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Tender Rig

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

US Oil Drillers Cut Rigs for Third Week on Weak Crude Prices

U.S. energy firms cut oil rigs for a third week in a row this week, data showed on Friday, a sign the latest crude price weakness was causing drillers to put on hold plans announced several months ago to return to the well pad.   Drillers removed 8 rigs in the week ended Sept

SBM Offshore Invited to Participate in Petrobras Tenders

Netherlands-based floating production solutions provider SBM Offshore announced that its main Brazilian subsidiary has received written notification from Petrobras of its ability to participate in the recently issued Libra and Sépia FPSO tenders in Brazil.  

India Takes Nigerian Oil Despite Shipping Concerns

India's HPCL awarded another tender to buy with Nigerian crude oil despite its concerns about shipping from the West African nation.   The refiner awarded a tender to buy November loading oil to Chevron, traders said, likely with Usan crude oil and either Agbami or Brass.  

SBM Offshore Says Petrobras Discussions Ongoing

Floating production services provider SBM Offshore responded to media reports of a potential settlement with Petrobras regarding tenders in Brazil, stating the discussions are presently ongoing and a conclusion has not been reached.  

Dryships Post 2Q Loss

George Economou, Chairman and Chief Executive Officer

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second

GAIL Tenders for LNG Cargoes

Pic: GAIL (India) Limited

 GAIL (India) Limited has launched two tenders for up to 17 cargoes of liquefied natural gas (LNG) for delivery in western India reports Reuters quoting trade sources.   The company is seeking five cargoes for deliveries in October to December at its 5 million tonne per annum (mtpa)

Harding to Supply Lifeboats for Johan Sverdrup

Photo courtesy of Harding

Statoil has awarded Harding a contract for delivery of the nine free-fall lifeboats needed for the first phase of the Johan Sverdrup North Sea development.      The contract comprises nine FF1200- lifeboats, with nine corresponding LA 1200 SU davits

Greek Privatization Agency Sets Deadlines on Port, Railway Tenders

Greece's privatizations agency on Thursday announced deadlines for bids on tenders for the country's two largest ports and state railways TRAINOSE, assets Athens has agreed to sell as part of a new three-year bailout by its international lenders.

W. Africa Crude: Tenders Brighten Dull Market

Tender deals helped to liven up a lacklustre West African crude oil market on Thursday, though overall demand remained weak.   Indian Oil Corporation bought four cargoes of West African oil, traders said, nibbling at an overhang of unsold September cargoes just a few days before Angola's

Urals Weakens in Med, Baltic as Sept Cargoes Emerge

Russian Urals crude weakened further on Monday in the Mediterranean and the Baltic under pressure from abundant supplies and as oil firms began to tender fresh September supplies.   In the Platts window, Tenergy sold a cross-month Urals cargo in the Mediterranean to Eni at dated Brent minus

Shipping Magnate John Fredriksen Concerned about China

 John Fredriksen. Photo: Twitter

 The turmoil spreading from China is certainly not good for the shipping market, says billionaire John Fredriksen to Bloomberg News.   John, the billionaire who made his fortune investing in crude tankers, said he’s “very worried” on global shipping markets

Keppel Acquires Cameron's Rig Business

Photo: Keppel Offshore & Marine

 Singapore's Keppel Offshore & Marine (KOM), via subsidiary, Keppel Offshore & Marine USA  has inked a deal with Cameron International Corporation, a US-based oil and gas solutions provider, to acquire its offshore rigs business for US$100mln.  

Gunvor Emerges as Winner in Rosneft's Jumbo Oil Tender

Trading house Gunvor, which has been selling assets in Russia, has again emerged as the winner of a semi-annual Rosneft tender, traders said on Tuesday.   They said Gunvor would lift from 200,000 tonnes to 500,000 tonnes of Russian Urals crude per month from the Baltic Sea port of Primorsk

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said. Shell will supply two cargoes while trading houses Vitol and Trafigura will supply one each, traders said.

Keppel Delivers Jackup to UMW-OG

Photo: Keppel

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG). It was completed 32 days ahead of schedule, on budget and with a perfect safety record

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