Noble Corp. led a decline among offshore deep-water drilling contractors after saying the industry may be experiencing a “pause in the cycle” after years of growth fueled by oil and natural gas discoveries.
Diamond Offshore Drilling Inc., the largest U.S. deep-water oil driller, signed contracts worth as much as $1.8 billion with Anadarko Petroleum Corp . for two new drillships and settled a dispute over a third rig stemming from a Gulf of Mexico drilling moratorium last year.
Diamond Offshore Drilling Inc. , the largest U.S. deep-water oil driller, agreed to pay Hyundai Heavy Industries Co. about $590 million to build a drillship as crude producers explore farther offshore.
OGX Petroleo & Gas Participacoes SA failed to reach an agreement with holders of dollar-denominated bonds as former billionaire Eike Batista’s oil company heads toward Latin America’s biggest corporate debt default.
Offshore drillers may need to order about $5.5 billion in new rig-safety equipment as the Gulf of Mexico oil-rig explosion and subsequent leaking well lead to potential changes in environmental standards, JPMorgan Chase & Co. said.