McDermott has been awarded a major contract with ADNOC for the engineering, procurement, construction and installation services for the Nasr-115 Expansion Project located offshore Abu Dhabi.
The Project acts as a critical component for the overall Nasr Phase II Full Field Development which is expected to increase oil production capacity to 115,000 bpd by 2027.
The scope of work McDermott is expected to provide includes comprehensive EPCI services for two topside structures, one new manifold tower, one jacket, one bridge and all associated pipelines, cables and brownfield modifications.
Mike Sutherland, McDermott’s Senior Vice President, Offshore Middle East, said, “McDermott shares ADNOC’s commitment to increase offshore production capacity and will do its part with safe, efficient delivery of the Nasr-11 Expansion Project to the highest quality standards. Our decades-long track record of delivering innovative, comprehensive solutions across complex offshore developments supports ADNOC’s vision for sustainable energy growth and to meet its capacity goals as part of the P5 Project.”
“This award underscores McDermott’s position as a trusted partner in executing large-scale infrastructure projects in the region. We are proud to further support development of the UAE’s energy sector in a safe and sustainable manner.”
Wood has secured a two-year contract extension with Woodside Energy for the continued deliverance of brownfield engineering, procurement and construction management services across its offshore assets at the North West Shelf Project.
Under the contract, which is worth up to US$65mn, Wood will deliver asset modifications to boost production, reliability and longevity across Woodside’s NWS offshore assets, including the North Rankin Complex and the Okha FPSO.
John Mtanios, President of Asia Pacific Operations at Wood, iterated, “This extension reflects the strength of our 35-year relationship with Woodside and the trust built through consistent performance and a shared drive for excellence. Since first securing this contract in 2013, our teams have developed deep knowledge of each assets and Woodside’s operational priorities. That insight enables us to go beyond safe, reliable operations – finding smarter ways to improve productivity, reduce costs and optimise performance.”
The NWS Project, located in Western Australia, is one of the largest LNG developments in the world and has supplied the region with affordable and reliable energy for decades.
Seadrill Limited has provided an update on its contracting activities in Europe and beyond, highlighting a new agreement for its West Elara rig on the Norwegian Continental Shelf.
In Norway, the West Elara has secured an accommodation contract with Equinor AS, expected to commence in the third quarter of 2026 and continue into the fourth quarter of 2027. The firm contract value is US$78mn, with three priced options of three months each. Prior to this fixture, Seadrill reached a mutual agreement with the current contract holder to make the West Elara available. “This update to the rig’s schedule results in a net increase in total contract value of US$23mn,” the company noted.
Seadrill’s president and chief executive officer, Simon Johnson, said, “We are excited to confirm these important contracts with several of our long-standing customers. … In Norway, the West Elara’s contract with Equinor represents a harmonious solution to a potential gap in the rig’s operations, reaffirming that Seadrill’s collaborative approach with customers continues to create value for all stakeholders.”
Outside Europe, the ultra-deepwater drillship West Capella in Malaysia has secured a contract with an undisclosed operator. The well-based programme is expected to start in the second quarter of 2026, with an estimated duration of 440 days, plus priced options for three additional wells. The total firm-term contract value is approximately US$157mn, including a US$5mn mobilisation fee and excluding additional services.
Meanwhile, the West Carina in Brazil has had its current contract extended through April 2026.
Johnson added, “The reactivation of the West Capella materially enhances Seadrill’s earnings potential in a region with reinvigorated demand for offshore drilling.”
Seadrill’s latest contracts underscore its focus on strengthening European operations while maintaining a global presence across key offshore markets. In Norway, the West Elara deal highlights the company’s ability to optimise rig utilisation in collaboration with major operators, ensuring minimal downtime and maximising the value of its fleet.
The accommodation contract comes amid growing offshore activity in the Norwegian Continental Shelf, where operators are seeking flexible solutions to support extended field development and maintenance projects. Seadrill’s approach reflects a broader trend in the offshore drilling sector, combining operational adaptability with long-term strategic partnerships.
Gulf of Suez Petroleum Company (GUPCO) has commenced production from the Al-Wasl-4 development well at the North Safa Field, marking a further boost t crude oil output from one of the Gulf of Suez region’s most important recent offshore discoveries.
The well, drilled from the field’s offshore production platform, has an initial production rate of around 2,250 barrels of crude oil per day, alongside approximately 1.3mn cubic feet of gas per day. As a result, GUPCO’s total crude oil production has risen to roughly 65,000 barrels per day, strengthening Egypt’s upstream output from mature offshore assets.
In a statement issued on Tuesday, Egypt’s Ministry of Petroleum and Mineral Resources said the start-up reflects GUPCO’s ongoing strategy to maximise value from its asset base through an integrated development approach. This includes drilling new exploratory and development wells, re-evaluating geological structures and leveraging remaining potential within mature producing fields.
The Al-Wasl-4 well is among the flagship projects within GUPCO’s 2026 development plan, having been prioritised following encouraging technical and geological studies. According to the ministry, these assessments confirmed the commercial viability of the well and its role in sustaining and expanding production from the North Safa Field.
North Safa is regarded as one of the most significant offshore discoveries in the Gulf of Suez in recent years. Commercial production from the field began in 2024 after GUPCO completed a major development programme that included the installation of a new offshore production platform and the laying and connection of subsea production pipelines. The project was executed in line with stringent occupational safety, health and environmental protection standards, the ministry added.
Alongside bringing new wells on stream, GUPCO is also advancing an integrated reservoir pressure maintenance programme designed to support long-term production sustainability. The programme involves water injection across three wells, aimed at maintaining reservoir pressure, optimising recovery rates and enhancing overall production efficiency.
Preparations are already under way for the second phase of development at North Safa, with reservoir performance data from current operations expected to inform future drilling and production plans. The ministry noted that the company’s focus remains on balancing short-term production gains with long-term field management, particularly in offshore environments where maximising recovery from existing infrastructure is critical.
The latest production milestone underscores the continued importance of the Gulf of Suez as a core oil-producing region, even as operators increasingly rely on advanced studies and targeted development to unlock additional value from established fields.
Technology solutions company, Rosenxt Group, has acquired K.U.M Umwelt- und Meerestechnik Kiel GmbH (K.U.M), strengthening its position in the growing subsea technology market and expands its portfolio with specialised solutions for deep-sea monitoring and data acquisition.
K.U.M boasts a vast portfolio of customised subsea monitoring systems, ocean-bottom seismometers, seabed instrument carriers, and other advanced deep-sea solutions. The company has more than 400 offshore expeditions and a broad customer base across 40 countries. Now, as part of Rosenxt Group, K.U.M will gain access to a broader international market and be able to scale its subsea solutions more rapidly.
Through the acquisition, Rosenxt will significantly expand its presence in the specialised subsea domain: K.U.M brings more than 20 years of experience in developing complete subsea systems. The acquisition supports Rosenxt’s strategy on integrating sensing, robotics, digitalisation, materials technology and deep environmental expertise to develop robust solutions that create value across subsea, offshore and upstream applications.
Hermann Rosen, Chairman of the Board at Rosenxt, said, “The integration of K.U.M is a consistent contribution to our responsibility to shape the future of critical infrastructure in a resilient and technologically excellent way. K.U.M brings decades of subsea engineering expertise and precise data acquisition to the table – a strong addition to our group. We think in the long term – beyond market cycles – and are laying the foundations today for the solutions of tomorrow. Rosenxt is staying true to its course and sending a clear signal about its ambitious development in the subsea market.”
CEO of K.U.M, Onno Bliss, commented, “Joining the Rosenxt Group enables K.U.M to further scale our subsea data acquisition and instrumentation solutions and benefit from the group’s broader technology ecosystem. Our shared values – innovation, precision, integrity – make this partnership an excellent fit.”
Archer, in collaboration with SLB, has been awarded an integrated plug and abandonment (P&A) contract with Equinor for the Titan platform in the Gulf of America (GoA).
The service offerings under the contract includes project management, well engineering, provision of a compact workover rig, coiled tubing, wireline services, and a suite of downhole P&A technologies and the scope covers P&A of three wells. The award combines SLB’s established deepwater leadership in the region with Archer’s specialist expertise as a P&A service provider.
Dag Skindlo, CEO of Archer, commented, “This integrated deepwater P&A project builds on our momentum following several large P&A contract awards in the North Sea in 2025. The recent acquisitions of the US based fishing specialists WFR and Premium were key steps in our strategy to position Archer as a leading service provider in the growing deepwater P&A market in the GoA.”
The contract follows hot on the heels of the award of an integrated P&A contract with Equinor for 30 subsea wells. The fully integrated P&A programme incorporates the planning scope including project management, well and subsurface engineering (provided through the Archer Elemental joint venture) with the execution scope including wireline, fishing and remedial services, downhole mechanical isolation, P&A services, cementing, fluids, and mudlogging.
The awards further reinforce Archer’s leading position within the P&A market and reflect its ability to deliver integrated well abandonment solutions from concept selection through to the permanent abandonment of wells. The company has successfully completed hundreds of permanent P&A wells in the North Sea.
Equinor has been granted approval by the Norwegian Offshore Directorate to drill a new exploration well in the Norwegian part of the North Sea, strengthening ongoing activity in one of the country’s mature offshore areas.
The permit relates to the 34/8-A-37 H wildcat well within production licence 120, a licence originally awarded on 23 August 1985 and currently valid through to 2034. Equinor operates the licence with a 53.2% interest. The remaining stakes are held by Petoro, which owns 30%, ConocoPhillips Skandinavia with 9.1%, and Repsol Norge with 7.7%.
Drilling of the well is planned to take place from the Visund field, with operations expected to commence in January 2026. The Visund field is situated in the northern North Sea, northeast of the Gullfaks field, in waters measuring around 335 m in depth.
Discovered in 1986, Visund moved into the development phase following approval of its plan for development and operation in 1996. First oil was achieved three years later, in 1999, and the field has remained an active production hub since then.
The development comprises the Visund A platform, a semi-submersible installation that combines accommodation, drilling and processing functions. This surface infrastructure is supported by a subsea production facility located in the northern part of the field, enabling continued operations in the area.
With some of Vietnam’s older fields entering the decommissioning stage, reflecting the maturity of south-east Asia’s offshore oil and gas sector, the industry is still capable of throwing up a surprise or two.
In a move that should stir longer-term demand for oil well services of all kinds, Vietnam has just unearthed its largest discovery in a generation.
For US independent Murphy Oil Corporation, 2026 truly began with a bang with the drilling of the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 in the Cuu Long Basin, yielding what is thought to be the biggest find across the region in 20 years.
Located approximately 40 miles off the coast of Vietnam, the well spud in early October 2025 and marks a major milestone in Murphy’s strategic appraisal campaign for the Hai Su Vang (Golden Sea Lion) field.
The HSV-2X well was drilled to appraise the 2025 Hai Su Vang discovery, where an initial discovery well encountered approximately 370 feet of net oil pay across two reservoirs.
The HSV-2X well encountered 429 feet of net oil pay across the same two reservoirs, including 332 feet of net oil pay in the deeper primary reservoir and 97 feet of net oil pay in the shallow reservoir.
While further testing is ongoing, the primary reservoir achieved a production rate of 6,000 barrels of oil per day (bopd) of high-quality, 37-degree API oil.
These results confirm Hai Su Vang as a “significant discovery,” a Murphy Oil statement noted, pushing up resource estimates at the site beyond the initial 430 MMBOE high-end range.
“This is a pivotal moment for our Vietnam business,” said Eric Hambly, Murphy Oil’s President and CEO.
“The success of HSV-2X not only reinforces the commerciality of the Hai Su Vang field but also sets the stage for a robust development programme.”
Additional appraisal wells are needed to further refine the range of recoverable resources for both reservoirs — the HSV-3X appraisal in Block 15-1/05, and the HSV-4X well in Block 15-2/17 are both included in the group’s 2026 capital programme.
It also bodes well for the Cuu Long Basin going forward and the scope for oil well services in the region.
Now considered a mature basin, work on decommissioning, dismantling and relocation of Vietnam’s Song Doc Platform is already underway.
It means news from the Murphy Oil camp at the start of 2026 will be welcomed by the whole services industry.
Canada’s ReconAfrica has increased a private finance placement ahead of a major 2026 programme covering planning, pre-drill work, appraisal and testing across its West African assets.
The company reported that it increased the size of the finance offering from C$20mn to C$32mn due to strong investor demand.
In a statement, Brian Reinsborough, President and CEO, called the 2026 capital spend “the most comprehensive and diverse programme in ReconAfrica's history.”
It will fund multiple activities in parallel, including advancing the Kavango discovery in Namibia toward commerciality, advancing the exploration inventory of the newly discovered Damara Fold Belt play from Namibia into Angola, and progressing the Loba discovery on the Ngulu exploration block offshore Gabon to a drill-ready state.
Work at Namibia’s Kavango West 1X will include a production test after a decision was taken not to perform a drill stem test (DST) to allow for more controlled testing of isolated intervals of interest.
A production casing string will be installed from the surface down to a total depth of 4,260 metres to allow for more controlled testing of all hydrocarbon-bearing intervals and for the well to be completed as a potential producing well.
The activities in Namibia aim to position the company towards final investment decision and commercialisation of the Kavango discovery and the acceleration of first production, according to Reinsborough.
In Gabon, the company signed a production-sharing contract last year for the Ngulu block, located in shallow waters offshore.
After wading through seismic data, ReconAfrica plans to obtain a third-party resource report outlining the block’s potential with the goal of progressing the Loba field appraisal well to a drill-ready status.
In Angola, ReconAfrica plans to accelerate geochemical sampling of surface oil seeps in its MOU area and commence permitting for a potential 2D seismic programme as part of a broader evaluation of the Damara Fold Belt, with crews expected on site in April 2026.
One of Australia’s newest ships that could play a crucial role in the nation’s decommissioning effort has been christened.
Bhagwan Marine announced on 7 January, 2026 that it had named its newest vessel the 'Bhagwan Micah' at its Brisbane operational base — it is named in honour of the late Micah Kirk, a former member of the group's Melbourne team.
The company said the vessel is purpose-built for the energy transition and critical infrastructure sectors.
Formerly named ‘the Phoenix’, the Bhagwan Micah is a 38m state-of-the-art Stern Landing Vessel (SLV), designed for the exacting requirements of modern offshore energy and subsea operations, particularly oil and gas decommissioning, with the ability to work in shallow water environments, subsea inspection, maintenance and repair and defence logistics projects.
“This latest addition to our fleet marks another milestone in the company’s strategic growth as Australia’s leading provider of integrated marine solutions across offshore energy, subsea, ports and inshore logistics and defence sectors,” a Bhagwan Marine statement read.
“With a fleet now of over 100 vessels, Bhagwan Marine continues to position itself as the partner of choice for operators who demand proven reliability, technical excellence and low-risk project execution in complex marine environments.”
The vessel is secured under a five-year bareboat charter from BM Fleet, providing Bhagwan Marine with long-term control of a scarce, high-spec asset while maintaining capital flexibility for further fleet renewal.
“The Bhagwan Micah is not just another vessel – it is a strategic asset that reinforces Bhagwan Marine’s leadership in complex, high-consequence marine operations where safety, technical performance and environmental responsibility cannot be compromised,” the statement added.
Last August, in its 2025 results presentation, the company highlighted how it had grown its presence in the decommissioning sector.
It also highlighted future growth opportunities, citing “a substantial long-term pipeline of offshore oil and gas decommissioning projects” as well as potential work arising from ageing offshore assets requiring inspection, repair and maintenance.
Equinor has awarded a new set of long-term framework agreements to seven supplier companies, with a combined value of about NOK 100 billion, reinforcing the foundation for safe, efficient and competitive operations across its offshore installations and onshore plants.
In total, twelve framework agreements have been signed covering maintenance and modification services. These contracts will take effect in the first half of 2026 and run for five years, with options to extend by a further three and two years. Together, they represent an estimated annual value of around NOK 10 billion and are expected to generate long-term stability and significant knock-on benefits for the Norwegian supplier industry nationwide.
“The Norwegian continental shelf will remain the backbone for Equinor for a long time. Our ambition is to maintain a high production level and predictable energy deliveries to Europe towards 2035. At the same time, the shelf is entering a mature phase that will require new solutions. To succeed, we must, together with the supplier industry, find new ways of working that strengthen our competitiveness. These agreements facilitate long-term collaboration and continuous improvement on core tasks at Equinor’s offshore installations and onshore facilities in Norway,” said Kjetil Hove, executive vice president for the Norwegian continental shelf at Equinor.
“These are strategically important agreements, and collectively among the largest Equinor has awarded. The agreements will ensure long-term activity and value creation across Norway, with job creation estimated at around 4,000 man-years at the suppliers. The goal is close, long-term, and predictable cooperation that strengthens the culture for safety and security and our shared competitiveness. Together, we will work safer and smarter, and scale up the use of new technology,” added Jannicke Nilsson, chief procurement officer at Equinor.
The framework agreements support Equinor’s objective of sustaining production of around 1.2 million barrels of oil equivalent per day on the Norwegian continental shelf, broadly in line with 2020 levels, through to 2035. To achieve this, the company plans annual investments of approximately NOK 60–70 billion in increased recovery and new field developments. This includes drilling about 250 exploration wells and around 600 wells aimed at improving recovery, carrying out roughly 300 well interventions each year, and executing close to 2,500 modification projects.
Equinor also intends to mature and develop more than 75 subsea projects that can be tied back to existing infrastructure, while continuing efforts to cut its own greenhouse gas emissions by nearly 50% by 2030 compared with 2015 levels. Alongside maintaining stable and reliable energy supplies to Europe, the company will invest heavily in maintenance and upgrades to enhance safety, ensure high operational regularity, and reduce climate and environmental impacts.
The agreements span seven suppliers in total, including three companies that are new entrants to Equinor’s maintenance and modification portfolio.
Petrobras has begun oil production from the P-78 floating production, storage and offloading (FPSO) vessel in the Búzios field, in the pre-salt layer of the Santos Basin.
Búzios 6 (P-78) has the capacity to produce 180,000 barrels of oil and 7.2 million cubic metres of gas per day. The FPSO will increase the field's installed production capacity to approximately 1.15 million barrels of oil per day. The project will also allow for the export of gas to the mainland via interconnection with the ROTA 3 gas pipeline , expanding Brazil's gas supply by up to 3mn cubic metres per day .
"With the first oil from the P-78 platform, we are starting the year already advancing towards our main goal for 2026: increasing Petrobras' oil and gas production. We project producing 2.5 million barrels of oil per day throughout this year, and a large part of that will come from Búzios, the country's largest field in terms of reserves and production. In addition, we are also expanding the supply of natural gas to the Brazilian market, another goal expressed in our Business Plan," said Magda Chambriard, president of Petrobras.
The P-78 is an FPSO (Floating Production, Storage and Offloading) unit and inaugurates a new family of proprietary unit projects, bringing even greater safety and reliability to operations. The platform is equipped with technologies for reducing emissions and increasing operational efficiency, notably the exhaust gas recovery system, the adoption of variable speed drives in pumps and compressors, and energy integrations between hot and cold streams in oil and gas processing.
The project comprises 13 wells, 6 producers and 7 injectors, equipped with intelligent completion systems that enhance production management. The unit will be interconnected with rigid pipelines for production, injection and gas export, and flexible pipelines for service lines, using innovative technologies for attaching the pipelines to the FPSO. These pipelines will allow for the high-capacity production planned for the field's wells.
The platform is the seventh in operation in the Búzios field, the largest in the country in terms of reserves. Located 180 km off the coast of the state of Rio de Janeiro, in ultra-deep waters of the Santos Basin, at a depth of more than 2,000 meters, it surpassed 1mn bpd production in October 2025.
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