Borr Drilling (NYSE:BORR) expects nearly a third of the global fleet of shallow-water rigs will be retired in the coming years, leading to higher daily leasing rates, CEO Patrick Schorn said Thursday.

Norwegian energy giant Equinor has finalised its arrangements to retain the deep-water drilling rig Deepsea Atlantic for at least another three years at a cost of about $290 million. The arrangements ...

Noble Corporation has agreed to sell six jack-ups in two deals worth a combined $424 million, the offshore driller revealed ...

(AP) Transocean, a major offshore drilling rig contractor, is selling 38 of its shallow water rigs to newly-formed Shelf Drilling International Holdings Ltd. for about $855 million in cash. The Zug, ...

Willie Sutton robbed banks because that's where the money is. And oil companies venture into deep waters for exploration because that's where the oil is. That's why -- even though President Obama has ...

Storms in the Gulf of Mexico are forcing BP to temporarily halt drilling a relief well. The well is the final step in what has been a three-month effort to stop oil from gushing into the Gulf. On ...

Modern offshore oil rigs are engineering wonders designed to accommodate massive crews and operate in some of the most hostile environments on Earth. As the demand for oil drives exploration into ...

Off-shore oil drilling currently accounts for over 35% of the world's total oil production, and that number has consistently risen over recent history. While a majority of oil extraction takes place ...