Esbjerg99, PMO has a contract re that rig not another presumably without a break clause. They want to break the contract hence the legal notice last week trying to argue that ER isn't fit for purpose. So Ocean will have X days to cure the problem, if there is one or supply another rig with a new contract which is cheaper.
Messyaffair the one under the most pressure is Kuwait not Saudi as its overseas assets have been steadily reducing for a few years since they screwed up the massive Burgan field. They have a new border large field jointly with Saudi but last year Saudi stopped Chevron developing it much to Kuwait's irritation. As to those assets they're mainly US Treasuries so it's US that takes the hit plus of course some of the US banks' management fees.
Only thing certain is that using ER Isobel 2 has been successfully P&A'd. As to Isobel 1 looks like PMO is finishing off bits re that prior to P&A so clearly ER is ok for that. Hopefully there will be an operational update RNS next week. At present we don't know just what the ER problem is other than regular BOP breakdowns so it may simply be PMO getting tough re day rates. Meanwhile RKH should be getting its numbers ready for a claim re OM. My guess from published info is $25-30mln in the Italian Courts.
Saudi FA fell by $19 billion in December. What will the drop be in January? Wondered why all stock exchanges are dropping as Saudi, Qatar, Kuwait, et al. all liquidate assets in order to pay for their 2020 vision. If they thought they had x amount of assets they have at least 10% less on paper losses.
Interesting points on alternative energy. Petrol is not finished (yet!) - bet on companies that are going to complete large projects in the next 5 years. Tullow, Ophir RKH PMO etc. Exploration companies with Zilch will be lucky to see and value.
so the rigis at Isobel 1 now : this seems to indicate then that it can move and it can plug and abandon - and it is safe for the crew . That may mean it can get to Chatham and Jayne to plug and abandon. Do they need to do both - will Jayne need to have anything done? Not sure then if the BOP or other bits and pieces are now working as they should . If to plug and abandon there needs to be work done in the hole then does this mean the drive shaft needs to be operating correctly?. Chatham was drilled to a depth where the BOP was not a necessity and Jayne also. So it may be that BOP etc not working now? So perhaps no more drilling to a BOP required depth but still some other work could go ahead - is this correct - so for example - spud and tophole of Rhea is a possibility albeit a very small one? Any ideas
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