Consolidation is continuing in the rig owning sector with Ensco merging with Rowan Companies in an all stock deal.

Analysts Rystad Energy describes as “remarkable” the rapid growth of Borr Drilling to become the world’s largest owner of jack-up rigs.

Keppel Corp has confirmed that its offshore and marine unit is in talks to sell six jack-up rigs to the rapidly growing Borr Drilling.

The joint venture between Saudi Aramco, Bahri, Lamprell and Hyundai Heavy Industries to build a $5.2bn mega-yard in Saudi Arabia has been officially launched.

As AP Moller - Maersk seeks to exit energy related business offshore rig owning company Maersk Drilling reported a $1.67bn loss for Q3, hit by impairments of $1.75bn.

Transocean is taking a $1.4bn impairment on scrapping six deepwater and ultra-deepwater rigs and drillships.

Transocean has announced a takeover deal of Songa Offshore, a move that will add seven semi-submersible drilling rigs to Transocean’s existing fleet of 44 drilling units.

North Atlantic Drilling Ltd (NADL) has scored two 10-year jack-up rig contracts with ConocoPhilips worth an estimated $1.4bn.

George Economou's Ocean Rig and its subsidiaries have filed for bankruptcy restructuring with the appointment of provisional liquidators.

China Oilfield Services Limited (COSL) has reported a loss of RMB11.46bn ($1.66bn) in 2016 due mainly to huge impairments of approximately RMB7bn on the back of the weak offshore oilfield services market.

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