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Drilling

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

Borr Drilling loses over USD 100 million in second quarter

Borr Drilling nearly doubled its bottom line deficit in the second quarter, reveals the company's financial report. The drilling company also secured a major credit facility in the quarter and presented the new price of its stock on the New York Stock Exchange.

Oil price recovery missed drilling companies by miles

Rig operators have yet to benefit from the latest oil price surge, which has otherwise caused optimism elsewhere in the industry. Ahead of Maersk Drilling's interim report Friday, ShippingWatch has taken a look at what investors in five of the world's largest companies have gained from this year's investments.

Good times for rig companies not likely to return

Oil companies were living beyond their means before the downturn. As such, rig companies should not count on the market ever becoming as good again. Meanwhile, capital sources have largely dried out – though there are subtle signs of improvement.

Rig company could go bankrupt today

Rig company Dolphin Drilling, formerly Fred. Olsen Energy, has been unable to land a rescue plan and will file for bankruptcy if an agreement is not reached with creditors Tuesday.

Seadrill's deficit deepened in the first quarter

Rig operator Seadrill finished the first quarter of the year with a bigger deficit than in the previous quarter, even though revenue grew in the period. Last year the rig company was fighting for its survival.

Analyst firm projects miserable rig market

Big rig companies such as Seadrill and Transocean have expressed optimism about the future of the rig market, but players should not start celebrating too early, evaluates analysis firm IHS Markit, according to Norwegian media Dagens Næringsliv.

Drilling CEOs anticipate more consolidation in rig market

As the oil market upturn is gradually solidifying, there will be a bigger need for consolidation in the offshore drilling market, several CEOs predict at an oil conference in Norway. But one chief exec warns investors against staying too long in the drilling industry.

Pacific Drilling settles restructuring plan

Offshore drilling company Pacific Drilling, which filed for bankruptcy protection in the US last year, has now secured approval for its rescue plan, and it soon expects to exit bankruptcy protection.

Northern Drilling secures contract with Wintershall

Northern Drilling, born just one year ago in the shadow of the offshore crisis, has won a contract with German Wintershall. The company hopes to buy rigs in a market which currently offers some appealing prices.

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.

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