he Nigerian National Petroleum Company Limited (NNPC Ltd) has congratulated Chevron Nigeria Limited (CNL), operator of the NNPC Ltd/CNL Joint Venture, on the successful completion of the Awodi-07 appraisal and exploration well in the shallow offshore western Niger Delta
The Awodi-07 well was drilled as part of the Joint Venture’s ongoing programme to further delineate and unlock hydrocarbon potential within its asset portfolio. Drilling began in late November 2025 and was completed by mid-December 2025. All operations were carried out safely and efficiently, fully complying with approved operational and regulatory standards. After comprehensive testing, logging, and data acquisition, the well was secured, bringing the programme to a successful conclusion.
Results from Awodi-07 are highly encouraging, confirming the presence of hydrocarbons across multiple reservoir zones. The achievement marks a significant milestone for the NNPC Ltd/CNL Joint Venture, strengthening confidence in the underlying asset and reinforcing the prospectivity of the area. The well’s success further demonstrates the effectiveness of disciplined exploration, thorough technical evaluation, and strong operational collaboration between NNPC Ltd and Chevron Nigeria Limited.
Commenting on the accomplishment, Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, praised Chevron Nigeria Limited for its operational excellence, technical expertise, and consistent delivery of value.
“The success of the Awodi-07 well further reinforces the strength of the NNPC Ltd/CNL Joint Venture and our shared commitment to responsibly growing Nigeria’s hydrocarbon reserves. This achievement aligns squarely with our strategic priorities of increasing production, enhancing national energy security, and delivering sustainable value for the Nigerian people,” remarked Bayo Ojulari.
Speaking on the milestone, executive vice-president, Upstream, NNPC Ltd, Udy Ntia, described the results as evidence of the benefits of sustained collaboration, technical rigour, and a stable, enabling operating environment.
“This discovery underscores the importance of disciplined exploration programmes, strong partnerships, and the positive impact of the reforms introduced under the Petroleum Industry Act. We look forward to working closely with Chevron Nigeria Limited to mature this opportunity and progress it towards timely development and monetisation,” added Ntia.
NNPC Ltd and Chevron Nigeria Limited operate several oil and gas fields in Nigeria’s Niger Delta under a joint venture agreement. Chevron holds a 40% interest in the assets, while NNPC Ltd owns the remaining share. The partnership allows both companies to pool resources, technical expertise, and investment to develop Nigeria’s oil and gas resources efficiently.
Through this collaboration, the joint venture aims to increase oil production to approximately 146,000 barrels per day, supporting government revenue, creating jobs, and contributing to Nigeria’s energy supply.
Gulf Marine Services (GMS), a provider of jack-up support vessels to the offshore energy industry, has agreed to acquire a new mid-class self-propelled, self-elevating support vessel, marking its first vessel acquisition in a decade.
The vessel is expected to join the company’s fleet of 14 vessels within the next two weeks and is intended to support GMS’ strategy of doubling its 2024 adjusted EBITDA by 2030. The acquisition was partly financed through a US$37.4million 90-day interim loan provided by a Middle Eastern bank that is part of the company’s existing lending syndicate, pending participation by the remaining lenders. The remainder of the purchase price was funded from the company’s cash resources.
GMS said the cost of funding and covenant terms are consistent with those agreed with lenders in December 2024. Following completion, the group’s net leverage will remain below 2.0 times, excluding any EBITDA contribution from the acquired vessel. The company said the vessel has been earmarked for a number of identified commercial opportunities, with further announcements on backlog and revised adjusted EBITDA guidance for 2026 to be made in due course.
“We are delighted to announce this acquisition and would like to thank all those involved. This represents the first vessel acquisition by GMS in a decade and marks an important milestone for the company. The addition of this vessel supports our growth ambitions, while preserving our financial strength and operational flexibility. Subject to market conditions, we look forward to pursuing further acquisitions, and to commencing our shareholder reward programme in the coming months,” said Mansour Al Alami, executive chairman of GMS.
Halliburton reported a strong close to 2025, with fourth-quarter results highlighting changing activity levels across North America, including offshore-related services in the Gulf of Mexico, alongside continued strength in international markets.
For the fourth quarter of 2025, Halliburton posted net income of US$589 million, or US$0.70 per diluted share. Adjusted net income, excluding impairments and other charges and tax adjustments, reached US$576 million, or US$0.69 per diluted share. This marked a significant improvement from the third quarter of 2025, when net income was US$18 million, or US$0.02 per diluted share, and adjusted net income stood at US$496 million, or US$0.58 per diluted share.
Total company revenue for the quarter reached US$5.7 billion, up slightly from US$5.6 billion in the previous quarter. Operating income increased to US$746 million, compared to US$356 million in the third quarter. On an adjusted basis, operating income rose to US$829 million from US$748 million.
North America revenue for the fourth quarter of 2025 was US$2.2 billion, reflecting a sequential decline of 7%. The decrease was primarily attributed to lower stimulation activity across US Land and Canada, reduced fluid services activity in the Gulf of America, and lower well intervention services in US Land. These declines were partially offset by improved cementing activity and higher completion tool sales in both US Land and the Gulf of America.
In contrast, Halliburton’s international business delivered growth, with total international revenue increasing 7% sequentially to US$3.5 billion. The company highlighted strong performance across multiple regions, including Europe, Africa and the Middle East, where well intervention services and stimulation activity increased during the quarter.
From an operating segment perspective, the Completions and Production division generated revenue of US$3.3 billion in the fourth quarter, flat sequentially.
Operating income rose by 11% to US$570 million, driven by higher year-end completion tool sales globally, improved cementing activity in the Western Hemisphere and Africa, and increased well intervention services internationally. These gains were partially offset by lower stimulation activity in the Western Hemisphere.
The Drilling and Evaluation segment also reported flat sequential revenue of US$2.4 billion. Operating income increased by 5 percent to US$367 million, supported by higher wireline activity in the Eastern Hemisphere and increased year-end software sales, offset by lower fluid services in North America.
For the full year 2025, Halliburton reported total revenue of US$22.2 billion, compared to US$22.9 billion in 2024. Operating income for the year was US$2.3 billion, while adjusted operating income reached US$3.1 billion.
Commenting on the results, Chairman, President and CEO Jeff Miller said the company outperformed expectations in the fourth quarter and highlighted the strength of Halliburton’s international business, while noting that North America is expected to respond first when macro fundamentals improve.
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.”
MFE Inspection Solutions has launched MFE Offshore, a dedicated new division focused entirely on subsea and offshore operations.
Designed to meet the demanding needs of offshore oil and gas, offshore wind energy and wider maritime industries, the new division strengthens MFE’s commitment to delivering reliable inspection technology and real world expertise where conditions are at their toughest.
Offshore environments are unforgiving. Equipment must perform under constant exposure to saltwater, extreme weather, restricted access and complex subsea conditions. Recognising this reality, MFE Offshore has been built to support operators with tools and systems that work beyond controlled environments and perform consistently in the field.
Dylan Duke, CEO of MFE Inspection Solutions, said,“Offshore inspections are incredibly complex, and demand more than just good equipment. For over 30 years, MFE has supported industrial inspections by helping customers choose the right tools, train their teams, and build workflows that actually work in the field. MFE Offshore formalizes that approach for subsea and offshore operations, bringing together specialized technology, deep technical support, and experienced offshore leadership."
Unlike traditional inspection providers, MFE Offshore follows a consultative model. The team works closely with clients to understand operational challenges, identify suitable inspection technologies and provide hands on training. Support continues well beyond deployment, ensuring teams remain confident and effective long after equipment is delivered.
Wendy Post, General Manager of MFE Offshore added,“Offshore personnel don’t have the luxury of trial and error. Harsh environments, limited access, and tight inspection windows mean everything has to work the first time. MFE Offshore was built to support those realities, helping operators find inspection tools designed for offshore use, training teams to deploy them correctly, and staying engaged long after the equipment arrives.”
MFE currently supports more than 9,000 companies worldwide and delivers over 26,000 hours of technical training each year. With the introduction of MFE Offshore, the company expands its mission to empower inspection teams with dependable technology, expert guidance and long term support tailored specifically to offshore and subsea operations.
Aberdeen-based Decom Engineering has signed a Memorandum of Understanding with UAE-headquartered Unique Group to jointly deliver an integrated package of subsea decommissioning services in major oil and gas regions, including the Middle East and APAC countries.
Unique, a global subsea technology and engineering leader, has a global footprint spanning 18 locations and has 30 years experiences working across the oil and gas, renewables and subsea sectors, while Decom has a strong reputation for designing and deploying field-proven mechanical cutting and removal tools that reduce costs and improve safety performance during high-risk infrastructure removal operations.
Unique will provide subsea engineering expertise, project management and offshore operational support to align with Decom’s proprietary Chopsaw cutting, tooling and technical expertise in decommissioning. Decom will have equipment storage space at Unique’s global facilities, ensuring assets are strategically positioned for quicker deployment to client projects. In addition to supporting engineering design and operational planning, Decom will collaborate on training and knowledge transfer initiatives.
Commenting on the strategic alliance, Decom Engineering Managing Director, Nick McNally, said, “The MoU allows us to jointly provide a full decommissioning workstream across subsea cutting, recovery operations, engineering support, operational planning, personnel deployment, and equipment sharing.
“From a commercial standpoint, operators increasingly expect a turnkey model - a single point of accountability - and this partnership is designed to meet that demand without comprising our respective reputations for high-level delivery on complex projects.
“For operators facing tightening budgets, ageing subsea assets, and increasing regulatory attention - including tighter emissions-reduction commitments - an integrated solution like this could prove highly appealing.”
Ross Anderson, Regional Manager, Decommissioning, at Unique Group, added, “By combining Unique Group’s global subsea engineering and offshore execution expertise - now further enhanced by our recent major investment in subsea decommissioning tooling, controlled Mass Flow Excavation systems, and back deck equipment - with Decom Engineering’s specialist cutting and removal technologies, we are positioned to deliver integrated, high performance decommissioning solutions that are tailored to our clients’ exact requirements.”
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.
New legislation is on the cards which could serve to advance and streamline the USA’s Rigs to Reefs initiative.
The USA’s Subcommittee on Energy and Mineral Resources has held a legislative hearing on a bill to codify the existing Rigs to Reef initiative which allows oil and gas operators to decommission offshore energy infrastructure which has reached the end of its life, and convert it to artificial reefs.
H.R. 5745, the Marine Fisheries Habitat Protection Act, introduced by U.S. Rep. Mike Ezell (R-Mississippi), formalises and builds upon the Rigs to Reef initiative, which proponents of the bill have argued has been hampered by red tape. The bill establishes clear procedures and timelines to ensure a reliable permitting process and authorizes the Bureau of Safety and Environmental Enforcement (BSEE), in coordination with relevant state agencies, to designate Reef Planning Areas. Finally, the bill directs BSEE to provide a map of each idle structure that supports an established reef ecosystem and an annual report detailing reefing applications and outcomes to Congress, the Secretary of the Interior, and the Administrator of NOAA. BSEE Gulf of America Regional Director Bryan Domangue testified in support of the bill, saying the BSEE is keen to work with lawmakers to improve its provisions.
Subcommittee chairman Pete Stauber, R-Minnesota said, “The Rigs to Reefs program has been a great success story, thanks in no small part to partnerships between domestic energy producers and federal and state regulators and conservation agencies. I commend Representative Ezell for his leadership on the Marine Fisheries Habitat Protection Act, which will strengthen this program, benefiting marine habitat and coastal communities for years to come. I look forward to working with Representative Ezell to advance this important legislation through the Natural Resources Committee.”
However, opponents of the bill expressed the fear it could reduce government oversight, removing key environmental safeguards and allowing oil companies to more easily swerve their clean-up obligations.
The Gulf of America is one of the leading regions for Rigs to Reefs projects, with 634 platforms in the Gulf of Mexico having been transformed into reefs as of June 2023, according to a Government Accountability Office (GAO) report. Many studies have been conducted by the US Government to examine the impact the reefs have both on the structures themselves and the surrounding marine ecosystem. One benefit is that of marine restoration and biodiversity enhancement – the deployment of artificial reefs in areas that have been affected by situations such as coral bleaching and destructive fishing practices allows new habitats to house a variety of marine life and play a significant contribution to ecosystem restoration.
Other benefits can include the enhancement of fisheries around the localised area; a rise in ecotourism, in particular destination diving; added coastal protection from erosion as the rigs act as submerged breakwaters; advancement in marine research; increased maintenance of nutrient cycling and water quality; contribution to environmentally responsible practices; and coral restoration and conservation.
On the other side of the coin, however, there has been some pushback due to a number of posed risks associated with the process. Concerns include habitat displacement as some reefs can alter local marine habitats; the risk of pollution from improperly prepared materials; physical damage to the seafloor if the design or placement of the rig is not appropriate; damage to the surrounding ecosystem if the construction has not been actioned properly; the negative impacts associated with long-term maintenance of the rigs; the economic costs of reef management; and design flaws which may create conflict with local environmental conditions.
According to the United States Department of the Interior's Bureau of Safety and Environmental Enforcement, well decommissioning is a critical process for environmental protection.
After a well has been drilled and utilised for production, it must be safely plugged and sealed in the Outer Continental Shelf, with the production-supporting equipment removed for disposal. This is established right from the start when a company signs a lease for offshore exploration, Right-of-Way or Right-of-Use-and-Easement.
Decommissioning activity in a platform generally relates to two parts -- the topside that can be seen above the waterline, and the mudline substructure that remains between the surface and the seabed. The operational components that make up the topsides are removed to be taken to shore for repurposing. The substructure, on the other hand, is dismantled 15 ft below the mudline before they are transported to shore for commercial purposes or recycling/reinstallation.
In case a structure is kept as it is for conversion to an artificial reef in line with the National Oceanic and Atmospheric Administration's National Artificial Reef Plan, it requires approval from the Regional Supervisor.
A central part of BSEE's decommissioning rules is the 'Idle Iron' policy that is applicable for decommissioned and no longer 'economically viable' operations. This distinction bars inactive facilities from littering the Gulf of America by alarming operators on the urgency of dismantling and disposal responsibilities once non-productive wells have been plugged.
The Idle Iron policy helps safeguard environmental hazards that can result from unremoved topsides and the associated equipment, electronics, wiring, piping and tanks, among others. Also, severe weather conditions like hurricanes can cause idle facilities to leak, giving rise to unwanted risks.
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.”
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