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Offshore Pay

Major Shallow Water Oil and Gas Find

Sperry-Sun, a Division of Dresser Industries, Inc., participated in drilling a significant crude oil and natural gas discovery in Anadarko Petroleum Corp.'s subsalt exploration program. This discovery - called Tanzanite - is located in the Gulf of Mexico at Eugene Island South Addition Block 346 in 314 feet of water about 75 miles offshore Louisiana. Anadarko believes the Tanzanite field contains at least 140 million boe. Sperry-Sun provided pressure-while-drilling (PWD) services from 11,000 ft. MD to TVD of 14,350 ft. in drilling the exploration well (the OCS-G 14482 No. 1) and provided full "triple combo" services from 11,800 ft. MD to 13,643 MD. In this latter portion of the well, 450 ft. of continuous hydrocarbon pay were encountered; three additional pay zones totaling approximately 70 ft. of net pay are also present in the wellbore. Sperry-Sun's triple combo services provided the log of record for the hole.


Hornbeck Completes Sea Mar Fleet Acquisition

Hornbeck Offshore Services, Inc., has completed its previously announced acquisition of 20 offshore supply vessels (OSVs) and their related business from certain affiliates of Nabors Industries Ltd. for cash consideration of $186m, plus the cost of the fuel inventory on such vessels. The Sea Mar Fleet is comprised of ten 200 class DP-1 new generation OSVs and ten conventional OSVs. The company also acquired one 285-ft


NOIA Applauds Passage of HR 1230

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Washington, D.C. – The National Ocean Industries Association (NOIA) congratulates the U.S. House of Representatives for the bipartisan passage today of H.R. 1230, “Restarting American Offshore Leasing Now Act.”  If enacted by the full Congress and signed into law by the President, the bill requires that federal offshore lease sales that have been delayed start up again in the Gulf of Mexico and off the east coast of the United States.


DOI Signs Agreement on 1998/1999 Lease

s ssistant Secretary of Land and Minerals Management, C. Stephen Allred signed agreements with BP, ConocoPhillips, Marathon Oil Company, Shell, and Walter Oil and Gas Corporation, addressing deepwater Gulf of Mexico offshore oil and gas leases issued in 1998 and 1999. Under the agreements these companies will pay royalties on oil and gas produced under leases issued in 1998-1999. Revenue will be received for products starting from October 1, 2006 onward.


Offshore Oil-Production Royalties to Rise Under New Budget

According to a Feb. 14 report from Bloomberg, Royalties paid to the U.S. by oil and gas companies for offshore production are forecast to increase 68 percent under President Barack Obama’s 2012 budget. Receipts will reach $5.97 billion in the year that starts Oct. 1, from $3.56 billion in 2010. Obama also is proposing $25 million in fees from energy companies that hold nonproducing oil and gas leases, part of the administration’s effort to provide taxpayers with higher revenue from


Swissco Enters Offshore Rig Charter Business

Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy. Scott and English Energy is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in their exploration and production (E&P) activities. Operational synergies expected with the acquisition, providing Swissco Group with a diversified earnings base with stable, recurring income


Centrica, Dong Form Wind-Farm Venture for Irish Sea Projects

Centrica Plc. and Dong Energy A/S said that they had formed a joint venture to develop offshore wind farms in the Round 3 Irish Sea Zone. Dong Energy will pay Centrica as much as 40 million pounds in cash for a 50 percent interest in the venture, according to a regulatory statement today. (Bloomberg)  


Purchase Of The Business And Certain Assets Of BMT Marine

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Braemar is pleased to announce the purchase of the business and certain assets of BMT Marine and Offshore Surveys Limited (“BMTMOS”) on 6th May 2011 from the Administrator, Deloitte. BMTMOS provides Hull and Machinery, P&I and Marine Warranty survey services around the globe; clients operate primarily in the insurance, shipping and offshore industries. BMTMOS has 94 employees, most of whom are marine surveyors, who operate from 21 offices around the world


Tax Moves Hurt UK Seafarers

Accountant Moore Stephens says changes to National Insurance rules for UK companies employing British seafarers announced last week may threaten British jobs. Shipping tax partner, Philip Parr, says, "From October 6, 2003, shipping companies using British resident seafarers and which operate mainly in UK waters face a payroll cost increase of 13 per cent, and increased costs of administration." On April 23, 2003 the Paymaster General announced that with effect from


Strategic Marine Sells Two Crewboats

Two more aluminum crew boats being constructed “on spec” by Australian shipbuilder Strategic Marine have been sold, indicating the company’s calculated decision to meet rising demand for offshore vessels in international shipping markets is paying dividends. The new order from Malaysian offshore servicing company Dinastia Jati Sdn Bhd, is for two 40m utility vessels which will be built at Strategic Marine’s yard.


Mitsui O.S.K. Ship Ready To Leave Chinese Port

Baosteel Emotion

  Japanese shipping firm Mitsui O.S.K. Lines Ltd said on Thursday that its ship, the "Baosteel Emotion" 226,434 deadweight-tonne ore carrier, is ready to leave a Chinese port soon after it paid a Chinese court to release the vessel from seizure.


China Court Releases Japanese Ship After Payment

  A Chinese court said on Thursday that it has released a ship owned by Japanese shipping firm Mitsui O.S.K. Lines Ltd, which had been seized in a contract dispute, after the Japanese firm paid up. China's Supreme Court said in a statement


Mitsui Pays $40 Mln Compensation After Seizure

  Japanese shipping firm Mitsui O.S.K. Lines Ltd has paid about 4 billion yen ($39 million) in settlement to China as compensation stemming from a wartime contractual obligation, following a seizure of its ship by a Chinese maritime court in Shanghai


UK Subsidises 8 Renewable Energy Contracts

Wind farm file photo

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants. The projects together are worth 12 billion pounds ($20 billion) and will support 8


Thinking Outside the MR Tankship Rate Triangle

MR Tankship: File photo

Although US refined products exports largely underpin medium-range (MR) product tanker demand in the Atlantic Basin, there is little evidence of similar stability in US Gulf – UK Continent (TC14) freight rates, find shipping industry advisors Poten & Partners in a recent study


Argentina To Eliminate Taxes Paid By Biodiesel Producers

Argentine President Cristina Fernandez

  Argentine President Cristina Fernandez on Monday asked Congress to eliminate some of the taxes paid by biodiesel manufacturers in a bid to support an industry hard hit by European Union anti-dumping measures.


Oiltanking Partners Report Q1 Distribution Increase

Photo: Oiltanking Partners

Oiltanking Partners, L.P. announced that the board of directors of its general partner declared a cash distribution of $0.495 per unit, or $1.98 per unit on an annualized basis, for the first quarter of 2014. The first quarter distribution represents a 5


SSI Rep Sponsors Brazilian Offshore Seminar

SSI and its representatives continue to engage with leaders of the shipbuilding and offshore industry to help increase productivity and solve business challenges. On April 23, Sincronia, SSI's representative for ShipConstructor software in Brazil


Japan Expresses Concern Over Chinese Ship Seizure

BAOSTEEL EMOTION One of the worlds largest iron ore carriers, the Brasil Maru. (Photo: http://www.mol.co.jp/en)

The Japanese government has expressed its concerns to China via diplomatic channels over the seizure of a Mitsui O.S.K. Line Ltd ship by a Chinese court in connection with a case over wartime claims, Kyodo news agency reported on Monday. A Chinese maritime court in Shanghai seized the ship on


MOL Bulk Carrier Arrested in Shanghai

Bulk carrier: Image courtesy of MOL

A maritime court in Shanghai has ordered the detention of a Japanese ship having ordered the ship's owner to pay delayed rent and losses to a Chinese firm deting from as long ago as 2007, according to Xinhua. The ship, named BAOSTEEL EMOTION and owned by Japanese shipping firm Mitsui O.S.K


Years After BP U.S.Oil Spill: Compensation Battle Rages

Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.   Jules Melancon, the last remaining oyster fisherman on an island dotted with colourful


Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges alleging he used non-public information about the disaster to commit insider-trading, U.S. regulators said on Thursday.


POSH raises $311m in Singapore IPO

Image: POSH file photo

POSH prices IPO at S$1.15 per share, near bottom of indicative range. POSH focuses on service to production, maintenance and is keen on growing offshore accommodation business. PACC Offshore Services Holdings (POSH) could raise at least S$388


A New Standard in Marine Communications

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KVH provides and Harvey Gulf employs possibly the most sophisticated on-board SATCOM and related service package on the water. That’s no accident.     If quality service, high tech hardware and quality personnel are the common bonds shared by marine communications


All Items Approved at Stolt-Nielsen Meeting

Photo courtesy Stolt-Nielsen Limited

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda. The final dividend for 2013 of $0.50 per common share recommended by the Board of Directors on February 7


 
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