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Global and Regional Markets

BOEM offering 78 million acres in Gulf of Mexico Lease Sale 251

In support of President Donald J. Trump's America First Offshore Energy Strategy, Deputy Secretary of the Interior David Bernhardt announced that the Bureau of Ocean Energy Management (BOEM) will offer approximately 78 million acres offshore Texas, Louisiana, Mississippi, Alabama, and Florida for oil and gas exploration and development...

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ADES acquires 31 onshore drilling rigs in Kuwait, Saudi Arabia, Algeria

ADES has signed a definitive agreement with Weatherford for the acquisition of 31 onshore drilling rigs for a purchase price of $287.5 million, in line with its strategy to strengthen its onshore capabilities. The transaction will be financed through a combination of cash and secured debt instruments and is expected to close in the second half of 2018, subject to customary closing conditions agreed upon in the agreement. As part of the transaction, ADES will acquire Weatherford’s onshore drilling operations, including its associated assets, contracts, management systems and approximately 2,300 employees and contract personnel spread across Algeria, Kuwait and Saudi Arabia, where Weatherford has built a substantial presence and track record that will enable ADES to expand its presence across attractive ...

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Precision awarded 5-year newbuild contract in Kuwait

Precision Drilling has announced the award of one newbuild ST-3000 drilling rig in Kuwait under a five year take-or-pay contract with an optional one-year extension. Precision has five active rigs in Kuwait on long-term contract and expects the sixth rig to commence operations in Q3 2019. All six rigs have standardized rig design features and specifications and were delivered within the last five years. In line with prior newbuilds, the rig has internal return metrics and a payback period within the initial contract term. The rig addition allows the company to leverage its existing scale in country with no additional overhead required to support the expanded fleet. Capital cost for the newbuild is approximately $60 million, with approximately $10 million expected to be ...

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