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Oilfield Services

Dynamic Positioning System Upgrades For Navigare Flotels

Mobile, Alabama based Offshore-Inland Marine & Oilfield Services recently completed Dynamic Positioning (DP) system upgrades for Navigare on the accommodation Semis Safe Regency, Safe Lancia and the Safe Britannia. The DP system upgrades, which were performed while working in conjunction with Rolls-Royce, primarily consisted of hydraulic tubing replacement, installation of distribution manifolds and filter systems installations. Several hydraulic pump and motor upgrades were also necessary to upgrade the DP system. Prior to completion of the job, Offshore-Inland Marine & Oilfield Services performed a system flush, hydrostatically tested all components and commissioned the systems.


Offshore-Inland Completes Repairs on Celebrity Millennium

Offshore-Inland Marine & Oilfield Services completed a repair job for Celebrity Cruise Lines in November 2003. Celebrity’s Millennium required replacement of a 20-ton main propulsion transformer during a planned port visit at Port Everglades, Fla. Offshore Inland responded in spite of the strict time frame requirement to cut a large access opening in the vessel’s side, remove the existing transformer, install a new Celebrity provided transformer and close the access opening all in less


SWIRE Oilfield Services Appoints New Sales Director

David Dae, Swire Sales Director

Swire Oilfield Services, a provider of offshore cargo carrying units and associated services has appointed David Rae as sales director in line with its significant investment plans. Rae brings a wealth of knowledge and experience to the company gained from holding a variety of senior commercial and finance roles in a career spent working in both the oil and gas and manufacturing industries. He was most recently business development director at helicopter operators CHC.


Offshore E&P Spending To Rise 15% in N. America

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks


Halliburton Announces JV with SPT Energy

Picture of Halliburton’s first joint venture for hydraulic fracturing services in China

  Halliburton has signed an agreement with the SPT Energy Group Inc. affiliate, Petrotech (Xinjiang) Engineering Co., Ltd., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang, China. The new company, Xinjiang HDTD Oilfield Services Co. Ltd., will provide fracture stimulation services, including design and analysis, data acquisition, and pumping and chemical services in the Xinjiang Uygur Autonomous Region


Schlumberger Acquires KBB, Augments Its Range of Services

Schlumberger Oilfield Services has acquired Kavernen Bau und Betriebs GmbH (KBB) from the Preussag Group. The purchase of the Hanover, Germany-based consulting firm, which has more than 30 years of experience in subsurface gas storage, augments the range of services provided by Schlumberger for the growing worldwide gas business. KBB's primary expertise is in the engineering, construction and project management of facilities for the underground storage of natural gas in salt domes


Axis Bank Cancels Great Offshore Oil Rig Funding

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig. (Source: livemint


Bharati Shipyard to Build Offshore Vessel for Great Offshore

According to the Hindu, Bharati Shipyard will construct and supply an offshore support vessel to integrated offshore oilfield services provider Great Offshore for $64.8m. The vessel, which has a diesel electric propulsion system with 5 generators of a total power of 10,500 KW, is fully-equipped to support diving/sub sea operations. The above contract is in lieu of a contract dated March 24 for one multipurpose offshore support vessel valued at $17.4m ordered by Great Offshore.


Baker Hughes Reports Third Quarter Earnings Loss

Baker Hughes Inc., the world's third biggest oilfield services company, reported sharply lower third-quarter operating earnings, but said business had begun to improve as this year's recovery in oil and gas prices led to a gradual increase in drilling activity. The Houston-based company said pre-tax operating profit, excluding unusual one-time items, fell to $14.2 million from $100.9 million in the third quarter of 1998. Revenues fell to $1.21 billion from $1.58 billion.


Gardner Named VP at Oceaneering

Oceaneering International, Inc. has appointed Philip D. Gardner as Senior Vice President, Manufacturing. Effective April 1, 2004, Mr. Gardner will assume worldwide P&L responsibility for Oceaneering's products group, which includes Oceaneering Multiflex and Oceaneering Intervention Engineering. In addition, he will have worldwide functional oversight responsibility for Materials Management and Quality Assurance in the oilfield sector. Mr


GE to Merge Oil & Gas Unit with Baker Hughes

Photo: GE

General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices.


Sembcorp Marine Swings to Loss in Q3

Photo: Sembcorp Marine

Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market.   The company posted a net loss of S$21.8 million ($15


Wärtsilä Designed AHTS Delivered to COSL

Another two Wärtsilä designed AHTS vessels are to be delivered to COSL this year. Photo Wärtsilä

Two new Wärtsilä designed Anchor Handling Tug Supply (AHTS) vessels were delivered from the Wuchang Shipbuilding Industry Group yard in China during the second week of September. The ships have been built for China Oilfield Services Ltd (COSL)


Marco Polo Appoints Adviser for Business Review

Photo: Marco Polo Marine Ltd.

Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company.   The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct


Vallianz Rejects Payment Request from Swiber Managers

(Photo: Vallianz Holdings)

Vallianz Holdings, which provides support vessels for the oil industry, said on Wednesday it had refused a request from the judicial managers of shareholder Swiber Holdings to pay around $63.5 million in outstanding dues.   Vallianz, in a statement, said Swiber


Onshore Spending on the Cusp of Recovery?

Graph Source: Douglas-Westwood World OFS and OFE Market Forecast Reports Q2 2016

 DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will see the start of a barren period for the offshore OFS and OFE sectors.  


MN100: Kirby Inland Marine

Photo: Kirby Inland Marine

The Company: Kirby Corporation is a premier tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii


Weak Oil Pushes SBM Offshore to Axe More Jobs

Photo: SBM Offshore

SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts.   It said it did not expect a full recovery in its business until 2018


Court Orders Swiber to Stop Payment of Bank Guarantees

File photo: Swiber

Swiber Offshore Construction, part of troubled Singapore oilfield services firm Swiber Holdings, has received an interim court order to halt payment of bank guarantees for projects it was involved in, a stock exchange filing showed.  


Swiber Applies for Judicial Management Instead of Liquidation

Photo: Swiber

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber shocked markets earlier this week by filing for liquidation, as it faced hundreds of million of dollars in debt and a decline in


US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast doubts on a substantial recovery in drilling this year with crude prices heading for their biggest monthly loss in a year.  


Young Taken on PESA Advisory Board

Donald Young Photo Hoover Container Solutions

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term. PESA’s leadership is comprised of experienced industry executives dedicated to advancing


NYK to Buy Into Emas Chiyoda

From left:  Shogo Shibuya, President & CEO of Chiyoda Corporation, Lionel Lee, Group CEO & Managing Director of Ezra and Tadaaki Naito, president of NYK. Photo by NYK Line.

 Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK) has agreed to invest in EMAS Chiyoda, a subsea services joint venture between oilfield services firm Ezra Holdings Ltd and Chiyoda Corp.   NYK has reached an agreement with Ezra Holdings Limited (Ezra) and Chiyoda Corporation


Otto Marine Shares Soar on Delisting Offer

Photo: Otto Marine

Shares in Singapore-based oilfield services firm Otto Marine Ltd jumped 37 percent on Thursday after the company received an offer from its majority shareholder to take it private.   Executive Chairman Yaw Chee Siew, who owns 61 percent of the company, offered S$0


Statoil Ends COSL Innovator Rig Contract

COSL Innovator Troll. Pic by COSL

 Norway’s Statoil ASA  has decided to end its contract with a drilling rig operated by China Oilfield Services Limited, or COSL, three months after a worker died when the rig was hit by a wave during a storm in the North Sea.   






 
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