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Oilfield service companies may produce, maintain, and repair equipment used in oil extraction and oil transportation. [1] In 2019, the global oilfield services market was US $ 267.8 billion. [ 2 ]
Deepwater drilling, [1] or deep well drilling, [2] is the process of creating holes in the Earth's crust using a drilling rig for oil extraction under the deep sea. There are approximately 3400 deepwater wells in the Gulf of Mexico with depths greater than 150 meters.
The company only had 44 rigs in operation during the third quarter, so this is a more leveraged bet on ultra-deepwater drilling than other operators. The company's dividend yield of 8.8% and ...
In 2011, the company acquired Aker Drilling, which owned 4 harsh environment rigs used for drilling near Norway. [20] In 2012, the company sold 38 shallow water rigs and narrowed its focus on high-specification deepwater rigs. [21] In 2013, the company was added to the S&P 500 index. [22]
In May 2013, the company sold Tender rigs T-15, T16 and the West Vencedor to Seadrill Partners LLC. [9] In June 2013, the company acquired a majority interest in Sevan Drilling. [10] In November 2014, the company suspended dividend payments as a result of a downturn in the industry. [11] In December 2017, the company filed bankruptcy. [12] [13 ...
Mud pump (#4) is a reciprocal type of pump used to circulate drilling fluid through the system. Mud tank (#1) is often called mud pits and stores drilling fluid until it is required down the wellbore. Setback (#17) is a part of the drill floor (#21) where the stands of drill pipe are stood upright. It is typically made of a metal frame ...
Patterson Drilling Company was founded in 1978 by Cloyce Talbott and Glenn Patterson. [1] UTI Energy was formed in 1986 to purchase Universal Well Services, Union Supply Company, Triad Drilling Company, and International Petroleum Services Company. In 2001, Patterson Drilling acquired UTI Energy and renamed the company Patterson-UTI Energy. [3]
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