Now that British Telecommunications' jumbo $10 billion global bond issue is out of the way, Australian Telstra's offshore issues, clear losers in recent sessions, can expect a slight reprieve, analysts said on Wednesday. But while their spreads were unlikely to narrow much near-term, buying opportunities were emerging for medium to longer term investors, said National Australia Bank's senior analyst Phillip Strano. Telstra's offshore issues not only offered considerable margin pick-up over comparable domestic issues, but also superior credit protection over many of its European counterparts, Strano said. For example, the telco's U.S. dollar issue due 2005 was trading at around 80 basis points over swap while its domestic 2006 issue was trading at some 50 basis points. Further, Telstra's single-A plus ratings from Standard & Poor's has a stable outlook and incorporates moderate flexibility for the company to make further strategic investments. "There is arbitrage opportunities looking at offshore deals," said an analyst. "Event risks still circle this sector and we're recommending a more defensive stance. Offshore issues in the telco sector increasingly include step-up provisions, providing a greater degree of protection," he added. BT's issue for instance offered step-up coupons that will rise by a quarter percentage point if its ratings fall at least two notches to triple-B plus or Baa1, and more if cuts ran deeper.
The Carlyle Group and a New York-based private equity firm have committed a $450m investment to Dynamic Offshore Resources LLC, a new oil and gas company that will focus on the acquisition and development of producing properties in the Gulf of Mexico, the Washington Business Journal reported. Joining D.C.-based Carlyle in the Dynamic Offshore Resources investment is Riverstone Holdings LLC, a private equity firm founded in 2000 that focuses on certain parts of the energy industry
Friede Goldman Halter, Inc. announced that the purchaser has completed financing arrangements for the sale of its Friede Goldman Offshore division based in Pascagoula, Mississippi. On November 15, Friede Goldman Halter, Inc. (FGH) entered into a definitive contract to sell the assets of its Offshore division to ACON Offshore Partners LP, a Delaware limited partnership and an affiliate of ACON Investments, in a transaction valued at approximately $61 million (USD)
Ferguson Group Singapore, specialists in the rental of containers, refrigeration/chiller containers, accommodation modules and engineering modules to the offshore energy industry, announces a new 6-meter accommodation module to its fleet at the 14th Asian Oil, Gas and Petrochemical Engineering (OGA) Exhibition and conference in Malaysia from June 5, 2013. Attendees will have the opportunity to meet with members from Ferguson Group Singapore to learn more about the new 6m
Sinopacific Shipbuilding Group to team up with event organizer The Oriental Pro-Energy Consulting Organization (Topco). Sinopacific announce its cooperation with the leading event organizer The Oriental Pro-Energy Consulting Organization (Topco) to jointly present at the Offshore Support Vessel World Forum (OSV World 2012) in Shanghai China on 11-12 Sep 2012. The event, event, supported by Sinopacific, Shanghai International Shipping Institute, UCIBN, LTI Steel Wire Rope, GL, MARIC
Golar LNG announced that it has agreed to partner with Bluewater Energy Services B.V in bidding for an offshore LNG FSRU opportunity with 's national oil company, PetroSA. Golar and Bluewater will be equal partners in a joint venture formed specifically for this opportunity. Additionally, and in conjunction with this bid, Golar and Bluewater have agreed to acquire the 1977 built Moss type 126,000 m3 LNG Carrier, Hoegh Gandria. The vessel is intended to be used as the converted offshore FSRU.
Exxon Mobil Corporation announced the completion of the $2-billion Sable Offshore Energy Project off the coast of Nova Scotia, Canada, with the delivery of the first sales gas into the Maritimes & Northeast Pipeline. The project consists of three offshore platforms, a 125-mile subsea pipeline, natural gas-processing and fractionation plants and a 650-mile gas sales pipeline to New England, and is consistent with ExxonMobil's strategy of increasing gas and liquids production and expanding
Those companies that belabor the arduous conditions prevalent in business today will literally be left on the docks when the pace picks up during the coming year. All signs seem to point towards the start of economic recovery in the U.S., though the ripple effects will take some time to filter through to maritime and offshore businesses. Despite a generally dour hangover from the past 12 months, business opportunities are available to those who seek them.
Offshore Systems International Ltd. signed a teaming agreement with Raytheon Marine GmbH to pursue new opportunities in the international integrated bridge systems ('IBS') market. OSI also announced the first project under this partnership - to incorporate its world-leading warship navigation systems software ('WECDIS') into the Integrated Bridge System that Raytheon is installing on new destroyers being built for the Royal Navy in the United Kingdom.
Statoil, Chevron Canada and Repsol E&P Canada have been named the successful bidders for exploration rights on two land parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador, Canada. This was the result of a land sale issued by the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). The land parcels are located west of Statoil’s Mizzen discovery in the Flemish Pass Basin. Statoil will be the operator of both licences with a 50 % interest
Kongsberg Maritime has completed the installation and commissioning of an integrated bridge and automation solution during a large-scale retrofit of the Saipem 7000, an advanced Semi-submersible crane and pipelaying (J-lay) DP3 vessel. The Saipem 7000 retrofit was a ‘Full Picture’
Douglas-Westwood (DW) forecast offshore wind installations averaging 3.2 GW per year over the next ten years with capital expenditure hitting a peak of $24.1B in 2016. The fifth edition of DW’s World Offshore Wind Market Forecast launched today presents a new longer-term forecast and
In June, components weighing up to 420 tonnes each for Liebherr’s new heavy lift offshore crane CAL 45000-1200 Litronic were loaded from Liebherr MCCtec Rostock GmbH onto two ships in the port of Rostock. These components were subsequently transported to the Crist shipyard in
Bibby Offshore’s newest division, Bibby Remote Intervention Limited (BRIL) Recently increased its workforce following the creation of two new positions. David Howe joins the firm as project director and Robin Longstaff as survey manager.
The Bureau of Safety & Environmental Enforcement (BSEE) will host a public forum on offshore energy infrastructure hurricane preparedness and response on Thursday, June 27, 2013, as part of its efforts to improve the safety of offshore oil and gas operations.
Norway's Tekna (Technical and Scientific Association) awards its gold medal to Ulstein Group for creating opportunities in technology. Gunvor Ulstein, CEO of Ulstein Group, received Tekna’s Gold Medal at a recent ceremony. The medal is given as an honour and encouragement to Norwegian
Randall P. Bergeron, President, Tesla Offshore LLC has announced that Donizeti Carneiro has joined Tesla Offshore LLC as the company’s area manager for South America, with an office in Rio de Janeiro, Brazil. For the past 13 years Donizeti has been involved with the Brazilian offshore oil
Drydocks World & Maritime World, a provider of services to the international marine and maritime industry, announced that the Mare Forum Shipping Summit will be held in 2014 in Dubai, UAE. The event which will be attended by leaders of both the regional and international industry will be
International service contractor Sureclean has been recognized for its commitment to people development after introducing new employee training programs, accredited by the Chartered Management Institute. The training, which is provided by Highlands based training company Helcat
Decom North Sea (DNS), the offshore oil and gas decommissioning forum, will host a lunch and learn to provide attendees with an insight into supply chain companies’ decommissioning capabilities. The lunch and learn event will take place on June 19 at the Palm Court Hotel in Aberdeen
The National Shipbuilding Research Program (NSRP) plans to issue a research announcement in August, 2013 & in the meantime issues this pre-solicitation notice in order to facilitate teaming arrangements. In making this announcement NSRP aims to solicit summary proposals that respond to
The Crown Commissioners announce a site leasing program to encourage investment in a range of offshore wind test & demonstration projects, including a leasing round for floating offshore wind technology. The Crown Commissioner's plans were announced at the RUK offshore wind conference and
Global law firm White & Case LLP announced the availability of a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies
Nautronix gave young people across Aberdeen City and Shire an insight in to the oil and gas industry and the exciting career opportunities available to them. Working with Coaching Training Consultancy Ltd, (C-T-C) and their SCIP program, Nautronix invited 14 pupils aged between 16 and 17 from St
Aberdeen-based project management and development engineering specialist EPC Offshore has signed an agreement with Total E&P UK Ltd. (TEP UK) to provide support services at its natural gas and condensate discovery in the Atlantic. Edradour, located in Block 206/4 of the U.K