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'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
Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary, Keppel FELS Brasil SA's BrasFELS shipyard has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., a MODEC, Inc. group (MODEC) company, for a contract value of over BRL 500 million (SGD190 million). BrasFELS' work scope for this project comprises the fabrication and integration of
EMAS Offshore Limited announced today a net loss of US$265.3 million for the full year ended 31 August 2016 (“FY2016”). Net loss for the three months ended 31 August 2016 (“4QFY2016”) stood at US$98.5 million. For the full year period under review, the Group recorded revenue of US$167.6 million, as compared to revenue of US$247.2 million in the year-ago period (“FY2015”). This decline in revenue was the result of continual weakness in the offshore
The U.S. Coast Guard said an oil production platform has caught fire in the Gulf of Mexico, roughly 80 miles southwest of Grand Isle, La. The fire, which broke out aboard the Ship Shoal 266 A oil production platform at approximately 2:30 a.m
Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport, BP said in its annual Energy Outlook on Wednesday.
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Yinson Production (West Africa) Pte Ltd (Yinson), a wholly-owned subsidiary of Yinson Holdings Berhad
Keppel Offshore & Marine subsidiary Keppel Shipyard Ltd is on track to deliver a floating production storage and offloading (FPSO) vessel to Yinson Production (West Africa) Pte Ltd (Yinson), a subsidiary of Yinson Holdings Berhad, marking the first FPSO delivery of 2017.
Providing an update on the status of the on-going Greater Stella Area (“GSA”) development programme Ithaca Energy informed that the floating production facility (FPF-1) modifications programme undertaken by Petrofac in the Remontowa shipyard in Poland is in the final stages of
Global excess oil supply still looks likely to average 0.5m bpd in 2016 – sufficient, it would seem, to stop oil prices rising much above $50/bbl and therefore to forestall a recovery in E&P activity and the offshore markets, Clarksons Research.
In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research. However, the prospects for Australian gas projects that have yet to be sanctioned are looking increasingly uncertain due to weaker LNG
Kongsberg Maritime has been awarded offshore EPC contracts worth more than NOK 520 million from the China Merchants Heavy Industries (CMHI) covering the deliveries of to two semi-submersible heavy lift and accommodation vessels; OOS Serooskerke and OOS Walcheren
Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time. MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited (MOFT) signed a contract for
The new Barge Master Gangway will be presented at the joint booth of Barge Master and Bosch Rexroth during the international offshore trade exhibition ONS (Offshore Northern Seas) in Stavanger. The next generation gangway, a result of cooperation between Bosch Rexroth and Barge Master
Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9. The Bureau of Safety and Environmental Enforcement (BSEE) said its Hurricane Response Team is activated and monitoring the operators’ activities
Pressure is mounting on the global oil and gas industry to reduce environmental footprint at the same time as the industry is under significant cost pressure. Since business as usual is not an option, DNV GL has launched two papers to advise the industry on how and where to
The African continent accounts for 16% (490) of active offshore fields and 17% (535) of offshore fields that are either under development or are potential developments globally, says Clarksons Research. It is also home to key offshore exploration frontiers.
Just days after Deepwater Wind said its Block Island Wind Farm has begun delivering electricity into the New England region’s grid, Statoil reports that it has been declared the provisional winner of the U.S. government’s wind lease sale of 79,350 acres offshore New York.
ExxonMobil subsidiary Esso Exploration and Production Guyana Limited has awarded contracts to SBM Offshore for a Floating Production, Storage and Offloading vessel (FPSO) for the Liza development and production in Guyana. Under the FPSO contracts