International Drilling Equipment’s Post

If you find yourself wasting hours reconcilling drilling costs when those dreaded invoices arrive, you'll want to check this out. 👀 Of course, CorePlan users #CantRelate so share it with a mate or colleague who is still experiencing the struggles. Read how you can start saving hours 👉 https://hubs.ly/Q02vF4y20 #CorePlan #FreeTheGeos

Calling All Young Professionals! 🌟   Only 4% of 2023 survey respondents were aged 20-29? Is that low number truly reflective of the Drilling & Wells sector?   Share your thoughts regarding benefits and compensation within the sector by taking our quick survey and help us gain a better understanding of industry trends.   🎁 Enter our draw for a £500 voucher! 🔒 Your responses are completely anonymous and kept confidential ⏱️ The survey takes just 7 minutes of your time. 👉 Take the Survey Here: ➡https://lnkd.in/dkXkMDjU 📅 We kindly remind you that the survey will close on August 31st.   #ConnectingEnergyExperts #DrillingSurvey #SalarySurvey #Drilling&Wells 

**Software in Good Form: Revolutionising Drilling Operations** In the realm of drilling, precision, safety, and compliance are paramount. Cutting-edge software solutions are transforming workforce management, equipment tracking, and compliance monitoring. Mick Storch, founder of 4PS Software and ADIA member, highlights their impact: “These platforms streamline personnel management, track certifications, and schedule maintenance tasks, ensuring regulatory compliance and operational efficiency.” Centralised data management enhances accessibility and decision-making, while robust features like preventive maintenance and real-time compliance monitoring drive operational excellence. Adaptable across sectors, these solutions improve communication and efficiency. Success stories from industry leaders like #SerraDrilling and #CapricornDrilling exemplify the benefits. Mick advises evaluating needs, seeking user insights, and assessing scalability when adopting software solutions. Read the full article in the April/May edition of Australasian Drilling magazine. #DrillingSoftware #OperationalEfficiency #SafetyCompliance #TechInDrilling #ADIA #AustralasianDrillingMagazine #4PSSoftware For more, email Mick at mick.Mick@mackaysafety.com.au https://lnkd.in/g5i9tqP4

The deals coming in is a clear sign the industry is doing well - there is cash to spend: "improving balance sheets and margins could help kickstart dealmaking in the oilfield services sector." https://lnkd.in/dswdcvBH 

𝐓𝐢𝐝𝐞𝐰𝐚𝐭𝐞𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐑𝐨𝐛𝐮𝐬𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐚𝐧𝐝 𝐃𝐚𝐲 𝐑𝐚𝐭𝐞𝐬 Tidewater Inc. (NYSE: TDW), a leading global provider of offshore service vessels (OSVs), reported strong financial results for Q2 2024, with a revenue of $339.2 million, a 5.6% increase from Q1. Key highlights included a higher average day rate of $21,130 and improved leading edge term contract rates across multiple vessel categories. Tidewater’s net income for the quarter was $50.4 million, with adjusted EBITDA of $139.7 million, net cash from operating activities of $78.6 million, and free cash flow of $87.6 million, all showing growth from the previous quarter. Quintin Kneen, Tidewater’s President and Chief Executive Officer, stated, “Second quarter revenue came in nicely above our expectations driven by continued strength in global day rates. Our consolidated global average day rate expanded materially during the quarter, with the average day rate increasing nearly $1,600 per day sequentially, the second largest sequential increase in day rate since the offshore vessel recovery began in early 2022.” Tidewater repurchased 176,555 shares during the quarter for $16.9 million at an average price of $95.66 per share and received board approval for an additional $13.9 million in share repurchase authorization, totaling $47.7 million. The company updated its 2024 revenue guidance to $1.39-$1.41 billion with a gross margin of 51%. Kneen noted broad-based improvements in day rates across all vessel classes and segments, with significant day rate increases in large and mid-sized AHTS vessels on both term contract and spot basis due to robust drilling activity and preparations for future projects. Kneen also highlighted that chartering activity for PSVs and AHTS vessels continued to improve, especially in Europe and Mediterranean and Asia Pacific. He said that despite experiencing a 6% decline in the average day rate for term contracts due to smaller vessels ending contracts early in the Middle East, new contracts achieved a 29% higher average day rate. “We generated $87.6 million of free cash flow during the second quarter, a nice increase from the first quarter and a demonstration of the free cash flow generation capability of the fleet,” said Kneen. Looking ahead, Tidewater anticipates continued strength in demand for its vessels, though several drilling campaigns are expected to start later in the third quarter and early fourth quarter than originally anticipated. The company has updated its full-year revenue guidance to $1.39 billion to $1.41 billion and gross margin guidance to 51%.

🌟 Voice Your Opinion on Pay in the Drilling & Wells Sector! 🌟   Last year, only 27% of professionals in the drilling and wells field were satisfied with their pay. How do you feel about this in 2024? Get involved in our survey and benchmark yourself against the industry. Why Your Voice Matters:   📊 Pinpoint issues regarding compensation and benefits. 🎁 Enter our draw for a £500 voucher! 📈 Contribute to a broader industry perspective. 🔒 Your responses are completely anonymous and kept confidential. ⏱️ The survey takes just 7 minutes of your time.   Take some time out today to get involved, click here: https://lnkd.in/dkXkMDjU   #ConnectingEnergyExperts #DrillingSurvey #SalarySurvey #Drilling&Wells

Future Production AS is committed to pushing the boundaries of offshore drilling efficiency with our “Offline” Hang-Off systems. With compact designs and ease of use, our systems are perfect for widening the operational capability and efficiency of rigs. Want to learn more? Check out this article highlighting the operational benefits 👇 https://hubs.ly/Q02QTppp0

#mdtotco will be running a series of #webinars in March and April on Max Drilling Products which have proven to be very beneficial for our customers worldwide since their inception. We would like to invite you to join us - to do so, please select the session on this page to register. https://lnkd.in/ej_cC9cs   Introduction to Max and WellData 4.0 - 19th March 3 PM GMT Measure and Monitor Well Performance with Key Performance Indicators in WellData 4.0 - 2nd April 4 PM BST Mitigate Risks and Improve Well Delivery Results with AI-Powered Insights from DBA - 16th April 4 PM BST Utilise Alarms to Focus on What Matters, When it Matters in WellData 4.0 30th April 4 PM BST   #maxdrillingproducts #nov #novglobalteam #welldata #max #wellperformance #keyperformanceindicators #mitigaterisks #improvewelldelivery #aipoweredinsights #utilisealarms #focusonwhatmatters #mdtotco #yourdatamadeeasy #teammdtotco #nov #energyproductsandservices

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today results of Subsea7 Group for the second quarter and first half of 2024 which ended 30 June 2024. We delivered a strong financial performance and we have raised our full year Adjusted EBITDA profit guidance to the market. Second quarter financials highlights: 🔹 Revenue increased by 15% to $1.7 billion and Adjusted EBITDA of $292 million, up 80% on the prior year period, equating to a margin of 17%. 🔹 Record Order intake of $4.0 billion, equivalent to a book-to-bill ratio of 2.3 times, resulted in a record backlog of $12.5 billion. 🔹 Full year 2024 guidance increased. Revenue expected to be in a range from $6.5 to $6.8 billion (from $6.0 to $6.5 billion) while Adjusted EBITDA is expected to be between $1,000 and $1,050 million (from $950 to $1,000 million). #being7 #subsea

Is your rig performing at its full potential? 🛢️📈 Future Production AS is committed to pushing the boundaries of offshore drilling efficiency with our “Offline” Hang-Off systems. With compact designs and ease of use, our systems are perfect for widening the operational capability and efficiency of rigs. Want to learn more? Check out this article highlighting the operational benefits. https://hubs.ly/Q02QTpqk0