Certain it would obtain the huge contract to drill 600 wells, Trenaco began hiring staff and buying equipment months before winning the tender, according to four high-ranking sources from the now-liquidated company, Reuters reported.
High attrition is expected to ease the excess drilling supply, bringing a supply and demand balance in 2017.
The company's results on July 26 missed expectations, with analysts surprised by higher corporate charges, including administrative costs relating to Gulf of Mexico oil spill liabilities, and a lower contribution from its stake in Rosneft.
The strike will be the first staged by Unite's North Sea oil members in 28 years, the union said. Workers affiliated with the RMT union are also taking part.
The JV comes about six months after Golar and Schlumberger said they signed a memorandum of understanding.
Mozambique made one of the world's biggest gas finds in a decade in 2010 but negotiations with operators Eni and Anadarko Petroluem have dragged on for years due to disputes over terms and concerns about falling energy prices.
The heavy oil and diluent leaked from Husky Energy Inc.'s Saskatchewan gathering system pipeline on July 21, flowing into the North Saskatchewan River.
Loren Scott Associates, an economic consulting firm based in Baton Rouge, La., said that the facility’s construction phase could take four years.
Oilfield services companies were forced to cut rates after oil producers slashed their capital budgets in response to a slide in crude prices to their lowest in more than a decade.
Beijing has refused to recognize the ruling by the Permanent Court of Arbitration that granted the Philippines sovereign rights to access offshore oil and gas fields, including the Reed Bank, a shallow tablemount some 85 nautical miles off its coast.
Precision Drilling said its contract backlog rose by one rig in 2016 and that it added four rigs on average under contract for 2017. The company's revenue more than halved to about C$164 million in the second quarter ended June 30.
The move could lead ExxonMobil and Total to tie together their competing gas interests in the South Pacific nation, cooperating to reduce costs as they battle cheap oil and LNG prices.