By Mikael Holter (Bloomberg) -- Two former associates of billionaire shipping and rig tycoon John Fredriksen are delivering out-sized returns by snapping up distressed and shunned oil-related assets. And they say it’s a bet that has plenty of room to run. Titan Opportunities Fund, set up by Espen Westeren and Fredrik Halvorsen, has returned 46 percent in its first nine … [Read more...]
Shelf Drilling Wins Long-Term Contracts Offshore Thailand
Shelf Drilling announced today their global fleet of 37 jack-up rigs will grow by two in conjunction with the recent award of a pair of 5-year offshore drilling contracts by Chevron Thailand. New fit-for-purpose jack-ups will be built at an estimated combined capital cost of USD $370 million by Lamprell's Hamriyah shipyard in the UAE and be of the Letourneau MLT Super 116 E … [Read more...]
DSME Challenging Singapore Yards for Slice of Jackup Pie
By Kyunghee Park (Bloomberg) -- Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder, is bidding to build jackup rigs for the first time in three decades to tap more orders from offshore oil discoveries. Demand for bigger, more sophisticated rigs that can work under harsher conditions is increasing in the North Sea and other … [Read more...]
Chinese Shipyard Asked to Suspend Jackup Construction Following Jurong Shipyard Accident
China's Dalian Shipbuilding Industry Offshore has been told to temporarily suspend the construction of as many as four jackup rigs as a result of the December 3 accident at Jurong Shipyard in Singapore that left 89 workers injured. Dalian Shipbuilding Industry Offshore said Monday that the company received a letter from Friede & Goldman, Ltd. (F&G) ordering the … [Read more...]
Keppel Lands Yet Another Jackup Order for $240 Million
A consortium led by Keppel Kazakhstan and partner Ersai Caspian Contractor said Tuesday that they have secured a contract from a subsidiary of Kazakhstan's state-owned oil company, KazMunayGas, for a Keppel KFELS B Class jackup rig worth US$242 million. The rig, once completed in 2015, will help tap Kazahkstan's vast oil reserves in the Caspian Sea that are estimated to hold … [Read more...]