Norwegian Investment Banks Touting Oil Rigs at Firesale Prices

Photo: Shutterstock/Lukasz Z

By Luca Casiraghi and Mikael Holter (Bloomberg) -- Pareto Securities AS is among banks targeting debt funds and private-equity firms to buy oil rigs at firesale prices to hold until demand for offshore-drilling rebounds, according to people familiar with the matter. Norwegian investment banks are sounding out interest in special-purpose investment vehicles that would buy … [Read more...]

Keppel Acquires Cameron’s Jack-Up Rig Business

keppel shipyard shipbuilding singapore

Singapore's Keppel Offshore & Marine, the world's largest rig builder, says it has entered into an agreement for the acquisition of Houston-headquartered Cameron International Corporation's offshore rigs business for $100 million. The acquisition, which was made through Keppel's wholly owned subsidiary Keppel Offshore & Marine USA, comprises Cameron's trademarked … [Read more...]

Stena Drilling Pleads Guilty Over Fatal 2012 Rig Accident Off Australia

Stena Clyde. Photo: Stena Drilling

Stena Drilling has pleaded guilty in Australia to charges related to a fatal accident on board its Stena Clyde semi-submersible drilling rig in 2012 in which two people were killed. According to NOPSEMA, Australia's national regulator for the offshore oil and gas industry, Stena Drilling Australia Pty Ltd plead guilty to one charge in violation of clause 9(4) of Schedule 3 … [Read more...]

Oil Trades Near $60 as Retreat in U.S. Drilling-Rig Count Slows

Gulf Of Mexico Oil Rig And Workboat

byBen Sharples (Bloomberg) -- Oil traded near $60 a barrel as companies in the U.S. reduced the number of active rigs by the slowest pace since a prolonged retreat in drilling that began in December. Futures were little changed in New York after falling 1.7 percent on Friday. The number of rigs targeting oil dropped by one to 659, data from Baker Hughes Inc. … [Read more...]

Cheap Oil to Trigger Drilling Sector Take-Over Wave – Maersk Drilling

Diamond offshore semisubmersible upgrade shipyard

By Keith Wallis SINGAPORE, April 21 (Reuters) - The oil drilling industry faces a wave of take-overs in the next two years as crude prices are expected to remain under $85 per barrel, said Claus Hemmingsen, chief executive of Danish Maersk Drilling, on Tuesday. Oil prices have fallen by around 50 percent since June last year as soaring output clashes with slowing demand … [Read more...]

Local Support to Drill Offshore South Carolina Gains Traction

jackup rig derrick drilling

"Offshore energy exploration and production could be an economic game changer for South Carolina," says Congressman Jeff Duncan (R-SC) in a press statement this week. For South Carolina, the immediate issue is the pending decision by the Federal Bureau of Ocean Energy Management to permit seismic survey operations offshore. In parallel however, South Carolina residents are … [Read more...]

U.S. Proposes Opening Atlantic in 5-year Oil, Gas Drilling Plan

Screen Shot 2015-01-27 at 2.12.22 PM

WASHINGTON, Jan 27 (Reuters) - The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast. The new 2017 to 2022 drilling plan begins a process that could take many years before waters off the coasts of Virginia, North Carolina, South Carolina or Georgia are cleared for … [Read more...]