Drilling

Restructurings , Shale Plays , Drilling , Pressure Pumping , Seismic , Trends , Mergers

What the Oil Price Plunge Means for Oilfield Services M&A

Offshore drillers and North American shale producers most challenged in terms of debt, says analyst.

May 1, 2020

Drilling , Acquisitions & Divestitures

Midland, Texas-based Intrepid Directional Drilling Doubles Business with Acquisition

“We strongly believe that expanding our business at this time will allow us to better meet our customers’ needs as the market continues to evolve in the coming years,” Intrepid President Clint Leazer says.

April 30, 2020

Exploration & Production , Drilling

Rig Cancelations, Market Conditions Bring Pain for Offshore Drillers

Demand for rigs of all types is dwindling in several offshore oil and gas regions with contracts being canceled or suspended.

April 30, 2020

Drilling

Maersk Drilling Rig Wins Work for Equinor’s Martin Linge Field

The hybrid jackup rig Maersk Intrepid has been awarded a contract for the drilling of three wells and plugging of one on the Martin Linge field, Equinor said in a press release on April 30.

April 30, 2020

Restructurings , Public Capital , Drilling

Houston-based Diamond Offshore Drilling Files for Bankruptcy

Diamond Offshore Drilling recently skipped making an interest payment and retained advisers to help it evaluate various alternatives “with respect to its capital structure,” according to an SEC filing on April 16.

April 27, 2020

Business , Crude Oil , Trade , Drilling

Executive Q&A: Canary CEO Dan Eberhart On Demand Loss, Oil Prorations

“First of all, I would say it’s heavy. We are really looking to try and rationalize the company and push expenses down where possible,” Canary CEO Dan Eberhart said of his company’s strategy of managing the deep dive in demand.

April 27, 2020

Public Capital , Earnings , Drilling , Completions , Pressure Pumping

Patterson-UTI Sees 60% Decline in Activity as Oil Prices Crater

Oilfield service firm Patterson-UTI Energy Inc. on April 23 warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices.

April 24, 2020

Public Capital , Drilling

Nabors Investors Approve Reverse Stock Split to Improve Share Price

The board of directors of Nabors, which owns and operates one of the world’s largest land-based drilling rig fleets, approved the reverse stock split at a ratio of 1:50.

April 21, 2020

Drilling , Subsea

Cognite Directs Digital Services to Subsurface and Drilling Sector

Cognite is entering a new energy industry vertical—subsurface and drilling—with digital services to be geared toward contextualizing, liberating and extracting data for the E&P sector. 

April 15, 2020

Exploration & Production , Drilling , Digital Oilfield

Deepwater Drilling: Advanced Technology Improves Safety, Operational Efficiency

AI, LIDAR and advanced edge computing technology combine to deliver improved red zone management and more efficient operations and maintenance.

April 15, 2020