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Tag Archives: rig stacking

If the White Brothers can do it, so can you

Sponsored Article The past months have been rough for the oil and gas industry—oil prices dropping drastically, companies laying off thousands of employees, rig stacking becoming a much too common practice, companies slashing budgets and spending, and companies closing down facilities and operations.  Although it seems like there is no end to this downward spiral, there is hope for some. ...

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ExxonMobil brings latest deepwater Gulf project online

Exxon Mobil Corp. announced via a press release Monday that it has begun production with Hadrian South, its subsea production system in the Gulf of Mexico. Hadrian South consists of a system of flowlines that run back to the Lucius truss spar operated by Anadarko and is ExxonMobil’s deepest subsea tie-back, placed in an area of the Gulf reaching depths ...

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Hercules takes another hit in oil glut

The global oil glut has hit Hercules Offshore, Inc. hard, but circumstances seem unwilling to relent for the company. Hercules announced today that Saudi Aramco is terminating its drilling contract for the Hercules 261 effective March 27, 2015. Discussions between Hercules Offshore and Saudi Aramco were already underway regarding Hercules 262 and Hercules 266. The two companies were discussing the ...

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Oil prices could force over 500 rigs out of service

With oil prices nearly slashed in half from earlier 2014 prices, analysts are predicting that up to 550 drilling rigs will remain out of commission over the next few months. Signs of a slowdown have rolled in quickly since last November when members of the Organization of the Petroleum Exporting Countries (OPEC) refused to cut any of their oil and ...

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And it begins — rig stacking

With oil prices still decreasing, companies in the Permian Basin have begun the process of cold stacking their rigs. The term “rig stacking” consists of two different methods.  “Cold stacking,” means the releasing or stopped drilling of a rig.  “Warm stacking,” refers to temporarily taking a rig off the market.  During “warm stacking” rigs still maintain basic operations and are ...

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