DRILLING MARKET FOCUS: Drilling assets stabilize offshore northern Europe

Demand for rigs to accomplish planned drilling programs has led to new contract strategies for rigs and rig fleet acquisitions in northern Europe.Statoil ASA spearheaded an operator-led drilling consortium earlier this year to lock up contracts for mobile offshore rigs. Norwegian investors have both speculated on new build rig contracts, and moved to acquire substantial shares in several drilling contractors. KCA Deutag, a subsidiary of the UK’s Abbot Group, has solidified its position in the North Sea platform rig market through its recently announced intent to purchase Prosafe Drilling Services AS.North Sea fleetsAccording to GlobalSantaFe Corp.’s summary of current offshore...

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