North Sea Reporter

Published by KL ENERGY PUBLISHING LTD.

North Sea Reporter is an established and respected weekly publication which provides in-depth news and analysis of the NW European offshore oil and gas industry. 

Rig Market

Ensco has added around nine months of firm time to its contract backlog after securing new work for the jack-ups Ensco 72 and Ensco 101; both awards involve operations in the UK sector. The Ensco 72 has been hired by Petrofac, which is performing a plug and abandonment programme on behalf of operator Tullow Oil. The jack-up arrived on location in Southern North Sea block 50/26, which contains the Orwell gasfield, a week or so ago. Ensco confirms the rig will conduct a seven-well abandonment programme. The Ensco 101 is currently under contract with Neptune and has been hired to drill two firm wells.

Contracts

Statoil has awarded Aibel a contract, worth around NKr1.3 billion, to upgrade the Njord Bravo floating storage and offloading (FSO) vessel as part of the redevelopment of the field. The upgrade will extend the life of the FSO for operations in the Njord and Hyme fields, as well as the  tie-in of Bauge and Fenja. The contract will involve extensive upgrading and maintenance, in addition to the installation of a VOC facility to reduce emissions to air. Aibel will start work immediately and the vessel is expected to arrive at the Haugesund yard early in July. The vessel is scheduled to resume operations at end-2019/early-2020.

Companies

Subsea 7 has launched a bid to acquire US-based McDermott International in a $7 per share deal, payable entirely in cash or up to 50% in Subsea 7 stock and the balance in cash. The proposal, which McDermott has rejected, represents a premium of 16% on the closing share price of McDermott last Friday (20 April). Subsea 7 says it is in a position to execute a transaction quickly. It will also consider increasing the proposed price after further assessment of McDermott’s business and is open to discussing listing options for the shares of the combined company. The proposal is subject to completion of the pending McDermott/CB&I merger.

 

Weekly coverage includes:

  • Rig Market - contracts, dayrates and utilisation
  • Drilling – a round-up of North Sea activity  
  • Construction and engineering
  • Field development and production
  • Contract awards
  • Company news
  • Data tables of industry activity
  • Mediterranean & W. Africa briefing
  • News briefs