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Drilling

Read all the latest news about Drilling. ShippingWatch gives you independent, credible, critical and fair news.

Pacific Drilling risks de-listing in New York

A plunging market value over the summer means that offshore company Pacific Drilling is at risk of being de-listed from the New York Stock Exchange. The company has until mid-September to find a solution.

Seadrill gets more time for restructuring

John Fredriksen's rig company Seadrill has now received an extension on a credit facility for a subsidiary in a move that secures Seadrill's restructuring process going forward.

Seadrill prepares investors for considerable losses

The drilling company has secured an extension of its deadline to negotiate a rehabilitation, but time is still running out and the company is now preparing its investors and other stakeholders for coming losses.

Songa Offshore wins round one in dispute with DSME

An arbitration tribunal has ruled in favor of Songa Offshore in the protracted dispute between the drilling company and South Korean shipbuilder DSME. But the yard can still appeal the decision, writes Songa.

Seadrill CEO: We will likely end up in court

CEO Per Wullf expects that Seadrill will have to go to court to apply for receivership as the company does not believe that all its bondholders will agree to the new recapitalization proposal.

Media: Seadrill's debt has reached USD 14 billion

Rig company Seadrill's debt is far greater than the annual report seems to indicate, reports Dagens Næringsliv. The debt at John Fredriksen's company stands at USD 14 billion. If the company is unable to settle a rescue plan, it could end up as one the biggest bankruptcies in history.

Seadrill working actively on contingency plans for the company

John Fredriksen's Seadrill, which just two years ago stood as the crown jewel of his empire, is now working actively with contingency plans for the company in light of uncertainties about whether there is support for the company's restructuring plan. These goals include raising USD 1 billion in fresh capital.

Castberg field nears final investment plan

Major Norwegian oil field Johan Castberg recently made the critical decision to continue the project. The final investment decision will be made in 2017. See which contracts could be on the table.

Songa Offshore pushes back loan by one year

Norwegian rig company Songa Offshore has been granted an extension on a loan worth close to USD 55 million. And majority shareholder Frederik W. Mohn has agreed to delay the repayment of another loan.

Songa Offshore back in black with new rig employment

Norwegian drilling rig supplier Songa Offshore delivered a positive bottom line in the third quarter, where four rigs secured employment and contributed to the business. But many rigs are still being idled in the North Sea drilling market, and 2017 will be extremely challenging, projects Songa.

Pacific Drilling hit by Nigerian currency plunge

Drilling company Pacific Drilling took an exchange rate hit of USD 2.9 million in the second quarter, which nevertheless ended positive due to a one-off income. A continued focus on costs also impacted the result.

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