Austria's OMV and German operator Wintershall Dea have jointly contracted Transocean's Transocean Norge semisubmersible drilling rig for drilling 17 wells in Norway. The two firms also said they had entered into an exclusive partnership with Transocean for the use of Transocean Norge for drilling of all firm and additional potential wells in the period 2023 to 2027.Of the 17 wells, 11 will be operated wells for Wintershall Dea and six operated wells for OMV鈥
[1] Flat Outlook for Global Spend 鈥 but 鈥 Aadvantaged Projects Attract CapitalWith concerns of a softening oil market, we expect global upstream investment to remain flat or even fall 鈥 indeed, the reported 2025 budgets to date show a 3-4% drop鈥
Saudi Aramco鈥檚 ambitious post-Covid jackup fleet expansion program, in which the operator looked to increase its fleet size from approximately 49 jackups in June 2022 to 90 in just two years, seemed a daring feat. But fast forward to March 2024鈥
The Tyra Redevelopment Project (Tyra II) has restarted production. At plateau, the Tyra hub will produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day.TotalEnergies operates the Tyra field on behalf of Danish Underground Consortium鈥
Global jack-up marketed utilization has been on an upward trajectory since 2017, reaching its peak of 94% at the end of 2023. However, the outlook for the year ahead looks somewhat flat, though there is still time for new demand.The North Sea jack-up market has improved year-on-year since 2017鈥
It鈥檚 hard to believe that once upon a time the Middle Eastern jackup segment comprised of less than 60 units when today marketed supply sits just shy of three times that amount (180 unitsIt鈥檚 hard to believe that once upon a time the Middle鈥
Shell UK has signed a one year contract, with a year extension option, with Stena Drilling for the use of the Stena Don in the UK North Sea. The contract is due to start in Q2 2023 and will cover well activities, including a combination of plugging鈥
U.S. energy firms this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the wellpad.The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan鈥
The offshore drilling rig market is showing remarkable signs of recovery despite having faced severe headwinds of late. Throw the 鈥済reen鈥 rig revolution and further consolidation into the mix, and the next few years could be a period of real transformation for the industry鈥
