Malaysia's Velesto Energy has secured a contract from Petronas Carigali for its NAGA 3 jack-up drilling rig, covering one firm well and an option for a second well.The contract was awarded through Velesto's wholly-owned subsidiary, Velesto Drilling, with operations having commenced in November 2026.Velesto expects the contract to contribute positively to its earnings and net assets over its duration…
Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market…
Often overshadowed by the towering jackup and ultra-deepwater floating rig fleets that dominate offshore headlines, tender-assist rigs are enjoying a resurgence in Southeast Asia. While they represent a relatively small niche of the global offshore drilling market…
Vard has started construction of the UPO Atlantic commissioning service operation vessel (CSOV) for U-Ming Purus Offshore (UPO), following a steel-cutting ceremony at its Vard Vung Tau shipyard in Vietnam.The ceremony, held on November 2, marked the first construction milestone for the vessel…
The 704 MW Revolution Wind offshore wind farm in the United States, developed by Ørsted and Skyborn Renewables, has been fully commissioned and is now delivering electricity under its offtake contracts with utilities in Rhode Island and Connecticut…
ConocoPhillips its quarterly dividend by 11% and beat Wall Street estimates for third-quarter adjusted profit on Thursday, as stronger commodity prices and cost-cutting measures helped offset a decline in its output.Benchmark Brent crude LCOc1 averaged about $89…
Fugro has secured a contract from Cadeler to carry out post-installation seabed surveys at the 960 MW East Anglia TWO offshore wind farm in the UK, with work scheduled to begin in early 2027.The contract covers surveys at 64 monopile foundation…
Eni and its Area 4 partners have launched a drilling and completion campaign for the Coral North floating liquefied natural gas (FLNG) project offshore Mozambique, ahead of its planned start-up in 2028.The campaign, expected to last approximately 10 months…
Offshore drilling contractor Valaris has secured approximately $600 million in new contracts and extensions since its previous fleet status report in August 2026, increasing its total contracted backlog to around $4.8 billion.The latest awards cover drillships…
Maritime Developments (MDL) has completed a subsea umbilical replacement and flowline installation campaign for Oceaneering International offshore Egypt, aimed at restoring production capacity at two Mediterranean fields.The work involved replacing a damaged production umbilical…
Saudi state oil giant Aramco is working to expand a crude pipeline that circumvents the Strait of Hormuz as the world continues to experience the biggest energy supply shock in history, CEO Amin Nasser said on Tuesday.The effective blockade of the chokepoint that links the Gulf to world markets…
TotalEnergies has signed an agreement to sell a 40% participating interest in Nigeria's OPL257 offshore block to South Atlantic Petroleum (SAPETRO), ahead of an appraisal campaign targeting the potential development of the Egina South oil discovery…
ADES Holding has secured a one-year contract extension for the Shelf Drilling Tenacious jack-up rig offshore Angola and a new drilling contract for the Shelf Drilling Perseverance in Indonesia, adding to its offshore drilling backlog across Africa and Southeast Asia…
Shell has agreed to sell its 16.67% non-operated interest in Australia's North West Shelf (NWS) LNG project to subsidiaries of XRG for a base consideration of $1.45 billion.The deal covers Shell's interest in the North West Shelf project in Western Australia…
Saudi state oil company Aramco reported on Tuesday a 34.5% increase in third-quarter net profit despite attacks on its facilities, mainly due to higher revenue and its exit from a joint venture.The world's top oil exporter reported a net profit of $36…
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