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ADNOC and BHGE form strategic partnership

The Abu Dhabi National Oil Company (ADNOC) and Baker Hughes (BHGE) signed a strategic partnership agreement that will enable and support the growth and development of ADNOC’s subsidiary, ADNOC Drilling, into a fully integrated drilling and well construction provider. As part of the agreement, BHGE will acquire a 5% stake in ADNOC Drilling. The transaction values ADNOC Drilling at approximately $11 billion. BHGE will be the sole provider of certain proprietary leading-edge and differentiated equipment and technologies related to the integrated drilling offering, supporting ADNOC Drilling’s growth. Together, ADNOC and BHGE will deliver more competitive well completion times, greater drilling efficiencies and better well economics, and will capitalize on new business opportunities as ADNOC Drilling grows through its new expanded offering. ...

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Ensco and Rowan Companies agree to combine

Ensco and Rowan Companies jointly announced that the companies have entered into a definitive transaction agreement under which Rowan will combine with Ensco in an all-stock transaction. The definitive transaction agreement was unanimously approved by each company’s board of directors. The Saudi Aramco partner to the ARO Drilling joint venture has consented to the combination between Rowan and Ensco. Under the terms of the transaction agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share. Upon closing, Ensco and Rowan shareholders will own approximately 60.5% and 39.5%, respectively, of the outstanding shares of the combined entity. There are no financing conditions for this transaction. The combined company expects to realize annual pre-tax expense synergies of approximately $150 million, ...

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Industry 4.0 to create new business models, require new approaches to talent management

The drilling industry is moving into a new digital era that will transform existing business models, with many of today’s jobs – especially those characterized by routine physical labor – being displaced by automation. In this environment, the industry will need to rethink how it approaches talent management, as well as ways to better engage with young professionals. In this interview with DC Managing Editor Linda Hsieh at the 2018 IADC Drilling HSE&T Europe Conference on 26 September in Amsterdam, Paul de Leeuw, Director at Robert Gordon University, talks about the digital transformation that is under way and strategies that companies should consider adopting in order to stay relevant. Watch the video for more information.

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Advanced planning, collaboration with law enforcement can help companies achieve better cybersecurity resilience

Cybersecurity breaches often go unreported for many reasons, but companies should consider the negative and long-term impacts of letting such crimes go unreported, said Eamonn Keane, Head of Cybersecurity and Innovation for the Scottish Business Resilience Center. Mr Keane spoke on a cybersecurity panel at the 2018 IADC Drilling HSE&T Europe Conference on 26 September in Amsterdam. In this video, he speaks with DC Managing Editor Linda Hsieh about the common challenges that law enforcement encounters when investigating cyber crimes, how companies can achieve cybersecurity resilience, as well as how industry can collaborate with law enforcement to improve cybersecurity for all.

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Collaborative human performance working group seeks additional participants

A collaborative human performance working group has been established to promote advances in the integration of human performance principles and human factors techniques to better reduce and manage collective risk. The group grew out of annual meetings that BP holds with its partner companies, said Sandra Adkins, Human Performance Advisor for BP’s Global Wells Organization, although the group and its work is open to the industry. In this video from the 2018 IADC Drilling HSE&T Europe Conference on 25 September in Amsterdam, Ms Adkins discusses the group’s work plans and objectives and invites operators and drilling contractors alike to join the effort. Watch the video for more information.

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Precision Drilling announces combination with Trinidad Drilling

Precision Drilling has announced that it has entered into an arrangement agreement with Trinidad Drilling pursuant to which Precision has agreed to acquire all of the issued and outstanding common shares of Trinidad on the basis of 0.445 common shares of Precision for each outstanding Trinidad Share pursuant to a plan of arrangement. The aggregate transaction value is approximately $1,028 million, including the assumption of approximately $477 million in Trinidad net debt. Upon completion of the transaction, existing holders of Trinidad Shares will collectively own approximately 29% of Precision. “This transaction creates exceptional value for both Trinidad and Precision shareholders,” Kevin Neveu, President and Chief Executive Officer of Precision, said. “The combination provides a truly unique opportunity to combine two highly focused ...

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BHGE, McDermott, L&T Hydrocarbon Engineering win largest Indian subsea project for ONGC’s 98/2 Block

Baker Hughes (BHGE), McDermott International and L&T Hydrocarbon Engineering (LTHE) were awarded the subsea contract for India’s Oil & Natural Gas Corporation’s (ONGC) largest deepwater project, the development of block DWN-98/2 in the Krishna Godavari basin. The project brings together leading subsea equipment and services from BHGE, McDermott and LTHE to provide ONGC with end-to-end project delivery. The integrated subsea package includes the supply of all subsea production systems (SPS), including 34 deepwater trees, and the installation of subsea umbilicals, risers and flowlines (SURF) at a water depth of between 984 ft (300 m) and 10,500 ft (3,200 m). BHGE will provide all of the subsea hardware, as well as pre-commissioning services, and McDermott will bring its fleet of pipelay and construction vessels ...

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BP and Aker BP form strategic technology venture alliance

BP has announced that it has signed a ventures cooperation agreement with Aker BP to explore possible areas of cooperation in the development and deployment of advanced technologies in their businesses. Through their planned strategic alliance, BP and Aker BP intend to explore potential venture capital investments targeting technology and innovation improvements, including developments in digital twins, advanced seismic techniques and processing, and subsea and robot technology. The alliance is also expected to include identifying and evaluating innovations that could improve the environmental performance of offshore oil and gas production. “BP has built a strong track-record of targeted investment through BP Ventures in a range of technologies and sectors,” Steve Cook, BP Technology’s Chief Commercial Officer, said. “Working together with Aker BP, our ...

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BSEE issues safety alert resulting from recent risk-based inspection

The US BSEE has issued a safety alert summarizing its findings and recommendations from a recent risk-based inspection. BSEE’s team of inspectors and engineers developed several recommendations from inspection findings to reduce risks associated with fired vessels. Fired vessels are hydrocarbon-processing vessels on offshore oil and gas facilities with self-contained, natural or forced draft burners.

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Trendsetter Vulcan Offshore inks agreement with SubseaDesign for tethered BOP system

Trendsetter Vulcan Offshore (TVO) has signed an agreement to provide SubseaDesign with rights to market and commercialize TVO’s patented Tethered BOP design for use in the Norwegian sector of the North Sea. The TVO system is a robust, cost-effective solution for two emerging technical challenges facing the drilling industry – wellhead fatigue and wellhead strength. “Our goal at TVO is to consider serious offshore challenges and develop innovative solutions,” Jim Maher, TVO CEO, said. “The Tethered BOP addresses serious safety issues, enabling reliable operations on new exploration wells, as well as re-entry and P&A on much older wells. We see many opportunities for this wellhead fatigue mitigation system in the relatively shallow water of the North Sea, and we are pleased to be ...

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