Offshore Opportunities

Reprieve Expected to Aid Telstra's Offshore Issues

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.

Carlyle, Riverstone to Invest $450M in Oil and Gas Firm

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

FGH Anticipates Sale Completion

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 Announces New Accommodation Module

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 & Topco Link-up at OSV World 2012

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 and Bluewater Partner in Bid for Offshore FSRU Project

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.

ExxonMobil Announces Completion of $2-Billion Sable Gas Project

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

Editor's Note

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.

OSI, Raytheon Team for IBS Opportunities

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 & Partners Win Offshore Canada Bid

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