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Welltec announced this week that it has signed a “significant” contract with Saudi Aramco.
The business revealed that it has agreed a Long-Form Contract (LFC) with the Saudi Arabian company, following an “extensive” approval process. The deal will see Welltec deliver completion products and services across the Aramco portfolio in any environment, Welltec noted.
“Confirmation of this award represents a major step in our partnership with Saudi Aramco which also enables us to continue along the path of exemplary service quality in the execution of completions,” Kevin Wood, the well completions sales director for Welltec Middle East, said in a company statement.
The contract for the Maersk Integrator is set to commence in December of this year. PHOTO SOURCE: Maersk Drilling
Aker BP (OTCMKTS: DETNF) has contracted the low-emission Maersk Integrator jack-up rig for an additional exploration well offshore Norway, Maersk Drilling (CPH: DRLCO) reported Wednesday.
Slated to commence this December, the estimated 36-day contract will directly follow a two-well contract for the Maersk Integrator
Maersk Drilling pointed out the rig is contracted under a 2017 frame agreement via the three-way Aker BP Jack-up Alliance it participates in with Aker BP and Halliburton (NYSE; HAL). The drilling contractor explained contracts under the alliance are based on market-rate terms with incentive arrangements for all particles that hinge on actual delivery and performance.
Petrobras has awarded TechnipFMC a subsea contract for two of its offshore Brazil fields.
Petrobras (NYSE: PBR) has awarded TechnipFMC (NYSE: FTI) (PARIS: FTI) a subsea contract for its Marlim and Voador fields offshore Brazil, TechnipFMC reported Wednesday.
“We are honored that Petrobras has selected us to support the ongoing development of the Marlim and Voador fields,” remarked Jonathan Landes, president for subsea at TechnipFMC, in a written statement emailed to Rigzone. “We look forward to executing this project using our local capabilities in Brazil and contributing to another important development in the country.”
TechnipFMC stated that it will supply up to eight manifolds for production and injection under the contract, using all-electric Robotic Valve Controller (RVC) technology. The company explained that RVC replaces traditional subsea hydraulics, along with thousands and mechanical parts, while providing real-time data and analysis on system performance.
It was an oil Everest, but in reverse.
That’s how Rystad Energy’s head of oil markets, Bjornar Tonhaugen, described seeing oil prices turning negative in a reflective statement sent to Rigzone, which marked the first-year anniversary of the moment prices in the industry went subzero for the first time ever.
“It’s not that frequent that an oil markets professional has to deal with unprecedented events in the oil market anymore,” Tonhaugen said in the statement.
“Downturns come and go and that feeling of business as usual had made the market overconfident over handling a crisis. Last year proved that we hadn’t seen it all in the oil world, many failed to see the gravity of what was coming, including oil producers, OPEC+, governments and analysts,” he added.