Jack-Up Specialist Shelf Drilling Falls in Oslo Debut, But Optimistic on Rising Rig Rates

By Nerijus Adomaitis OSLO, June 25 (Reuters) - A fall in equities and oil markets knocked shares in Shelf Drilling on their Oslo market debut on Monday, although the world's largest owner of shallow water rigs was optimistic rig rates are set to rise. The Dubai-based company's shares were trading at 63.64 Norwegian crowns at 1400 GMT, below their initial public offering … [Read more...]

Borr Drilling to Acquire Paragon Offshore in Push to Consolidate Jack-Up Rig Market

By Nerijus Adomaitis OSLO, Feb 22 (Reuters) - Offshore rig firm Borr Drilling , controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand … [Read more...]

Borr Drilling to Buy Transocean’s Jack-Up Fleet for $1.4 Billion

Newly established Borr Drilling has announced plans to scoop up Transocean's entire fleet of high specification jack-up rigs in a deal worth nearly $1.4 billion. Borr Drilling revealed Monday that it has signed a Letter of Intent with Transocean for the acuisition of 15 jack-ups, comprising ten rigs in Transocean's fleet and 5 newbuilds under construction at Keppel FELS in … [Read more...]

Maersk Drilling Takes Delivery of Final XLE Jack-Up, Maersk Invincible

Maersk Drilling has taken delivery of its fourth XLE jack-up rig, the Maersk Invincible, from Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea. The rig is the fourth and final rig in a series of four ultra-harsh environment jack-up rigs to enter Maersk Drilling’s fleet. The first three jack-up rigs have been delivered from the Keppel FELS shipyard. With a … [Read more...]