Upstream news

The Maersk Reacher rig will be used by Aker BP from July 2021 for a minimum of nine months.

Oil prices fell on Monday as the Suez Canal blockade is getting closer to a resolution and as global Covid-19 infections rose for a fifth consecutive week.

The company aims to grow turnover by 20% annually for the next five years by expanding its oil and gas, rail, defence and FMCG presence and diversifying into renewables.

The contracts have been awarded for work in Pakistan, Russia, Kurdistan, south-eastern Europe and Germany.

The companies' agreement provides for the creation of a gas and crude oil development hub through a synergy with existing MLE-CAFC installations.

The licensees will assess the discovery, about 15 km south of the Edvard Grieg field, with regard to a possible tie-in to the Solveig field.

Oil prices rose on Friday as the market re-evaluated the importance and consequences of the Suez Canal blockade and the effect of a prolonged bottleneck.

Pro forma for the acquisition, Noble will own and operate a high specification fleet of 24 rigs, with 11 drillships, 1 semisubmersible, and 12 jackups.

The company expects that the acquisition, on behalf of an unnamed customer, will take place in the beginning of 3Q21.

The US$615 million deal includes all INEOS Oil & Gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian continental shelf.