BP Scraps Plans to Drill Off Southern Australia Coast, Says ‘Ocean Greatwhite’ Contract Not Impacted

By Perry Williams (Bloomberg) -- BP Plc has abandoned oil exploration in the offshore Great Australian Bight, five years after it began searching for resources in one of the world’s last frontier regions and before it could drill a single well. The decision to step away from the project off the country’s southern coast follows a review of the company’s upstream … [Read more...]

Hyundai Heavy Delivers World’s Largest Semi-Submersible Drilling Rig

South Korean shipbuilder Hyundai Heavy Industries says it has delivered the world's largest semi-submersible drilling rig to Diamond Offshore. The rig, named Ocean Greatwhite, was delivered to the Houston-based drilling contractor on July 2015. At 123 meters long by 78 meters wide, the semi-submersible is touted as the world's largest semi-submersible drilling rig, according … [Read more...]

GE Tackles Offshore Oil Spill Prevention in New BOP Pact

By David Wethe (Bloomberg) -- Diamond Offshore Drilling Inc. is turning over care and handling of the massive rig safety devices designed to stop well blowouts to General Electric Co. in an agreement that establishes a new industry model. GE Oil & Gas will buy the blowout preventers on four of Diamond Offshore’s newest drillships for $210 million, and rent the devices … [Read more...]

Crude Collapse – Diamond Offshore to Scrap Three Rigs

May 4 (Reuters) - Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, said it was scrapping three rigs in the face of weak demand due to a steep fall in global crude prices. The company said on Monday it recorded an impairment charge of $319 million for eight rigs, including the rigs being retired, in its first-quarter results. The charge … [Read more...]

Diamond Offshore To Scrap Rigs

May 4 (Reuters) - Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, said it was scrapping three rigs in the face of weak demand due to a steep fall in global crude prices. The company said on Monday it recorded an impairment charge of $319 million for eight rigs, including the rigs being retired, in its first-quarter results. The charge … [Read more...]