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.


New rig order is a rarity these days, but AWILCO is always one to go against the trend:


Borr Drilling has had an amazing growth during the downturn:

Now is left to be seen if the results in the upturn will prove that Tor Olav Troim has been right all along.


Maybe the future for the big oil companies lays in renewable energy??
Some oil companies think so:

Even Saudi Aramco is planning on investing heavily in renewables:

But where are the big American oil companies in this picture??


Total and Statoil team up to take over North Platte Field in the GoM: