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, and other insurers operating in Vietnam’s oil and gas sectors with specialist consultancy services for planning, design and execution of complex, high-value marine and energy-based operations. LOC’s expertise is in the construction, marine transportationand installation of structures onshore and, in particular, offshore. The group offers technical consultancy such as front-end advice on new technologies, assessing viability of proposed operations, approving such operations and monitoring their execution. Investigating operational problems is also covered by LOC’s remit. LOC’s client profile in Vietnam is oil majors including the national oil company, PetroVietnam, and its various arms and international and national offshore contractors working in Vietnam. These include both domestic underwriters and the international insurance market, particularly those insuring either the oil major or the project contractor. www.loc-group.com
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
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
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.
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
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
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
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
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
Technical service provider for the oil and gas industry GL Noble Denton has opened an office in Port of Spain. With upstream and midstream capabilities across the complete asset lifecycle, GL Noble Denton already provides international oil majors, independent operators and E&C companies in the region with technical design, consulting, assurance and execution services. Trinidad's economy is strongly influenced by the petroleum industry
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 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 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
Australia's North West Shelf liquefied natural gas (LNG) export plant sold a cargo to BG Group and Trafigura as part of a recent tender, in which some bidders sought to haul supply into premium European markets, trade sources said. Plans by several trading companies to ship Australian LNG
Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian
Bibby Ship Management is seeing a near 20% increase in inquiries for its services from the offshore sector as ship owners and support vessel operators look to reduce costs and recruit the best crews for their vessels. This development is fuelled in part by a move by the oil majors to reduce
The Texas Supreme Court on Friday ruled that BP Plc cannot claim about $700 million in insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, the biggest offshore spill in U.S. history.
NewLead Holdings Ltd. has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments. NewLead's fleet has been entirely transformed to include younger, flexible in size
Singapore’s Otto Marine has secured two long term charter contracts for two PSVs to an oil major in Australia, with the value of the contract worth $64m including options. The 36-month charter contracts (including options) involve two 4,000-dwt platform supply vessels
It may be months before a final verdict is issued on the size of the fine BP Plc will pay under the Clean Water Act for its 2010 Gulf of Mexico oil spill, lawyers said on Tuesday after the last phase of the trial ended. U.S. District Court Judge Carl Barbier in New Orleans, Louisiana
Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high. Remote and costly to develop, the Arctic is estimated to contain 20 percent of the world's undiscovered
NewLead Holdings Ltd. announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market.
NewLead Holdings Ltd. announced that it recently added five bitumen tanker vessels, expanding its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market. NewLead completed the acquisition of three bitumen tankers
Mexican state-owned utility CFE has bought eight cargoes of liquefied natural gas (LNG), four traders said. Swiss trading house Trafigura was awarded the bulk of the volume, selling seven cargoes, while oil major BP sold the remaining cargo, two traders said.
BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices. Over the past year, oil majors have been selling assets to protect cash flows and shareholder dividends.