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Seadrill Record Best-ever Quarterly Result

Jack-up Rig West Ariel: Photo credit Seadrill

Seadrill announces favourable first quarter 2013 financial results.  Highlights     •    Seadrill records its best operating quarterly result ever and generates first quarter 2013 EBITDA*) of US$713 million     •    First quarter 2013 net income of US$440 million and earnings per share of US$0.87     •    Increases the ordinary quarterly cash dividend by 3 cents to US$0.88     •    Economic utilization for floaters increased to 92% in Q1 2013 from 86% in Q4 2012     •    Economic utilization for the jack-up fleet in Q1 2013 was 99%, up from 94% in Q4 2012     •    Seadrill ordered four jack-ups for a total estimated project price of US$230 million per rig, with deliveries in 2015     •    Completed the acquisition of the ultra-deepwater semi-submersible rig Songa Eclipse for a total consideration of US$590 million     •    Secured a 2-year extension for the ultra-deepwater semi-submersible rig West Leo with a total estimated revenue potential of US$430 million     •    Completed the sale of the jack-up rig West Janus for US$73 million recording a gain on sale of US$61 million


Keppel, Smedvig Cooperate on New Drilling Tender

Keppel FELS Limited has entered into a cooperation agreement with Smedvig Asia Limited (Smedvig Asia) to build a Semisubmersible Drilling Tender (SSDT) with Keppel Offshore & Marine’s proprietary design. Developed by the Deepwater Technology Group (DTG), the KFELS SSDT3600-GOM-C42 will be the fourth vessel in the series of successful SSDTs that have been gainfully deployed in this region. Valued at $94 million, Keppel FELS and Smedvig Asia will own and operate the ultra deepwater semi


SapuraCrest, Ramunia Awarded Contracts

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.


Smedvig Gets Drilling Contract

Unocal Thailand Ltd. has issued a letter of intent to Smedvig Asia Ltd. for the assignment of the self-erecting tender rig T-4. The production drilling assignment has a duration of five years, and the contract value is estimated at approximately $73 million. The contract includes an incentive arrangement that could increase the contract value. The proposed contract includes early termination provisions after three years against payment of an early termination fee.


Seadrill Rig Contract Extended

West Epsilon Rig: Photo credit Seadrill

Seadrill - North Atlantic Drilling Ltd. announces extension of Statoil contract for the harsh environment jack-up rig 'West Epsilon'. North Atlantic Drilling Ltd., a majority owned subsidiary of Seadrill Limited, announce that Statoil has exercised its option to extend the contract for the heavy-duty harsh environment jack-up rig West Epsilon by two years from December 2014 to December 2016. The estimated value of the contract extension is US$215 million.


Seadrill Q3 2013 Profit Slips Marginally

Drillship: Image courtesy of Seadrill

In its third quarter 2013 financial report, Seadrill states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter. Seadrill explains that the decrease in operating profit is a result of higher operating expenses due to new rigs entering the fleet and higher general and administrative expenses due to the consolidation of Sevan Drilling.


Schlumberger And Transocean Offshore Combine Forces

Schlumberger Limited and Transocean Offshore Inc. have signed a definitive merger agreement under which the offshore contract drilling business of Schlumberger (Sedco Forex Offshore) will be spun off and promptly combined with Transocean Offshore in a merger of equals. The resulting company, Transocean Sedco Forex, will be the world's largest offshore drilling company and is projected to become the fourth largest oilfield service company in terms of market capitalization


Smedvig Announces 1Q Results

Smedvig reported consolidated operating profit of NOK 161 million for the first quarter as compared to NOK 226 million in the previous quarter. The decrease is primarily attributable to lower utilization of the mobile units. Net financial expenses for the first quarter was NOK 9 million as compared to NOK 68 million in the previous quarter. Net income for the first quarter was NOK 129 million as compared to NOK 144 million in the previous quarter.


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before. Excerpts from chairman Mr. Li Yung Peng' letter to shareholders follow: "Gross profit amounted to $321 million, from $485 million in 2012. Net profit attributable to shareholders was $30.6 million, a decline of 71%


Dramatic Turn-Around in COSCO's Q1 2014 Finances

COSCO Zhoushan Shipyard: Photo COSCO

Offshore marine engineering, shipbuilding, ship repair & conversion and dry bulk shipping group,  COSCO Corporation (Singapore) reports a Q1 2014 gross profit increase increase Y/Y of 21.8%. Group turnover increased 41.8% to $1.04 billion in Q1 2014 from $733.0 million in Q1 2013 on the back of increase in shipyard revenue. Turnover from shipyard operations increased by 43.2% to $1.03 billion from $719


Statoil Cancels Rig Contract, COSL Cuts Jobs

COSLPioneer. Photo by COSL Drilling Europe

 COSL Drilling Europe is reportedly being forced to make 229 rig staff redundant as a result of Statoil’s decision to cancel the charter for semi-submersible unit COSL Pioneer.   Statoil announced the termination of contract since 8 October 2014


AOD Orders 2 Jack-up Rigs at CSSC Huangpu Wenchong

Image: CSSC Huangpu Wenchong

 CSSC Huangpu Wenchong Shipbuilding Company has won an order to build a pair of jack-up drilling rigs for Alliance Offshore Drilling (AOD), subsidiary of Hong Kong-listed TSC Group.   The two Zentech-designed R-550D rigs are scheduled to be delivered by 2017 and June 2018, respectively


Statoil to Suspend Saipem Rig Contract

Image: Saipems Scarabeo 5 rig (Statoil)

Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy's Saipem due to overcapacity in its rig portfolio. The suspension of Saipem's Scarabeo 5 rig will take effect from the middle of August, and will last until March 1 next year, Statoil said in a statement.


Damen, AMELS sell YSV with Heli Hanger

Amels Yacht Support  6911

  The sale of a new 69-metre Yacht Support vessel marks the next level of development for the successful Yacht Support range built by DAMEN in cooperation with Dutch luxury yacht builder AMELS. The new SEA AXE 6911 is the first in the Yacht Support range to feature the ultimate technical


Damen upgrades Van Oord’s Stornes

Stornes at Damen Shiprepair Rotterdam_LR

  Van Oord’s flexible fallpipe vessel, Stornes, has recently been in Damen Shiprepair & Conversion Rotterdam for a scope of work which allows the vessel to operate at greater water depths in future. Stornes is a 175 m long, 26


Seattle Protesters Seek to Block Access to Shell Arctic Rig

A group of protesters gathered at the Port of Seattle on Tuesday seeking to block workers attempting to reach a Royal Dutch Shell drilling rig that could depart this week to resume fossil fuel exploration in the Arctic.   Over the past month


Cairn India Seeks to Export Oil Despite Ban

Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude.   A government official said there had been no change in the


Global LNG Price Slide Resumes on Weak Demand

Asian spot liquefied natural gas (LNG) prices for July fell this week on continued weak demand and ample supply.   The price of Asian spot cargoes slid to $7.40 per million British thermal units (mmBtu), compared with around $7.70 per mmBtu last week.  


Repower and More for the Cornelia Marie

Josh Harris (left) and Casey McManus (right), with fishing boat Cornelia Marie

One of the best-known commercial fishing vessels in the world, the Cornelia Marie, has just undergone life-extending surgery. The Bering Sea crabber has gained a wide public following both for the family saga of ownership and for her role in the television series Deadliest Catch that portrays the


Shell Arctic Rig Departs Seattle Surrounded by Protesters

 A Royal Dutch Shell PLC drilling rig that will search for oil in the Arctic pulled out of its temporary base in Seattle on Monday for the trip north to Alaska as dozens of activists in kayaks tried to stop its movement, authorities said.  


Cyprus Transport Ministry to call for tenders for Limassol Port

Pic: Cyprus Ports Authority

 The government of Cyprus has changed the legal framework of the Cyprus Ports Authority (CPA), which will allow commercial operations at Limassol port to be privatised.   The Cyprus  Ministry of Transport will call for tenders by the end of this week to attract investors for the


SeaKing Bags Mersey Ferries Framework Agreement

Dave Gillam (Photo: SeaKing)

Birkenhead based SeaKing Electrical has been appointed to a four-year framework agreement for Mersey Ferries. The maritime firm, which has supported the ferry fleet for many years, has been formally accepted onto the marine engineering consultants framework for Mersey Ferries until 2019.


Scottish Ferry Workers on Strike

Photo: CalMac Ferries Limited

 Rail, Maritime and Transport (RMT) union members at the ferry operator CalMac go on strike over the future of services of Scotland’s west coast as two thirds of CalMac routes have been suspended.   CalMac will operate a third of its Clyde and Hebrides ferry services


Global LNG Prices Hold, Supported by Middle East Demand

Asian liquefied natural gas (LNG) spot prices for August delivery were firm on Friday, underpinned by steady demand from the Middle East and the potential for stronger European demand after production cuts at the region's largest gas field.  


China Oil Rig Returns Off Vietnamese Coast

Image: Google Map

 China has again deployed the Haiyang Shiyou 981, a semi-submersible oil platform which caused a standoff between Chinese and Vietnamese vessels last year, to the disputed South China Sea region, reports local media.   China has brought the deepwater oil rig  near Vietnam’s






 
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