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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.

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.

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