Oil & Gas Drilling
SeaDrill Ltd:Has been awarded an 18-month contract extension for the drillship West Tellus by Petrobras commencing in April 2018 and securing work for the unit through the end of Oct. 2019.The total backlog for the contract extension is about $164 million.As part of the agreement to extend the West Tellus, Seadrill has agreed to a dayrate reduction on the current contract effective from Feb. 26, resulting in a $132 million reduction in backlog.Net effect of this agreement is a $32 million increase in backlog.
Greka Drilling Ltd:Announce a new contract to provide drilling services to Essar Oil Limited on the Raniganj East Block in West Bengal, India.
Transocean Ltd:Announces that Murphy Exploration & Production company, a subsidiary of Murphy Oil Corporation, decided to terminate a contract for ultra-deepwater drillship Discoverer Deep Seas.Will be compensated for early termination through a lump-sum payment that includes adjustments for operating costs.
Odfjell Drilling Ltd:JX Nippon Exploration and Production has awarded Odfjell Drilling's semi- submersible Deepsea Stavanger a contract for drilling one exploration well located West of Shetland on the UK Continental Shelf.Contract duration is estimated to be between 60 and 75 days and expected commencement is Q2 2016.
SeaDrill Ltd:Announces agreement with DSME Shipyard.Agreement with DSME shipyard has been reached to defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra, until Q2 2018 and Q1 2019 respectively.Says under terms of original construction contracts, units were to be delivered by end of Q2 of 2016 and total final yard instalment for both units of over $800 mln was due at that time.Says this agreement significantly improves company's near term liquidity position by deferring these capex commitments to 2018 and 2019 with no further payments to yard until that time.
Transocean Ltd:Announces that Shell has elected to terminate contract for harsh environment semisubmersible polar pioneer prior to its expiration in July 2017.Will be compensated for early termination through lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway.
Seadrill Partners Llc:Seadrill Partners announces contract extensions for the tender rigs t-15 & t-16 with Chevron Thailand Exploration and Production, Ltd.-Reuters.Contracts will now expire in July and Aug. 2019, respectively.Says as part of agreement to extend contracts, company has agreed to a dayrate reduction on current contracts.Seadrill Partners says total backlog of two contract extensions is about $80 million.Seadrill Partners says as a result, total backlog of current contracts is reduced by $35 million.The net effect of this agreement has resulted in an increase of $45 million in total backlog and an additional year of contract coverage for the two units.
Transocean Ltd:Announces two year contract for Henry Goodrich .Henry Goodrich was awarded a two year contract with Husky Oil Operations Limited offshore Canada at a dayrate of $275,000 .Estimated contract backlog excluding mobilization is $200 million.
Songa Offshore SE:Received claim submissions from DSME (Daewoo Shipbuilding) related to Songa Endurance, second Cat D rig, in which DSME asserts a claim of $150 million, along with a request for repayment of liquidated damages in a total amount of $22 million.Does not consider that there is any substance to claims asserted by DSME.Claim is substantially similar to the one submitted for Songa Equinox (the first Cat D rig) on Nov. 16, 2015 and relates to alleged cost overruns and additional work in relation to Songa Endurance rig due to what DSME alleges were inherent errors and omissions in the design documents.Songa has 4 CAT D rigs under construction by DSME.Due to the current status of the Cat D project and the situation with DSME, the Company is conducting a full legal review of the project and its position; finding evidence of default by DSME during the engineering and construction of each of the four Cat D units.Thus, the Company is considering a counterclaim of significant magnitude against DSME due to DSME's responsibility for default and will allocate sufficient resources to that effect.All 4 Cat D rigs are under long term contracts with Statoil.
Songa Offshore SE:Says has received a notice of cancellation of drilling contract with Statoil for Songa Trym when current well, Tarvos, is completed around Nov. 12.Says company will receive a contractual cancellation fee based on current full day rate of $377,000 and contractual end date early March 2016.Says rig will after Tarvos well be stacked while marketed for new employment.