Tag Archives: offshore

I’ll Take The Worst Neighborhoods In O&G For $200, Alex

The hardest sell in the entire O&G industry right now is without question a newbuild offshore rig order. Demand for offshore newbuilds is actually negative. Contractors continue to push out delivery dates, in some cases paying up to avoid taking delivery. With little visibility on a recovery, shipyards are being forced to …

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In Offshore Drilling, Financial Restructuring Quietly Chugs Along As Noble And Shell Arrive At New Terms

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 …

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Atwood’s Drillship Mortgages Are An Industry First

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 …

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8 Interesting Things We Learned In The Past 24 Hours

It’s been a busy 24 hours. Since Wednesday morning, a dozen upstream management teams have provided business outlooks via quarterly conference calls. While drinking from this information firehose, we’ve been logging the highlights. In this post, we dissect the eight most interesting things we took away for the oilfield business at …

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The Good, The Bad, And The Ugly For Latin America Deepwater

Latin American deepwater exploration and development is largely driven by the two large NOCs in the region. Here lately, these NOCs have been slamming the brakes, particularly in Brazil where Petrobras is trying to recover from scandal that rivals Enron. Both NOCs are pruning their rig portfolios, resulting in negative demand for Latin American floaters. …

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