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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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BP to support investor group’s call for greater reporting around Paris goals

BP announced that it will support a call from a group of institutional investors for the company to broaden its corporate reporting to describe how its strategy is consistent with the goals of the Paris Agreement. Investor participants of the Climate Action 100+ initiative have proposed a resolution to be put to shareholders at the company’s annual general meeting in May 2019. Following constructive engagement between BP and the investors, the BP Board has decided to support the proposed resolution. BP has supported the aim of the Paris Agreement, with its call to rapidly reduce greenhouse gas emissions in the context of sustainable development and eradicating poverty, since it was agreed in 2015. In accordance with the proposed resolution, BP ...

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ExxonMobil streamlining upstream organization to support growth plans

ExxonMobil announced it will streamline its upstream organization and centralize project delivery across the company to support previously announced plans to double operating cash flow and earnings by 2025. “We’re simplifying and integrating our upstream organization to better capitalize on the industry-leading portfolio we’ve assembled through acquisitions and exploration success in the US Permian Basin, Guyana, Mozambique, Papua New Guinea and Brazil,” Neil Chapman, Senior Vice President, said. “Our focus is on increasing overall value by strengthening our upstream business and further integrating it with the downstream and chemical segments to take advantage of our unique capabilities across the value chain. A clear example is what we’re doing in the Permian, which includes upstream, midstream and downstream investments, enabling us to ...

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Epiroc acquires US water well drilling equipment distributor

Epiroc has acquired the assets of Noland Drilling Equipment, a US distributor of water well drilling equipment and related parts, services and consumables. Noland Drilling Equipment is based in Roanoke, Virginia. The company operates in several states, mainly in the southeastern US and has eight employees. “Epiroc and Noland Drilling Equipment have had a strong distribution relationship for many years,” Rob Root, Epiroc Vice President, Product Support and Service Centers, said. “The addition of the Noland Drilling Equipment location and team to Epiroc will strengthen our footprint and capabilities in the US water well drilling segment in our drive to provide the best in water well products, parts and services.” The purchase price is not material relative to Epiroc’s market capitalization ...

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