Tag Archives: negotiation

Even when offshore drillers aren’t tapping the capital markets for debt or equity, financial restructuring is quietly continuing behind the scenes. Contractual terms continue to be renegotiated with customers, and price concessions are still being given. Literally hundreds of multi-year contracts that were in effect this time two years ago have …

Offshore drilling contractors have been signing deals with shipyards to delay taking rig delivery for several years now. With no visibility on work, it’s better to leave rigs on the docks where they took shape than to store them somewhere harsher. This morning Atwood announced a delay deal on a pair of …

In news from Rowan Thursday afternoon, we observe drilling contract negotiations taking a different kind of turn. The usual dayrate, duration, and specification sticking points that operators and contractors haggle over are expanding as deal-makers seek creative solutions to downturn problems. Exclusivity is being granted by an operator in exchange for more favorable early-termination release. …