By Basil M. Karatzas, Founder, Karatzas Marine Advisors & Company Until recently, the offshore drilling market had the distinction of employing the most expensive assets in the maritime industry. A decade ago,
FEBRUARY 6, 2019 — Seadrill Limited said today that it has entered into a 50:50 joint venture with Empresa de Serviços e Sondagens de Angola Ltda, an affiliate of Sonangol E.P.. The
MAY 1, 2018 — ABS reports that it has awarded the world’s first Managed Pressure Drilling (MPD) –Ready Notation to Ocean Rig for the ABS-classed Corcovado and Mykonos deep water drillships. The
APRIL 13, 2018 — DNV GL has revised its classification rules for Managed Pressure Drilling (MPD) systems and introduced two new class notations DRILL(MPD) and DRILL(MPD READY). Stena Drilling Ltd. (SDL) is
DECEMBER 7, 2017 — The Bureau of Safety and Environmental Enforcement (BSEE) has issued a safety alert following a fatality that occurred December 2 onboard the Petrobras 10,000 drillship, owned by Transocean
APRIL 20, 2016 – Transocean Ltd. (NYSE: RIG) reports that it has reached an agreement with Sembcorp Marine’s subsidiary, Jurong Shipyard Ptd Ltd, to defer the delivery and related final payments of
MARCH 15, 2015 —Japan’s IHI Corporation reports that its majority owned Brazilian subsidiary JEI is to transfer its entire equity interest in shipbuilder Estaleiro Atlântico Sul S.A (EAS) to the other shareholders
FEBRUARY 15, 2016 — Singapore based Sembcorp Marine posted a 2015 net loss of Singapore $290 million (US $207.3 million) on revenues of Singapore $4.97 billion, down 15% from FY 2014’s Singapore
DECEMBER 21, 2015 — Atwood Oceanics, Inc. (NYSE: ATW) said today that subsidiaries of the company have agreed with Daewoo Shipbuilding & Marine Engineering Co. (DSME) to delay delivery of two newbuild
Pacific Drilling S.A. (NYSE:PACD) reports that it has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda “due to the failure by Samsung Heavy Industries (SHI) to timely deliver a vessel that substantially meets the criteria required for completion of the vessel in accordance with the construction contract and its specifications.”
Pacific Drilling says it made advance payments totaling approximately $181.1 million under the shipbuilding contract, and will be seeking a refund of the installment payments.
The company inked a contract for the drillship with Samsung Heavy on January 25, 2013 that provided for a delivery date of March 31, 2015.
The cancelation comes after the October 27 news that Fred Olsen Energy had canceled an semisubmersible drilling rig order at Hyundai Heavy Industries and the October 26 announcement that Transocean, Shell ans Daewoo Shipbuilding & Marine Engineering Co. (DSME) had agreed to push back the operating and delivery contracts of two newbuild ultra-deepwater drillships – the Deepwater Pontus and the Deepwater Poseidon – by 12 months each.