwater drillship, from Ship Finance International Limited.The West Polaris was acquired by Ship Finance in 2008 and subsequently bareboat chartered to Seadrill with purchase options commencing in 2012.The purchase option price is US$456 million and total consideration payable to Ship Finance is US$108 million.The transaction will be executed as a purchase of shares in Ship Finance's asset owning subsidiary SFL West Polaris Limited, which is currently a consolidated entity in Seadrill.Seadrill does not expect any immediate material impact to its financial statements as a result of this transaction.

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