The implementation of SEEDS opened up many possibilities for the performance of risk exposure analysis, enabling the comparison of several BOP configurations of rigs contracted by Petrobras.
The rest, predictably, is "financial factors", including new rig contracts.
The $900m writeoffs comprise $400m of exploration costs, "impairment" charges for the company's goodwill or reduced reputation of $300m, and a further $200m for exiting a rig contract early.
Rolls-Royce rose 30p to £11.74 after winning a £22m rig contract with Samsung Heavy Industries and an overweight recommendation from JP Morgan Cazenove, although the bank has cut its target price from £15.60 to £14.60.
In a separate development, Tullow Oil, once a favourite of hydrocarbon investors, has written off more than $900m on failed exploration, goodwill and cancelled rig contracts while slashing its planned 2016 expenditure by $600m.
Rolls-Royce has risen 28p to £11.72 after winning a £22m rig contract with Samsung Heavy Industries and an overweight recommendation from JP Morgan Cazenove, although the bank has cut its target price from £15.60 to £14.60.
The case material is rig contracts from the North Sea.
While the Petrobras contract is good news in a sea of bad, the rig contract adds only $37.0 million per year in cash flow, which does little to lower the capital needs of the company.
It went through a major restructuring and management change, the Canadian co-owner was bought by Spain's Repsol last month, and as a signal of the direction of travel throughout the sector, the joint venture has just cancelled a two-year drilling rig contract for the Montrose field, at considerable cost.
Barnhart Crane and Rigging was contracted to erect the bridge last weekend.
