Esgian Week 10 Report: Additional Backlog Secured
Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte dâIvoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drillingâs 250-ft jackup Rig 141 has secured a two-yearâŠ
Esgian: New Contracts, Drilling Activities and Rig Moves Across the World
Esgian's last roundup of the year for the Week 52 puts spotlight on new developments for Dolphin Drilling semisub, Seadrill drillships, as well as Shellâs plans for Australia and ONGCâs new tender for jackups in India.ContractsDolphin Drilling has signed a Letter of Intent (LOI) with an undisclosed operator for the 1,500-ft semisubmersible Borgland Dolphin to undertake a 500-day drilling campaign in the UK. The drilling campaign is planned to begin directly after the firm part of the contract period with EnQuest, which was announced in late November 2023.
Offshore Oil Spending to Rise More Than 20% This Year
Offshore oil and gas exploration spending will increase more than 20% globally this year and the growth will continue into the next, oilfield services firm SLB said on Wednesday."Offshore is experiencing a renaissance, with significant breadth and anticipated durability," SLB Chief Executive Olivier Le Peuch said at the JP Morgan Energy Power and Renewable Conference, according to a draft of the speech posted on the company's website.SLB, the world's largest oil services and equipment provider, said it expects to see a long tail of activity with 65 lease rounds concluding globally this year, i
2023 Outlook: The Offshore Service Vessel Market
The market for offshore support vessels has been through a rather rough few years since offshore exploration and production activity took a nose-dive in 2015 following the oil price crash the year before.The newbuild order boom that came with the ever-greener pastures imagined in the industry ensured that not only was the supply- and demand balance off by an insurmountable degree in the years that followed, but at its peak, in 2017, the oversupply of anchor handling tug supplyâŠ
U.S. Ready to Facilitate Maritime Border Dispute Talks Between Israel and Lebanon
The United States stands ready to facilitate maritime border talks between Lebanon and Israel that will have benefits for the crisis-hit Lebanese economy, a U.S. envoy said on Thursday.On a visit to Beirut, Under Secretary of State David Hale blamed Lebanese leaders for failing to end a deadlock in cabinet talks to tackle the collapse, which has crashed the currency. He warned that "those who continue to obstruct" progress open themselves up to punitive actions, without naming individuals.As part of its pressure campaign on TehranâŠ
Fincantieri to Open Ship Repair Yard in Mexico
Fincantieri is teaming up with the Mexican government to open a new shipyard that will provide repair, conversions and maintenance cruise ships, large cargo vessels and oil and gas vessels.The Italian shipbuilding giant revealed Tuesday that it has signed a letter of intent (LoI) with the Ministry of Economic Development and Labor of the Yucatán State (Mexico) to participate in the design and construction of the new facility, located within the expansion and modernization of the Port of Progreso, the main port of the state, approximately 35 kilometers from the capital Merida.
Digitizing Risk-based Integrity Management of FPSOs
Industries are adapting to an increasingly digitalized landscape. The floating production, storage and offloading (FPSO) industry is no different. As concerted efforts are made to improve project economics Matt Tremblay, ABS Senior Vice President, Global Offshore, discusses how digitalization can increase safety, reduce costs, and build robust technical and operational capabilities.No one could have predicted what a challenging year 2020 would become. Offshore production activity fluctuated dramatically with changing market economics and a global pandemicâŠ
Navigating the Rough Waters of Marine Certification
The marine industry brings its own unique set of challenges.With the âAll Subsea Factoryâ market trend moving offshore exploration and production equipment for oil and gas to the seabed, safety, longevity and environmental protection are just a few of the considerations when choosing marine products. When selecting products for marine applications, the understanding of factors such as marine certifications and inspection documents are crucial to making an informed decision.Worldwide statutory provisions enacted by the United Nations (UN) agency on shipping specify general regulation and rules necessary to obtain an operating license for all categories of ship, marine and offshore applications.
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown â whether cyclical or induced by a trade war â have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marineâs John Gellert, in reviewing its Q2 results, said: âActivity levels in the U.S.
Bourbon to Support Total in Namibia
Bourbon Marine & Logistics announced on Monday that it has been awarded an integrated logistics contract from Total to support the supermajor's deep offshore exploration campaign in South Namibia in 2020. The project scope covers provision of logistics base, freight forwarding, custom clearance, material storage & warehousing, handling and lifting, marine port visits support along with tank cleanings and logistics operations planning and conduct (material and personnel).BourbonâŠ
Investments in Exploration Drilling to Double
Rystad Energy sees investments both in offshore and onshore exploration drilling doubling in the next five years, compared to the last five years. Conventional onshore demand will be driven by Asia, Africa and South America.Europe on the other hand, will be a hot spot for offshore exploration, led by investments on the Norwegian Continental Shelf, the energy research and business intelligence company said.In the past few years conventional exploration drilling has been on a rocky road, dropping from 3000 exploration wells drilled in 2012 down to just 900 wells in 2016 â a whopping 70% decrease.Exploration has been constrained not only by lower oil pricesâŠ
Inmarsat, Space Norway to Launch Arctic Satellites
Inmarsat will introduce two new satellite payloads dedicated to the Arctic region in a partnership with Space Norway, and its subsidiary Space Norway HEOSAT.The new Global Xpress (GX) payloads support the rapidly growing demand among both commercial and government users for seamless, reliable, high-speed mobile broadband services in the Arctic and throughout the world. They specifically address rising demand for high-speed mobile broadband Fleet Xpress service capability from the merchant shippingâŠ
AAMA Seeks Support for Ocean Economy
Chairman of Association of African Maritime administrations (AAMA), Dr Dakuku Peterside has called on developed nations and corporate bodies to support Africa and other developing nations to build capacity and regulatory enforcement needed to maximize benefits of ocean economy.Dakuku who made the call in Oslo, Norway at the commencement of the world renowned Nor Shipping Conference & Exhibition, holding June 4th - 7th, 2019, noted that Ocean industries will be contributing to Sustainable development goals only when both developing and developed nations benefit in a sustainable manner.The High level ocean leadership meeting which was organized by United Nations Global Compact and the Norwegian government at the residence of the Prime Minister of NorwayâŠ
MISC Group Q1 Financial Results
MISC has announced its financial results for the financial period ended March 31, 2019.Financial Highlights:Group revenue for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group profit before tax for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group Revenue, Operating Profit and Profit Before Tax for the Quarter Ended March 31, 2019Group revenue for the quarter ended March 31,2019 of $544 million was 12.7% higher than the corresponding quarterâs revenue of $482 million.
JAPEX Begins Drilling at Offshore Hokkaido
Japanese hydrocarbon exploration, production and transportation company, Japan Petroleum Exploration Co., Ltd. (JAPEX) has started the exploratory drilling at offshore Hidaka area of Hokkaido.The drilling job is a part of the offshore exploration project commissioned by the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry (ANRE).This project is aiming to evaluate the presence of oil and natural gas resources in the area based on the analysis to be conducted through the result from this exploration well.The location of the exploration well is approximately 50 kilometers offshore of Hidaka area of Hokkaido with the depth of approximately 1âŠ
OSVs: Restarting that Idled Vessel
Owners of offshore support vessels (OSV) are beginning to examine the possibility of reactivating some of their fleet even as the consistent volatility of oil prices and a healthy stream of ships projected from global shipyards keeps their enthusiasm in check.According to Clarksons, demand for the versatile ships, which support offshore exploration and production activities around the world, edged up 3% in 2018, with marginally higher day rates tempting some units out of lay-up.Most of the idle OSV fleet is unlikely to become active this yearâŠ
OSV Market: Which Way is Up?
Any analysis of markets for offshore service vessels (OSV) usually begins with analogies to rough weather, best of times/worst of times or similar. OSV expert Seabrokers, with a home base in Stavanger, Norway, in the February edition of its Seabreeze market report follows this convention with a description of the âfeast or famineâ conditions in the North Sea. Recent day rate action highlights the localized nature of markets for anchor handlers (AHT), platform supply vessels (PSVs) and similar equipmentâŠ
FPSO Market to Reach $66Bln by 2026
The global floating production storage and offloading (FPSO) market was valued at around US$ 25 Bn in 2017 and is anticipated to expand at a CAGR of around 12% from 2018 to 2026, said a new report.Based on type, the global FPSO market can be divided into converted, new-build, and redeployed, said a new report by Transparency Market Research (TMR) on FPSO market.In terms of value, the converted segment dominated the global FPSO market in 2017. Low capital requirement and faster deployment of converted FPSOs as compared to new-build FPSOs are likely to drive the segment during the forecast period.FPSO is a converted tanker or a purpose built vessel that can be multi-hull production semi-submersible, cylindrical shaped production spar/ mono hull, or ship shaped.
Global FPSO Market to Hit USD30Bln by 2025.
The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative, it said.Furthermore, advancement in subsea technologies alongâŠ
Rebuilding Confidence in Reactivated DP Assets
The offshore energy sector, like any industry, is constantly subject to market cycles. Challenging conditions may lower demand, resulting in a significant number of resources such as offshore support vessels (OSVs) and drillships being deactivated for potentially extended periods. Over time, however, cycles reverse and demand increases for these same assets.Operators reduced expenditures on offshore exploration and production activities, with a subsequent lower demand for these offshore assets, many of which were ultimately deactivated and laid-up (or âstackedâ) for extended periods.
Guinea's Special Focus to Protect its Coastline
The intense shipping and offshore exploration activities in the Gulf of Guinea pose major risks to its coastline, so the country pays special attention to protecting its coastline, said International Maritime Organization (IMO)Last week (12 - 15 November) a national workshop aimed at building the country's oil pollution preparedness and response capacity was held, under the auspices of the GI WACAF project â a collaboration between IMO and IPIECA - the global oil and gas industry association for environmental and social issues.The participants were able to gain key knowledge and skills â notably regarding assessment techniques and cleanâŠ
INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.
Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics. He previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Mr. Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies. Beyond this, Mr. Rynd served as Chairman of the National Ocean Industries Association (NOIA) from 2014-15 and currently holds an Ex-Officio position on the Executive Committee. He serves on the Board of Directors of Fieldwood Holdings LLC, and was on the Board of Directors of Hornbeck Offshore, Inc.
GE Shipping Adds VLGC Jag Vasant to its Fleet
The Great Eastern Shipping Company Limited (G E Shipping) took delivery of secondhand Very Large Gas Carrier "Jag Vasant" of about 83,270 cbm. The company had contracted to buy the vessel in Q2 FY19.The Company's current fleet stands at 49 vessels, comprising 35 tankers (12 crude carriers, 17 product tankers, 6 LPG carrier) and 14 dry bulk carriers (1 Capesize, 8 Kamsarmax, 5 Supramax) with an average age of 10.90 years aggregating 3.98 mn dwt.The Great Eastern Shipping Company Limited is India's largest private sector shipping company which mainly transports liquid, gas and solid bulk products. The company has two main business, shipping and offshore.The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities.