Stena Drilling

THE YEAR THAT MADE THE DIFFERENCE

The downturn in the oil and gas industry following the 2014 oil price crash had still not passed come December 2017 and as a result, most of Stena Drilling’s fleet remained effected by the downturn. As Christmas approached, only two units in the fleet were operational and in the face of such adversity all eyes turned to new opportunities. On a more positive note, though in last quarter of 2017, enquiries for our fleet began to flood in. In response to this influx each enquiry became a project in itself, such was the significance.

With challenging market conditions the whole Stena Drilling team were fully aware of the importance of all tender bids. Large amounts of requested information against tight deadlines represented a new dynamic work schedule for all involved. 

The objective was simply not to respond but to showcase Stena Drilling as the optimal selection for the potential client. A new tender now became a department wide project involving close collaboration to ensure we achieved the highest quality of responses. The successful operational and safety endeavours from previous campaigns provided the foundation for all the bids and furthermore, a refocussing on our bidding strategy provided many innovative methods to bolster our submissions in order to grab the client’s attention. Diligent and time consuming collation of documentation ensured we not only met but exceeded the expectations of the potential clients, but the path to gaining the award of contract is a long and often winding road. Thus responses from them covering clarifications and qualifications kept all our departmental teams on their toes.

The turbulent volume of work extended into 2018. This time however tentative enquiries were turning into serious tenders and subsequent negotiations. The perseverance and determination started to pay off and signed contracts started to snowball in. During 2018 we signed a staggering 10 Contracts/Extensions and this rejuvenated confidence provided the springboard to secure 100% operational utilisation for our fleet by Q1 2019. Most of these campaigns will see the units fully operational through-out the duration of 2019. As a comparison to December last year the current situation represents a monumental difference.

This success is a result of the hard work and dedication of all departments across the Stena Drilling team, but the hard work has only started. The rig market has changed insofar as supply is still in surplus so the contracts are shorter. Contract risk has also changed more towards us but activity will ramp us as operators armed with record cash flows look to 2020 and beyond. With the lean tendering model and process achieved though the trials and tribulations of past twelve months we are in the best possible position to respond to the challenges of the future.

STENA CLYDE RETIRED: SAYING GOODBYE TO OUR OLD GRAND LADY

In September of this year the decision was taken to retire Stena Clyde from the Stena Drilling fleet. The decision was not an easy one and as with all the units, we had worked very hard to secure future work. The current and forecasted market in her region of operation, South East Asia, did not support the financial commitment we required to ensure safe and high performance drilling operations we believe essential for a drilling rig in our fleet.

From the North Sea to the Mediterranean, all over Asia and finally Australia, the Stena Clyde’s overall safety and operational performance has been exceptional. Stena Clyde has been an integral part of the Stena Drilling fleet and family. We would like to thank all of the personnel involved in the many successes achieved throughout her operational life. The Stena Clyde has done us proud.

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