By Mikael Holter (Bloomberg) -- Tor Olav Troim, who took advantage of a brutal downturn to build Borr Drilling Ltd. from scratch into a $2.3 billion company, warned investors not to grow too enamored with the offshore drilling industry. Investors should keep in mind that offshore drilling is a cyclical industry and get out when the time is right, Borr’s chairman … [Read more...]
Maersk Drilling Is Ready To Stand On Its Own Says CEO
By Nerijus Adomaitis (Reuters) - Drilling rig contractor Maersk Drilling will provide strong competition for its peers when it is spun off from the A.P. Moller-Maersk conglomerate next year, its chief executive said on Tuesday. A.P. Moller-Maersk said on Aug. 17 it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the … [Read more...]
New York Governor Vows ‘Dunkirk-style’ Citizens Fleet to Block Offshore Drilling
By Henry Goldman (Bloomberg) -- New York Governor Andrew Cuomo vowed to enlist a “citizens fleet” of leisure boats and fishing vessels to block any attempt to construct oil-drilling facilities off the state’s shores, as part of a broad attack on President Donald Trump’s environmental and energy policies. “I’m going to commission a citizen fleet to stop it just as Winston … [Read more...]
In U.S. Gulf of Mexico, Robots and Drones Take on Dangerous Offshore Oil and Gas Work
By Liz Hampton HOUSTON, May 3 (Reuters) - At BP's massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed "Maggie" by BP, the dangerous inspection job was reserved for highly paid specialist technicians who did their jobs … [Read more...]
Norway’s Odfjell Drilling to Expand Fleet as Offshore Rig Market Recovers
OSLO, April 20 (Reuters) - Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry. After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some … [Read more...]