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Global and Regional Markets

Rowan announces purchase of two modern jackup rigs

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Rowan Companies announced that it has concluded the purchase of two LeTourneau Super 116E jackup rigs, the P-59 and P-60, which were both delivered new into service in 2013, in a public auction from a subsidiary of Petroleo Brasileiro S.A. (Petrobras) for $38.5 million per unit. As previously reported on 11 May 2017, Rowan was the high bidder in a Petrobras public auction with a bid price of $30 million per rig. While the high bid was not accepted by Petrobras after negotiations, both parties agreed to the revised price. Rowan intends to mobilize these modern jackups to the Middle East from their current location in Brazil in late Q1 2018...

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SIMMONS EDECO to carry out onshore drilling campaign in Mexico for Renaissance Oil Corp.

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SIMMONS EDECO announced that it has been awarded a contract by Weatherford de Mexico S. de R.L. de C.V., a subsidiary of Weatherford International, to provide drilling services to Canadian-based Renaissance Oil Corp. and its partner Lukoil, which are developing a diversified shale and mature fields portfolio in oil-rich Mexico...

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Statoil acquires 25% of Roncador field in Brazil, advances strategic partnership with Petrobras

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Statoil and Petrobras have agreed that Statoil will acquire a 25% interest in Roncador, a large oil field in the Campos Basin in Brazil. The transaction nearly triples Statoil's production in Brazil, with attractive breakevens and potential for additional value creation for both parties through the application of Statoil's expertise in improved oil recovery (IOR). The total consideration comprises an initial payment of $2.35 billion, plus additional contingent payments of up to $550 million...

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Nabors and Saudi Aramco commence joint venture operations

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Nabors Industries reported the commencement of operations of Saudi Aramco Nabors Drilling Company (SANAD), the previously announced 50/50 joint venture between Saudi Aramco and Nabors. SANAD is one of the anchor projects that has emerged from Saudi Arabia’s efforts to introduce world-class industry hubs locally, in order to foster economic growth and job creation...

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