Seadrill Norway NEWS

Norway's biggest lender DNB on Tuesday reported quarterly earnings above forecasts, supported by interest rate hikes and strong business activity across Norway which the bank said it expected to continue. Net profit rose to 7.79 billion crowns ($761.4 million) for the April to June quarter from 6.43 billion a year earlier, beating the 6.76 billion crowns expected by analysts in a poll compiled by the bank. "The Norwegian business community is maintaining its momentum," Chief Executive Kjerstin Braathen said in a statement. "We are also expecting that Norwegian companies' investments will continue to grow, well above what we are seeing in other countries." DNB's shares traded up 0.9% at 0702 GMT, beating a 0.1% rise in the Oslo benchmark index.

Three Norwegian labor unions agreed on a wage deal with the owners of floating offshore oil drilling rigs, preventing the outbreak of a strike that would have disrupted exploration, unions and employers said on Wednesday. The deal between the Norwegian Shipowners' Association and the Industry Energy, Safe and DSO labor unions covers 8,250 workers. Unions had said that 1,600 workers on 12 rigs would go on strike initially if the talks failed, but would not disrupt the current production of oil and gas.

Well-Safe Solutions has acquired the harsh-environment jack-up West Epsilon from deepwater drilling contractor Seadrill. Well-Safe Solutions noted that the rig will be refurbished and renamed ‘Well-Safe Protector’. Operations on the upgrade of the company’s first rig Well-Safe Guardian were paused earlier this year as a result of the Covid-19 pandemic. However, operations are restarting, and the company expects to deploy both Guardian and Protector early next year.

After reporting heavy losses in the end of year 2017, offshore drilling company, Seadrill has now disclosed firm recovery in the first six months of 2018. The company went through the losses mainly because of the dip in offshore drilling market and ageing assets. Seadrill in a statement said that the company has recognized impaired assets of $414 million and is working towards the same.

Equinor has awarded two drilling contracts to Seadrill Norway Operations Limited which is based on a master framework agreement. Under the scope of this contract, two wells will be drilled in the Barents Sea using West Hercules rig and the operations will start in the spring of 2019. Equinor’s senior VP for Drilling & Well Services has informed that the company has finalized the drilling program for West Hercules.

Norwegian-Wintershall has granted a rig contract to Seadrill Norway Operations Ltd for the Nova development. Seadrill will operate the West Mira drilling rig, which is a newly built sixth generation rig designed to operate in all weather conditions. The contract will also cover incentives to reward Seadrill for efficient and safe functioning. Additionally, to fulfill its future rig requirements, Wintershall has entered into a long-term frame agreement with Seadrill.