Det Norske hit by Revenue Drop
Det Norske Oljeselskap ASA slumped to an operating loss in the first quarter on significantly lower revenue. The company reported a revenues of $ 205 (Q1 2015: USD 329) million in the first quarter. Production in the same period was 60,600 barrels of oil equivalent per day, while the realized oil price was $ 37 on average per barrel. EBITDA for the quarter amounted to 129 (261) million, and EBIT was -23 (86) million, after an impairment charge of 38 (53) million dollars. The quarterly result was 32 (2) million, giving earnings per share (EPS) of 0.16 (0.01) dollars.
Newbuild Jack-up Rig Charter Exended
Maersk Drilling receives two-year term extension for newbuild jack-up rig 'XL Enhanced 2'. Det Norske Oljeselskap ASA (Det norske) has on behalf of the partners in the Ivar Aasen project, exercised its contractual right to extend the contract for the newbuild ultra harsh environment jack-up, XL Enhanced 2, by two years. Consequently, the duration of the firm contract is now five years. The estimated value of the two-year contract extension is approximately USD 280 million, bringing the total estimated contract value to approximately USD 700 million.
Sembcorp Marine to Ink Offshore Platform Contract
Sembcorp Marine subsidiary SMOE secures a Letter of Intent for an EPC Contract to build an offshore platform integrated topside. The contract worth about S$900 million, is from Det norske oljeselskap ASA, Norway, for engineering, procurement and construction (EPC) of the process, drilling and quarters Platform (pdQ) topsides to be installed at a water depth of 112 metres for the Ivar Aasen development in the North Sea. The Ivar Aasen project is situated west of the Johan Sverdrup-field in the Norwegian Continental Shelf…
Barents Sea Drillers Strike Gas, Expected Oil
Eni, with partners Lundin and Det Norske hoped for oil but discovered gas & condensate at the Salina structure in western part of the Barents Sea. Det norske oljeselskap ASA earlier announced the discovery of hydrocarbons in the Salina prospect in production license 533, operated by Eni. The well confirmed the existence of gas in two reservoir units; in the Cretaceous Knurr formation, and in the Jurassic Stø formation. The well was drilled to a total depth of 2,371 meters below sea level, down to Triassic rock in the Snadd formation.
Statoil Announces Discovery
Statoil, together with partners Petoro AS, Det norske oljeselskap ASA and Lundin Norway AS, has drilled the Aldous Major North prospect (PL 265) in the North Sea. Samples taken from well 16/2-9S, drilled by the rig Transocean Leader, have proved a column of oil of up to 8 metres in formations dating from the Upper Jurassic period. Due to the limited reservoir quality, the partnership will consider further exploration drilling on Aldous Major North in order to clarify the structure’s potential. Well 16/2-9S was drilled some 12 kilometres north of the Aldous Major South oil discovery (16/2-8).
Statoil and Partners Discover High-Impact Oil Well
Statoil ASA and partners Petoro AS, Det norske oljeselskap ASA and Lundin Norway AS have made a high-impact oil discovery on the Aldous Major South prospect (PL 265) in the North Sea. Well 16/2-8, drilled by the Transocean Leader drilling rig, has identified an approximately 65-meter oil column in Jurassic sandstone. The acquired data confirm that this is a reservoir of excellent quality. Statoil has previously described the well as a high-impact well, and the result confirms…
Kvaerner Announces Election of New Board Members
The Directors to Kvaerner's Board have been elected. From Kvaerner's first day of trading on the Oslo Stock Exchange in July 2011, the Board of Directors will consist of five shareholder-elected members as well as three members elected by Kvaerner's employees. The shareholder-elected members are Kjell Inge Røkke (chairman), Tore Torvund, Bruno Weymuller, Lone Fønss Schrøder and Vibeke Hammer Madsen. The employee-elected members are Rune Rafdal, Ståle Knoff Johansen and Bernt Harald Kilnes.