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OilfieldServices

Serving the oilfield service sector with news, analysis and business opportunities.

OilfieldServices
PLS publishes news and analysis on the oilfield service sector through its OFS module. The gold banner report, published every 3 to 4 weeks, covers the active sector with news and analysis on drilling, completions, field operations and technology.

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Publication
News Date
OFS - Smith & Cameron impairments send Schlumberger to $11B loss - October 2019
Schlumberger posted a Q3 net loss of $11.3 billion, its largest quarterly loss in at least a decade. The decline stemmed from a $12.7 billion impairment charge that overwhelmed revenue gains as peak summer activity boosted international results. The company is stacking US frac equipment as it rolls off contracts and will complete a strategic review of North American land operations in Q4 for execution early next year. Most of the impairment came from goodwill existing from two...
Oct 29, 2019
OFS - Patterson-UTI takes $260MM loss in Q3, retires rigs and fracs - October 2019
Patterson-UTI retired 36 drilling rigs and 300,000 hhp in pressure pumping equipment, moves that make up part of a $203 million non-cash impairment charge taken in Q3. After plummeting in Q3, the company expects rig count to stabilize in Q4 followed by an uptick at the turn of the year. The impairment includes $173 million in drilling rigs, $20.5 million in pressure pumping and $8.4 million in directional drilling. On top of the impairment, Patterson-UTI took a $17.8 million goodwill...
Oct 29, 2019
OFS - McDermott secures $1.7B in new financing to avoid default - October 2019
McDermott International revealed its liquidity situation was worse than known publicly and that it could burn through $711 million in H2. To get through 2Q20, the company secured up to $1.7 billion in additional financing, with immediate access to $630 million. “We determined in September 2019 that there was a significant level of uncertainty as to whether we would be in compliance with certain financial covenants in the second half of 2019,” which may have triggered a default, the company said...
Oct 29, 2019
OFS - To e-frac or not? Not everyone is sold on the method - Ocotober 2019
With an abundance of cheap natural gas being produced across the US, operators are considering utilizing the clean-burning fuel as an energy source for hydraulic fracking fleets. Electric frac, or e-frac, fleets use electric-driven pumps that are most commonly powered by gas turbine generating units. E-frac units have a number of benefits compared to diesel-powered setups. Fuel costs are reduced substantially, with costs per well starting at $100,000. E-frac is quieter and has 35-40%...
Oct 29, 2019
OFS - Transocean backlog slides with only $75MM in new contracts - October 2019
Transocean added just $75 million of new work in the past three months, and total backlog fell to $10.8 billion from $11.4 billion in July. The new work total was down from the July report of $158 million, which was already the lowest in more than a year. The longest contract went to the harsh-environment semisubmersible Paul B. Loyd Jr., which was awarded an estimated 255-day contract in the UK North Sea by Hurricane Energy. The semisub will earn a dayrate of $160,000 from...
Oct 29, 2019
OFS - Impairment charges all the rage in Q3 earnings reports - October 2019
Q3 earnings season arrived with Schlumberger’s report on Oct. 18, and it seems to have set the mood for the service sector—a dark, dreary mood. The industry giant posted a $11.3 billion net loss, its largest in at least a decade. Early returns suggest Q3 will be an earnings season where “not as bad as expected” is the new “good.” Most of Schlumberger’s loss came from non-cash charges, another common theme of the reports. The major culprit was an $8.8 billion goodwill impairment from the...
Oct 29, 2019
OFS - TechnipFMC hired to handle EPCI at Shell’s Perdido Phase 2 -October 2019
TechnipFMC received from Shell an integrated engineering, procurement, construction and installation contract for the Perdido Phase 2 development in the Gulf of Mexico. The contract covers delivery and installation of subsea equipment, including flexible flowlines, flexible jumpers, steel flying leads and electrical flying leads. TechnipFMC will utilize compact manifold technology, with the Subsea 2.0 In-Line compact manifold, which received a Spotlight on New Technology award at the...
Oct 29, 2019
OFS - McDermott lands work for Saudi cracker & Greater Tortue - October 2019
McDermott International won a large contract, which it defines as having a value of $50-250 million, from Saudi Aramco and Total through its Lummus Technology subsidiary to support what will be one of the world’s largest mixed feed crackers, the Amiral complex in Saudi Arabia. The contract involves providing licenses, a basic engineering package, extended basic engineering, training, technical services and proprietary equipment. The contract will be reflected in McDermott’s Q3 backlog....
Oct 29, 2019
OSF - McDermott lands work for Saudi cracker & Greater Tortue - October 2019
McDermott International won a large contract, which it defines as having a value of $50-250 million, from Saudi Aramco and Total through its Lummus Technology subsidiary to support what will be one of the world’s largest mixed feed crackers, the Amiral complex in Saudi Arabia. The contract involves providing licenses, a basic engineering package, extended basic engineering, training, technical services and proprietary equipment. The contract will be reflected in McDermott’s Q3 backlog....
Oct 29, 2019
OFS - Trendsetter Engineering wins Talos contract for connectors - October 2019
Trendsetter Engineering Inc. has won a contract from Talos Energy to provide an order of its TC7 clamp connection systems. The connectors and other equipment are scheduled for delivery in 2020 and will be used by Talos for the development of Bulleit in the Gulf of Mexico’s Green Canyon 21 block. Trendsetter first introduced the TC7 and TEX gasket technology in 2015, and it has delivered over 250 connectors to clients so far. Talos discovered Bulleit earlier this year and estimates it...
Oct 29, 2019

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