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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.


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


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


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 Report High Profits

Driven by the sustained high price per barrel of oil, oil majors Chevron and Amerada Hess today announced outstanding financial results for the second quarter. Chevron, the No. 2 U.S. oil company, posted second-quarter profits which more than doubled, matching analysts' expectations, thanks to stronger oil and natural gas prices. Second-quarter earnings excluding special items rose to $1.14 billion, or $1.75 a diluted share, from $484 million, or 73 cents a diluted share, in the year ago period


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


TEN Wins Shuttle Tanker Contract

Tsakos Energy Navigation Ltd. (TEN) (NYSE: TNP or the “Company”) today announced two 15-year time charters with a national oil major for two DP2 Suezmax shuttle tankers with delivery within 2012. These charters are expected to generate revenues of at least $520m over their corresponding periods. The return on equity anticipated from this project is attractive when compared to other mainstream shipping projects and our overall investment criteria and will make a significant


ConocoPhillips Weighs Sale of North Sea Assets in Norway

ConocoPhillips Inc is weighing sale of some of its North Sea assets in Norway which may fetch as much as $1 billion, Bloomberg reported, citing sources familiar with the matter.   The largest independent producer of oil and natural gas may sell assets that are operated by others including


Edda & its Five Star Offshore Accommodations

 Over eight months during 2012 – 2013, we operated the Edda Fides in the Bass Strait between south east Australia and Tasmania on the KTT (Kipper Tuna Turrum) project, the largest domestic  gas  development on the eastern seaboard of Australia at the time.  The charterer was McDermott Australia and the client was Esso Australia where we served as accommodation unit for up to 400 workers doing upgrade on the Marlin B platform. The project started in June 2012 and was successfully completed in Feb

Petter Sundet, Captain of Edda Fortis, discusses with Maritime Reporter & Engineering News the evolution of top-notch accommodation in the offshore environment. Please provide a brief bio. Specifically, how did you come to a career in the marine industry


Total CEO to Visit Yamal LNG Project

Photo: Total

Total's chief executive will travel this week to northwest Siberia to visit Russia's showcase $27 billion Yamal gas project in which the French oil major owns a 20 percent stake, a Total spokeswoman said.   It is Patrick Pouyanné's first visit to the facilities - slated to supply 16


IRS completes Well Stimulation Vessel Conversion

image

  IRClass, a leading Classification Society and member of IACS, has recently completed the survey and certification of ‘Greatship Ramya’, during its conversion from an Offshore Supply Vessel (OSV) to a Well Stimulation Vessel for Schlumberger under its Single Class


Amid Yemen Chaos, China Lifts More Oil

China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country after the launch of Saudi-led air strikes last week. The 2 million barrel Very Large Crude Carrier (VLCC), Tai Hung San


Viking Bags Charter Deal for AHTS Brage Viking

Brage Viking Courtesy Viking Supply Ships

  Viking Supply Ships has entered into a contract with an Oil major for the charter of “Brage Viking” commencing 1stof April 2015. The duration is for 2 years and 8 months firm, plus options to extend the contract with a total of 18 months


Swiber Gains $405.6 mi Contracts

Courtesy Swiber Holdings

  Business momentum is fast picking up at Swiber Holdings Limited despite the downturn in the oil and gas industry as the Group clinches a total of US$405.6 million for a series of contracts, including its latest US$333 million contract for Engineering, Procurement


Ship Salvage in the Presence of WWII Era Torpedo & Mines

What began as a typical grounding response quickly turned into anything but when the initial dive survey turned up a World War II era torpedo and unexploded mines around the vessel.

T&T Salvage continues to support shipowners with prompt, safe and cost-effective solutions to complex salvage, wreck removal, and anti-pollution challenges.  A comprehensive management team, with an average of 26 years in the industry


Asia VLCC Rates: Ample Tonnage, Few Cargoes

Owners resist charterers moves to force rates under W50; West Africa cargo volumes remain steady. Rates for very large crude carriers (VLCCs) on key Asian routes will face further pressure next week even as owners resist attempts to push rates lower, brokers said.


First Supertanker Docks at Vopak-Dialog Terminal

A supertanker carrying about 1 million barrels of Middle East crude docked on Monday at a terminal jointly run by Vopak and Dialog Group in Malaysia, the companies said. The arrival of tanker MT Mesdar marked the start of operations at southeast Asia's first commercial crude oil tank farm.


Total Puts Prime North Sea Field on the Block

French oil major Total is selling its stake in the North Sea Laggan-Tormore oil and gas field as it seeks to shed assets after a steep fall in the oil price, banking sources said.   Total is hoping to get up to $1.5 billion for its 80 percent operating stake in the field


Promar Christens First of Two Damen PSVs

Photo courtesy of Promar

Promar Shipping Services has christened the first of two Damen PSV 3300 vessels built at Damen Shipyards Galaţi in Romania. The Mamola Reliance will operate on the West African oil and gas market. Following the official handover on February 23, the Mamola Reliance set sail for West Africa


Cheap Oil Threatens Debt Squeeze for Smaller North Sea Producers

Photo: EnQuest

Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves, following last year's oil price sell off.   Unlike the oil majors, which can slash headcount and delay projects


Brightoil Reports Steady Growth in Interim Results

Photo: Brightoil Petroleum

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period, profit attributable to the owners of the group increased 3% year-on-year to HK$561 million


NewLead Holdings' Tanker contracted

Courtesy of NewLead holdings

  NewLead Holdings Ltd. announced today that it has entered into its first Contract of Affreightment for one of its bitumen tankers vessels, the Katerina L, for the transportation, within a ten month period, of a minimum of 31,000 tons of bitumen over ten voyages, or






 
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