Stena Drilling
Stena Drilling
Summary of 2024
Stena Drilling is one of the world’s leading independent offshore drilling contractors with a fleet that today consists of a semi-submersible drilling platform and five drilling vessels. The company has a proud history of pioneering innovations and contributes the very latest technology in offshore drilling. www.stena-drilling.com
The oil and gas drilling industry has been volatile in recent years. The stronger demand for offshore drilling from 2006 until the oil price collapsed in 2015, led to a large influx of new drilling units and excessive supply when long drilling contracts expired. Oil prices and demand started to climb again in 2019, but the subsequent pandemic resulted in the industry having its worst year ever with multiple bankruptcies and scrapping of drilling units.
Since then, oil prices have climbed and stabilised. This has resulted in a strong market for drilling contractors as the balance between supply and demand for drilling units has tightened. The large capital investments required to bring new capacity to the market are still a significant barrier to entry. Stena Drilling has constantly invested in its assets to keep them up-to-date and fit for the future as far as possible. This strategy has not only put the drilling units at the forefront of the market, it has also ensured continuity of staffing, which has contributed to smooth on board operations.
Having a drilling unit is like having a city in the middle of the sea. On board are an airport, a hotel, a restaurant, a factory, a power plant, a propulsion system, a warehouse and the logistics solutions that take deliveries off ships. Good performance requires people with both training and experience.
Growth and a strong performance
2024 was a year of growth for Stena Drilling. All six units in the fleet were contracted at good prices during the year, contributing to a better performance. The units operate in the North Sea, Guyana, the Gulf of Mexico and the Mediterranean. The 41-year-old semi-submersible drilling rig Stena Spey was sold in August 2024.
The latest addition to the fleet, Stena Evolution, a state-of-the-art seventh generation ultra-deep water drilling unit, was delivered in January from SHI Shipyard Korea and started operation in the Gulf of Mexico in April with Shell. The contract has a term of seven years, with the option to extend with another three years. The plan is to further upgrade the unit with a 20,000 PSI pressure control system in 2026.
Leader in innovation
Care, innovation and performance are the key values that guide Stena Drilling’s operations. Stena Drilling has long been at the forefront of innovation. This includes the design and operation of rigs in ultra-deep water and other harsh environments. The company was also one of the first in the industry to obtain ISO certification for ISO 50001 (Energy Management) and ISO 14001 (Environmental Management).
Protecting the environment and eliminating oil spills go hand in hand with a strong company culture focused on safety. Everyone on board has the authority to stop drilling when a risk is detected so that problems can be identified and addressed. This safety culture and attention to detail ensures that the company is at the forefront when it comes to tenders from the major oil companies.
Sustainability performance
Environment
Carbon emissions, CO2 (thousand tonnes)
Nitrogen oxide emissions, NOX (tonnes)
Goal: To reduce carbon emissions by 40% by 2030 compared with 2019.
Comments: The increase in 2024 is primarily due to delivery of the Stena Evolution and several shipyard visits during the year, where fuel consumption increased in connection with movements to and from ports. The outcome for 2024 means that operational emissions have decreased by 15.7% compared with 2019.
Society
Develop and promote local personnel
33%
Share of locally employed personnel in Guyana %*
Goal: >30%
*At Stena Carron & Stena DrillMAX.
14%
Share of Total income
985
Employees
7,584
Income, MSEK
21,462
Capital employed, MSEK
5
Drillships
1
Drilling rig