CONOCO PHILLIPS

Aker Kvaerner Wins Contract in Vietnam

Aker Kvaerner has been awarded a five year contract by Cuu Long Joint Operating Company (CLJOC) for the supply and installation of surface wellheads and valve trees in the Vietnamese Cuu Long Basin. Aker Kvaerner's business area Subsea will supply the wellhead and control tree system as well as associated components. The equipment will be used to support the new Sutu Vang (Golden Lion) and Sutu Den (Black Lion) fields of the Cuu Long Basin. With the rapid development of multiple industries, Vietnam is facing an energy shortage. Jointly operated by PetroVietnam, Conoco Phillips, KNOC and GEO Petrol, CLJOC is special purpose venture created to develop and operate Block 15-1 offshore Vietnam. Project management and manufacturing will be performed at Aker Kvaerner's subsea facility in Batam, Indonesia.

ConocoPhillips Merger Completed

ConocoPhillips has completed the merger of Conoco Inc. and Phillips Petroleum Company, following clearance by the U.S. Federal Trade Commission earlier today. Shareholders of both companies and all U.S. and foreign regulatory authorities cleared the merger earlier this year. ConocoPhillips is the third-largest integrated U.S. energy company. On a global basis, it is the sixth-largest publicly held energy company based on hydrocarbon reserves and production

Northrop Grumman Awarded Ship Contract

Northrop Grumman Corporation was awarded a contract from Maersk Line, Limited for maintenance work on the military prepositioning ship M/V Pvt. Franklin J. Phillips. Northrop Grumman's Newport News sector is the prime contractor for the work, which will include dry-docking, maintenance and repair. The Phillips arrived at the shipyard on Sept. 26 and will remain for approximately five weeks. Work during this period will include upgrades to the habitability spaces; replacement of the cargo

Conoco Expects Higher Earnings in Third Quarter

Conoco said higher crude oil and natural gas prices, as well as continued growth in oil and natural gas production volumes, will result in earnings appreciably higher than current analysts' estimates for the third quarter. Conoco Chairman, President and CEO Archie W. Dunham said earnings would be in a range of about four to seven cents higher than First Call's current consensus estimate of 33 cents of underlying earnings per share for the third quarter.

New Generation Drillship Goes to Work

Conoco and R&B Falcon Corp. announced Deepwater Pathfinder - a first-of-its-kind, ultra-deepwater drillship - began a five-year work program in the Gulf of Mexico. The ship, the first new build capable of drilling in 10,000 ft. of water, will fulfill a $400 million drilling program for Conoco. The vessel is expected to drill three or four wells in its first year of operation, with the first exploratory well being drilled at Garden Banks Block 783

Maureen to be Reused and Recycled

Phillips Petroleum's UK subsidiary has exercised the option in its existing contract with Aker Maritime to deconstruct the Maureen platform for re-use and recycling. Maureen is to date the largest platform in the world to be removed after use. Parts of the substructure are planned to be used in a new quay at Stord in western Norway - and the aim is to use anew or recycle no less than 95 percent of the platform. The assignment is worth NOK 700 million

Petroleum Geo-Services Awarded Two Seismic Contracts

Petroleum Geo-Services ASA was recently awarded a seismic contract in deepwater Gulf of Mexico. Petroleum Geo-Services will utilize its proprietary 3D marine seismic vertical cable technology for the contract awarded by Phillips Petroleum Company in deepwater Gulf of Mexico in the Garden Banks area. The contract will involve one month of high-density data acquisition.

R&B Falcon Announces Deepwater Pathfinder Incident

R&B Falcon Corporation announced drillship Deepwater Pathfinder sustained damage when 20 joints of the vessel's riser and its blowout prevention equipment fell to the seabed in approximately 7,000 ft. of water while preparing to continue drilling operations in the Gulf of Mexico offshore Louisiana. None of the personnel aboard the drillship sustained any injury. The drillship's top drive and travelling equipment sustained damage

MLL Purchases Two U.S. Flag Combination Ships

Maersk Line, Limited (MLL) has completed the purchase of two flag general cargo and roll-on/roll-off combination ships, formerly employed under long-term charter to the U.S. Navy’s Military Sealift Command (MSC). In early 2008, Military Sealift Command elected to end the charter for the M/V PFC WILLIAM B BAUGH and M/V PVT FRANKLIN J PHILLIPS and redeliver them to their private owners, who then offered them for sale

Maersk Alabama Captain Rescued

(April 12, 2009) Maersk-Alabama Capt. Richard Phillips, right, stands alongside Cmdr. Frank Castellano, commanding officer of USS Bainbridge (DDG 96) after being rescued by U.S Naval Forces off the coast of Somalia. Philips was held hostage for four days by pirates. (Official U.S. Navy photo)