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Gulf of Mexico: Stone Energy Hires Ensco Semi

Stone Energy  has contracted an ENSCO 8500 series dynamically positioned deep water drilling rig for Stone’s Cardona oil development program at Mississippi Canyon 29.

Drilling on the first Cardona well is expected to commence during the second half of 2013 followed by the drilling of the Cardona South well. Stone plans to tie back both wells to the 100% owned Pompano platform with production projected for late 2014. Stone holds a 65% working interest in the Cardona wells and will be the operator.

Chairman, President and CEO David Welch stated, “The signing of the Ensco contract allows us to move forward to more fully develop the reserves around the Pompano platform. These Stone-operated deep water wells allow us to be in control of the planning and timing of the Cardona project. After years of preparation, we look forward to progressing our deep water development and exploration efforts.”

Separately, the ENSCO 81 jack-up rig is expected to begin drilling on a three to four well conventional shelf/deep gas drilling program in May 2013. Stone expects to drill the Hammerlock oil prospect located on South Timbalier 100, followed by the Taildancer oil prospect located on Ship Shoal 113. The remaining one or two wells will follow Taildancer. Also in May 2013, the Parker 50B inland barge rig is expected to spud an infield oil well prospect in the Stone-operated Clovelly field. Stone holds a 94% working interest in Hammerlock and a 100% working interest in Taildancer and Clovelly.

At the La Cantera liquids-rich deep gas field, the third well was successfully drilled to 18,000 ft and is currently in completion operations with first production expected in June 2013. Combined with the first two wells, gross production from this field is projected at over 100 MMcfe per day (over 25 MMcfe per day net) when the third well commences production. Stone holds a 34.6% non-operated working interest in the field.

Drilling operations at the deep water Malachite prospect located on Mississippi Canyon 258 are complete. The well has been logged and marginal hydrocarbons were found in several sands. The partners have decided not to proceed with the project and the well is currently being plugged and abandoned. Stone holds a 40% non-operated working interest in the prospect and the net well cost is estimated at approximately $22 million.

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Houston,TX: BP Hires Helix’s Q5000 Semi

Helix Energy Solutions Group, Inc. announced today that it has entered into a five-year contract with BP to provide well intervention services to BP in the US Gulf of Mexico with Helix’s deepwater well intervention semisubmersible vessel, the Q5000, currently being constructed in Singapore.

The contract is for a minimum 270 days each year and is expected to commence between April and August 2015 following the delivery of the vessel from the shipyard. The contract also includes a first right of refusal for additional days each year and an option to extend for two successive one-year terms.

“We appreciate the confidence BP has shown in our Company’s well intervention services, and look forward to this integral step in further executing our business strategy,” said Helix President and Chief Executive Officer Owen Kratz.

Representing a $585 million investment, the dynamically positioned Q5000 will be a bigger version of Helix ESG’s proven Q4000 semisubmersible MODU.

Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides key life of field services to the energy market.

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Helix Orders Semi-Sub Well Intervention Rig in Singapore

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Houston-based subsea well intervention specialist, Helix Energy Solutions Group, Inc., has signed a contract with Sembcorp Marine’s subsidiary Jurong Shipyard in Singapore for the construction of its newbuild semisubmersible well intervention rig previously announced by Helix in February. The estimated value of the contract is US$385.5 million.

Owen Kratz, Helix’s Chairman and CEO, stated, “We are pleased to have selected a proven partner in Jurong Shipyard to leverage on our market and technological leadership in subsea well intervention. This new asset, engineered and designed based on the lessons learned from our successful Q4000 platform, is being constructed to meet an increasing market demand for specialized deepwater well intervention services worldwide. We look forward to the delivery of this new-generation advanced well intervention vessel and plan to expand this business segment even further.”

The semi-submersible well intervention rig will be built based on Bassoe Technology’s naval architectural design with Helix’s equipment layout. Featuring the latest technology, the rig is an efficient purpose-designed platform with capabilities to perform a wide variety of tasks, including conventional and extended top hold drilling, subsea construction, decommissioning well intervention, coiled tubing operations and twin ROV deployment.

Mr Don Lee, Senior General Manager, Jurong Shipyard’s Offshore Division said, “We are honoured that Helix has entrusted us with the construction of this highly specialised deepwater semi-submersible well intervention rig. This rig is Jurong Shipyard’s first specialised platform with well intervention and subsea capabilities and represents a significant advance for us in this growing new market segment. We would like to thank Helix for awarding us this contract, which is a testament to Jurong Shipyard’s rig construction capabilities and versatility in developing purpose-designed solutions for the offshore industry. We are committed to build on this new partnership with Helix and to meet their stringent standards of quality, safety and reliability

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USA: Anadarko Contracts ENSCO 8506 Semi

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Ensco plc has entered into a contract for ENSCO 8506 semisubmersible drilling rig with Anadarko Petroleum Corporation. The initial contract term is for two and one-half years in the U.S. Gulf of Mexico at a day rate of $530,000, plus cost adjustments. The contract adds more than $480 million to revenue backlog.

Delivery of ENSCO 8506 from Keppel FELS Limited shipyard in Singapore is scheduled for third quarter 2012 followed by contract commencement in fourth quarter 2012 once mobilization, sea trials and acceptance testing have been completed.

Chairman, President and Chief Executive Officer Dan Rabun was pleased with the contract, “We are very pleased that Anadarko has chosen to contract a third ENSCO 8500 Series® rig for its drilling programs. Anadarko was an early advocate of the ENSCO 8500 Series® design and contracted ENSCO 8500 back in 2005.”

ENSCO 8500 commenced operations in 2009, and soon thereafter, drilled Anadarko’s major Lucius Discovery in the U.S. Gulf of Mexico. In October 2011, Anadarko contracted ENSCO 8505 as part of a rig sharing agreement with Apache and Noble Energy. ENSCO 8505 is scheduled to commence operations in the second quarter of this year.

Last of seven

ENSCO 8506 is the final of seven rigs in the ENSCO 8500 Series®. For the first three quarters of 2011, these rigs that have operated in Asia, North America and South America achieved 97% utilization. Ensco is ranked #1 in overall customer satisfaction and #1 in deepwater drilling by EnergyPoint, an independent survey firm.

The proprietary design of the ENSCO 8500 includes a 35,000’ nominal rated drilling depth, 2 million pounds of hoisting capacity, 8,000 tons of variable deck load and an open layout well suited for subsea completion activities. Improved visibility from the open deck configuration also enhances safety.

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