The shale company has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas.
The agreement also establishes a framework where Proserv and Dril-Quip may pursue joint marketing and collaboration efforts, with Dril-Quip providing subsea trees and Proserv providing subsea controls.
The system, initially delivered in the Intervention Riser System (IRS) configuration, provides a 6-3/8 in. through bore and is suitable for all types of well intervention operations up to 15 000 psi and in water depths up to 10 000 ft.
The agreement between the two companies includes the reprocessing and imaging of over 5000 miles2 of multi-client seismic data.
The URTeC Management Committee has decided to cancel the face-to-face component of the upcoming Unconventional Resources Technology Conference (URTeC) in Austin, Texas, US.
The Velox™ wellhead system is designed for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.
The technology aims to reduce uncertainty and saves rig time by enabling operators to accurately position packers, perforating guns and the bottomhole assembly without running wireline or moving the work string.
The Permian Basin has systematically increased its market share in nationwide horizontal oil drilling in the US, reaching 74% as of last week, according to analysis by Rystad Energy of Baker Hughes data.
A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.
The total horizontal oil rig count fell below 270 rigs last week, a 57% decline from the peak of 624 rigs seen in the middle of March 2020.