Halliburton and Baker Hughes, which do the physical work of drilling wells and extracting oil and natural gas for energy companies, trail only Schlumberger Ltd. in the marketplace.

CAODC announces its 2016 Drilling Forecast • Projected 2016 wells drilled: 4,728—a decrease of 58% from 2014 (11,226) • Projected operating days: 56,260—a decrease of 57% from 2014 (131,021) • Rig fleet expected to contract by 62 (758 drilling rigs to 696 drilling rigs) • 57% decrease in employment from 2014 levels (-28,485 jobs)

Fernando Assing, TESCO's Chief Executive Officer, commented, "We continue to be impacted by market conditions that reduced drilling activity and pricing. We are positioning our business under the assumption that the market will be lower for longer. Consistent with our commitment of sustainability through the current market, we implemented additional global restructuring actions in the third quarter with annualized savings of approximately $5 million, bringing our total annualized savings from restructuring to $40 million. These actions are designed to lower our cost structure and better match current market activity. We continue to see opportunities to improve our operating performance and improve cash generation".

The business environment deteriorated further in the third quarter. However, the cost reduction actions we took in previous quarters and the acceleration of our transformation program enabled us to protect our financial performance in what is shaping up to be the most severe downturn in the industry for decades. As a result of our actions, we have been able to deliver pretax operating margins well above those seen in any previous downturn and we have continued to generate significant liquidity with free cash flow of $1.7 billion in the third quarter, representing 170% of earnings.

Eurasia Drilling Co., the Russian oil driller whose planned acquisition by Schlumberger Ltd. collapsed last month, said it received a buyout offer from management and shareholders.

Revenues for the second quarter of 2015 were $1,147 million compared to $1,244 million in the first quarter of 2015. Operating profit for the quarter was $384 million compared to $703 million in the preceding quarter. The decrease was primarily due to the gain on deconsolidation of SeaMex during the first quarter, and a loss on the sale of the West Polaris to Seadrill Partners during the second quarter. Taken together, these items account for approximately $261 million, or 82%, of the sequential decline in operating profit. Excluding these non-recurring items, operating profit declined 11% sequentially.

Rosneft increased technical drilling volumes at the Company’s production assets by 27% in 7 months of 2015. Based on the January through July 2015 results the overall drilling progress accounted to 4.585 mln m, whilst during the same period of 2014 the figure was 3.605 mln m.

Diamond Offshore Drilling, Inc. (NYSE: DO) today reported net income of $90 million, or $0.66 per share, in the second quarter of 2015, compared to $90 million, or $0.65 per share, in the second quarter of 2014. Revenues in the second quarter of 2015 were $634 million, compared to revenues of $692 million in the second quarter of 2014.

Shell will conduct its drilling in 140 ft of water about 70 miles northwest of the Alaskan village of Wainwright using the M/V Noble Discoverer drillship and Transocean Ltd.’s Polar Pioneer semisubmersible drilling unit, with each vessel providing relief-well capability for the other. The two drilling rigs and their supporting vessels will depart the Chukchi Sea at the conclusion of each exploration drilling season.

The U.S. government would get a larger share of oil and gas revenue from federal land under a proposal the Interior Department is expected to announce on Friday.