Annual Offshore Technology News

The awards will be presented on 5, May 2013, at the annual Offshore Technology Conference dinner in Houston, Texas. Ken Arnold is being recognized for his outstanding leadership and extensive contributions to the E&P industry. His many achievements include playing an integral role in the offshore industry’s focus on safety through the development of Recommended Practices for offshore design and safety management; and developing approaches to both equipment sizing and facility project management that are still in use today.

Deep Down, Inc. (OTC Bulletin Board: DPDW) (“Deep Down” or the “Company”), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, today announced a net loss of $1.8 million for the first quarter of 2011, an improvement of $0.7 million, or 28%, over the same period in 2010. For the first quarter of 2011, Deep Down reported a net loss of $1.8 million, or $0.01 loss per diluted share, compared to a net loss of $2.5 million, or $0.01 loss per diluted share, in the first quarter of 2010.

The annual Offshore Technology Conference (OTC) is scheduled to convene in Houston's Reliant Center on May 3-6. The event, expecting to draw more than 2,000 exhibitors and 50,000 attendees, celebrates 35 years of innovation and the importance of offshore resources. Aptly themed "Innovation Without Limits," OTC will feature nearly 50 technical sessions and more than 340 technical presentations, introducing the latest offshore technology to participants. OTC's annual agenda overviews technology for offshore drilling, exploration, production, and environmental protection, which demonstrates the conference's comprehensive coverage. During the four-day event, OTC is scheduled to deliver notable speakers, presentations, and general sessions within the 398,000 net square feet of exhibit space.

Responding to industry demand for offshore liquefied natural gas (LNG) terminals, ABS launches its "Guidance Notes for Building and Classing Offshore LNG Terminals" at this year's annual Offshore Technology Conference. The Guidance Notes provide industry with a comprehensive document outlining ABS procedures for LNG classification and cross-references ABS and other relevant industry documents for building LNG terminals. "Although industry has successfully dealt with oil and gas processing facilities on Floating Production Storage Units for a number of years, the liquefaction and cryogenic storage of LNG offshore is a whole new arena.

Over the past five years capital expenditure on floating production systems has totalled some $20 billion, but over the next five years this is forecast to increase by more than 50% to $32 billion. Annual spend is expected to soar to over $9 billion in 2004. These are amongst the findings of a major new study launched today at Houston’s annual Offshore Technology Conference by energy analysts Douglas-Westwood and industry data specialists Infield Systems. The analysts forecast that West Africa will get the lion’s share of future investment in floaters, with investments of some $11 billion destined for the region. This is nearly twice the spend in the other major regions with the Gulf of Mexico at $6.1 bn., Brazil at $5.1 bn and Asia Pacific at $4.7 bn.

Responding to industry demand for offshore liquefied natural gas (LNG) terminals, ABS launches its "Guidance Notes for Building and Classing Offshore LNG Terminals" at this year's annual Offshore Technology Conference. The Guidance Notes provide industry with a comprehensive document outlining ABS procedures for LNG classification and cross-references ABS and other relevant industry documents for building LNG terminals. "Although industry has successfully dealt with oil and gas processing facilities on Floating Production Storage Units for a number of years, the liquefaction and cryogenic storage of LNG offshore is a whole new arena.