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Baha News

03 Feb 2009

Odfjell Charters from Nat’l Chemical Carriers

Effective 1 February, Odfjell has entered into an agreement with its Saudi-Arabian partner National Chemical Carriers Ltd. Co (NCC) to bare-boat charter their three 37,000 stainless steel parcel tankers for ten years with purchase options after three years. The three ships are NCC Jubail (1996), NCC Mekka (1995) and NCC Riyad (1995). The ships will continue to be operated by Odfjell Tankers in global trades. Odfjell Ship Management will continue to be responsible for crewing and technical management, and the ships will remain in the Norwegian International Ship Register. Furthermore, Odfjell has entered into three to six years time-charters for three ships that until recently were owned by National Chemical Carriers Ltd. Co.

26 Aug 1999

Deepwater Drilling Provides Good Long Term Prospects

According to the U.S. Department of the Interior's Minerals Management Service (MMS), deepwater drilling (1,000 ft. and deeper) shows the greatest potential of development, and certainly has garnered the attention (as well as the E&P dollars) of offshore oil production industry leaders. By yearend 2003, the MMS estimates as much as 63 percent of the oil production and 29 percent of the daily gas production will come from deepwater reserves. In August of 1998 there were 30 (temporary and permanent) deepwater rigs drilling simultaneously in the Gulf of Mexico's Outer Continental Shelf (OCS), at depths greater than this. The proliferation of deepwater development projects will likely continue to grow…