Growth of 8% in expenditure forecast annually 2012-2016; O&M markets considerably less vulnerable to downturn than their capital-led counterparts. Over $335 billion worth of expenditure is expected over the next five years on offshore operations & maintenance according to a new report, The World Offshore Operations & Maintenance Market Forecast 2012-2016, by Douglas-Westwood. Report author Jenny Harbour commented, “In 2011 demand for offshore operations & maintenance services totalled $52.5 billion, having grown at a compound rate of 6.3% over the past five years. Over the next five years we expect a greater compound growth of 8%, as the market recovers from the effects of the global downturn of 2008-2009. This will be driven by a combination of high oil prices, buoyant offshore development activity and rampant price inflation for equipment and services. “O&M markets are considerably less vulnerable to downturn than their capital-led counterparts. Whilst global offshore drilling activity dropped by an estimated 14% during 2008-2009, total offshore production (the principal driver for all operational activity) grew by 1%. The global offshore O&M market dropped, over the same period, but only by 0.04%, despite widespread price deflation for equipment and services.
Employees of Shell Exploration & Production who evacuated from New Orleans before Hurricane Katrina will come back to the city soon, according to a BizNewOrleans report. Former Louisiana Senator John B. Breaux has attempted to step up pressure on Congress to give Louisiana a larger share of oil and gas revenues from offshore production activity as a means of funding the recovery from the hurricane and flood. Breaux has proposed creating the Louisiana Oil Producing and Energy Cooperative with
Petróleo Brasileiro S.A. (Petrobras), a world leader in deep-water and ultra-deep water oil production, has awarded GE Oil & Gas a four-year service agreement to deliver repairs, maintenance and retrofits on Petrobras’ fleet of subsea equipment installed in the Campos Basin offshore Brazil. The scope of the agreement, valued at approximately $120M, includes service and repairs on over 300 exploration and 250 production tools
EMAS AMC contracted by Petroleum Technical Services Corporation Mechanical and Construction to provide facilities for the Dua sub-sea field. Singapore-based EMAS AMC, the subsea division of EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry, has been awarded a contract from Petroleum Technical Services Corporation Mechanical and Construction (PTSC M&C) for the transportation and installation of facilities for
ABS, a leading provider of classification and technical services to the global offshore industry, has been awarded the classification contract from PETRONAS, Malaysia’s national oil company, for the company’s second floating LNG facility (PFLNG 2). The vessel will be built at the Samsung Heavy Industries yard in Geoje, Korea. “This is a very significant award for us,” says ABS Chairman and CEO Christopher J. Wiernicki
Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report – the “Wood Review” – to maximise UK offshore oil & gas recovery advises Douglas Westwood's 'DW Monday' study. From a peak of 396 in 1996, numbers of wells drilled offshore UK fell to 164 in 2013, a low not seen since 1979. Development wells were down from 289 in 1998 to 120 in 2013
Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary Keppel FELS Brasil, has secured two contracts totalling R$500 million (approx. S$381.4 million) - one from Single Buoy Moorings Inc. (SBM), and another from the joint venture company MODEC and Toyo Offshore Production Systems (MTOPS). Mr Chow Yew Yuen, President (The Americas) of Keppel O&M, said, "Keppel has worked closely with various international drillers and fleet owners operating in Brazil for
Wilhelmsen Technical Solutions has established a new office in Houston, Texas in response to increased client demand for its newbuilding and aftermarket products and services. WTS is targeting increased business from the local offshore industry in the Gulf of Mexico and an expanded focus on Brazil, where deepwater offshore production is entering a new and dynamic phase. WTS Vice President, Americas Region, Philip Bannerman says the company is well placed to provide the mix of skills and
Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries - Keppel FELS Brasil S.A. (Keppel FELS Brasil) and Keppel Shipyard Ltd (Keppel Shipyard) - have secured two contracts worth S$200 million from repeat customers. Keppel FELS Brasil's contract is with MODEC and Toyo Offshore Production Systems Pte Ltd (MTOPS), a joint-venture company between MODEC, Inc. and Toyo Engineering Corporation (TOYO), to integrate the topside modules of a Floating Production Storage and Offloading
ABB appointed main electrical contractor (MEC) for a new floating production, storage and offloading (FPSO) vessel at the Ichthys oil & gas field in the Timor Sea off Western Australia. The order is worth $30 million and was awarded by the engineering, procurement and construction (EPC) contractor for the FPSO, Daewoo Shipbuilding & Marine Engineering. This is the third major contract that ABB has been awarded for the Ichthys oil and gas project
President Obama requested $204.7 million for the Bureau of Safety and Environmental Enforcement (BSEE) in fiscal year 2016 as part of an effort to enable the BSEE to keep pace with deepwater oil and gas development on the U.S. Outer Continental Shelf.
National Ocean Industries Association (NOIA) President Randall Luthi issued a statement in response to the Obama Administration’s proposed Arctic Regulations on offshore oil and gas production, stating the U.S. must take steps to become a leader in Arctic Energy.
ClassNK released a new version of its Guidelines for Floating Offshore Facilities for LNG/LPG Production, Storage, Offloading and Regasification. Available on the ClassNK website, this second edition is an update to the initial guidelines released in February 2011 which aims to provide
The Comptroller General's Office (CGU), the Attorney General's Office (AGU) and SBM Offshore today signed a Memorandum of Understanding (MoU). The MoU sets a framework between the Company, the CGU and the AGU for discussions on a potential mutually acceptable settlement and for the
An offshore installation method that is more than three decades old is generating renewed interest from many operators who are challenged with designing heavy-lift crane installations. Float-over installation has become a cost-effective alternative to lift installation for offshore construction
The risk of Gulf of Mexico 2014 production shut-ins by storms is considered to be higher than last year, according to a recent U.S. Energy Information Administration (EIA) analysis of the potential for Gulf oil and gas shut-in production during the upcoming months, as follows:
Gulf Island Fabrication, Inc. (GIFI) informs that through its subsidiary Gulf Island Marine Fabricators, L.L.C., it has signed a contract for the fabrication of two 8,000 bhp twin screw diesel-engined river towboats. Revenue backlog and man-hours associated with this project will be reported in
Production at the St Fergus natural gas terminal in Britain restarted on Monday afternoon following an unplanned offshore outage which resulted in reduced production, Total Exploration and Production UK said. The outage at the terminal on the northeast coast of Scotland caused UK spot natural
Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.S. Gulf of Mexico and abroad. “Gulf Island is excited about the cooperation agreement signed with
Gulf Island Fabrication, Inc. says that, through its subsidiary Gulf Island L.L.C., it has received an award letter from Arena Offshore, LP for the fabrication of two jacket/piles and topsides for Arena’s projects located in the Gulf of Mexico.
The new quarterly issue (Q3) of Douglas-Westwood’s (DW) World Drilling and Production Forecast (DWD&P) has been released. Major changes have been seen in the forecasts for Iraq, Libya and Uzbekistan. DW inform that the report now also includes forecasts for Bangladesh, Israel
Fincantieri and Technip in Italy signed a Memorandum of Understanding aiming to increase their joint competitiveness by starting to address Italian and Mediterranean Sea offshore markets. The agreement was signed by Marco Villa, CEO of Technip Italy S.p.A
Floating production has been one of the most significant achievements in the upstream oil and gas industry over the past four decades. The ability to produce in deepwater has opened a new frontier in oil and gas development – and has generated a huge business base for suppliers of floating
RWE Dea doubled its oil and gas production in Egypt and drawn up expansion plans. North Africa is a strategic core region for Dea. The company is one of the leading foreign investors in Egypt and produces oil and gas in the country for 30 years by now
Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production, storage and offloading (FPSO) unit for the Atlanta field located in the Santos Basin offshore