Top bankers warn offshore oil industry's debt woes aren't over
Offshore oil and gas bankers in Oslo are warning that the industry is far from out of the woods as a recovery is slow to take hold.
ShippingWatch
A part ofWatch Medier
Read all the latest news about Borr Drilling. ShippingWatch gives you independent, credible, critical and fair news.
Offshore oil and gas bankers in Oslo are warning that the industry is far from out of the woods as a recovery is slow to take hold.
Rig operator Borr Drilling has secured financing for its newbuild program with a new credit facility of USD 645 million. Despite a deficit in the first quarter, management is optimistic about the future.
Borr Drilling, owned by Norway's Tor Olav Trøim, among others, has just acquired a new jack-up newbuilding. The acquisition price is nearly half of what it was originally ordered for.
Borr Drilling, headed by Tor Olav Trøim, finished last year with net loss of USD 190 million, shows the rig company's preliminary results. The fourt quarter in particular weighed down the results.
Borr Drilling booked a net deficit in the third quarter, however it saw tendering activities accelerate over the period. If the latest oil price fall continues, it could slow recovery. But not seriously.
Increasing activity and tenders in the offshore market motivate Borr Drilling to reactivate four rigs – though they have yet to land work.
Norway's Rasmussengruppen has sold its entire stake in Borr Drilling, reports Dagens Næringsliv. Several leading figures in Borr have seized the opportunity to buy.
With Transocean's billion dollar takeover of Ocean Rig, the outlines of a new and forward-looking rig market are emerging, one in which Maersk Drilling features among the major players. A sustainable market level is in sight for the first time in a long while.
Recently established Borr Drilling, led by Tor Olav Trøim as chairman, has begun to bring in earnings for the company, shows the report. However, the company still has a negative bottom line.
Borr Drilling has signed a deal with Keppel to buy five rigs originally ordered by another partner. The rigs will be delivered over the next two years.
The sale of 14 jack-up rigs will contribute a double-digit profit to the bottom line of Tor Olav Trøim's Borr Drilling in the second quarter.
"It is remarkable what Tor Olav Trøim has achieved in such a short amount of time," writes analyst firm Rystad Energy about the news of Borr Drilling's acquisition of Paragon Offshore. Another analyst describes the acquisition as unexpected.
Tor Olav Trøim's Borr Drilling has announced the purchase of Paragon Offshore for USD 232.5 million. The acquisition includes 32 rigs, most of which are stacked.
Singaporean yard group Keppel Offshore & Marine confirms that the group is in negotiations with Norwegian company Borr Drilling for a rig order.
Singapore yard Keppel Corporation is considering a sale of jack-up rigs to Borr Drilling, headed by Tor Olav Trøim, reports The Business Times.
Newly established rig company Borr Drilling booked expenses of USD 24.9 million in the third quarter. The jack-up market continues to show healthy supply activity and the company expects increased activity in 2018.
Major Singapore yard Sembcorp delivered a positive bottom line in the third quarter, while revenue took a sharp dive over the period. The yard sees signs of an emerging recovery in the drilling market.
Founder of rig company Borr Drilling, Tor Olav Trøim, is now targeting dry bulk with the company 2020 Bulkers. The plan is to list the company on the minor OTC stock exchange, reports local media Finansavisen.
The new rig company Borr Drilling has paid an excessive price of USD 1.3 billion for nine rigs, according to a Norwegian brokerage firm.
Rig company Borr Drilling expects to invest USD 1.3 billion in nine jack-up rigs.
Rig unit Borr Drilling and oil service company Schlumberger have signed a cooperation agreement aimed at providing customers with combined solutions for drilling tasks.
Recently launched Norwegian rig company Borr Drilling has been granted permission for a listing on the Oslo Stock Exchange, even though the company has only existed for one year. Normally, a company must be three years old before it can hit the stock exchange.
The new drilling company, founded by two former senior execs from Fredriksen's Seadrill, plans to go public in Norway and expects to submit an application in late August, says the company in a press release.
Norwegian Borr Drilling, which recently announced the purchase of 15 drilling rigs from Transocean, will see the world's largest oil service company join its ownership.
Newly established Borr Drilling, which a few days ago announced a purchase of 15 Transocean rigs, is looking to hire 21 people for executive positions, reports Dagens Næringsliv.
Executive, Operations - BW LPG
Treasury Risk Manager with focus on financial risk management - Group Treasury, Bunker Holding
