Sedco 712 Wins Two-Year Contract Extension from Oilexco
The extension of the contract for the Sedco 712 continues a relationship between Oilexco and Transocean that commenced in December 2003 when the Transocean semisub J.W. McLean went on contract to Oilexco. In 2004 the Transocean semisubs J.W. McLean and John Shaw were under contract for 286 days. During this period, Oilexco was the most active operator of exploration-appraisal wells in the UK North Sea, an extraordinary distinction which continued in 2005. Oilexco's current contract with Transocean for the Sedco 712 was initiated under a Letter of Arrangement executed in October 2004, before the tightening of the offshore rig market. The 712 came on contract to Oilexco on March 23, 2005, after a 6 month refurbishment program.
"Extending the contract will allow Oilexco to continue its aggressive program of exploration, appraisal and development drilling in the UK North Sea well into the future" said Arthur Millholland, CEO of Oilexco. "We presently have exploration and appraisal drilling scheduled through 2007 and into 2008. Having this rig will allow Oilexco to continue to create significant shareholder value going forward by being able to maintain a flexible drilling schedule that makes allowances for the addition of future development drilling programs. We have shown that having a rig of this type, specification and operating efficiency under long term contract, has allowed Oilexco to accelerate development projects in addition to maintaining control over it's destiny. Oilexco is also looking forward to continuing the Team 712 relationship with the personnel aboard the rig" added Mr. Millholland. "The Team 712 philosophy focuses on an Oilexco-Transocean team approach for safe and efficient rig operations".
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call