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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


Ocean Rig Partners Files for IPO

  DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, today announced that Ocean Rig’s wholly-owned subsidiary, Ocean Rig Partners LP  filed a Registration Statement on Form F-1 with the Securities and Exchange


MacGregor Mooring Systems for Tender Rigs

Image of tender rigs

  MacGregor, part of Cargotec, has won new contracts that will see electrically-driven versions of its mooring systems fitted to two new tender assist drilling rigs for Thailand-based Mermaid Maritime Public Company Limited. The Self-Erected Drilling Tender (Hull No


BG Group wins EXXON LNG Cargo

ExxonMobil's Papua New Guinea liquefied natural gas (LNG) export project has awarded a November cargo to BG Group as part of a two-cargo tender that closed this week, two traders said. The tender award has not been officially announced yet


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships


Fifth Jackup Contract for Keppel from Gulf Drilling

KFELS jackup rig

  Keppel FELS Limited, a wholly owned subsidiary of Keppel Offshore & Marine, has secured a contract from Gulf Drilling International Ltd. of Qatar to build a repeat high-specification KFELS B Class jackup rig worth US$227 million. As part of the contract


Statoil: COSL Pioneer Temporarily Suspended

COSL Pioneer (Statoil image)

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment on the Visund field and is scheduled to complete this work at the end of September.


USCG Cutter in Oregon Spill Drill

Petty Officer 2nd Class Andrew Bellone (yellow hat), a boatswains mate aboard the Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Ore., observes the buoy deck as the 60-foot-long Fast Sweep Boom is ra

  The crew of Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Oregon, participated in a Spilled Oil Response System exercise near Blake Island, Washington, Wednesday. The exercise was part of an annual response exercise and included members of the Coast Guard 13th


Maersk Convincer gets 1 yr More

Maersk Convincer

Petronas Carigali, the Exploration and Production subsidiary of the national oil company in Malaysia, has extended the contract for the jack-up rig Maersk Convincer by one year. Consequently, the rig will be on contract with Petronas until mid-November 2015


Maersk Drilling Wins 2-Year Angolan Extension

The head of Maersk Drilling said on Wednesday the A.P. Moller-Maersk unit has won a two-year extension for its Maersk Deliverer deepwater rig worth $387 million. Maersk Venturer, a new rig set to be delivered this year, had also won a letter of award for a short-term contract in South East Asia


BPC Tenders 170mb Naphtha Parcel

Bangladesh Petroleum Corp (BPC) issued an international tender to sell 170,000 barrels of naphtha on Wednesday for Oct. 27-29 loading from Chittagong, a company official said. The tender will close on Oct. 13, with validity up to Oct. 16.


Maersk Drilling CEO: Slow Deepwater Rig Market Coming

Maersk Drilling Chief Executive Claus Hemmingsen talked to Reuters on the sidelines of A.P. Moller-Maersk's annual capital markets day. Maersk Drilling has focused on two areas - harsh environment rigs primarily in Norway and deepwater rigs in the Gulf of Mexico and off West Africa.


The No-Emissions Workboat (Really!)

There’s no debate about LNG in New York. ELCO, New York State Canals team up to retrofit 86-year old tugboat with an electric motor.  In June, Governor Andrew Cuomo announced the launch of an all-electric dredge tender work boat on the Erie Canal in the Utica area of New York. The project, a partnership with the New York State Energy Research and Development Authority (NYSERDA) and the New York State Department of Transportation (NYSDOT), utilized an electric motor supplied and installed by Elco

There’s no debate about LNG in New York. ELCO, New York State Canals team up to retrofit 86-year old tugboat with an electric motor. In June, Governor Andrew Cuomo announced the launch of an all-electric dredge tender work boat on the Erie Canal in the Utica area of New York


Swissco Doubles Rig Fleet

Swissco Rig

SGX Mainboard-listed Swissco Holdings Limited an integrated, international marine services provider, today announced having completed the acquisition of four additional mobile offshore drilling units, bringing the fleet of rigs to eight. As announced on 15 August 2014 on the Singapore Exchange


Two-month Global LNG Rally Ends, Weak Oil Tempts Buyers

Asian spot liquefied natural gas prices ended their 2-month rally this week, interrupted by weak demand in Japan and South Korea as falling crude oil prices push importers to turn to oil-linked long-term LNG supplies. Spot LNG prices for November delivery lost ground to $14


Cooper Yacht Debuts Cooper 800 Yacht Tender

Cooper Yacht

   Cooper Yacht proudly announces the debut of the Cooper 800 yacht tender.  Founded in the Netherlands in 2009, the mission of the company is to offer ultimate style and comfort in a multi-functional vessel at a reasonable price to the consumer






 
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