The decline is a result of a combination of simpler development concepts and more efficient drilling. Lower prices for work and equipment are also a contributing factor.

Commenting today, Per Wullf, CEO and President of Seadrill Management Ltd., said: "During Q2 2016 we have improved on the record uptime we achieved in Q1, reaching 98% economic utilization, whilst continuing to see our costs reduce quarter over quarter. There continues to be a significant supply overhang and the market conditions remain challenging, however, there is some volume returning to the spot market, although primarily for short term work. Our priorities for the remainder of the year continue to be delivering safe and efficient operations for our customers whilst concluding on our financing plans."

Maersk Drilling will cut 122 jobs in the United States due to the early termination of a contract for deepwater rig Maersk Valiant

Nabors Industries Ltd. ("Nabors") (NYSE: NBR) today reported second quarter 2016 operating revenues of $571.6 million, compared to operating revenues of $597.6 million in the first quarter. Net income from continuing operations for the quarter was a loss of $186.6 million, or ($0.65) per diluted share, compared to a loss of $396.6 million, or ($1.41) per diluted share, last quarter. Net income from continuing operations for the second quarter includes a loss of $0.39 per share due to impairments and losses related to disposed businesses and assets. The largest component, totaling $0.34 per share, is comprised of an impairment to the carrying value of the Company's investment in C&J Energy Services Ltd. ("C&J") and its proportionate share of C&J losses from the prior quarter. In addition, the second quarter benefitted from the renegotiation of two contracts, as well as early termination revenue that improved reported net income by $24.1 million or $0.09 per share.

Higher and more stable crude oil prices are contributing to increased drilling in the United States, which may slow the pace of production declines. Benchmark West Texas Intermediate (WTI) crude oil prices averaged $46.59 per barrel (b) over the last three weeks, a 40% increase over the average price in the first quarter.

Tesco Corporation (the "Company") (NASDAQ: TESO) today announced that it has priced its underwritten public offering of 7,000,000 common shares of the Company at a price to the public of $7.00 per share. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,050,000 common shares at the offering price (less the underwriting discounts). The Company expects to close the sale of the common shares on June 14, 2016, subject to customary closing conditions.

"During the first quarter we achieved record operational uptime and we continue to see the benefits of our cost reduction program coming through. Our key priorities for the year are cost reduction, managing newbuild deferments and concluding our financing plans, while ensuring that we continue to maintain safe and efficient operations. I am pleased to say we have made good progress in all three areas during the first quarter."

The KCA Deutag Way is the combination of worldwide standards, tried and tested policies and procedures, pragmatic work guidelines and core behaviours that help us live and work by our values. It governs how we behave as colleagues and as a company. It ensures we operate safely, succeed globally and our customers enjoy a world class service.

As the number of failed operators mounts, the surviving companies are laying the groundwork for what they forecast will be an era of slower but steadier growth in the state at the epicenter of the U.S.’s energy boom.

Tesco Corporation Reports First Quarter 2016 Results: - Revenues declined to $35.5 million as a result of challenging market conditions - Cash increased $2.4 million during the quarter, ending at $53.9 million with no debt - Adjusted EBITDA was $(7.8) million, or (22)% of revenue - Reported diluted EPS was a loss of $1.45 and adjusted EPS was a loss of $0.46, after $0.99 in charges - Restructuring programs since Q4 2014 expected to yield $60 million of annualized savings