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

Odfjell has received a letter of intent from Equinor which involves using the semi-submersible Deepsea Atlantic for a firm 12-well drilling programme in Norway’s Johan Sverdrup field. The proposed deal also includes options for another five wells, with drilling scheduled to start in first-quarter 2022. Odfjell estimates the firm programme is worth up to $150 million; the figure excludes any additional fees for integrated services, modifications, upgrades, mobilisation and demobilisation. The letter of intent still needs to be transformed into a signed contract, which will also provide Odfjell with a performance incentive when wells are completed ahead of schedule.

Focus: Share Fair - Spirit Energy

Spirit Energy is hoping to book two rigs – a jack-up and a semi-submersible – by the fourth quarter of this year for a two-well drilling campaign in 2021, wells director Olav Log said at a “virtual” Share Fair webinar, organised by Oil & Gas UK. This year’s Share Fair in Aberdeen was cancelled as a result of the coronavirus pandemic, leaving the supply chain somewhat short of information from operators and Tier 1 contractors about upcoming plans. OGUK’s James Musgrave said there would be at least six more of these virtual meetings beginning with Petrofac on 4 August  Log did not specify where the rigs would be used, but  there was mention of a possible new well in the Chestnut field.

Companies

Viaro Energy, a London-headquartered subsidiary of energy trading company Viaro, is acquiring RockRose Energy in a $310 million all-cash deal. Under the terms of the acquisition, RockRose shareholders will be entitled to receive 1,850 pence per share in cash, representing a premium of 64% to the closing price of 1,130 pence per RockRose share last Friday (3 July). RockRose directors believe the terms of the deal to be fair and reasonable and haveaccordingly unanimously recommended acceptance. Among RockRose's UKCS assets are the Brae complex, which it operates, as well as Arran, B-Block, Blake, Howe, Nelson, Ross and Tain fields.

 

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