Автор Тема: Drilling Dominoes Start To Fall  (Прочитано 5088 раз)

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Re: Drilling Dominoes Start To Fall
« Ответ #30 : Август 11, 2016, 01:42:20 pm »
OPEC smashed an all-time oil production record in July, pumping relentlessly despite the low prices.

The oil cartel produced just over 33.1 million barrels of oil per day in July, up 46,400 barrels compared to June, it said in a new report released Wednesday. That's over a million barrels a day more than it produced on average in 2015 and 2 million more than in 2014.
OPEC confirmed OPEC crude oil production achieved a historical record in July.
The cartel has been pumping relentlessly for the last two years, aiming to defend its market share despite the collapsing oil prices. OPEC produces just under 35% of crude oil globally. That compares with the low of 32.6% it controlled in April 2014.
Saudi Arabia is leading the pack, producing nearly 10.5 million barrels per day in July, up 30,000 compared to its output in June and also a new record high. Iraq, Iran and the United Arab Emirates also increased their output last month, making up for the lower production in Nigeria and Venezuela.

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Re: Drilling Dominoes Start To Fall
« Ответ #31 : Август 13, 2016, 05:56:08 am »
Ocean Rig Sounds Possible Bankruptcy Alarm

Ocean Rig shares crashed nearly 60% Friday after the deepwater drilling contractor announced that it could wind up filing for bankruptcy amid ‘extremely negative’ market conditions that are only expected to worsen.

By mid-afternoon trading shares of Ocean Rig (NASDAQ:ORIG) had fallen 58.12% to 90 cents.

The comments from the company come as it released its unaudited financial and operating results for the second quarter ending June 30, 2016, which reported a net income of $156.1 million, or $1.83 basic and diluted earnings per share.

The results also revealed that Ocean Rig has reached an agreement with Samsung Heavy Industries to re-schedule certain installments for three drillships currently under construction at SHI, as well as postpone delivery of the first two units.

George Economou, Chairman and Chief Executive Officer of the Company, commented:

“Despite the continued positive operational performance of the Company (fleet utilization for the second
quarter of 96.3%) the market conditions remain extremely negative. Oil companies continue to reduce their offshore budgets and as more floaters come off contract in the next six months, an already grossly oversupplied market is expected to worsen. In this current and anticipated poor market environment which we expect to persist for an extended period of time, we believe it is prudent to focus on maintaining
liquidity and de-levering the Company.

“Given the ongoing distressed market environment as well as the consensus view that a recovery may not occur for several years, we have engaged financial and legal advisors to assess the viability of our capital structure and alternatives that may be available to pursue. In the recent period, we have been approached by several of our debt holders who have in certain cases also retained legal counsel and financial advisors.

While we have not made any specific decisions, it is evident to the Company and a number of its creditors
that its debt obligations will need to be amended or exchanged for new debt and/or equity securities, and
some debt holders may have little or no recovery on their investment. We continue to explore and
consider alternatives, which may include a possible reorganization under US bankruptcy laws or another jurisdiction, so that we can ride out this very difficult cycle with feasible prospects for strong, long-term
success.”

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Re: Drilling Dominoes Start To Fall
« Ответ #32 : Сентябрь 16, 2016, 12:25:38 am »
Offshore oil-rig operators, grappling with the biggest industry downturn in a generation, say they finally have the bottom in sight. The problem is, they could be stuck there for a long time.
Transocean Ltd., which owns the biggest offshore-rig fleet in the world, believes utilization for floating units will reach bottom toward the middle of next year, Chief Financial Officer Mark Mey said at a conference organized by Pareto Securities ASA in Oslo. Seadrill Ltd., which owns the third-largest fleet, said utilization could stabilize as soon as the beginning of next year, and that rental rates had already bottomed out.
Still, it’s impossible to say when those rates, which have dropped to about $200,000 a day from highs of $650,000 in 2013 for the most sophisticated units, will recover, said Seadrill Chief Executive Officer Per Wullf and Tom Kellock, a senior consultant at IHS Markit Ltd.
“We don’t know where demand is going, and that’s a reflection of the oil price,” Kellock said in an interview. “Rates are going to come back more slowly than oil prices because of the overhang and the degree of competition and the oversupply of rigs, which is not at this stage being tackled.”
Offshore drillers have been pounded by the collapse in crude prices in the past two years as oil companies slashed spending to protect their cash flow and shareholder payouts. Their predicament has been exacerbated by a wave of new rigs coming into the market that were ordered when demand was strong. Rig operators have reduced costs dramatically, but still have had to cut dividends, defer delivery of vessels and suspend or scrap existing ones.

Bottoming Out
The number of floating rigs on contract and working is expected to fall to about 120 in the middle of 2017 from about 160 currently, Transocean’s Mey said in an interview on the sidelines of the conference. It could take as long as a year before utilization bottoms out, IHS Markit’s Kellock said. As many as 60 more floaters need to be permanently scrapped, according to both Seadrill and IHS Markit.
While Seadrill said utilization rates will need to reach 70 percent across the industry before rates start improving, Transocean and IHS Markit estimated 85 percent. Regardless, a recovery depends on higher, more stable oil prices, Ensco Plc Chief Financial Officer Jon Baksht, said during a presentation at the conference Wednesday.
“You’ll have flat utilization” from the beginning of next year with operators “hunting” for work, Wullf said in an interview. “Then it’s a matter of the oil price.”

Longer Glut
While oil has recovered from the 12-year lows it reached in January, the International Energy Agency said this week that a global glut will last longer than previously expected, persisting into late 2017 as demand growth slows and supply keeps up, driven by record output from OPEC.
For costly ultra-deepwater rigs, utilization rates of 70 percent won’t be reached until 2018 at the earliest, said Andrew Cosgrove, an analyst at Bloomberg Intelligence. “I agree rates are definitely at or near bottom, but we’re going to be walking along the ‘bottom of the bathtub’ for a while.”
An extended period at the bottom looks especially threatening for Seadrill, which has the industry’s heaviest debt load, with about $9 billion at the end of the second quarter. The company, controlled by billionaire John Fredriksen, is currently negotiating with its 42 banks before it can be able to include bondholders, Wullf said at the conference. The company aims to have a solution in place by early December, he said.
“It’s a big puzzle,” Wullf said. “I’m carefully optimistic.”

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Re: Drilling Dominoes Start To Fall
« Ответ #33 : Октябрь 26, 2016, 11:05:29 am »
Offshore drilling contractor Transocean has announced plans to scrap three rigs previously held for sale. In a fleet update on Tuesday, the Swiss-based company said the three semi-submersible midwater floaters, Transocean Driller, Transocean Winner, and the Sedco 704 will be recycled in an environmentally responsible manner.


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Re: Drilling Dominoes Start To Fall
« Ответ #34 : Октябрь 26, 2016, 11:06:10 am »
Norway’s Statoil has announced it has decided to cancel the contract with Stena Drilling for the mobile rig Stena Don.

The rig has been on contract to Statoil since 7 February 2014, performing operations for the Troll and Fram licenses in the Norwegian sector of the North Sea.

The original contract termination date is February 7, 2017, however Statoil says the cancellation will take effect once plugging activity on the Troll field has been completed in early November.

Stena Don will not head to the Fram field as originally planned. Statoil said the “licence does not have any work programme for the rig, nor does Statoil have any other activities where the available capacity can be used.”