ASIA PACIFIC OFFSHORE REPORT

END MAY 2018 ISSUE 120

MARCH 2013 ISSUE 001

SUMMARY OF EVENTS
Three jackup fixtures, all to domestic or regional contractors, and three new
jackup tenders two of which are long term which is a positive sign.

Contents Utilization for all three rig types remains in the mid 50% which looks like re-
maining thus throughout the year.
Monthly Summary
Borr continues their buying spree, sucking up jackups from KeppelFELS.
New Fixtures
Contractual News
Tenders, Surveys, Pre- REGIONAL JACKUP RIG FIXTURES
Qualifications Petronas has now approved Hess’ request to extend the contract of
Shipyard News Velesto jackup Naga 8 by 2 years. The rig completed an 18 month
charter with the operator this month and although Hess had issued a
Mobilizations market survey in August last year seeking rigs for a 2 year charter in the North
New Build News Malay Basin Phase 1b development, it later indicated it was likely to extend
the incumbent rig. Naga 8 is now committed until May 2020.
Emerging Prospects
One of the longest running Indonesian tenders has
Contractor News
reached its expected and predictable end. Husky-
Operator News CNOOC were always going to select a COSL jackup
for their MBH, MDA and MDK Madura Sea drilling campaign but it has taken
New Rig Orders
them since July 2015 to achieve this through the labyrinth of Indonesian ten-
Un-contracted New dering processes. Japan Drilling, one of only two qualifiers in the last of several
Builds tenders, have had their bid bond returned leaving COSL as sole qualified bidder
with an F&G JU2000E rig from China, COSL 943. The rig is actually currently
Availability drilling for Husky in China and will move to Indonesia in Q3 with a charter that
Stacked Rigs in Region will keep it busy until Q2 2019. Exactly what we need in the region, yet anoth-
er jackup when we still have twenty-two (22) idle and available rigs hungry for
Cold Stacking/Attrition work—including another COSL unit.
Corruption Watch
PV Drilling jackup PV Drilling I has been awarded a one well charter
M&A / Bankruptcies by Hoang Long JOC, the 30 day well to begin straight after the rig
completes its current charter with JVPC in August. The award is un-
derstood to be part of the tender the operator issued in January for
a 2 firm well plus a re-entry and an option well that is set to begin in June and
drew five bidders. At the time it was thought that the work may go to a foreign
contractors since PVD did not have rig availability for a June start and this
looks to be the case with the remaining scope of work, said to be for 153 days
and beginning in June, believed to have been awarded to a jackup currently
completing yard work in Singapore. This points to JDC’s Hakuryu 11 which is
due to complete its yard work this month.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

REGIONAL FLOATER RIG FIXTURES

No floater fixtures during the second half of this month. There will surely be some soon given there are twelve
(12) tenders outstanding and yet to be awarded, although 50% of these are for work in 2019. There are also
fourteen (14) market surveys that have yet to turn into tenders although again almost 50% of these are for
work in 2019 and 2020.

NEW SURVEYS/ EOI’S/ PRE-QUALS

The first new survey this month comes from Malaysian outfit Hibiscus Petroleum who are
seeking information on jackup availability for their North Sabah Enhanced Oil Recovery
Production Sharing Contract offshore Sabah. The 12 wells plus 5 options drilling program
could last up to 2 years if all the options are exercised and is set to begin between February and June 2019. Wa-
ter depths are between 30-50m and drilling will take place in the St Joseph, South Furious, Barton and SF-30
fields.

PTTEP has issued a market survey for a deepwater floater to drill an exploration well in its Block AD-7
offshore Myanmar. The 45 day well, planned for Q4 2019, could last 100 days if successful. Water
depths are 2500m and the operator requires a DP3 unit.

NEW TENDERS ISSUED

KrisEnergy has now issued a tender for the integrated project management services which in-
cludes the drilling of 20 development wells for its Phase 1a of its Apsara field development in
Block A offshore Cambodia. The tender involves two packages, one for EPCIC services for a well-
head platform and mooring installation while the second is for the drilling services. KrisEnergy is setting a well-
head platform for the development of Phase 1a, the first of three phases, in time to commence drilling by mid
2019. Water depths are between 50 and 80m. Will this be the first time we will see Schlumberger bid together
with Borr Drilling in which they hold a majority share? Borr certainly have rig availability! It is understood about
a dozen contractors have been invited to tender including three from China and one of the requirements is that
they should provide project financing. KrisEnergy has its own production barge and this is likely to be refur-
bished by Keppel Shipyard who are KrisEnergy’s largest shareholder.

Malaysia continues to provide most of the jackup work opportunities around the region. With
six tenders underway and yet to be awarded plus another seven market surveys foretelling
prospective future work, another tender has emerged this month. Following on from a market
survey issued in February and the news that a final investment decision had been taken to develop the SK 408
PSC which contains the Bakong, Gorek and Larak fields, Sapura Energy have now issued a tender for another of
those dreaded two phase drilling programs which would entail drilling a total of 15 wells in a 466 day drilling
program but spread between July this year and, following a gap, into 2020 with the rig suspended during the
gap period. Of course Sapura “will minimize the idle period as much as practicable.” Shades of Premier in Indo-
nesia. Bid deadline is set for mid June which does not provide much time before a July commencement and this
suggests that UMW/Velesto is the most likely to win this award.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

NEW TENDERS ISSUED

Contractors have submitted bids to Thang Long JOC in Vietnam for a 30 to 40 day plug
and abandon program in Block 15-2/01 set to begin in August. A jackup is required. Than
Long also have an outstanding market survey for another jackup for a 2-well drilling pro-
gram to begin in early 2019 with a duration of around 100 days and have yet to tender for this requirement.
Water depths in the block are 50m.

Carigali-PTTEP Operating Company (CPOC) have issued a tender for a second jackup for a drilling
campaign in Blocks B 17, C-19 and B-17-A in the Joint Development Area between Malaysia and
Thailand. The duration is for 12 months plus six three-monthly options beginning in November
this year. CPOC already have Vantage Drilling jackup Aquamarine Driller on charter until September 2019 with
options for a further year.

OTHER TENDER / SURVEY RELATED NEWS

MYANMAR

Meanwhile Ophir Energy have also pushed back their planned deepwater drilling campaign in
Block AD-03 offshore Myanmar which had already been pushed back from 2017 into 2018. Ophir
have been trying to farm out a stake in the block, which is in water depths of 2000m, which was
a pre-requisite for the drilling but to date has not found any suitable strategic partner. Ophir also have much to
work to focus on elsewhere in the region having acquired all of Santos’ regional assets.

PC Myanmar is currently seeking clarifications from

bidders for its tender for a self erecting semi-tender
or self erecting tender barge for its 2 well plus an op-
tion development drilling campaign likely in the Yetagun field off-
shore Myanmar to begin in November this year. The program is ex-
pected to last around 5 months. Market sources suggest there have
been three bidders which will have included SK Drilling, Seadrill and
Energy Drilling. SK Drilling is currently reactivating semi-tender SKD
Berani but this is more likely to be for the Chevron Angola work
which has yet to be awarded.

VIETNAM

Vietsovpetro’s tender for a jackup for a one well drilling program scheduled for September, which
will close in early June, is understood to be against an incumbent jackup whose charter is due to
be completed in Q3. This is likely to be Aban’s jackup Deep Driller 3 which is set to finish in late
August and will be leaving the region to take up a charter with ADNOC in Abu Dhabi. The tender
participants have been limited to incumbents Aban, KS Drilling and PV Drilling. Aban now has no availability in
the region, KSD could offer incumbent KS Java Star 2 whose contract end date is not known or their new build
KS Orient Star 2 but the most likely candidate in PV Drilling I which is available in September. The 90 day well is
to be drilled in the Ca Tam field in Block 09-3-12.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

OTHER TENDER / SURVEY RELATED NEWS

INDONESIA

Medco E&P has completed its pre-qualification exercise for its requirement for a mid water floater
for 2 wells plus 2 options charter for its Block B PSC in the Natuna Sea. Successful candidates have
been notified. The pre-qualification drew four respondents, COSL, Seadrill, Pertamina Drilling (PDSI)
on behalf of Stena Drilling and Japan Drilling but who qualified is not yet been released. Commencement is Q4
this year in water depths of 120m.

Meanwhile Pertamina Hulu Mahakam held its pre-bid meeting for its tender for a sec-
ond jackup and then accepted bids for a 12 months plus 12 months charter in its Ma-
hakam Delta PSC off East Kalimantan. Those qualified to bid were COSL, Apexindo, KS
Drilling, Aban, Japan Drilling and Seadrill. PHM aimed to award by July with 1st August commencement date
targeted but this is starting to look highly optimistic. Initially PHM stated that foreign flagged units will be con-
sidered if no Indonesian flagged unit meets this requirement but they have since backtracked on this and stated
that they will issue a re-tender if no Indonesian flagged rig passes the technical or commercial evaluation. In
fact what happened is that two Indonesian companies did pass the technical but since there were only two they
did not constitute a quorum (three required) so it now goes to a re-tender. Situation normal.

And Pertamina Hulu Energi North Sumatra Offshore (PHE NSO) have completed their
pre-qualification exercise for its re-tender for a mid water floater for a 3-well plus P&A
work and options charter for the NSO Block off North Sumatra and have invited two
qualified bidders, understood to be COSL and Japan Drilling, to re-tender for the 209 day program. The rigs
offered will have been Nanhai IX, currently in Indonesia for Kangean and Hakuryu 5 currently in Vietnam, basi-
cally the only operating mid water floaters in the region at present. These same rigs are also competing for the
Medco work. Commencement has been pushed back to October. PHE NSO have indicated they will accept a
foreign flag vessel but then again they do not have much choice as there are no Indonesian flagged floaters.

Ophir Energy has postponed its deepwater exploration well in the West Papua IV PSC in West
Irian indefinitely. The operator began the tendering process for this in May last year, the first
tender falling foul of the requirement for an Indonesian flagged UDW floater, of which there
are none. A re-tender in July, less the cabotage requirement, saw Seadrill, Ensco, Transocean and Apexindo
representing and Odfjell pre-qualify, with COSL failing to get through the pre-qualification, but in the end only
Seadrill and Apexindo/Odfjell submitted bids with the West Capella and Deepsea Metro I. The commencement
date was pushed back from Q2 2018 to early 2019 and now had been postponed indefinitely and the tender
exercise cancelled.

The third floater requirement being tendered at present for work in the country is Eni’s require-
ment for a moored floater capable of drilling in up to 5000ft water depths for its East Sepinggan
PSC, with a work scope that has yet to be defined. Eni is currently at the pre-qualification stage but
it would be a major surprise if Saipem floater Scarabeo 7 was not awarded the work, currently on
contract to Eni and working in Vietnam and which has drilled the previous wells in East Sepinggan.
Commencement is for Q3 which suits the Scarabeo 7 as it will have completed its Vietnam assignment by then
and its competition is likely to be picked up by PHE NSO and Medco, although some contractors may try their
luck with an UDW unit..

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

MOBILIZATIONS
Noble UDW semi Noble Clyde Boudreaux has now completed its reactivation work and upgrades
at KeppelFELS yard and is underway to its next charter with PTTEP offshore Myanmar. The $28m
upgrades included an MPD package and a auxiliary cyber system for full dual drilling capability
plus installation of a 16-point mooring system. The 8 well charter with PTTEP in the Zawtika field is expected to
keep the rig until January with options that could keep the rig occupied to the end of 2019.

PV Drilling jackup PV Drilling I has mobilized to Block 15-2 offshore Vietnam to commence its 2-well
plus a workover charter with JVPC, expected to commence on 1 June. The rig had returned to Vung
Tao earlier this month after completing its charter with Cuulong JOC and has been undergoing some
maintenance work while awaiting the commencement of the JVPC charter.

Aban jackup Deep Driller 3 has mobilized from Singapore to Vietnam and has begun its 3 firm
well charter with Vietsovpetro. The contract also has three options available to VSP. The firm
part of the charter will keep the rig busy until end August. The rig is also expected to relocate
to the UAE after the VSP charter for a contract with ADNOC off Abu Dhabi.

For the second year in succession COSL is mobilizing its mid water floater Nanhai VIII,
the former Jim Cunningham, from China to the Russian Artic. Last summer the rig was
mobilized to the Kara Sea to work for Gazprom, returning to China in January this year and worked for CNOOC
offshore China until early this month when once again it is being transported to the Kara Sea by a heavy lift
vessel to work the summer for Gazprom.

PROSPECTS
IPC Malaysia, who are in the market at present for a jackup for a 75 day drilling program
to begin in August this year with Velesto jackup Naga 6 fingered as the likely candidate,
have also let it be known that they have identified candidate prospects for the next
phase of infill drilling at its Bertam field which will be drilled in 2019. The number of wells has not yet been
revealed.

Indonesia’s Star Energy is planning a drilling campaign in its Kakap PSC in the Natuna Sea for mid
2019. Two wells are planned with a total duration of around 60-80 days in 87m water depths.
The operator’s last drilling campaign was in 2014 when they chartered Essar mid water semi Es-
sar Wildcat but on this occasion they will consider a premium jackup in addition to a moored mid water float-
er.

Repsol is planning to drill an exploration well in its Andaman III block in the Andaman Sea around
mid year. Water depths are 1000m and a floater will be required. The block was originally owned
by Talisman before Repsol acquired the Canadian outfit who had originally planned to drill in 2012.

ExxonMobil has now confirmed it has been awarded three deepwater blocks
offshore Sabah in Malaysia. The three PSC’s signed are for Blocks V, W and ND-
10. Apart from the acquisition of 3D seismic the operator is also committed to drill one well in each block be-
fore mid 2021. Water depths are 1300m in Block ND-10 and are between 2000-2700m in the other two blocks.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

SHIPYARD NEWS
The South Korean government is to designate five
key shipbuilding areas in the south east coast as
“Industry crisis” zones which will then be eligible
for economic support. The areas include Dong-gu in the city of
Ulsan, Geoje-si of Kyong-nam province and Jinhae-gu of Chang-
won, as well as Tongyeong and Mokpo in the southwest coast
which are home to the biggest ship and rig building yards in the
country and which are currently experiencing high unemploy-
ment.

SCRAPPING, COLD STACKING AND RE-ACTIVATIONS WORLDWIDE

SCRAPPING / RETIREMENTS

Ensco acquired the Forex Neptune Pen-

tagone mid water semi Pride Mexico,
formerly known as Treasure Viking and
Pentagone 82 amongst other names and renamed it Ensco
5000, when they took over Pride International in 2011. Soon
after the 1973 built rig completed its charter with Petrobras
in Brazil and Ensco stacked the rig in South Africa and then
sold the rig to Norscot Drilling of India in 2015 for $1m. The
rig was meant to be scrapped at that time but this did not
happen until now with the rig reported as having finally ar-
rived in Alang in India to be recycled. They did say this design
was difficult to tow, but three years, really?

Scrapping vessels and drilling

rigs is likely to get more expen-
sive in the future. After China
decided to disallow scrapping of any foreign vessels or
offshore rigs within China starting from 2019, pressure
is now mounting on vessel and rig owners to cease
using companies that break up vessels on beaches, a
practice that endangers worked and pollutes the sea
and san. Norway’s $1 trillion oil fund, a leader in ethi-
cal investing, has sold off its stakes in four shipping
companies because they scrap vessels on beached. They include Thailand’s Thoresen Thai Agencies. European
insurance companies and several leading pension funds are following the lead set by the Norwegian fund which
adds to the pressure already exerted on owning companies by the European Union whose list of approved ship
breaking yards is expected to be updated this year. Currently more than 80% of aging commercial ships and a
lesser number of offshore rigs are broken up on the beaches of Bangladesh (Chittagong), India (Alang) and Paki-
stan (Gadani) with 152 vessels broken up in these three location during this last quarter. Dozens of workers are
killed every year.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

SCRAPPING, COLD STACKING AND RE-ACTIVATIONS WORLDWIDE

SCRAPPING / RETIREMENTS

Unsurprisingly Chinese recycling facilities are

currently pushing hard to attract foreign
tonnage before the ban kicks in on 1 Janu-
ary. Meanwhile the International Ship Recycling Associa-
tion (ISRA) is urging the Chinese government to reconsider
its ban on the import of foreign vessels to be scrapped in
Chinese yards arguing that this would close access to some
of the best recycling facilities in the world that comply with
the Hong Kong Convention as well as the EU ship recycling
regulation and can be considered a major regressive step in
the global development towards environmental and hu-
man-safe vessel recycling. Although most drilling rigs meet
their end in Turkey or India several, including Atwood Eagle, M.G. Hulme Jr., GSF Rig 140 and GSF Explorer, have
been recycled in China in the last few years.

Following confirmation in February that Diamond Offshore had sold 1972 built mid water semi
Ocean Victory for scrap the rig has made its final journey from the Gulf of Mexico and has arrived at
Alang in India on board a heavy lift vessel.

After a prolonged wait to see if the

tender rig market would improve,
Mermaid Drilling have finally ac-
cepted that finding drilling work for
their two tender rigs MTR-1 and MTR-2 is a
hopeless cause and have now found a buyer for
the two barges whose intention is to scrap the
units. MTR-1 began life in 1978 as the Tenaga, a
non self erecting barge owned by Shell Brunei.
The barge was sold to Vogel Brothers in 1995
ending up in West Africa in accommodation
mode before being bought by Foramer in 1997
and converted to a self erecting tender rig for a
contract with Elf Brunei, in the process being renamed the Piranha. The rig worked in Malaysia under Pride In-
ternational, who had then acquired Foramer, until 2005 when the rig was sold to Mermaid. It last worked in
Indonesia and has been cold stacked since 2013. MTR-2, built in 1981 by Foramer, was known as the Ile de Seine
until sold by Pride to Mermaid also in 2005 and worked almost exclusively in Indonesia for Unocal and Chevron
since 1995 with occasional stints with Unocal/Chevron in Thailand. The rig last worked in 2014. A unique feature
of the French designed rig was that it rigged up its derrick set with two cranes working in tandem, unlike its
competitors who used one large crane. This gave rise to many a ribald joke in the tender rig sector with regard
to how French crane operators work together. Both rigs have been sold to Star Matrix for a total consideration
of $3.8m, probably a decent return for 30 year old cold stacked rigs.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

SCRAPPING, COLD STACKING AND RE-ACTIVATIONS WORLDWIDE

RE-ACTIVATIONS

Diamond Offshore and Shell UK have now signed a contract for a 12-well
plus options charter for Diamond UDW semi Ocean Endeavor to work in the
North Sea UK sector. This means that Diamond will begin the re-activation
of the rig which has been cold stacked since August 2016. The ODECO Ocean Victory
design rig, originally built in 1975 had undergone a major upgrade between 2005 and
2007, is expected to begin its new charter in May 2019.

Ocean Rig is to re-activate its harsh environment UDW semi Eirik Raude which has been cold
stacked in Greece since mid 2016. Re-activation is expected to take between 12 and 15 months
with the rig likely to be marketed for work in the North Sea. Various equipment manufacturers
are currently surveying the rig to provide estimates on cost and timing for re-activation. Financing of the reacti-
vation is being arranged through a rig sale, see below for details.

RIG SALES

Ocean Rig is to sell its two harsh environment UDW semis Eirik Raude and Leif Eiriksson to a
wholly owned subsidiary, Valiant Offshore, in exchange for around a 57% share in Valiant (24m
shares) and $110m in cash. A further 17.5m shares will be sold in an. Offering. The funds generat-
ed will be used to reactivate the Eirik Raude which will be delivered to the new owner once reactivation has
been complete.

Borr Drilling have completed the sale of the “legacy” jackups formerly owned by Paragon Off-
shore. The buyer’s name has not been disclosed but is thought to be Dixstone Holdings a sub-
sidiary of Perenco. Included amongst the Paragon rigs was the former GSF Monarch, now
known as Fonn, the second of the four former Transocean F&G L-780 Mod VI units to be disposed of, the other
being Brage. The remaining two remain cold stacked. The 14 rigs sold off are Paragon M823, Paragon M824,
Paragon M531 and Paragon M841, all located in the US Gulf; Fonn, Paragon C461, Paragon C462, Paragon C463
and Paragon HZ1, from the North Sea; Paragon L784, Paragon M1162, Paragon M825 and Paragon M826 locat-
ed in the UAE and Paragon L785 located in Malaysia. The proceeds from the sale amounted to $16m or $1.14m
per rig. All have now been removed from the global drilling fleet.

COLD STACKING

A long time cold stacked rig with a long and unfor-

tunate history is the mid water drillship Jasper Ex-
plorer. Delivered in 1973 and originally named Hav-
drill the rig passed through many hands as the Canmar Explorer
III, Northern Explorer III and Neptune Explorer before ending up
owned by Singapore company Jasper who rechristened the rig
Jasper Explorer. A best selling book could be written about the
shenanigans around the shipyard work in Sembawang shipyard
where the rig was laid up for several years while owned by Nep-
tune Marine. Upgrade costs almost matching what it would have cost to build a new rig. Eventually back in ac-
tive service in 2011 the rig worked for a total of 17 months for Hyperdynamics in Guinea and CNOOC in the Con-
go until March 2014 and has been stacked in Walvis Bay in Namibia ever since, the owners claiming it is still
warm stacked. Not much of a return on investment.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

SCRAPPING, COLD STACKING AND RE-ACTIVATIONS WORLDWIDE

COLD STACKING

The three jackups owned by Nigerian con-

tractor Seawolf, Delta Queen, a 1981 built
F&G L780, Seawolf Onome and Seawolf Oritsetimeyin, both
F&G Super M2 design rigs built in 2009, remain cold stacked in
Nigeria and remain for sale although there has been zero in-
terest to date. The Delta Queen, one of the first rigs owned by
the newly formed Seadrill known then as Seadrill 7 and later
West Titania before being sold to Seawolf, has actually been
idle and cold stacked for over 6 years now, and quite possibly
has the honour of being longest cold stacked rig in the world.
The owners, Seawolf Oilfield Services, went into receivership
in 2015. As described in my blog of 19 June 2015, the other two rigs have an interesting history. Originally or-
dered by Mosvold from MIS Shipyard in the UAE, the rigs were sold off to Nigerian driller Seawolf prior to deliv-
ery in 2009. Seawolf Onome has had a particularly torrid time; delivered in June 2009 and contracted to Addax
in February 2010 the rig suffered stuck legs in January 2011 and the operation to pull the legs and the subse-
quent shipyard work to repair legs and jacking system took up 23 months. The rig returned to work for Addax in
December 2012 but in February 2013 suffered serious damage to its transformers and electrical systems through
a fire in the engine room and has remained out of service ever since. The other rig, Seawolf Oritsetimeyin, had
no such dramas but has been out of work since January 2014.

NEWLY STACKED RIGS

None this month

JACKUP NEW BUILD NEWS

Borr Drilling is due to have taken delivery
of another new jackup, Skald, from Kep-
pelFELS before the end of May though by
press time this had not yet been confirmed. The Super B
Class design unit, originally ordered by Transocean and for-
merly named Transocean Centaurus, will remain at the ship-
yard and joins seven other Borr owned jackups idle in the
region. Borr has three other Super B units at KFELS but the
first of these will not be delivered until April next year and
the other two in 2020. However they are due to accept de-
livery of four more BMC Pacific Class units from PPL this
year with another in January next year. They also have Mist
expected to complete its charter with Chevron in October
this year and likely to then join the rest of the idle fleet.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

JACKUP NEW BUILD NEWS

Borr Drilling is in acquisitive mode again. Back in
the second half of 2017 they had been negotiating
with both PPL Shipyard and KeppelFELS to acquire
their stranded jackups. In the end PPL offered them a better deal
and they purchased all nine jackups that PPL had “left on the shelf”
after the original owners could not pay for them. At the time it was
said that KFELS were not prepared to discount down to the $145m
per rig that PPL had agreed to thus Borr went with PPL. Evidentially
Borr did not give up on KFELS as the latter reported in January this
year that is was in talks with Borr about the possible purchase of
multiple stranded jackups. Since them of course Borr been busy
acquiring Paragon Offshore and stripped off all the idle “legacy” rigs
but they have continued to hold discussions with KFELS. Now it has been announced that Borr and KFELS have
signed a master agreement for the former to acquire five jackups at $149m apiece. The jackups have been
named as two speculative units that KFELS were constructing and which had no buyers, the Cantarell V which
had been ordered by Mexican Grupo R, Paraiso II originally ordered by Uruguayan company Parden Holdings
and intended for operations offshore Mexico and TS Topaz ordered by Singapore’s Falcon Energy. The latter is a
Super B Class whereas the others are B Class design units. The construction contracts for all but the KFELS spec
units had already been cancelled meaning KFELS had already earned the 20% down payment and perhaps some
progress payments besides from the original owners. Revised delivery dates have been agreed, the first rig to
be delivered in Q4 2019 and the other five through year 2020. Including the Paragon rigs that have so far es-
caped the scrap yard and when all the new builds are delivered Borr will own thirty-seven (37) drilling rigs, one
on which is a semi-submersible. However it is likely they will consider putting some of their idle new build rigs
to work by substituting them for the aging Paragon jackups of which there are six under contract running into
2019. Borr have three cold stacked units they wish to sell off, eleven currently idle and fourteen to be delivered
between now and end 2020. With the number of their idle rigs increasing almost monthly as new deliveries are
effected it is going to be a herculean task to find work for them particularly as cost strictures have led to the
decimation of their marketing department.

UDW / FLOATER NEW BUILD NEWS

Odfjell Drilling is to take delivery of harsh environment semi Deepsea Nordkapp from
Samsung shipyard in South Korea in Q4 this year. The Norwegian driller purchased the
former Stena MidMax, a Moss Maritime CS60 HE design unit, last month on the back of a 2-year firm charter
from Aker BP to work in Norway. The rig is expected to begin its maiden charter late in Q2 2019.

COSL new build deepwater semi Hai Yang Shi You 982, an Agility GG5000 design unit delivered from DSIC yard
in Dalian in March has been awarded its maiden charter to work the summer season for
Gazprom offshore Sakhalin. The rig is already en route for Korsokov and its 150-day
charter is expected to keep the rig busy until October. The rig was recently winterized at CIMC shipyard in Chi-
na. Gazprom had tendered for this requirement inviting only Chinese contractors (i.e. COSL) back in December.
The rig has been fingered to take the Tamarind Resources work offshore New Zealand early in 2019 but this has
yet to be confirmed officially.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

DRILLING CONTRACTOR NEWS

After a short weather delay Ensco jackup Ensco 107 has begun its 150-day charter with
Quadrant Energy in Australia. The first well is being drilled in permit WA-427-P and there-
after the rig will move to the East Spar field for the remainder of the charter. This will
keep the rig busy until late October. Quadrant hold and option which would retain the rig until March 2019.

Malaysian UMW Oil and Gas has de-merged from UMW Holdings and is now known as Velesto Energy.
The re-branding was approved by shareholders earlier this month. It is not clear if the rigs will be re-
named as Velseto Naga X or remain as UMW Naga X. Velesto has a fleet of seven jackups, five of
which are currently contracted, all in Malaysia, and stated they are expecting new charters for the two idle units
within the month.

Meanwhile Velesto’s Naga 4 has completed its charter with Petronas Carigali and has moved to Block
WL-4-00 to begin its 2+2 well charter with ConocoPhillips offshore Malaysia. The rig is also to drill in
Block SK-313 offshore Sarawak and will be kept busy until July at the earliest.

Husky in China has reported an oil discovery for the first of four exploration wells they
are drilling in Blocks 15/33 and 16/25 in the South China Sea. Husky have COSL jackup
COSL 943 on charter and the rig has already moved onto the second location in 15/33 before it will drill two fur-
ther exploration wells in 16/25. Husky have one option on the rig but it is also due to mobilize to Indonesia
afterwards where Husky in partnership with CNOOC are finalizing a 7-well charter for their Madura Sea develop-
ment.

Singapore’s Ezion, not normally a company to reveal anything but the most minimal news they
can get away with about their operations, have revealed that their losses widened to $46m for
the first quarter compared with $12m a year ago. Revenue also fell by 45%. Ezion were an obvi-
ous candidate to be hit by the prolonged downturn having acquired a host of very old jackups over the last 10
years which have either been bare-boated out as drilling units or converted to accommodation or service rigs,
but this is not a sustainable model in the current market where more modern jackups are readily available and
competitively priced. Ezion are believed to still have 13 jackups that are in drilling mode but little in known
about them as they are usually very secretive about their locations and clients. Ezion is in the midst of refinanc-
ing and is being forced into disposing of assets that have low utilization rates including jackups, tugs and barges
citing the depressed charter rates but high capital expenditure required to deploy the units as the reason for the
disposal. Ezion’s primary business had been liftboats, a market they would be best focusing on again, but they
are known to be seeking investors, one of which is understood to be China Merchants with whom they have
been in discussions to form a joint venture into which CMHI can bring in their stranded jackups and liftboats for
the JV to market and operate. Lets hope CMHI would be more transparent than Ezion is normally.

Although Aban jackup Aban VIII has recently been reported as having been awarded a 6-month
contract by an undisclosed operator in the UAE, where it is currently stacked, it is in fact under-
stood to be still coming to Malaysia for Petrofac. Meanwhile another Aban jackup, Deep Driller
3 which is currently with Vietsovpetro in Vietnam is still destined to go the other way, Vietnam to the UAE, for a
charter with ADNOC in Abu Dhabi. One assumes they will wave at each other as they cross paths somewhere in
the Indian Ocean. Would not a rig swap have been more logical? Aban have also just mobilized two other jack-
ups, Deep Driller 1 and Deep Driller 7, from Mexico to the UAE which are likely to be the other two awards by
ADNOC with whom Aban is said to be providing three of the six jackups tendered for.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

DRILLING CONTRACTOR NEWS

To judge by a commencement date provided in an ongoing tender for an AHTS it seems
that Ensco 67 is to start its 300 day charter with Pertamina Hulu Energi Nunukan (PHENC)
in July. The rig is actually contracted to Pertamina Hulu Energy West Madura Offshore (PHE
WMO) until December but negotiations have been ongoing to transfer the rigs contract to PHENC. The rig has
been on standby for 90 days under a contract suspension since February. PHENC has plans to drill three wells in
the Keris and Parang field in the Nunukan PSC.

SapuraKencana Drilling tender barge SKD-T9 has begun its sub-let from Petronas Carigali to JX
Nippon to drill three development wells in the Helang field in Block SK-10 offshore Sarawak. It is
expected the campaign will last until September after which the rig will return to PSCB to whom
it is firmly chartered until February 2020 with PCSB holding an option to extend for a further two years. SKD T9
is currently the only tender barge working in Malaysia which in the past has been fertile ground for this rig type.
The semi-tender SKD Esperanza is currently working in Malaysia for Enquest but this charter will over in July
which will again leave SKD T9 as the only self erecting tender working in Malaysia.

PV Drilling jackup PV Drilling II has completed its short charter with Idemitsu in Block 39/40-2 offshore
Vietnam and is now back in the Bach Ho field in Block 09-1 for Vietsovpetro. The rig had begun the VSP
charter in June 2017 but was released to perform the Idemitsu well before returning for three more
firm wells with VSP taking it until October this year. The operator holds options which could keep the
rig busy until the end of the year.

Stena’s venerable mid water semi Stena Clyde is undergoing contract preparatory
work in Darwin ahead of its 30 day charter with Timor Sea Oil and Gas Australia
(TOGA), a subsidiary of Northern Oil and Gas Australia (NOGA). Commencement is
now set for late June. The 1976 built Aker H-3 has been idle since September 2015. The rig is one of the triumvi-
rate of mid water semis remaining operational in the region.

OPERATOR NEWS
INDONESIA

PTTEP has relinquished the Malunda PSC which is located in the South Makassar basin off the West
Sulawesi coast, returning the deepwater block to the Indonesian government. PTTEP acquired the
block in 2010 and carried out seismic studies in 2011 but had been unsuccessfully in finding farm-in
partners and had already shelved plans to drill an exploration well in 2000m water depths that had been sched-
uled for 2016.

Mubadala Petroleum has signed a production sharing contract with

the government of Indonesia for the Andaman I block off Aceh in
the northern part of Sumatra. The award was made under Indone-
sia’s 2017 bidding round. Mubadala is also a partner with Premier who were
recently awarded the adjacent Andaman II PSC and who are also partnered by
KrisEnergy. The area is experienced very little exploration in the past. Mubadala
is committed to subsurface studies and acquisition of 3D seismic in the first
three year with the latter likely be shared with Premier who have the dsame
commitment for seismic.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

OPERATOR NEWS
VIETNAM

PVEP POC and partner Murphy are working on a field development plan for the Lac Da Vang and Lac
Da Nau oil discoveries in Block 15-1/05 which were drilled by Vantage jackup Topaz Driller in 2011 on
behalf of the then operator Phu Quy Petroleum, partnered by Total. One favoured plan is to set one or
two wellhead platforms and tie them into an FPSO stationed in the adjoining block 15-1 which is oper-
ated by Cuulong JOC and contains the Su Tu Den, Su Tu Vang, Su Tu Nau and Su Tu Trang oil and gas fields. PVEP
had indicated earlier that the preferred solution for all the undeveloped fields in the Cuu Long basin would be to
tie them back to existing infrastructure.

A certain amount of uncertainty has been generated by China’s objection to Repsol’s drilling cam-
paign in Block 07/03 (the Ca Rong Do field) which caused Petrovietnam to force Repsol to cancel
their drilling plans and put the field development into suspension despite the block being firmly
within Vietnam’s marine economic zone, albeit claimed by China. Now China has urged Russian state-owned oil
company Rosneft to stop drilling on a block awarded by Vietnam that Beijing has said is on acreage it regards as
being in its jurisdiction. But in a typically blunt and forthright fashion Russian operator Rosneft declared that the
current drilling program in Blocks 06-01 and 5 3/11 “are within the territorial waters of Vietnam and are being
conducted on the shelf of Vietnam in a strict accordance with the license obligations and compliance with the
subsoil use legislation of the Republic of Vietnam” - although in fact they are also within the nine-dash-line that
China is attempting to impose in the South China Sea. Japan Drilling semi Hakuryu 5 is currently drilling two
wells in the La Do field in Block 06-01 which will be tied back to the Lan Tay platform. Rosneft is also planning to
develop the Phong La Dai gas field which was discovered in 2016 also drilled by the Hakuryu 5. Russia of course
will have a lot more political clout with China than Spain which may explain China’s muted response so far.

KrisEnergy has divested itself of its interest in Block 105-110/04 with the PSC transferred to new
operator PetroVietnam. The Singapore based company acquired the block from Eni in 2015 but
earlier this year elected to relinquish the block to focus on its Thai concessions. The operator still
has several other concessions and stakes offshore Vietnam, operatorship of Block 115/09 and a working interest
in Eni’s Block 120 in which Saipem semi Scarabeo 7 is about to drill a commitment well.

Jadestone Energy has had its

Outline Development Plan
for its Nam Du and U Minh gas fields develop-
ment in Blocks 46/07 and 51 approved by Vi-
etnam’s Ministry of Industry and Trade.
Jadestone will now begin front end engineering
and design as well as beginning negotiations for a
Gas sales Agreement. The company hopes to be
in a position to submit a Field Development Plan
by Q3 2019. It is likely they will be standalone
developments through wellhead platforms and
utilizing existing infrastructure including a nearby
pipeline to the onshore Ca Mau power complex.
Water depths are between 45-65m. Jadestone is expecting to begin development drilling in late 2019 or 2020
with a 2=2 well program envisaged.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

OPERATOR NEWS
VIETNAM

PSTC Offshore Services has awarded McDermott a contract to transport and install platforms and sub-
sea structures in Idemitsu’s Sao Vang and Dai Nguyet gas fields in Block 05-1b/1c. The scope of work
includes transport and installation of a central processing platform jacket, topsides float-over, well-
head platform, flexible pipelines, subsea power cables and auxiliary services, with subsequent instal-
lation in water depths ranging from 110-130 m. The work will take place between 2019 and 2021.

CHINA

Husky Energy is investing further into China having just signed two new production sharing contracts
with CNOOC, for two shallow water blocks in the Beibu Gulf area of the South China Sea. Block 22/11
is in water depths between 40-80m whereas Block 23/07 is shallower at 20-40m water depths. A jack-
up would be required if any commitment wells are to be drilled. If either block goers into develop-
ment phase in the future then CNOOC has the option to assume a 51% stake. Husky has stakes in several other
Blocks offshore China and is seeking a floater to drill in Liuhua 29/01 of PSCA 29/26 later this year and is current-
ly drilling with COSL jackup COSL 943 in Blocks 15/33 and 16/25 in the Pearl River Mouth basin.

THAILAND

Mubadala Petroleum has made an further oil discovery in the Manora oilfield in Block G1/48 in the
Gulf of Thailand. In an effort to halt production decline in the Manora field Mubadala moved Ensco
jackup Ensco 115 into the field to drill the well which has now been plugged and abandoned. The rig
will now drill an appraisal sidetrack and two development wells off the Manora platform in an effort to boost
production. The rig is contracted until August with options that could keep it in the block until April 2019. Muba-
dala is partnered by Tap Oil and Gulf Petroleum in the venture.

PHILIPPINES

Shell and its partners in the Malampaya

gas field in SC-38 are still embroiled in a
tax dispute with the Philippine govern-
ment and have now taken their case to the Su-
preme Court. The move comes after the Commis-
sion on Audit (CoA) claimed $2.81bn in back tax-
es. The CoA asserts that corporate income tax
should be paid on top of the government’s 60%
take bon production from the gas field but Shell’s
position is that the income tax forms part of the
government’s share. The Philippines Department of Energy (DoE) agrees with Shell and has joined in taking the
case to the Supreme Court along with Shell’s partners Chevron and PNOC. The DoE views the CoA’s move as
overriding its authority in managing the oil and gas sector and is also concerned that the issue is potentially
damaging to the Philippines’ chances of stimulating new exploration. Back in 2016 Shell launched arbitration
proceedings with the International Centre for Settlement of Investment Disputes, and a tribunal was constituted
early last year, although no date has yet been announced for the hearing. The lease on SC-38 expires in 2024 and
Shell has already applied for an extension.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

OPERATOR NEWS
MALAYSIA

The resumption of drilling in Malaysia and elsewhere and the rise and current stability of the
oil price has encouraged Malaysian offshore and shipping giant MISC to feel very optimistic
that opportunities in the deepwater upstream sector will arise sooner rather than later. MISC
already owns around 50% of FPSO’s operating in Malaysia, which should come as no surprise, and has a fleet of
14 floaters including six FPSO’s, five FSO’s, 2 MOPU’s and the Gumusat-Kakap semi production platform. The
previous involvement of the eldest son of the then Prime Minister in MISC and now the re-election of that same
Prime Minister to office could offer further encouragement to the company.

Meanwhile MISC has supplied the new FSO for the Benchamas field operated by Chevron in Thailand.
The turret moored Benchamas 2, a converted Aframax crude oil tanker, has now been installed in Block
B8/32 replacing the FSO Benchamas Explorer which has been on duty in the field since 1999.

The Sarawakian government has assured the newly elected federal government that it
will fully co-operate with the government and Petronas and keep them fully informed
of their plans for greater autonomy over the state’s oil and gas industry and not en-
croach into areas that are under the constitutional authority of Petronas. Last year Sarawak formed its own up-
stream oil and gas company, Petros, to handle all new investment in the states oil and gas sector.

Hess is finally to take delivery of its leased FSO for the North Malay Basin project. Malaysian con-
tractor EA Technique was to have delivered the FSO Mekar Bergading last year but remained in
EAT’s Johor Bahru yard missing the installation window with Hess resorting to leasing a trading
tanker for condensate storage in the meantime. Hess is understood to have reached an agreement with EAT for
compensation for the delay.

NEW ZEALAND

Malaysian operator Tamarind Resources has added an exploration well

to its infill sidetrack drilling program it is planning for the Tui field to
begin in early 2019. The exploration well is to be drilled in the eastern part of the block and Tamarind are seek-
ing partners to help defray the expected $20m cost of drilling the well. Tamarind acquired Tui from AWE, NZOG
and Pan Pacific Petroleum in 2017. Rumours suggest Tamarind is to contract COSL new build Hai Yang Shi You
982 for the drilling campaign and then operator hopes to defray some of the mob and demob costs by sharing
the rig with other operators, one of which could be OMV who are considering a floater program for the Taranaki
basin.

INTERNATIONAL

Statoil has now officially become Equinor. The Norwegian company’s shareholders ratified the
name change on 15 May reflecting the its growing focus on green energy. For those of you who
have forgotten the name Equinor had been formed by combining "equi", the starting point for
words like equal, equality and equilibrium, and "nor", signaling a company proud of its Norwegian
origin. They did not mention equivocate.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

OPERATOR NEWS
AUSTRALIA

Vermillion Energy is paying attention to the jackup market and aims to take advantage of the fact
that there are currently two jackups in Australian waters by bringing forward its 2-well drilling pro-
gram for the Wandoo field from 2019 into the second half on 2018. Noble jackup Noble Tom
Prosser, which has drilled in the Wandoo field previously, in 2016, is contracted to ConocoPhillips until Decem-
ber 2018 and Ensco jackup Ensco 107 is with Quadrant Energy until October with options that could keep the rig
until March next year. As Vermilion did a rig share with Quadrant back in 2016 with the Tom Prosser it is more
likely that they will again tie up with Quadrant to get the use of the Ensco 107 possibly by taking one of Quad-
rant’s five options.

Finder Exploration is seeking to relinquish permit AC/P56 which is located in the Browse
basin and wishes to achieve this before July when the lease enters its sixth year with a
commitment to drill one well.

Cooper Energy has cut its 2018 drilling program for Diamond semi Ocean Monarch, pushing
its Manta-3 appraisal well to late 2019. Originally the well was included in the current Sole
field drilling program. Cooper are considering a 2019 drilling program to includes the Manta
well, one in the Henry field and an exploration well in permit VIC/P44.

After Santos, “we have the Energy” received a second improved binding, conditional takeo-
ver offer from Harbour Energy Australia, a private equity backed company, following on
from an indicative proposal tabled by Harbour back in April, the independent directors and
chief executive of Santos have rejected the proposal and terminated all discussions with Harbour. Harbour’ s
proposal, according to Santos "was a highly leveraged private equity-backed structure that, prior to implemen-
tation, would have required Santos to provide significant support for Harbour’ s debt raising and to hedge a sig-
nificant proportion of oil-linked production". Accordingly the proposal was rejected "on the basis that it does not
represent a full value of the company and, when combined with the associated risks, is not in the best interests
of Santos shareholders". Looks like Santos have retained their Energy.

Following their rejection of the $10.84bn offer from Harbour the latter expressed their
disappointment adding that there had been “insufficient engagement” with Santos and
that the Australian company had made no meaningful attempt to discuss “a realistic
price”. It also claimed the board had been unwilling to explore a “means of closing the gap between the offer
and their expectations”. Santos’ share price had risen since it was announced that Harbour were seeking to ac-
quire the company however this also coincided with Santos’ efforts to reduce costs and the sale of their South
East Asian assets to Ophir Energy. However the news that Santos had rejected Harbour’ s offer has resulted in a
10% fall in the company’s share price, wiping off more than $1bn off the company’s value.

Melbana Energy is to go ahead with its seismic shoot

over its Beehive prospect in WA-488-P off Western
Australia having received approval from NOPSEMA.
Santos is funding the survey along with Total as part of an option agree-
ment for the two to take an 80% equity, either individually or together, by
fully funding the costs of all activities until the first well on Beehive has
been drilled. Under the agreement, Melbana will repay its share of costs
in the event of a commercial discovery, however it will not be required to
repay costs if there is no commercial discovery.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

OPERATOR NEWS
AUSTRALIA

Equinor (formerly Statoil) is

taking considerable heat
over its plans to drill in the
Great Australian Bight. The same level
of opposition was one of the reasons
BP and Chevron both withdrew from
drilling in the area. Critics fear oil spills
in a protected marine environment
that is also rich fishing grounds. At
least eight Australian municipalities
have expressed their opposition to
drilling off their coastline, some even
having taken their protests to Norway.
The company has been met with pro-
testers who want “our Bight” to be left
undisturbed. Equinor recently changed
its name to reflect a new greener brand and its reputation would be seriously hurt if anything did go wrong dur-
ing the exploration drilling but the company has pointed out its experience and record of drilling in harsh envi-
ronment deepwater areas and that it will not begin drilling until its environmental plan is the best possible. They
have also pointed out that many in Australia who welcome the value creation that Equinor brings to the area,

COUNTRY FILE
China is offering 38 offshore blocks to foreign operators in an effort to encourage investment
and has relaxed its production sharing contract terms. Whereas formerly foreign operators
had to carry all costs during the exploration phase, now CNOOC will take a 20% equity during
this phase and also will allow operators to relinquish a portion of their acreage to CNOOC dur-
ing the exploration phase which was not permitted previously. In addition for deepwater and HPHT blocks the
lease terms are to be extended and the operators may relinquish the block within the first two exploration peri-
ods. Most of the current blocks on offer are in shallow water nand all have either 2D or 3D seismic surveys al-
ready carried out.

Thailand’s auction of the Bongkot and Erewan concessions is underway and five companies
have submitted qualification document, with the Department of Mineral Fuels (DMF) to reveal
the names of those who have qualified to participate in the tender process any day now. The
five are PTTEP, Chevron, Mubadala Petroleum, OMV and Total with the latter indicating its in-
terest only in Erewan whereas the others are to bid on both concessions if they qualify. A consortium of Al Jaber
and Haicheng Petroleum Machinery Manufacture Company failed to submit required documents after having
indicated its interest in participating. Pre-qualified bidders will have to submit their offers by 25 September with
the winners expected to be announced before year end. Chevron currently hold the Erewan concession which is
due to expire in April 2022 and PTTEP hold Bongkot which runs to March 2023. Meanwhile the DMF has post-
poned bidding on the 21st concession round until after the award of the Bongkot and Erewan concessions.

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

COUNTRY FILE
The Government of
Australia has released
details of its 2018 Off-
shore Petroleum Ex-
ploration Acreage Release. The annual bidding
round is a key part of the Australian govern-
ment’s strategy to promote petroleum explora-
tion inn its offshore waters. A total of 21 areas
located across six sedimentary basins off West-
ern Australia, South Australia, Victoria and the
Ashmore and Cartier Islands will be included,
with 16 available for work program bidding and
five areas for cash bidding. Water depths range
from as shallow as 15m up to 4,534m of water,
while block sizes range from 80 to 12,128 sq km. Bids for the first nine blocks are due on 18 October 2018, and
for the second batch of seven on 21 March 2019. Pre-qualification for the five cash-bid blocks is on 4 October
2018 and the actual auction on 7 February 2019. The most contentious release will be BP’s former Ceduna
Sub‐basin EPP‐37 & EPP‐38, rolled into new offering S18‐1 10. The former EPP‐37 & EPP‐38 were cancelled in
December last year after BP had earlier announced it was withdrawing from drilling in the permits. BP’s plans to
drill in EPP‐37 & EPP‐39 using newbuild rig Ocean GreatWhite attracted ire of environmentalists. The rig has
been stacked in Malaysia since its delivery in 2016 and remains under contract to BP.

Following hard on the news that the New Zealand government had imposed a moratori-
um on any new offshore exploration within the country, the Ministry of Business Inno-
vation and Employment has now estimated the country's gas reserves have reduced by
five percent. This is mainly due to a 27.2% decrease in gas reserves at the Pohokura gas
field, New Zealand’s largest gas field, which is currently operated by Shell although will be taken over by OMV
later this year. Although any reduced domestic gas supplies are unlikely to impact households it will have a ma-
jor impact on the Methanex Plant in Taranaki which uses 41% of all the country’s natural gas output to produce
methanol. Interesting times ahead.

EDITORIAL NOTE
I have received some criticism from an operator in Vietnam complaining of my negative portrayal of the market
for 2018 in this region. Suffice to say an operator’s view of the market is different from that of the suffering ser-
vice companies and drilling contractors who will view the improved market in the Middle East and North Sea
with envy. My peers in the drilling business certainly do not view the regional market positively with jackup
rates dropping even below those of last year and the domestic contractors dominating any awards.

Also the said operator is not a subscriber and must be on hard times himself if he cannot even afford a subscrip-
tion and has to obtain the newsletter by other means. Lets hope his current drilling program is a success so he
can help to improve the market and afford a subscription.

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ASIA PACIFIC OFFSHORE REPORT END MAY 2018

DIFFERENT—OIL PATCH RELATED NEWS

ENJOY THIS FLEETING MOMENT EARLIER THIS MONTH!

REGIONAL UTILIZATION RATES

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 ASIA PACIFIC OFFSHORE REPORT END MAY 2018

Breakdown of all active rig types in the Asia Pacific by country

88 rigs in regional fleet (49 jackups, 22 floaters & 17 tender rigs)

2 stacked jackups & 2 stacked floaters have contracts starting in 2018.

Composition of Regional Fleet Utilization of Regional Fleet

Check out our latest Blog at

www.icarusconsults.wordpress.com
“The Norwegians are at it again!”

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