Purchase order automation has the power to relieve oil and gas operators and OFS companies of many headaches in the procure-to-pay process. Energy companies continue to manage the procurement process using tedious, manual workflows that result in the same issues over and over — limited visibility to accounting teams on committed spend, duplicate invoices and payments, delayed payment to suppliers, manual verification and matching of documents, to name a few.
In the oilfield services space, not every company is well equipped for international growth. There’s a distinct risk profile that comes with working overseas. Commercial risk, compliance, geopolitical issues, logistics… it requires additional resources and investment to do properly. To add another layer of complexity, companies often have poor visibility into the future and find […]
Valaris Ltd. will issue $350 million in 8.375% senior secured second-lien notes due 2030 as it prepares to buy two newbuild drillships currently in South Korean shipyards, more than 10 years, two mergers and one bankruptcy after the rigs were originally ordered. The offshore driller will exercise its option to buy both rigs with a […]
Transocean Ltd. secured a 1,080-day contract for a high-specification seventh-generation ultra-deepwater drillship in the Mexican sector of the Gulf of Mexico (GOM) at one of the highest day rates the company has commanded in years. The contract will contribute $518 million in backlog, excluding revenue for mobilization and demobilization, meaning the drillship will collect roughly […]
As others look to specialize, Patterson-UTI Energy Inc. has seized the opportunity to become a diversified U.S. onshore oilfield services company. Patterson-UTI agreed in July to acquire drill bit designer and manufacturer Ulterra Drilling Technologies LP, just weeks after the announcement that it would merge with fracker NexTier Oilfield Solutions Inc. These moves could be […]
Understanding the timing of each stage of preproduction, known as efficiency metrics, is imperative for having confidence in forecasting cycle times of operators and service companies. This helps ensure equipment is fully utilized and groups know what’s needed for each development phase. To decipher efficiency metrics, it’s necessary to create a complete picture of what […]
Unlike the energy industry’s pre-pandemic growth, today’s market is focused on lean operations, asset optimization and sourcing reserves as efficiently as possible. The current oil and gas development landscape presents many pitfalls and abundant opportunities, making it imperative to do more than merely “get ahead of the bit.” Investors and operators need visibility into oilfield […]
Operators and oilfield service companies need to keep pace with the volatile and rapidly evolving energy industry. However, if you are relying solely on public filings to make investment decisions or anticipate future activity, you’re shortchanging yourself. Public data often lags by three months and can be inaccurately reported. If you consider the state of […]