Industry News

Aker BP’s Tommy Sigmundstad: Aker BP working to create full loop for autonomous drilling and new business models with alliance partners as it prepares for a lower-margin futureBy Linda Hsieh, Editor & PublisherTommy Sigmundstad is Senior VP Drilling and Wells for Aker BP.What do you see as the biggest challenges for the global drilling industry?Ever since the market crashed back in 2014, the service sector in particular has been surviving, more or less, on fumes. That is going to impact us today as activity picks up significantly because, as an operator, we rely on the service sector to deliver on

Petrofac has exercised its contracted rig hire option on Island Drilling’s Island Innovator semisubmersible. The option covers one additional well for the Tullow P&A campaign on PSC-A Banda and PSC-B Tiof Wells offshore Mauritania. The total work is now for five well re-entries.The optional well is the Banda-1 subsea exploration well and is estimated to be 20 days for completing Petrofac’s plug and abandonment operations.（2023-01-18）

Equinor and Neptune Energy announced in separate statements that they have received licenses from the Norwegian Ministry of Petroleum and Energy (MPE) for exploration and production activity offshore Norway.Equinor was awarded 26 new production licenses – 18 licenses as operator, and eight as partner. The company noted that 16 of these licenses will be in the North Sea, nine in the Norwegian Sea, and one in the Barents Sea.In 2023 the company plans to participate in 25 exploration wells, most of them around existing infrastructure.“Around 80 percent of the exploration wells will be drilled in known, mature areas. Discoveries near

Odfjell Drilling has agreed a contract with PGNiG Upstream Norway for the use of the Deepsea Yantai semisubmersible.The contract includes the drilling of one firm well, “Tomcat”, in PL 1055 in the Norwegian Sea, with the option to drill two further wells in 2024. The firm scope of work is estimated to take 55 days and will commence in Q2/Q3 2024.As a result of the signing of this contract, the firm backlog for the Deepsea Yantai is expected to now extend into Q3 2024.（2023-01-05）

Transocean announced contract awards or extensions for five of its drilling rigs. Together, the fixtures represent approximately $488 million of firm backlog.Deepwater Invictus, an ultra deepwater drillship, was awarded a new three-well contract with an estimated 100-day duration in the US Gulf of Mexico with an independent operator. The contract contributes an estimated $43 million in backlog and is expected to commence in direct continuation of the rig’s current program.Transocean Barents, a harsh environment semisubmersible, was awarded a new one-well contract with an estimated 110-day duration in the UK North Sea with a major operator. The contract contributes an estimated

Borr Drilling was awarded new contracts for two jackups, the Frigg and the Gunnlod. The new deals will increase the company’s backlog by approximately 2,030 days, excluding optional periods.The Frigg jackup secured long-term contract from an undisclosed operator for work in the Middle East. This contract has a firm duration of five years plus options and is expected to commence in Q3 2023, following the completion of the rig’s reactivation. The estimated contract value of the firm term, including mobilization fee, is $282 million.The Gunnlod jackup received a binding Letter of Award from an undisclosed operator for work in Southeast

Seadrill and Aquadrill have entered into a definitive merger agreement under which Seadrill will acquire Aquadrill in an all-stock transaction. Upon completion of the transaction, Seadrill shareholders and Aquadrill unitholders will own 62% and 38%, respectively, of the outstanding common shares in the company. The transaction values Aquadrill at an implied equity value of approximately $958 million.Seadrill said in a statement that the combined company expects to realize estimated annual run rate synergies of at least $70 million.“Seadrill and Aquadrill have a long and rich strategic and operational management history. Our shared heritage will promote efficient integration of the two

The Equinor-operated Njord field in the North Sea is expected to contribute 130,000 tonnes of CO2 emissions reduction upon startup in 2027, the company said in a statement. This figure is based on a collaboration project with OKEA in which the Njord A platform will be electrified to cut greenhouse gas emissions from production.The project will see OKEA develop a shore-power infrastructure to the Draugen platform, which it operates. Equinor will be responsible for setting a cable hook-up from Draugen to Njord, as well as modifications and upgrading on Njord A, where the two existing gas turbines for main power