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To navigate downturn, Vantage Drilling focuses on safety, putting rigs back to work and cost reductions

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When Ihab Toma took over Vantage Drilling as CEO last year, the company had just recently emerged from a Chapter 11 process with a modern rig fleet and strong operations team but with only three rigs contracted. As CEO, Mr Toma said he worked to refocus the company on what he called the three “wildly important goals” (WIGs): having stellar safety performance, putting all rigs back to work, and reducing costs and preserving cash to navigate the downturn. The company now has sold out its jackup fleet, with one drillship to go, and its backlog has doubled in the past six months. In this video from the 2017 IADC Drilling Middle East Conference in Dubai on 4 October, Mr Toma explains the process that was undertaken to implement the three WIGs, as well as the results achieved...

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Deloitte survey shows more cautious outlook for oil and gas rebound

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Oil and gas executives’ confidence in a quick industry recovery seems to have materially shifted this year from a return to optimism to more caution, according to Deloitte’s “2017 Oil and Gas Industry Executive” survey. With lower expectations of a rapid price recovery, the need by many to find new efficiency gains and reduce costs could push the digital revolution to its tipping point...

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Atwood Oceanics announces contract extension for Atwood Orca jackup rig

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Atwood Oceanics announced that one of its subsidiaries has agreed to a four month extension on the jackup rig Atwood Orca with Mubadala Petroleum for drilling operations offshore Thailand. The new contract is at an undisclosed day rate that is higher than the current day rate, and it includes two four-month options that are priced at successively higher day rates than the new firm day rate...

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Premier announces proposed sale of Wytch Farm interests

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Premier announced that it has entered into a sale and purchase agreement to sell its entire interests in licences PL089 and P534, which contain the Wytch Farm field, to Verus Petroleum for a cash consideration of $200 million (subject to certain customary financial adjustments) payable on completion. In addition, Premier will be able to release Letters of Credit totaling approximately $75 million that have been issued in relation to future decommissioning liabilities that are now being transferred to Verus. The effective date of the disposal is 1 July 2017. Wytch Farm is an onshore oil field located in Dorset, United Kingdom, that has been producing since 1979. Verus is a UK-focused independent E&P company backed by HitecVision, a Norway-based private equity investor ...

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