By Manuel Baigorri, Dinesh Nair and Matthew Monks (Bloomberg) -- Oilfield-services company Rowan Cos. is in talks to acquire the drilling business of A.P. Moller-Maersk A/S, which is selling energy assets to focus on transportation, people familiar with the matter said. The drilling business assets could be valued at about $4 billion, although the valuation could … [Read more...]
Contract Terminated for Rowan Ultra-Deepwater Drillship
Houston-headquartered drilling contractor Rowan says it has reached an agreement with one of its customers for the early termination of the drilling contract for the ultra-deepwater drillship Rowan Relentless. The contract with Freeport-McMoRan was scheduled to scheduled to terminate in June 2017, but due to lack of work and a recent restructuring … [Read more...]
Rowan Viking to Get Longer Legs at Damen Shiprepair Vlissingen
The 170 meter tall Rowan Viking jackup will soon be a bit taller as a result of a refit at Damen Shiprepair Vlissingen (DSV). The yard will be adding another 20 meters to the legs of the Keppel Fels ‘N’ Class rig to allow it to work in deeper waters of the Norwegian North Sea while under contract to Lundin Petroleum. Damen notes that because the leg extension work will be … [Read more...]
Rowan is Out of the Woods with Latest Contract While Other Drillers are Scrambling
Rowan Companies' fourth and final newbuild drillship, the Rowan Relentless, is now covered by a long term charter contract amid a very competitive deepwater drilling market. The contract was awarded last Friday by Freeport-McMoRan Oil and Gas for operations in the U.S. Gulf of Mexico and commences in Q3 2015. The charter adds approximately $425 million to Rowan's … [Read more...]
North Sea Tax Change To End Offshore Drillers’ 20-Year Tax Holiday [UPDATE]
![North Sea Tax Change To End Offshore Drillers’ 20-Year Tax Holiday [UPDATE]](https://3kbo302xo3lg2i1rj8450xje-wpengine.netdna-ssl.com/wp-content/uploads/2011/07/Transocean-Marianas-deepwater-drilling-rig-150x150.jpg)
By Tom Bergin LONDON, May 13 (Reuters) - A planned change in the way Britain taxes North Sea drillers exposes the loophole in a system that allowed an industry with annual revenues of 2 billion pounds to pay almost no corporation tax for two decades, prompting accusations that the UK tax authority is falling down on the job. The change, announced by Finance Minister … [Read more...]