News

  • Jack-up market on the upswing, says new report

    Drilling rig contracting activity has picked up sharply since mid-April, driven by NOCs signing new multi-year contracts for jack-up rigs.   According to Evercore ISI’s latest Offshore Rig Market Snapshot, overall 38 contracts were announced for 67 rig years from mid-April to mid-May, with jack-ups…

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  • Iran Awards US$1.8 billion Gas Field Contract to Petropars

    Iran’s Petropars Ltd will be awarded a US$1.78 billion contract by the National Iranian Oil Company to develop the giant Farzad-B gas field which was previously intended to be tapped by a group of Indian companies.   Petropars will produce 28 million cubic metres of…

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  • Rockhopper to resolve Ombrina Mare arbitration in July

    Oil and gas company Rockhopper Exploration has received notice that a final decision in its arbitration against Italy over the Ombrina Mare Field in the Adriatic Sea could be made in July.   Rockhopper has been in arbitration over the field since 2017. In February…

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  • Wave energy prototype arrives at Orkney ahead of trials

    Mocean Energy’s Blue X wave energy prototype has been delivered to Hatston Pier at Kirkwall, capital of the Orkney Islands in northern Scotland.   Sea trials of the 20-metre (65.6-foot) long, 38-metric ton (41.88-ton) wave machine are due to take place this summer. Over the…

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  • Insurance Jottings

    Ex-Canopius renewables team secures Berkley support for new MGA Praeventus Praeventus, the new MGA launched by Canopius’ former renewable energy team, will begin underwriting on the 1st June backed by capacity providers led by Berkley Offshore and a panel of Lloyd’s insurers including Munich Re…

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  • People in the News

      Tiernan begins Lloyd’s chief of markets role Patrick Tiernan has started his role as chief of markets at Lloyd’s.   Canopius targets marine war risks with Whitear hire Canopius has appointed Nick Whitear as war risks underwriter within its London-based global marine team.

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