The offshore rig market recovery appears to have taken a pause, with demand tapering off and marketed utilization hitting the lowest levels recorded since recovery began in 2021. A variety of factors have contributed to this – including Saudi Aramco’s suspension of over 30 jackup contracts by up to one year, the entry of newbuild rigs into the market without work to go to
The seventh generation Atlantic Zonda drillship, managed by Ventura Offshore Midco, has started operations for Petrobras under a three-year drilling contract.The Atlantic Zonda is managed by Ventura Offshore through marketing and operating agreements with the rig owner, Eldorado Drilling, and the company will earn its management fees and reimbursable revenues from these agreements.
The Trump administration imposed sanctions on Iranian oil trading networks on Thursday, including on a China-based crude oil storage terminal linked via a pipeline to an independent refinery, just days before direct talks between the U.S. and Iran.The sanctions came after Secretary of State Marco Rubio said the U.S. will hold direct talks with Iran on Saturday in Oman.
Hanwha Ocean has held a naming ceremony for its high specification ultra-deepwater drillship Tidal Action, signaling its official entry into the deepwater drilling industry.The Tidal Action is built on Hanwha Ocean’s proprietary design and is capable of drilling at depths of up to 12 kilometers in waters as deep as 3.6 kilometers.
This week, the UK Marine Accident Investigation Branch (MAIB) issued its report on the deaths of three stevedores in a cargo hold access space on board a bulk carrier.Berge Mawson was in Indonesia, loading coal from barges using a floating crane. During a pause in loading due to heavy rain, all hatches were closed.
Generally, government owned vessels, particularly ones engaged in law enforcement, are seemingly last in line when it comes to fuel efficiency. Not so in France, as the Directorate General for Maritime Affairs, Fisheries and Aquaculture (DGAMPA), in late 2024 sealed the deal and commissioned the SOCARENAM-MAURIC consortium to design and build an offshore patrol vessel (OPV) which combines hybrid
President Joe Biden is set to ban new offshore oil and gas development across 625 million acres (250 million hectares) of U.S. coastal territory, Bloomberg News reported on Friday.The ban, to be announced on Monday, rules out the sale of drilling rights in stretches of the Atlantic and Pacific oceans and the eastern Gulf of Mexico, said the report
A Donald Trump presidential election victory [which as of this writing looks most likely] would have huge implications for U.S. trade policy, climate change, the war in Ukraine, electric vehicles, among other areas. While some of his proposals would require congressional approval, here is a summary of the policies he has said he would pursue in his second four-year term in office:MORE
European automakers are the most likely to be affected by the dockworkers strike at U.S. East Coast and Gulf Coast ports because they rely heavily on those locations, but a longer walkout could prove "debilitating" to the entire sector, industry officials and analysts said.The dockworkers began their first large-scale stoppage in nearly 50 years early on Tuesday
Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.
U.S. Gulf of Mexico oil and gas producers were evacuating staff and curbing drilling to prepare for Tropical Storm Francine on Monday as it churned through the energy region on a path to bring high winds and drenching rains to the U.S. mid-South.Francine is likely to bring life-threatening storm surge to the upper Texas and Louisiana coasts and hurricane-force winds to Southern Louisiana this
U.S.-based offshore drilling contractor Noble Corporation on Wednesday announced it has completed its acquisition of peer Diamond Offshore Drilling. The merger creates the industry's largest fleet of 7th generation dual-BOP drillships and adds 4.8 rig years and approximately $2 billion to the Noble backlog, which now stands at $6.7 billion.