Frigstad Places $1.3 Billion Newbuild Order for Ultra-Deep Water Rigs

In a $1.3 billion speculative venture, Frigstad Deepwater Ltd placed an order last week with CIMC Raffles for two, 7th generation ultra deepwater Frigstad D90™ rigs. Rated to operate in water depths up to 12,000 feet and to drill to a total depth of 50,000 feet, the units will be outfitted with a DP3 dynamic positioning system, full dual activity hydraulic drilling … [Read more...]

Drilling Off Cuba, and How the Embargo Could be Very Costly for the US

The Scarabeo 9, on contract for Repsol, is currently sitting at, or very close to, "TD" or total depth on the first deepwater well ever drilled off Cuban shores. So far, things have seemingly gone off without a hitch, a few mechanical issues here and there, but nothing atypical for a new rig, and no environmental impacts. But what if a catastrophic blowout occurs? This … [Read more...]

Market Update: Saipem Achieves Record Profits in 2011 [REPORT]

Saipem, the offshore energy contracting arm of Italian integrated energy company ENI, reported record profits in 2011.  Their adjusted net profit for 2011 reached a record level of €921 million, which was an 11.2% increase compared to 2010.  New contracts and backlog maintained a fairly steady pace near 2010 levels. Saipem's Management Outlook for 2012  Oil industry … [Read more...]

Bienvenidos a Cuba! The Scarabeo-9 Deepwater Drilling Rig Arrives in Havana

HOUSTON -(Dow Jones)- An Italian drilling rig scheduled to drill a deep-water well offshore Cuba has arrived to the shores of Havana, Cuban media said Thursday. The website cubadebate.cu said that the rig, dubbed Scarabeo-9, could be seen from Havana's boardwalk, the website said. The rig will be operating for Spanish oil giant Repsol YPF SA (REPYY). The rig was been … [Read more...]