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Oil Majors

DHT Holdings Time Charters 4 Vessels

Announcing a term chartering update, DHT Holdings, Inc. has chartered out a VLCC, two Aframax vessels and a Suezmax vessel.   The VLCC DHT Chris has been chartered to a major commodity house for a period of about 10 months from February 2015 at a rate of $45,000 per day.   Additionally, two Aframax vessels, the DHT Sophie and the DHT Cathy, have been chartered to an oil major for a period of 24 months from April/May 2015 at a rate of $22,500 per day.   Lastly, the Suezmax DHT Target has been chartered to an oil major for a period of 12 months from March 2015 at a rate of $30,000 per day.   These four time charters are expected to generate about $20 million after operating expenses and debt service for the period from April 1 to December 31, 2015.


Ezra Wins UK North Sea Contracts

Image: EMAS AMC

 Offshore service provider Ezra Holdings has announced that subsea division, EMAS AMC, has won global contracts values at over $115m including options, reports Business Times.   These contracts include one for rigid pipe lay for the Aviat field development in the UK North Sea; engineering and offshore support work in West Africa for an oil major which will be undertaken together with Ezra's subsidiary company, EMAS Offshore Limited.  


Profitable Year for Shipbuilding Companies

Increased spending on offshore exploration & production (E&P) of oil and gas has increased order-book positions of Indian shipbuilders. ABG Shipyard has an order backlog of Rs 1,300 crore, while Bharati Shipyard has pending orders worth Rs 676 crore on its books. The jump in order books is getting reflected in stock prices of these companies as well. BSL has seen its market cap soar to almost Rs 900 crore from Rs 309 crore at the beginning of 2005


London Offshore Consultants Expands in Asia

Kenny Ong, Manager of LOCs new Vietnam office in the port of Vung Tau, which will formally begin operations in May 2013. Photo: LOC

New office in Vietnam at the port of Vung Tau announced at Maritime Vietnam London Offshore Consultants (LOC) announced further expansion in Asia Pacific with the opening of a new office in Vietnam. The new office in the port of Vung Tau, which will formally begin operations in May, will be managed by Kenny Ong, who is highly experienced in major offshore oil and gas projects across Asia, especially in Vietnam. The office will provide oil majors, contractors, underwriters


Otto Marine Clinches Australia AHTS Contracts

AHTS Go Spica: Photo Otto Marine

Otto Marine says it has clinched AUD57-million worth of charter contracts in Australia for two of its large deep water AHTS vessels. Otto Marine Limited, which owns and operates a large fleet of offshore support vessels, with shipyard and other specialized offshore services, says that it has secured time charter contracts with two oil majors for its deep water anchor handlers, GO Sirius and GO Spica. Employed in drilling and pre-lay support, the 16


Trafigura Fixes Australian LNG Cargo

Swiss-trading house Trafigura has purchased one of three liquefied natural gas (LNG) cargoes offered by Australia's North West Shelf export plant as part of a tender awarded late last week, four traders said. The winners of the remaining two cargoes are thought to be a mid-size oil major and a Japanese electric utility, traders said, although it was not possible to confirm this. Asian spot LNG prices are trading at around $9 per million British thermal units for March delivery.  


Total Says Nigeria’s Oil Bill Will Hurt Industry

According to a September 21 report from the Associated Press, a top official at French oil major Total SA warned that a proposal to overhaul Nigeria's oil industry would hobble foreign investment, just as the firm prepares to bring a major offshore field into production. Analysts said the petroleum bill would sharply reduce the profits of foreign oil companies like Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and Total, all of whom have subsidiaries operating oil fields in Nigeria


EMAS Wins US$110-million Subsea & Offshore Contracts

EMAS logo web.jpg

Singapore's EMAS, the operating brand of Ezra Holdings, announce that its Subsea Services (EMAS AMC) and Offshore Support Services (EMAS Marine) divisions have been awarded projects worth US$110 million. These projects will be executed in the Gulf of Mexico and the Asia-Pacific region. EMAS AMC’s project wins come from a national oil company operating in the Gulf of Mexico for a SURF type offshore installation project


Oil Majors to Preserve Dividends Despite Oil Collapse

Oil well

  Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares. Having sold around $120 billion in assets in recent years to boost balance sheets and keep up dividend payouts, companies are expected to increase borrowing and further cut costs as they come to terms with oil prices that have more than halved


Norway's Statoil to Exit Alaska

Photo: Statoil

Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive.   "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement.  


Pakistan Cancels Shell LNG Deal, Cites Price as Reason

Pakistan State Oil has dropped plans to buy 60 liquefied natural gas (LNG) cargoes from Royal Dutch Shell after receiving a lower price from Qatar, two trade sources with knowledge of the matter said on Friday. Pakistan was to buy from Shell after the oil major submitted the lowest price in a


Statoil Goes Ahead with Arctic Field after Halving Costs

Photo: Statoil

Norwegian oil major Statoil plans to develop its Arctic Johan Castberg oilfield after having cut costs by half, with a decision on investments in 2017, its chief executive said on Tuesday.   Worried by high costs of operating in the remote Arctic Barents Sea


VLCC's Used for Asia-Europe Diesel Liftings

File Image: a so-called Suezmax tanker transits the Suez Canal (image: Suez Canal)

Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing


Total, ENN Ink 10-year LNG Supply Pact

European oil major Total has agreed to supply 500,000 tonnes a year of liquefied natural gas (LNG) for 10 years to China's privately-run ENN Group, Total said on Thursday. The supplies of the super-chilled natural gas will start in 2018 upon completion of ENN's planned receiving facility near


Update: Statoil Follows Shell out of Alaska

Norwegian oil major Statoil said on Tuesday it will pull out of Alaska's Chukchi Sea, just weeks after Royal Dutch Shell abandoned the treacherous waters there after spending billions on oil exploration work.   The latest pullback comes as oil companies slash spending on expensive offshore


Deepwater Downturn: Bump in the Road or Long-term Slowdown?

(Image: iStock)

IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016


Statoil Sees Unchanged 2016 Foreign Development

Oil major Statoil's activity level outside its Norwegian home base will be largely unchanged in 2016 compared to 2015, the company said on Monday. "For us, it will be more or less flat," Lars Christian Bacher, head of international development and production for Statoil told Reuters


Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

FPSO per iStock WEB.jpg

IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector.  The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016


Maersk Venturer to Drill for Total

Maersk Venturer

  Maersk Drilling has been awarded a contract for the drillship Maersk Venturer with oil major Total. The contract covers one exploration well (estimated duration 120 days) in block 14 offshore Uruguay. The estimated contract value for the programme is USD 44m excluding mobilisation


Six More Bodies Found After Azeri Oil Platform Fire

The bodies of six oil workers missing from an Azeri oil platform in the Caspian Sea that caught fire on Friday have been found, the state energy company SOCAR said on Monday.   It said a helicopter search for the other missing would continue at daybreak


DHT Holdings Extends VLCC Time Charters

DHT Holdings, Inc. has extended time-charters for three of its VLCCs to oil majors, the company announced.   The vessels, Samco Europe, Samco Taiga and Samco Redwood, have been extended for one, two and two years respectively, at respective daily rates of $53,200, $45,000 and $47,300.


Shell, Gunvor to Supply 120 LNG Cargoes to Pakistan

Oil major Shell and trading house Gunvor will supply Pakistan with 120 liquefied natural gas (LNG) cargoes between 2016 and 2020 after both companies submitted the lowest offers in two highly sought after tenders, trade sources said. Pakistan State Oil company on Nov


Marin Teknikk Design for Ultra Deep Offshore’s DSCV Newbuilds

Photo: Marin Teknikk AS

 Marin Teknikk has entered into a contract with Wuchang Shipbuilding Industry Group for delivery of Design & Engineering of two Diving & Construction vessels for Ultra Deep Offshore Ltd. in Singapore. The vessels are a newly developed MT6023 DSCV design


NewLead Renews CoA for MT Katerina

Katerina courtesy NewLead Holdings (1)

  NewLead Holdings Ltd. has today renewed the Contract of Affreightment (the "CoA") for one of its bitumen tanker vessels, the MT Katerina L for an additional twelve month period, for the transportation of a minimum of 49,600 metric tons of bitumen over 16 voyages, or


Iran's Tankers Target India, EU

File Image: A large tanker transits the Suez Canal enroute to Europe. (credit: Suez Canal Authority)

Iran wants to up exports to India by 200,000 bpd within 6 months. With Iran ready to resume business as usual with the world under a historic nuclear deal, Tehran will target India, Asia's fastest-growing major oil market, and old partners in Europe with hundreds of thousands of barrels of its






 
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