The suspension will take effect once Scarabeo 5 has completed drilling a well on the Kristin Field in the middle of August.
Critical project equipment for offshore operations will be transported and stored by cargo carrying units under the seven-figure contract. Brazil plans to more than double production by 2020.
They will be delivered in second-quarter 2019 and first-quarter 2020, respectively. The delivery dates were delayed after the company amended its construction contracts with Sembcorp Marine's subsidiary, Jurong Shipyard.
A wealth of oil and gas has contributed to the world’s bountiful supplies and lower oil prices, which in turn have impacted budgets and spending both onshore and offshore.
Board estimates the deal’s total value at about US$750 million. Transaction is scheduled to close within one week. West Polaris is a sixth-generation ultradeepwater drillship contracted to ExxonMobil in Angola.
Rivals Ensco Plc, Transocean Ltd. and Seadrill Ltd. are interested in Pacific Drilling. Five of Pacific’s seven vessels are working offshore Nigeria and in U.S. Gulf of Mexico, Bloomberg said.
Mooring cables for Chevron’s Big Foot tension leg platform recently sank in the U.S. Gulf of Mexico, Bloomberg said. ROVs roam seafloor while production is now delayed from 200MMbbl field.
The floating production system is in the Mississippi Canyon area. The contract from Chevron North America Exploration and Production Co. includes decommissioning manifold, jumpers, flying leads and other equipment.
Prospector Offshore Drilling SA will sell two heavy-duty, harsh-environment jackups, Prospector 1 and Prospector 5, to subsidiaries of SinoEnergy. Prospector will receive about $292 million in net proceeds.
The Eurasia FLNG plant can handle 2.5 million tonnes of LNG per year. Startup is scheduled for 2019. Work has begun and is expected to be completed in first-quarter 2016.
All terms and conditions of the contract remain in full force and effect for the rest of the five-year term of the contract, according to Hercules offshore.
Seadrill, the second-biggest offshore drilling company by valuation, is facing lower demand from oil companies after crude prices collapsed last year, exacerbating the effect of a glut of new rigs.