OE article: Oil price uncertainty looms over industry


No no, I’m simply offering it a good home. I didn’t agree to any “adoption fees.” :rofl:


Here is basic specs for Island Navigator:
She was intended to do tophole drilling, work-overs and P&A etc., not competing with full size drillships.


The official statement from Island Offshore:


Sembcorp Marine has offhanded West Rigel to “unknown” buyers:

I wouldn’t be at all surprised if either Jon Fredriksen or Troim is behind the purchase.


Some is seeing a bright future and have put their money where their mouth is:


Borr Drilling is still aggressively in the market for new Jackups:

Are they overly optimistic, or do they know something we don’t know??


Others see a future in the Construction and Marine field as well:


And they are looking at new markets:


Statoil have lost money on their USA operations for years, but have now returned to profitability:

At the same time they have cut cost on the Johan Sverdrup development to where they can make money at an oil price of USD 15/bbl.:

USD 1.2 Mill/hr. is not a bad hourly “wage” either. (that is at today’s oil price)



And the cost of producing oil in Norway is much lower than in the British sector:

The cost in Norway is nearly on par with the production costs in the Middle East, which is a surprise.