Statoil, Noble Ink Deal for Newbuild Jackup

Statoil ASA has awarded a drilling contract valued at $655 million, including mobilization costs, to Noble Corp. for a newbuild ultra-high specification jackup.

The rig, an enhanced version of Statoil's Cat J specifications, will begin a four-year drilling contract in the third quarter of 2016 for Statoil at the Mariner project in the UK North Sea.  Statoil is operator of Mariner, located on the East Shetland Platform approximately 150 miles east of the Shetland Isles.

The newbuild jackup will be based on the Gusto MSC CJ-70-150 design, and uniquely suited to operate over a very large platform or in a subsea configuration in the Norwegian sector.  It will be capable of operating in up to 492 feet (150 meters) of water in harsh environments, with total drilling depth capacity of 33,000 feet (10,000 meters). The rig also will be capable of deploying either a surface or subsea blowout preventer when drilling wells in these challenging environments.

"We believe that the fundamentals of the high-specification jackup market segment will continue to be strong in the decade ahead," said Noble President and Chief Executive Officer David W. Williams in a statement Tuesday. "This unit is designed to meet some of the industry's most stringent operating requirements and supports Noble's ongoing commitment to increasing the technological and operational capabilities of our fleet."

Zug, Switzerland-based Noble is negotiating a contract for the new jackup, which will have construction and delivery costs of approximately $690 million, including project management, spares and start-up costs, but excluding capitalized interest.

The deal will position Noble strategically with a key North Sea operator, and continues to recent trend among offshore drillers opting to build jackups versus additional ultra-deepwater floaters, according to a May 14 analyst note from Tudor Pickering and Holt.

Noble has eight jackups currently operating in the North Sea, and is expected to deploy several of its JU-3000N newbuilds to the region, but has no rigs currently working for Statoil, according to a May 14 GHS Research analyst note.  GHS also sees opportunity for second newbuild in the future. However, the economics of the deal aren't attractive when the build cost and cash flows are combined versus the recent newbuild drillship and jackup awards obtained by Noble.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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Noble Energy 1Q Net Down 0.8% on Higher Costs

Noble Energy Inc.'s first-quarter earnings fell 0.8% as the oil-and-gas explorer's higher expenses counterbalanced stronger revenue from oil and condensates, as well as natural gas.

The company has been selling its noncore assets to focus its spending on higher-return areas, including horizontal drilling operations in the U.S. and offshore projects in the Gulf of Mexico, the Mediterranean, and West Africa.

Noble late last year said it would bump up capital spending by 11% in 2013 to $3.9 billion, and said its oil and gas output would grow at a compounded annual growth rate of 17%. About 60% of the capital expenditures were allocated for U.S. onshore projects, while 10% of the capital budget was targeted for its operations in the Eastern Mediterranean region.

Noble Energy reported a profit of $261 million, or $1.45 a share, down from $263 million, or $1.47 a share, a year earlier. Excluding hedging impacts and other items, earnings were down at $1.48 from $1.65.

Revenue rose 5.1% to $1.14 billion amid higher oil and natural-gas revenue.

Analysts polled by Thomson Reuters most recently projected earnings of $1.24 on revenue of $1.08 billion.

Average sales volumes from continuing operations rose to 245,000 barrels of oil equivalent a day, from 236,000 Boe/d. Average crude and condensate realized prices were down 8.2% and natural-gas realized prices rose 20%.

Copyright (c) 2013 Dow Jones & Company, Inc.

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Noble, PXP Shake Hands on UDW Drillships for Gulf of Mexico

Noble Corp. and Plains Exploration & Production Company (PXP) have entered into two three-year term drilling contracts for the Noble Sam Croft (UDW drillship) and the Noble Tom Madden (UDW drillship), two new ultra-deepwater drillships under construction at the Hyundai Heavy Industries Co. Ltd. shipyard in Ulsan, South Korea.

In the second quarter of 2014, the Noble Sam Croft is expected for delivery followed by the Noble Tom Madden, which is expected for delivery in the second half of 2014.

"With the addition of these units to our U.S. Gulf of Mexico fleet, Noble will have one of the most modern and capable fleets in the region, a fact that demonstrates the fundamental change going on across the company," noted David W. Williams, chairman, president and Chief Executive Officer, in a released statement. "At the same time, these contracts provide us with significant additional backlog, while expanding and diversifying our customer base as we grow our relationship with an important new customer."

Noble expects for the contracts to commence following mobilization of the drillships to the Gulf of Mexico and customer acceptance. Revenues generated over the three-year terms are expected to total about $693 million per rig, including mobilization fees, stated Noble in a press release.

"In the U.S. Gulf of Mexico, which accounted for 31 percent of contract drilling services revenues in the first quarter, four of the region's seven active rigs experienced improved operating performance," stated Williams, in the company's first quarter 2013 earnings report. "Contract opportunities remain strong, especially for rigs addressing customer needs in deepwater."

In September 2012, Plains Exploration acquired more than $6 billion of oil and gas properties in the deepwater Gulf of Mexico.

"Since its acquisition of strategic deepwater oil and gas properties in the Gulf of Mexico, analysts and investors are bullish that Plains can significantly increase its revenues," stated Joe Thomas, an analyst at Wall Street Source, in a press release. "The company's fourth quarter and full-year 2012 financial and operating results highlighted the success of its one-month benefit from its Gulf of Mexico assets."

The company plans to grow its offshore oil and gas production to 275,000 barrels of oil equivalent per day by 2020.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

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Noble, PXP Shake Hands on UDW Drillships for Gulf of Mexico

Noble Corp. and Plains Exploration & Production Company (PXP) have entered into two three-year term drilling contracts for the Noble Sam Croft (UDW drillship) and the Noble Tom Madden (UDW drillship), two new ultra-deepwater drillships under construction at the Hyundai Heavy Industries Co. Ltd. shipyard in Ulsan, South Korea.

In the second quarter of 2014, the Noble Sam Croft is expected for delivery followed by the Noble Tom Madden, which is expected for delivery in the second half of 2014.

"With the addition of these units to our U.S. Gulf of Mexico fleet, Noble will have one of the most modern and capable fleets in the region, a fact that demonstrates the fundamental change going on across the company," noted David W. Williams, chairman, president and Chief Executive Officer, in a released statement. "At the same time, these contracts provide us with significant additional backlog, while expanding and diversifying our customer base as we grow our relationship with an important new customer."

Noble expects for the contracts to commence following mobilization of the drillships to the Gulf of Mexico and customer acceptance. Revenues generated over the three-year terms are expected to total about $693 million per rig, including mobilization fees, stated Noble in a press release.

"In the U.S. Gulf of Mexico, which accounted for 31 percent of contract drilling services revenues in the first quarter, four of the region's seven active rigs experienced improved operating performance," stated Williams, in the company's first quarter 2013 earnings report. "Contract opportunities remain strong, especially for rigs addressing customer needs in deepwater."

In September 2012, Plains Exploration acquired more than $6 billion of oil and gas properties in the deepwater Gulf of Mexico.

"Since its acquisition of strategic deepwater oil and gas properties in the Gulf of Mexico, analysts and investors are bullish that Plains can significantly increase its revenues," stated Joe Thomas, an analyst at Wall Street Source, in a press release. "The company's fourth quarter and full-year 2012 financial and operating results highlighted the success of its one-month benefit from its Gulf of Mexico assets."

The company plans to grow its offshore oil and gas production to 275,000 barrels of oil equivalent per day by 2020.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
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Noble, PXP Shake Hands on UDW Drillships for Gulf of Mexico

Noble Corp. and Plains Exploration & Production Company (PXP) have entered into two three-year term drilling contracts for the Noble Sam Croft (UDW drillship) and the Noble Tom Madden (UDW drillship), two new ultra-deepwater drillships under construction at the Hyundai Heavy Industries Co. Ltd. shipyard in Ulsan, South Korea.

In the second quarter of 2014, the Noble Sam Croft is expected for delivery followed by the Noble Tom Madden, which is expected for delivery in the second half of 2014.

"With the addition of these units to our U.S. Gulf of Mexico fleet, Noble will have one of the most modern and capable fleets in the region, a fact that demonstrates the fundamental change going on across the company," noted David W. Williams, chairman, president and Chief Executive Officer, in a released statement. "At the same time, these contracts provide us with significant additional backlog, while expanding and diversifying our customer base as we grow our relationship with an important new customer."

Noble expects for the contracts to commence following mobilization of the drillships to the Gulf of Mexico and customer acceptance. Revenues generated over the three-year terms are expected to total about $693 million per rig, including mobilization fees, stated Noble in a press release.

"In the U.S. Gulf of Mexico, which accounted for 31 percent of contract drilling services revenues in the first quarter, four of the region's seven active rigs experienced improved operating performance," stated Williams, in the company's first quarter 2013 earnings report. "Contract opportunities remain strong, especially for rigs addressing customer needs in deepwater."

In September 2012, Plains Exploration acquired more than $6 billion of oil and gas properties in the deepwater Gulf of Mexico.

"Since its acquisition of strategic deepwater oil and gas properties in the Gulf of Mexico, analysts and investors are bullish that Plains can significantly increase its revenues," stated Joe Thomas, an analyst at Wall Street Source, in a press release. "The company's fourth quarter and full-year 2012 financial and operating results highlighted the success of its one-month benefit from its Gulf of Mexico assets."

The company plans to grow its offshore oil and gas production to 275,000 barrels of oil equivalent per day by 2020.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
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Noble Energy Spuds Carla South Prospect Offshore West Africa

Noble Energy Inc. began drilling the I-7 exploratory well on the Carla South prospect in Block I using the Atwood Hunter (DW semisub) last week, PA Resources reported.

The Carla South prospect is on trend with the Carla North discovery recently appraised in Block O to the north of Block I, which houses the Aseng field, in Equatorial Guinea, PA Resources stated in a press release. The operator, Noble Energy, is targeting Tertiary sandstones of similar age to those in the discovery to the north. Drilling is expected to reach total depth in around 25 days with plans for a subsequent sidetrack of similar duration.

"We are very glad to have resumed exploration drilling in Block I, following an extended period focused on development of the Aseng and Alen Fields," said PA Resources' CEO Bo Askvik in a press release. "In addition it is likely that an appraisal well will be drilled in Block I later this year on the existing Diega discovery and this year's drilling program will be valuable in progressing the next field development or developments in Block I."

The Carla discovery that was made in November 2011 encountered 26 feet of oil pay in good quality upper Oligocene sands below the Alen field. It was drilled in 1,900 feet of water and reached a total depth of 11,500 feet. Noble Energy estimates between 35-100 million barrels of oil equivalent, of which 80 percent are liquids, at the Carla prospect.

Noble plans to develop the field and connect it to the producing Aseng field in Block I, or the Alen field in Block O, that is due to come onstream in late 2013.

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
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Noble Ups Tamar Estimates to 10 Tcf

Noble Energy, Inc. announced that the Tamar natural gas field offshore Israel has been successfully brought online with all five of the subsea wells now producing at stable rates totaling approximately 300 million cubic feet per day (MMcf/d). When combined with existing Mari-B volumes, the total current sales are nearly 500 MMcf/d and are expected to average 700 MMcf/d through the remainder of the year. Initial sales commenced March 31 as natural gas flowed from the field to the Tamar platform and then to the Ashdod Onshore Terminal.

The development is designed to deliver natural gas rates up to 1 billion cubic feet per day (Bcf/d). Volumes will likely reach this maximum capacity during the peak summer demand in the third quarter this year.

Charles D. Davidson, Noble Energy's chairman and CEO, commented, "In just over four years from discovery, the Tamar project is fully operational and delivering significant volumes of natural gas to Israel. The project is a technological and commercial milestone for Noble Energy and our partners. This is the third major global project we have brought online in the last 18 months and it will make a significant contribution to our continuing production growth. Building on this success, we are working with the government and our partners to sanction the next phase of development at Tamar and the domestic phase of Leviathan."

The gross resource estimate of Tamar has been increased to 10 trillion cubic feet (Tcf), up from 9 Tcf, as a result of development drilling and continued reservoir analysis and modeling. An independent assessment conducted by Netherland, Sewell & Associates, Inc. supports the new resource estimate.

The Tamar development includes five subsea wells capable of flowing 250 MMcf/d of natural gas each. Natural gas flows from the field through the longest subsea tieback in the world for more than 90 miles to a platform near the existing Mari-B structure. The Tamar platform is tied into the existing pipeline that delivers natural gas to the Ashdod onshore receiving terminal.

Noble Energy operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining 4 percent.

The Company is also the operator of Mari-B with a 47.059 percent working interest. Delek Drilling has a 25.5 percent interest, Avner Oil Exploration holds 23 percent and Delek Investment has 4.441 percent.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Noble Ups Tamar Estimates to 10 Tcf

Noble Energy, Inc. announced that the Tamar natural gas field offshore Israel has been successfully brought online with all five of the subsea wells now producing at stable rates totaling approximately 300 million cubic feet per day (MMcf/d). When combined with existing Mari-B volumes, the total current sales are nearly 500 MMcf/d and are expected to average 700 MMcf/d through the remainder of the year. Initial sales commenced March 31 as natural gas flowed from the field to the Tamar platform and then to the Ashdod Onshore Terminal.

The development is designed to deliver natural gas rates up to 1 billion cubic feet per day (Bcf/d). Volumes will likely reach this maximum capacity during the peak summer demand in the third quarter this year.

Charles D. Davidson, Noble Energy's chairman and CEO, commented, "In just over four years from discovery, the Tamar project is fully operational and delivering significant volumes of natural gas to Israel. The project is a technological and commercial milestone for Noble Energy and our partners. This is the third major global project we have brought online in the last 18 months and it will make a significant contribution to our continuing production growth. Building on this success, we are working with the government and our partners to sanction the next phase of development at Tamar and the domestic phase of Leviathan."

The gross resource estimate of Tamar has been increased to 10 trillion cubic feet (Tcf), up from 9 Tcf, as a result of development drilling and continued reservoir analysis and modeling. An independent assessment conducted by Netherland, Sewell & Associates, Inc. supports the new resource estimate.

The Tamar development includes five subsea wells capable of flowing 250 MMcf/d of natural gas each. Natural gas flows from the field through the longest subsea tieback in the world for more than 90 miles to a platform near the existing Mari-B structure. The Tamar platform is tied into the existing pipeline that delivers natural gas to the Ashdod onshore receiving terminal.

Noble Energy operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining 4 percent.

The Company is also the operator of Mari-B with a 47.059 percent working interest. Delek Drilling has a 25.5 percent interest, Avner Oil Exploration holds 23 percent and Delek Investment has 4.441 percent.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Noble Adds Tenth Board Member

Noble Energy, Inc. announced Friday that its Board of Directors elected Molly K. Williamson to its board, increasing the number of directors to ten.

Ms. Williamson is currently a scholar at the Middle East Institute in Washington, D.C. following an extensive and distinguished career in the U.S. government. She has held a unique combination of policy and leadership positions in the State Department and other cabinet departments where she specialized in Middle East policy and diplomacy. Her foreign appointments included serving as Consul General and Chief of Mission in Jerusalem. In addition to the State Department, she also held senior positions in the departments of Commerce, Defense and Energy. She lectures frequently at Johns Hopkins University and Georgetown University on U.S. foreign policy, energy and environmental policy and international demographics. She holds both M.A. and B.A. degrees, each with highest honors, from the University of Maryland.

"On behalf of Noble Energy's board, we are pleased to welcome Ms. Williamson to the Noble Energy team. Molly's unique international and foreign policy experience and perspectives will be invaluable to our company's global growth and success," Noble Energy's Chairman and CEO Charles D. Davidson commented.

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Noble: SembMarine Jackup Incident Not Linked to Structural Defects

Noble Corporation confirmed late Thursday in an earnings conference call that the Noble Regina Allen (400' ILC jackup), which tilted during a jacking system test on Dec.3, 2012, is now securely berthed by Jurong Shipyard.

Noble Corp's Chairman and CEO David Williams noted that an investigation conducted by Jurong Shipyard and Friede & Goldman (F&G) shows that the legs, jacking system and hull suffered no structural damage.

"Data collected to date by the various investigation teams has ruled out structural or component defects, and teams are now concentrated on the jacking software control logic, electrical components relating to the jacking system, and the break holding capacity," Williams said in a statement.

Jurong Shipyard, a subsidiary of Sembcorp Marine, is still working to isolate the exact cause and rectify the problem. Sembmarine confirmed on Jan.15 that the rig was successfully restored to its upright position, and that the rig is expected to exit the shipyard by the end of 3Q 2013.

Commenting on the health and safety aspect of the incident, Williams remarked that "thankfully, of more than 700 people aboard the rig, there were no serious injuries reported."

Singapore's Ministry of Manpower (MOM) Occupational Safety and Health Inspectorate confirmed that 89 workers were injured as a result of the incident. A stop-work order (SWO) imposed by the MOM, which covers all production works on the rig, is still in place.

After the incident, F&G instructed Chinese state-owned shipbuilder, Dalian Shipbuilding Industry Offshore (DISC), to suspend the construction of jacking systems for F&G JU-2000E rigs for Prospector Offshore Drilling.

Prospector Offshore Drilling, incorporated in Luxembourg in 2010, is new to the drilling industry. It has six high-spec jackups under construction, four by DISC and two by Shanghai Waigaoqiao (SWS) with deliveries from 1Q 2013 to 1Q 2014.

CIMB Research's analyst, Lim Siew Khee, noted in a report issued in late December that DISC and SWS were awarded these rig contracts due to attractive payment arrangements that required as little as one percent in deposits.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
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RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit http://www.riglogix.com/.

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Noble: SembMarine Jackup Incident Not Linked to Structural Defects

Noble Corporation confirmed late Thursday in an earnings conference call that the Noble Regina Allen (400' ILC jackup), which tilted during a jacking system test on Dec.3, 2012, is now securely berthed by Jurong Shipyard.

Noble Corp's Chairman and CEO David Williams noted that an investigation conducted by Jurong Shipyard and Friede & Goldman (F&G) shows that the legs, jacking system and hull suffered no structural damage.

"Data collected to date by the various investigation teams has ruled out structural or component defects, and teams are now concentrated on the jacking software control logic, electrical components relating to the jacking system, and the break holding capacity," Williams said in a statement.

Jurong Shipyard, a subsidiary of Sembcorp Marine, is still working to isolate the exact cause and rectify the problem. Sembmarine confirmed on Jan.15 that the rig was successfully restored to its upright position, and that the rig is expected to exit the shipyard by the end of 3Q 2013.

Commenting on the health and safety aspect of the incident, Williams remarked that "thankfully, of more than 700 people aboard the rig, there were no serious injuries reported."

Singapore's Ministry of Manpower (MOM) Occupational Safety and Health Inspectorate confirmed that 89 workers were injured as a result of the incident. A stop-work order (SWO) imposed by the MOM, which covers all production works on the rig, is still in place.

After the incident, F&G instructed Chinese state-owned shipbuilder, Dalian Shipbuilding Industry Offshore (DISC), to suspend the construction of jacking systems for F&G JU-2000E rigs for Prospector Offshore Drilling.

Prospector Offshore Drilling, incorporated in Luxembourg in 2010, is new to the drilling industry. It has six high-spec jackups under construction, four by DISC and two by Shanghai Waigaoqiao (SWS) with deliveries from 1Q 2013 to 1Q 2014.

CIMB Research's analyst, Lim Siew Khee, noted in a report issued in late December that DISC and SWS were awarded these rig contracts due to attractive payment arrangements that required as little as one percent in deposits.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit http://www.riglogix.com/.

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