Energean appoints Stena drillship for development drilling at Israel's Karish field - WORLD OIL

Stena Forth Drillship

JAN/29/2018

ATHENS -- Energean Oil & Gas is pleased to announce that Energean Israel has signed a contract with Stena Drilling for the development drilling of Karish field, offshore Israel.

Pursuant to the contract, Stena Drilling will deploy the Stena Forth drillship (or such substitute as may agreed by the parties) to drill three development wells in first-quarter 2019 (with provision made for further options), subject to Energean’s Final Investment Decision (FID) regarding the Karish and Tanin fields.

The Stena Forth, one of the DrillMAX Fleet vessels, is a DP Class 3 ultra-deepwater drillship with a track record in world-wide operations, ranging from the Mediterranean (Libya), Egypt (Gulf of Suez), Malaysia, Greenland and the U.S. (Gulf of Mexico).

ADES, Vantage Drilling form JV to provide deepwater drilling services in Egypt - WORLD OIL

11/15/2017

LONDON and DUBAI -- ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has announced that its subsidiary ADES S.A.E has entered into a long-term joint venture (JV) agreement with a subsidiary of Vantage Drilling International (Vantage).

The new JV company will leverage Vantage’s world-class offshore deepwater drilling experience and ADES International’s leadership position within the Egyptian offshore drilling market to provide deepwater drilling services in Egypt’s Mediterranean basin.

The agreement will enable ADES to generate additional revenue without incurring the significant capital expenditure associated with deepwater drilling. As part of the JV, Vantage will gain access to the attractive Mediterranean basin, optimize access to local workforces and service providers and increase the marketability of its ultra-deepwater fleet.

ENI Terminates The Ocean Rig Olympia Early Due To Dramatic Fall In Oil Prices | Seeking Alpha

Jan. 21, 2016

Summary

• Today, ENI announced that it has terminated the Ocean Rig Olympia due to "a dramatic fall" in the price of oil. 
• Assuming an 85% termination fee, and based on 160 days remaining, ORIG should be entitled to receive a lump sum of approximately $90 million. 
• ORIG is going to struggle in 2016, but should weather the storm. I believe the stock is oversold, however, as the risks are high as today's news shows. 

This article is an update of my previous article on Ocean Rig UDW (NASDAQ:ORIG) published on Dec. 8, 2015. ORIG is a fairly new offshore drilling company that provides oilfield services for offshore oil and gas exploration, development and production drilling. The company is based in Nicosia, Cyprus. Ocean Rig was a subsidiary of DryShips, Inc. (NASDAQ:DRYS).