A group of idle rigs is seen behind James Noe, Senior Vice President, General Counsel and Chief Compliance Officer for Hercules Offshore while aboard the Hercules 251 a shallow water drilling rig owned by on Wednesday, Aug. 11, 2010, near Port Fourchon, La. (Smiley N. Pool /Chronicle)

Hercules Offshore could emerge from bankruptcy protection soon

The company has slashed costs to cope with the diminishing demand for offshore services, primarily saving money by operating a smaller fleet.
A Paragon Offshore rig working in the North Sea. (File photo/Paragon Offshore)

Paragon Offshore offers an extra year’s pay to keep execs

As oil companies scrap cash bonuses and raises amid a brutal downturn with no end in sight, one offshore drilling company is offering extra pay for some key employees it hopes to keep during difficult times.

Norway oil-rig tender reveals ‘desperate’ drillers in price rout

Offshores drillers such as Transocean Ltd., Seadrill Ltd. and Fred Olsen Energy ASA have been caught in a double whammy of falling demand for their services and a glut of new rigs coming into the market.
(Helge Hansen/Statoil ASA)

Statoil greenlights world’s first floating wind farm

After installing its first large-capacity, operational wind turbine floating offshore in 2009, Statoil said the project costs have reduced by more than 60 percent.
(Kristian Helgesen/Bloomberg)

North Sea fields face more job cuts as slump impairs viability

The North Sea, first tapped in the 1960s, has seen production fall by more than half from a peak 15 years ago as fields age and an increase in costs make it one of the world’s most expensive places to operate.
Chevron's massive deep water offshore platform heads to the Gulf of Mexico. The project was slated to start production this year, but that's been delayed after several subsea installation tendons sustained damage. (Chevron)

Chevron says Anchor discovery in Gulf of Mexico shows promise

Appraisals of the Chevron’s Anchor discovery deep in the Gulf of Mexico indicate the prospect could hold large stores of oil, but more testing needs to be done, Chevron and its partners announced Thursday.
Jack-Up Rig model by China National Petroleum Corporation is on display during the OTC at Reliant Center on Wednesday, May 8, 2013, in Houston. ( Mayra Beltran / Houston Chronicle )

ConocoPhillips to exit deep-water exploration by 2017

It is part of the company’s plan to sell $1 billion to $2 billion assets a year as it braces for lower oil prices.
(AP Photo/Patrick Semansky)

Noble Energy starts production on Big Bend in the Gulf of Mexico

Noble Energy has started pulling oil and gas from its Big Bend development deep in the Gulf of Mexico, marking the first of three major offshore projects Noble plans to bring online in the coming months, the Houston oil company announced late Wednesday.
Anadarko Petroleum Corporation CEO Al Walker, gives a speech after his company won top ranked large employer during the Houston Chronicle's Top Workplaces Awards Gala, Thursday, Nov. 8, 2012, in Houston. (Nick de la Torre/Houston Chronicle)

Anadarko CEO: “Growth will not be rewarded” amid cheap oil

This year, Anadarko has sold $2 billion in assets and in the third quarter it wrote off $2.6 billion before taxes on the value of its oil assets, which sank its profits.
Transocean's Discoverer Inspiration drills a test well for Chevron in the Gulf of Mexico St. Malo field. (Transocean)

Transocean, Shell delay delivery of two new drillships

Transocean and Royal Dutch Shell struck an agreement to delay the delivery of two newbuild ultradeep-water drillships as the offshore drilling industry cools amid a global downturn in oil prices.