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Royal Dutch Shell (NYSE:RDSA) has developed a new type of drill ship to assist in the extraction of oil at once-inaccessible ocean depths. The Noble Bully 1 is a 30,270-gross ton giant which is at least 200 yards long and is able to guide a 21.5-inch-wide drill bit many thousands of feet below the water’s surface to the center of a target that is roughly four square feet in size. The ship is equipped with a new generation of digital technologies and helps Shell drill wells more rapidly, more safely and at the lowest cost ever.
On Thursday, Transocean Ltd. (NYSE:RIG) said that it has reached an agreement with the Department of Justice to settle the outstanding civil and potential criminal claims against it originating from the April 20, 2010 accident at the Deepwater Horizon in the Gulf of Mexico. Through the resolution’s terms, a subsidiary of Transocean will plead guilty to one misdemeanor violation of the Clean Water Act for negligent discharge of oil into the Gulf of Mexico and pay $1.4 billion in fines, recoveries and penalties, excluding interest. The move will settle the Department’s criminal inquiry of Transocean and its claims for civil penalties against the firm relating to the spill from BP’s (NYSE:BP) Macondo well.
Commercial output from Imperial Oil’s (AMEX:IMO) Kearl oil sands project in northern Alberta could begin in the coming weeks after a previous target was delayed from the end of December, said the company spokesperson, Pius Rolheiser, on Wednesday. During the period, the 110,000-barrel-per-day bitumen development has been undergoing commissioning operations for oil production. Rolheiser commented that, “We’re continuing the start-up process at Kearl and timing of first oil, which is expected in early 2013, will be dependent on our progress in the coming weeks.”
FMC Technologies (NYSE:FTI) receives a $114 million order for sub-sea equipment from LLOG Exploration Company for its Delta House project, a development located in the Gulf of Mexico Mississippi Canyon area in water depths of about 5000 feet. The buyer’s scope of supply includes nine sub-sea trees, four sub-sea manifolds and five multiphase meters, along with associated topside control systems and sub-sea distribution systems. The equipment is scheduled for delivery this year.
Don’t Miss: Transocean Soars on Final Deepwater Settlement.
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