Miller Takes Over as Halliburton Chairman
Oilfield services provider Halliburton announced that its board of directors has appointed president and chief executive officer Jeff Miller as chairman of the board, effective January 1, 2019, following the retirement of executive chairman Dave Lesar on December 31, 2018.Robert A. Malone will continue as lead independent director of the Halliburton board of directors.Miller has served on Halliburton's board since 2014, and has been the company's president and CEO since 2017.
Offshore Drillers Eye Recovery by 2020
Battered oil and gas drilling companies are finally seeing piecemeal signs that the prices they charge for offshore rigs are bottoming out with Brent crude selling for more than $80 a barrel and some are forecasting a full turn in the market by 2020.At the depths of a global slide that took oil below $27 a barrel in early 2016, daily rates for leasing the most sophisticated floating drilling rigs had fallen to just $180,000 from $500…
Ensco to Buy Rowan in $2.38 Bln Deal
Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.Rowan shareholders will receive 2.215 Ensco shares for each share held.
Seadrill Suggests Consolidation for Drilling Market Recovery
On Tuesday, Seadrill CEO, Anton Dibowitz said consolidation of smaller offshore oil rig companies would help boost drilling market recovery in the drilling market. The statement comes a day the offshore rig firm emerged from Chapter 11 bankruptcy proceedings. Seadrill started trading new shares on the New York Stock Exchange and plans to list new shares on the Oslo Stock Exchange by end of July. Shares of Seadrill, controlled by Norwegian-born John Fredriksen, opened at $25 a share, but slid to $18 a share by 11:08am (ET).
Ensco Completes Acquisition of Atwood Oceanics
Ensco plc announced today that Ensco shareholders voted to approve the allotment and issuance of Ensco Class A ordinary shares to shareholders of Atwood Oceanics in connection with the all-stock acquisition of Atwood at the Company’s general meeting of shareholders on 5 October 2017. The final results of the general meeting of shareholders held today indicate that 65% of the shares cast at the meeting voted in favor of this proposal.
Offshore Rig Firms See End to Historic Downturn
Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves.
Ensco to buy Atwood Oceanics
Offshore driller Ensco Plc said it would buy smaller rival Atwood Oceanics Inc in an all-stock deal valued at about $839 million. Atwood shareholders will receive 1.6 Ensco shares for each Atwood share. The deal, which values each Atwood share at $10.72, represents a premium of 32.6 percent to the company's Friday close. Reporting by Yashaswini Swamynathan
Atwood Delays Drillship duo by Two Years
Atwood Oceanics, Inc. announced today that it has agreed with Daewoo Shipbuilding & Marine Engineering Co. ("DSME") to delay the requirement to take delivery of Atwood's two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, by two years to September 30, 2019 and June 30, 2020, respectively. In connection with the delay, Atwood will make a payment of $125 million for the Atwood Archer on or before December 15…
U.S. Oil & Gas Lenders Demand Liquidity Floors
Banks are increasingly requiring U.S. oil and gas companies to maintain minimum levels of liquidity, an unusual step that could help reduce the risk of being exposed to companies struggling to maintain operations and repay debt. One of the energy companies hardest-hit by so-called minimum liquidity covenants is Chesapeake Energy Corp, according to a Reuters review of regulatory filings. Chesapeake must maintain $500 million in cash and other assets that can be easily converted to cash at all times…
Executive Changes at Transocean
Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately. Mr. Ikaheimonen has also resigned his company-appointed position as the Chairman of the Board of Directors of Transocean Partners LLC, a subsidiary of Transocean. Additionally, the company announced that Mr. Mark Mey has been appointed as Executive Vice President and Chief Financial Officer effective May 28, 2015.
Advanced Drillships a Burden for Owners as Business Slows
Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators. Now, with oil prices down by half since June, many have become a burden on their owners as drilling activity slows. Drillship operators face a more brutal hit to margins than they did after the oil-price crash of 2008 because of the huge…
Transocean CEO's Exit Possibly Linked to 'Lack of Vision'
Barely two months into his new job as the head of the world's largest offshore driller, Steven Newman was steering Transocean through the 2010 Gulf of Mexico oil spill, quickly earning a reputation as a CEO with a steady hand. Too steady, perhaps. Since Sunday Newman, 50, is out of work. People inside and outside the company say his abrupt departure reflected in part the board's view that the 20-year company veteran was too…
18 O&G Leaders Appointed to NOIA Board
The National Ocean Industries Association (NOIA) appointed 18 industry leaders to its Board of Directors on April 10, 2014 during its Annual Meeting in Washington, DC. Benjamin G. Mark Meunier, Vice President, Business Development, Kiewit Offshore Services, Ltd. Lee Orgeron, President, Montco Offshore, Inc. Rob Saltiel, President and CEO, Atwood Oceanics, Inc.