Owners and operators of offshore oil and gas assets have not seen light at the end of the tunnel for the severely depressed market, which continued to be marked by stunted activity levels and lingering overcapacity amid tame oil prices.

COSL Offshore Management, subsidiary of COSL Drilling Europe, has filed a statement of claim to Oslo’s district court against Statoil demanding payment of around $15.24m over an altered drilling contract.

Mermaid Maritime Public Company Limited has terminated contracts with China Merchants Industry Holdings (CMIH) over the construction of two tender assist drilling rigs.

China Oilfield Services Limited (COSL) saw its profit slashed significantly for the financial year over 2014 due mainly to huge impairment charges on the back of a weak offshore oil and gas market.

COSL Drilling Europe, subsidiary of China Oilfield Services Limited (COSL), will retrench 230 employees, both onshore and offshore, due to an earlier Statoil decision to terminate and suspend two rig contracts.

Owners of offshore drilling rigs are set to see day rates fall further this year according to Jan-Jein Hesse from ABN AMRO Bank.

John Fredriksen’s Seadrill slumped to a massive net loss of $1.9bn in the third quarter hit by impairment charges to investments and goodwill.

UMW Oil & Gas (UMWOG) hopes to secure new jobs from the promising Middle East markets to sustain its growth although it has yet to secure a contract there so far, local reports said.

There have been just three drilling rigs ordered worldwide so far in 2015 according to Keppel Corp.

Singapore’s Swissco Holdings said it will continue to explore opportunities to expand its fleet and secure new charter deals amid downward pressure anticipated for day rates in the face of lower crude oil prices.

Page 2 of 4