The number of oil rigs in the U.S. and Canada remained the same, holding at 318 and 16, respectively.
The subsea tree market has tanked, but the technology remains viable and vital in the long term.
Drillers in Canada added five oil rigs and two gas rigs this week, but the U.S. total dropped by nine.
As a result, Freeport will pay Noble $540 million—payable through a combination of cash, Freeport shares and up to $200 million in near-term Noble bonds.
The U.S. oil rig count dropped by four to 328, while the gas rig count landed at 86, down one.
With day and utilization rates through the floor, the rig market is in need of more than just sleight of hand to avoid players checking out.
For the week ending April 15, the North American count dropped to 480, compared to the 1,034 rigs that were pumping about a year ago.
The use of double shear rams in the BOP stack is a baseline industry standard that is now one of the rules.
DOF Rederi AS has signed agreements with Nexen Petroleum UK and Maersk Oil North Sea UK Ltd. for platform supply vessels, according to a news release.
Proserv said it will supply five wellhead hydraulic power units (HPUs) for Statoil’s Gullfaks oil and gas field which is undergoing an extensive topside upgrade program. The field is located in the in the Norwegian sector of the North Sea.
A study provides Norway with insight on a development concept the region has not used as much as others across the world.
GE Oil & Gas (NYSE:GE) has started production of four HP/HT dynamic flexible risers destined for the world’s largest floating liquefied natural gas (FLNG) facility, Prelude, to be operated by Shell offshore Western Australia, GE said in a news release.