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Eni renews contract with Lloyd’s Register for global rig inspections

Eni has awarded Lloyd’s Register (LR) a new tender. The latest contract is for coverage of rigs contracted by Eni globally for the next three years and represents a continuation of the strong relationship between both companies since 2007. “This contract award with Eni is testament to the high standard of service we have provided for over a decade,” Mark Watson, LR’s Business Development Manager of Drilling Integrity Services, said. “We look forward to working with Eni and other operators as drilling operations continue to increase.” The company is experiencing increased demand for its rig inspection services, including rig surveys and crew competency management through to dynamic positioning, drilling systems assessments, BOP and well control surveys. “Our integrated package of services ...

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Oil Spill Response Ltd announces new global UAV service for members

Oil Spill Response Ltd (OSRL) has expanded its member offer with the launch of an Unmanned Aerial Vehicle (UAV) service. The new service aims to enhance preparedness and response capabilities to better support members’ needs in the event of a spill. To facilitate the service on a global basis and to ensure the shortest time to mobilization, OSRL has signed call-off agreements with a number of third-party UAV providers around the world. Launch partners for the service include Bristow Aerial Solutions, Sky-Futures and Vertical Horizon Media. Each partner has been selected based on their relevant in-country experience, technical capabilities or geographical reach, and will ensure OSRL members have the most appropriate and effective solution to the specific challenge in hand, ...

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Maersk Drilling: Annual report 2018 – Strong profitability and cash flow generation

Today, the Board of Directors of Maersk Drilling has approved its 2018 annual report. Despite the challenging market conditions, Maersk Drilling retained strong profitability and cash flow generation. Financial performance 2018 (2017 performance in brackets) Revenue of $1,429 million ($1,439 million) EBITDA before special items of $611 million ($683 million) EBITDA-margin of 43% (47%) Cash flow from operating activities of $593 million ($652 million) Cash flow used for investing activities of $136 million ($448 million) Net debt of $1,097 million Liquidity reserves of $772 million Revenue backlog of $2.5 billion ($3.3 billion)  “Maersk Drilling retained strong profitability and cash flow generation in 2018, driven by high contract coverage and a good operational performance. With our strong revenue backlog and robust ...

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Reveal Energy Services commercializes frac hit analysis service

Reveal Energy Services has announced the commercialization of the FracEYE frac hit analysis service to expand the industry’s knowledge base about the critical issue of parent well-child well communication. With ongoing infill development, frac hits from the pressure communication between wells can cause significant production decreases in parent wells. Child wells can also underperform. The goal of Reveal Energy Services was to clearly define the effect of frac hits and allow operators to make timely adjustments to their completion designs. The foundation of the service is the company’s pressure-based technology. The service categorizes the type and severity of interwell communication by measuring the pressure response from a parent well as hydraulic fracturing proceeds normally in child wells. A team of ...

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Wood Mackenzie: Smoother sailing ahead for upstream supply chain players

The global offshore upstream supply chain saw signs of recovery in 2018, and this looks set to continue in 2019, according to Wood Mackenzie. As project FIDs increase, demand for equipment and services are buoying the prospects for the upstream supply chain. But the downturn left its mark on the sector. Projects remain leaner and phased, and cost discipline remains high on the agenda. The supply chain continues to focus on compact, modular and standard solutions as operators seek the shortest cycle times. But can this be maintained as the market improves? Subsea demand increasing “Demand for subsea equipment is one of the best leading indicators of offshore market activity,” Mhairidh Evans, Principal Analyst, Subsea Supply Chain, said. “Volumes are recovering, and ...

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Churchill deploys circulation sub in Iceland geothermal project

Churchill Drilling Tools announced it ran its DAV MX CircSub in the world’s deepest (4,650 m) and hottest (427°C) geothermal borehole in the Iceland Deep Drilling Project (IDDP) in 2017. The tool was selected on the recommendation of a major operator and partner for the IDDP due to its robust temperature resistance and experience in HPHT conventional wells. The tool offered a contingency against pack-off related circulation loss in which the BHA components would be cooked if circulation was lost.  Since then, operators have run the DAV MX CircSub 11 times in geothermal wells, activating the tool on 13 occasions. In 2018, this included an onshore geothermal well in the Netherlands, where the operator, running two DAV MX CircSubs, was able ...

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