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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’

Jackson Offshore Receives Minority Certification

Lee Jackson, President and CEO of Jackson Offshore LLC, a provider of high specification crewboat services in the U.S. Gulf of Mexico, announced the company’s recent certification as a minority business in the state of Louisiana. Jackson Offshore was formed in part to provide dedicated crewboat services to major oil and offshore service companies wishing to contract with companies involved in the reinvestment and rejuvenation of southern Louisiana and especially New Orleans

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

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.

As Iran Oil Tenders Near, Investors Still in the Dark on Terms

Two years after Iran pledged to open up its oil industry in anticipation of the lifting of sanctions, foreign companies say they still have little information about Iranian oil fields and contract terms, hindering investment decisions. Bosses from oil majors including BP, Total, Eni

Oil Rises on Record Indian Imports, Hopes of Output Caps

Oil prices edged up on Wednesday, supported by record Indian crude imports and talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.   Global benchmark oil futures, the Brent and U.S

MPA Tests Joint Oil Spill Response Procedure

Courtesy MPA

The multi-agency joint oil spill exercise was conducted today as part of an on-going effort to ensure our ports remain safe, secure and clean for the international shipping community. Code-named JOSE 2016, the exercise was organised by the Maritime and Port Authority of Singapore (MPA) as part of

Moody's Threatens Downgrade of Maersk

Photo: Maersk Group

 Denmark-based shipping and oil company A.P. Møller-Mærsk A/S (Maersk)'s decision to split the group into two parts now get the credit rating agency for questioning to the light blue conglomerate's debt. It ends "probably" with a downgrade

Libyan Oil Port Takeover Gives Edge to Eastern Commander

Less than a fortnight after forces loyal to Khalifa Haftar swept into four of Libya's oil ports, tankers are loading, production has jumped, and momentum has shifted firmly in the divisive former general's favour.   For Haftar's opponents, and for Western powers

Libyan Commander's Seizure of Oil Ports Risks New Conflict

Libyan forces loyal to eastern commander Khalifa Haftar said on Monday they had tightened their control over four major oil ports, casting a Western-backed project to unite Libya and revive oil exports into deep uncertainty.   Haftar's forces met little resistance as they seized the

Argentina Reworks LNG Import Deals

Argentina is diverting or cancelling incoming shipments of liquefied natural gas (LNG) after mild late winter temperatures curbed fuel demand and forced state-run buyer Enarsa to rework some deals.   South America's biggest LNG importer launched back-to-back tenders in June and July after a

MSRC CEO to Retire in April 2017

Photo courtesy of MSRC

The Marine Spill Response Corporation (MSRC), the nation’s leading oil spill response organization, has announced that Steven T. Benz, the company’s President and CEO, will be retiring on April 30, 2017.   Tim Plummer, Chair of the MSRC Board of Directors

Turkey’s Role for the Tanker Market

Map and Graph: Poten and Partners

 Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market.   Turkey is not a large oil or gas producer; according to JODI its crude oil

Fire at Prelude LNG Construction Site in South Korea

Happier Times: In May 2013 the price per barrel of oil was more than $100 and Shell ha laid the keel for Prelude FLNG, the world’s first floating liquefied natural gas (FLNG) project. (Courtesy of  Royal Dutch Shell)

Shell said a small fire occurred at the construction site in South Korea for its huge floating Prelude liquefied natural gas (LNG) project, with work resuming immediately and an investigation underway.   The incident would not have an impact on the delivery schedule

Salvage & Wreck Removal Conference Presents an Upbeat Mood

Salvage & Wreck Removal Conference Session in progress Photo JRF

The verdict at the 5th India Marine Salvage and Wreck Removal Conference of Hinode held this time in Mumbai last week was clear and unanimous. The presentations as well as the deliberations highlighted an upbeat atmosphere indicating the growing prospects for salvors on the India’s 7516 KM

Cegal Launches Blueback ODiSI

Petrel ODiSI The technology was originally developed solely by BP Image by Cegal

Cegal today announced the release of Blueback ODiSI - an innovative One Dimensional Stochastic Inversion method.   Blueback ODiSI produces high-quality images of reservoir property estimates and associated uncertainties.   According to Sara Grant, Geophysicist, BP

Global Ports Revenues Fall

Photo: Global Ports Investments PLC

 Global Ports Investments PLC's  container traffic slumped 31 percent and revenue sank 28 percent in 2015. Global Ports Investments' revenues fell to USD405.7 million in the year to the end of December.   Net loss of the port operator in 2015 amounted to $33.7 million versus $197

A2SEA Jack-Up Capsizes Off Denmark

Photo: A2SEA A/S

 A2SEA has announced that wind turbine installation vessel has capsized off the Danish coast due to harsh weather on Wednesday.    It has gone from bad to worse for A2SEA-vessel Sea Worker. A week ago, jumped tethers during a towing of the 1

BP Reports Biggest Ever Annual Loss

BPs Thunder Horse platform in the Gulf of Mexico. (Photo: BP)

BP shares slide 8 pct after results miss forecasts. BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.

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