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Major Oil

UK Oil Firm Charters Two NAO Vessels

Nordic American Offshore Ltd (NAO) has entered into two new contracts with a major oil company in the U.K. for one year with a one year option. This will secure employment for two NAO vessels up to the end of 2015


TEN Takes Delivery of Panamax Tanker Aztec

Tsakos Energy Navigation Limited (TEN) has entered into a new medium-term charter arrangement with PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled Panamax, the Aztec, to PMI. The contract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. "We are pleased to furnish PMI with another high-quality vessel to serve their growing


SapuraCrest, Ramunia Awarded Contracts

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.


Norsk Hydro Strikes Oil, Natural Gas Reserves off Norway

Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that


Wärtsilä Acquires Power and Automation Systems from Aker Kvaerner

Wärtsilä has acquired Aker Kvaerner Power and Automation Systems AS (AKPAS) from Aker Kvaerner. AKPAS supplies power and automation systems for the oil and gas, marine and industrial markets. The company operates mainly in the North Sea region with major oil and gas companies and Norwegian shipyards. AKPAS has annual net sales of EUR 28 million and 135 employees in Stord, Norway. The acquisition price is approximately EUR 12 million.


Wärtsilä Automation in Norway

The Norwegian automation company AKPAS, acquired by Wärtsilä in February, has been renamed Wärtsilä Automation Norway AS. The company becomes part of Wärtsilä from March 1. The company supplements Wärtsilä's product offering in electric propulsion systems, power distribution and automation for the oil & gas and marine sectors. It also strengthens Wärtsilä's capabilities for further development of automation systems.


First Steel Cut for Liftboat ‘Seajacks Hydra’

Photo by Seajacks

A ceremony marked the event at Lamprell’s Hamriyah Dubai facility. The self-elevating, ‘Seajacks Hydra’ has been specifically designed for installation and maintenance services in the offshore wind and oil and gas sectors. The vessel will be equipped with a high speed jacking system, a 400t crane and able to operate in water depths up to 48m. Lamprell Energy has built all three of Seajacks’ current vessels; ‘Kraken’


Early Termination for Viking’s AHTS Vessels

Viking Supply oversees a fleet of five platforum-supply vessels and eight anchor handlers.

  As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of three vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017. The drilling season is expected to commence around April / May each year. As a result of the 2015 drilling season has been cancelled, Viking Supply Ships has received an early termination for Brage Viking, Magne Viking and Balder Viking


Far East Contract for Icebreaking AHTS 'Tor Viking'

AHTS Tor Viking: Photo VSS

Viking Supply Ships says it has entered into a contract with a major oil company for their AHTS vessel 'Tor Viking'. The charter of the AHTS will be in the Far East region, commencing in June 2014. The duration is for 11 months firm, plus options to extend the contract by 2 x 6 months subject to availability. Viking considers that this contract strengthens its position within harsh environment operations. The value of the firm period of the contract is around US$ 34.5-million.


TOP Announces Delivery of Sixth in Series of Ten

TOP Tankers Inc, announced that it took delivery of M/T Restless, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1991 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. As with all the Company's Handymax tankers, the vessel commenced its 2-year profit-sharing employment contract with a major oil trader. The delivery of the M/T Restless represents the sixth of 10 double-hull tankers the Company is acquiring using the proceeds of its initial public


Oil Majors to Preserve Dividends Despite Oil Collapse

Oil well

  Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares.


Libya Warplane Attacks Benghazi Bound Trawler

A Libyan warplane attacked a fishing trawler carrying gasoline to the port of Benghazi this week after the internationally recognised government suspected it of supplying Islamist militants, a military official said on Thursday. Libya's recognized government


SPMTs Transport Heavy LNG Load in China

Roll-on of the 5,000 t module on SCHEUERLE SPMTs. The precise axle compensation of the vehicles ensured a safe loading process. (Photo courtesy of SCHEUERLE)

5,200t LNG module transported on SCHEUERLE self-propelled modular transporters (SPMT) in China   It was the heaviest load ever transported in China on SPMTs: the first of a total of eight liquid natural gas (LNG) production modules was moved by SCHEUERLE SPMTs from Zhejiang Lida


Bad Weather Closes 3 Major Mexican Oil Ports

Photo courtesy of the Port of Dos Bocas

Three of Mexico's major oil export ports along the Gulf coast have been closed due to bad weather, the Communications and Transport Ministry said on Tuesday.   Cayo Arcas, Dos Bocas and Coatzacoalcos have been closed since Sunday.  


Concordia Maritime Extends Charters for Tanker Duo

P-MAX tanker

  Concordia Maritime has just renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement will run until the summer of 2015.


Concordia Renews Charter of 2 P-MAX Tankers

Stena Provence (Photo: Concordia Maritime)

Concordia Maritime renews agreement with oil and gas company for charter of two P-MAX product tankers in the Asia-Pacific region   Concordia Maritime has renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence


EnerMech Secures $53.4m Cranes Contracts

Photo courtesy of EnerMech

EnerMech has secured six new or renewed cranes and lifting contracts in the UK North Sea sector valued in excess of $53.4 million. The Aberdeen headquartered mechanical engineering group agreed extensions to contracts with Apache North Sea, Maersk Oil and Marathon Oil


Long-term Study May Reveal Deepwater Horizon Impacts

Dr. Wes Tunnell

The Harte Research Institute (HRI) for Gulf of Mexico Studies at Texas A&M University-Corpus Christi will receive approximately $1.25 million over the next three years to work with Mexican colleagues in the southern Gulf of Mexico to look for residual impacts from the Ixtoc I oil spill of


Syzran Refinery Output Up

Syzran Refinery

  Following the results of nine months of 2014, Syzran Refinery, a part of the Samara group of refineries of Rosneft, increased output of major oil products compared to the same period in 2013. For instance, almost 1.5 million tons of diesel fuel were produced which is 12% higher compared


OW Bunker Collapse Rattles Singapore Bunker Markets

Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest


M3nergy Berhad Unveil Latest FPSO Vessel

Y.A.B Datuk Seri Panglima Musa Haji Aman, Chief Minister of Sabah and Y.A.B Datin Seri Panglima Datuk Hajjah Faridah Haji Tussin, wife of Chief Minister of Sabah with the distinguished guests on the launch of M3nergy Berhads latest FPSO vessel -- Ratu Nusantara.

M3nergy Berhad celebrated the completion of their latest FPSO vessel, Ratu Nusantara, at a launch ceremony at the Keppel Shipyard in Singapore. Under the auspices of SKK Migas and PC Ketapang II Ltd (PCK2L), the newly named vessel will embark on its inaugural voyage for the Bukit Tua oil and gas


Oversupply, Ebola Fears Drive Oil Below $86

ebola2.jpg

 * Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)    


Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a


Early Contract Termination for Loke Viking

Logo

As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of four AHTS vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017


Two-month Global LNG Rally Ends, Weak Oil Tempts Buyers

Asian spot liquefied natural gas prices ended their 2-month rally this week, interrupted by weak demand in Japan and South Korea as falling crude oil prices push importers to turn to oil-linked long-term LNG supplies. Spot LNG prices for November delivery lost ground to $14






 
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