The oil value warfare and the coronavirus pandemic are already taking their toll on the oil and gasoline companies market, with offshore drilling contractors among the many most affected segments. One of the most important drillers, Noble Corporation, has seen its contracts shortened, rigs stacked and placed on standby, and day charges slashed.
Rystad Energy, an power intelligence agency, has lately estimated that drillers will see as much as 10% of their contract volumes cancelled in 2020 and 2021, representing a mixed lack of income of about $three billion.
Back to Noble Corp., the drilling contractor and ExxonMobil final February executed a singular business enabling settlement (CEA) for drilling companies within the Guyana-Suriname Basin.
The ultra-deepwater drillships Noble Bob Douglas, Noble Tom Madden, and Noble Don Taylor, which had been executing drilling assignments for ExxonMobil offshore Guyana, had been included within the framework settlement, and it was additionally agreed that different drilling rigs could be added to the settlement.
It is value noting that the contract time period awarded below the CEA framework settlement allowed for the repricing of day charges in March and September.
In its fleet standing report on Thursday, Noble revealed adjustments to the standing of those drilling rigs.
The Noble Tom Madden drillship is on standby efficient 2 April 2020, for a interval of as much as 90 days. The rig’s day fee has been lowered to 50 per cent of working day fee by means of the standby interval, which won’t depend in opposition to the contract time period.
The rig has acquired a three-year award below the CEA framework settlement, beginning in mid-December 2020 and ending in mid-December 2023.
The Noble Bob Douglas has acquired a six-month award below the CEA settlement, beginning in late March 2021 and ending in late September 2021.
Noble’s beforehand introduced task of the Noble Sam Croft rig to the CEA framework settlement has been cancelled and a one-year contract time period transferred to the Noble Don Taylor drillship.
The Noble Don Taylor’s contract is beginning in mid-November 2020 at a mutually agreed day fee.
New gig for semi-sub
The Noble Clyde Boudreaux semi-sub has received a brand new gig with an undisclosed operator in Vietnam, beginning in early June and ending in late July 2020.
The day fee has not been disclosed. The rig is at present below contract with Berlanga in Myanmar, which is about to finish in mid-April. The day fee is $135,000.
Noble has cold-stacked two rigs. The Noble Bully II drillship is cold-stacked in Oman and the Noble Paul Romano within the U.S. Gulf of Mexico.
In the jack-up enterprise, the Noble Mick O’Brien has received a contract extension with Qatar Gas. The rig’s contract, which was beforehand supposed to finish in late March, is now set to proceed till late August 2020.
Further, within the jack-up enterprise, the Noble Lloyd Noble, which is at present working for Equinor off the UK, is on standby efficient 15 March for an estimated interval of 30 days. The day fee has been lowered to 97 per cent of working day fee by means of the standby interval.
The Noble Sam Hartley accomplished its contract with Total within the UK on 7 April and it has been warm-stacked.
The Noble Sam Turner has additionally accomplished its contract with Total and likewise been warm-stacked. The rig’s contract ended on 25 March 2020.
Noble has been knowledgeable by RockRose Energy within the UK that the contract for the Noble Houston Colbert, which was supposed to finish in late May, may finish as early as mid-April.
The Noble Tom Prosser is anticipated to be on standby efficient mid-April 2020 for a interval of as much as 365 days. The rig’s day fee has been lowered to $47,000-$50,000 by means of the standby interval. The contract is with ExxonMobil in Australia.
The Noble Hans Deul has been warm-stacked following completion of its contract with Spirit Energy within the UK.
Saudi Aramco has requested a discount to the working day fee for 4 jack-up rigs, the Noble Scott Marks, Noble Roger Lewis, Noble Joe Knight,…