Stena AB

Stena Drilling

Stena Drilling is one of the world’s leading independent drilling operators. The company operates globally from its head office in Aberdeen, Scotland, with four drillships for ultradeep water and three semi-submersible drilling rigs. With several successful new newbuildings and refurbishment projects, Stena Drilling has been a pioneer in several areas of technological development and innovation in the offshore industry.

New contract despite weak market

Measures for cost adaptation

The high oil prices during 2010–2014 prompted international oil companies to make substantial investments in exploration, while the cost of exploration increased substantially. When the price of oil plummeted in 2014, the oil companies decided to cut back in their budgets for oil field development.

As the trend continued in 2015, Stena Drilling initiated a cost reduction programme aimed at reducing the company’s operating costs by 20% in 2016. A large part of this programme involves reducing personnel expenses and costs of purchased goods and services.

New contract for Stena Carron

A one-year contract for Stena Carron was signed during the year. The contract also includes options for extension and is valid from January 2016. However, market conditions mean that the daily rate is significantly lower than what would have been normal in years of high demand. This is a very important contract for the company and it is very gratifying to see Stena Carron back in operation after a year laid up outside Las Palmas.

Continuing focus on safety

One of Stena Drilling’s core values, which we will never compromise on, is safety in our work to achieve “best in class” performance. We continuously conduct our operations in a safe and efficient manner, constantly striving to ensure that we do not harm people or the ­environment or damage our assets and equipment. Management and managers are responsible for the safety of our staff and our employees are responsible for working safely by ensuring that all processes that affect their work are fully implemented and fully complied with. Stena Drilling continues to strive for accident-free operations.

The company’s first priority is the safety of employees and our surroundings, and Stena Drilling continues to work for zero lost time incidents.   

FLEET UTILISATION

Operational use as a share of total available days.

Drilling Contracts1)

Unit Customer Expiration Options
Stena Clyde Warm stacked N/A  
Stena Don Statoil Q1 2017  
Stena Spey Enquest Q4 2016  
Stena DrillMAX Tullow Q3 2016  
Stena Carron Exxon Q4 2016 Q2 2019
Stena Forth Hess Q2 2017 Q2 2018
Stena IceMAX Shell Q2 2017  
1) As of 1 February 2016     

Tom Welo

CEO, Stena Drilling

In 2016, we have good contract coverage and good earnings on the drilling rigs and vessels that are on contract. The focus is on reducing costs and signing new contracts for Stena Clyde, Stena Spey and Stena DrillMAX. There are an increasing number of requests for short contracts and these contracts are crucial to getting through winter in a very challenging market.

A day in Life of

Follow a Stena Drilling offshore worker and see how his/hers daily life can look like.
Close X

Next

Stena AB - Stena Bulk