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:


Borr Drilling is continuing their expansion to become the world’s biggest owners of premium jackup drilling rigs:


Oil majors share price was always determined by 25 year reserves.
Now they base that on 10 years, and it did nothing to their share prices.
There a view of the future,
Even at $100/bbl I dont think anything will change.
Its like coal, we still dig and burn it but zero investment in it.


Here is your opportunity to be share owner in Shelf Drilling, owner of a large fleet of old Transocean J/U rigs:

Many very familiar rigs on this list: https://www.shelfdrilling.com/our-fleet/

Bring back memories. I have done rig moves, tows and inspections on most of this fleet many times, in many places and over many, many years.


Things are looking up.
Subsea 7 gets new contract in GoM:

Same report in Splash today:


Will OPEC be able to maintain oil prices at the present level against an onslaught from US Shale oil producers and possible intervention by the US Government to lower pump prices before the mid-term election?: