Oil & Gas Drilling

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Patterson-UTI Energy Inc's subsidiary announces completion of pressure pumping acquisition

Monday, 20 Oct 2014 04:09pm EDT

Patterson-UTI Energy Inc:Says that one of its subsidiaries has completed the previously announced acquisition of the Texas-based pressure pumping assets of a privately held company.Acquisition included 148,250 horsepower of hydraulic fracturing equipment and provides Patterson-UTI with two additional bases of operations and employees to support customer activity in South Texas and East Texas.

Sevan Drilling ASA announces Sevan Developer shipyard agreement and operational update

Thursday, 16 Oct 2014 01:00pm EDT

Sevan Drilling ASA:Says Sevan and Cosco have agreed to amend the termination rights of the construction contract and defer the delivery date for Sevan Developer.Says delivery is deferred for 12 months with mutually agreed options, exercisable at 6 month intervals, to extend the delivery date for up to a total of 36 months from Oct. 15.Says the agreement will terminate at the end of each deferral period, unless the option to extend is mutually agreed by both parties.Says if termination should occur, Sevan is entitled to a refund of its instalments less any agreed costs.Says Cosco will complete construction and maintain the rig at the shipyard in Qidong.Says Sevan will continue to market the rig as part of its fleet and delivery will take place only after a drilling contract is in place that is sufficient for secured financing to be obtained.Says payment of the construction liability and other related costs will be deferred until delivery and the service agreement is expected be concluded within Q4 2014.Says on Oct. 7, Sevan Louisiana began earning operational dayrate under its contract with LLOG.Says Sevan is in discussions with LLOG regarding the allocation of contractual liability and commercial consequences with respect to the downtime experienced during Q3.

Sevan Drilling ASA has entered standstill agreement with Cosco

Monday, 22 Sep 2014 01:53am EDT

Sevan Drilling ASA:Says has entered into a standstill agreement with Cosco (Qidong) Offshore Co. Limited related to Sevan Developer's construction contract.Says negotiations with Cosco continue and company expects to conclude in coming weeks.Says as stated in the Q2 report, the company is considering several options, including cancellation of the contract or negotiating a later delivery date.

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