Infill Thinking Lifting the O&G knowledge curve
Even when offshore drillers aren’t tapping the capital markets for debt or equity, financial restructuring is quietly continuing behind the scenes. Contractual terms continue to be renegotiated with customers, and price concessions are still being given. Literally hundreds of multi-year contracts that were in effect this time two years ago have been terminated or amended.
The latest restructuring episode is between Noble Corp. and Shell. For more than a decade, the driller and the major have had a close strategic relationship. The partnership was solidified with the Bully Rig JV about seven years ago.
In this update we discuss the agreement the two have reached on a series of long-term contracts and what it all means for the future of the rig business.
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