“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.
Demand for rigs of all types is dwindling in several offshore oil and gas regions with contracts being canceled or suspended.
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.
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.
“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.
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.
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.
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.
AI, LIDAR and advanced edge computing technology combine to deliver improved red zone management and more efficient operations and maintenance.