Coflexip News

Tidewater Inc. announced today that Latif Benhaddad has joined Tidewater as Vice President of Engineering. Benhaddad reports to Tidewater's Chief Operating Officer, Jeff Gorski, and is responsible for global engineering technical services, including fleet new build programs and fleet maintenance and repair. As the company’s current Vice President of Engineering, William Brown, has announced his intent to retire within the next twelve months, Benhaddad will be transitioning the role with Brown for a period of time.

Doosan Infracore Portable Power has supplied a multi-million pound fleet of new Ingersoll Rand Rigsafe portable air compressors to Airpac Bukom Oilfield Services, the oil and gas division of equipment rental group Vp plc. The major new investment by Airpac Bukom in air compression equipment from Doosan Infracore Portable Power has expanded the company’s equipment rental fleet to support the growing market for Well Test and high pressure pipeline requirements among customers worldwide.

Coflexip Stena Offshore reported that its new deepwater pipelay and subsea construction vessel, the CSO Deep Blue, has commenced operations for the Williams Banjo/Seahawk project in the Gulf of Mexico after successful completion of her first mobilization at CSO's new spoolbase in Mobile, Ala. The vessel is to install the Boomvang and Nansen fields deepwater export pipelines. The CSO Deep Blue is to undertake the installation contract of the export pipelines from the Boomvang and Nansen fields, located in 3,600 ft. (1,100 m) water depth in the East Breaks blocks 643 and 602, to a platform located in 365 ft. (110 m) water depth in the Galveston area, block 244.

Coflexip Stena Offshore announced today that following the publication by the French Financial Markets' Board of the results of the public offerings of Technip on Coflexip's share capital, Technip now holds 98.36% of Coflexip and 98.54% of its voting rights. In its July 25 meeting, the Board of Directors of Coflexip had recommended that Coflexip shareholders tender their shares to Technip's offer. CSO, the leading global contractor for subsea and deepwater solutions to the offshore oil and gas industry, offers technically advanced and cost-effective best in class services and products for the development of offshore hydrocarbon fields worldwide.

upon his suggestion, Daniel Valot, Chairman of the Board of Technip-Coflexip, was appointed, effective October 17,, Vice Chairman and Chief Executive Officer of Coflexip, providing him with the same powers as Pierre Marie Valentin. of Technip-Coflexip bylaws, which should occur early December 2001. effective best in class services and products for the development of offshore hydrocarbon fields worldwide. abandonment, the Group solutions in engineering, fabrication and installation are proposed on either an integrated or a segmented basis. expertise in moorings, pipeline-riser-umbilical systems and robotics. of subsea construction and installation vessels.

CSO Aker Marine Contractors, Inc. (CAMC), one of the Houston-based entities of the Coflexip Stena Offshore Group, announced the successful mooring of Diamond Offshore's rig the Ocean Confidence using a preset taut leg mooring with polyester rope and CAMC's SEPLA anchoring system while under contract to BP. The mooring location is in the Gulf of Mexico in 6,385 ft. (1,946 m). The project represents a significant advancement in deepwater mooring. BP, CAMC and Diamond Offshore set several Gulf of Mexico records with this project. The rig is the first MODU in the GOM to use polyester moorings on all 8 legs and the first rig to be moored employing SEPLAs on all 8 legs, a technology developed and patented by CSO Aker.

Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95. Since then the value of Aker Maritime's shares in Kværner and the CGG seismic company has fallen considerably. The loss of value amounts to about NOK 31 a share. Even so, Aker RGI is offering to purchase Aker Maritime's shares at the same price as in the original redemption offer.

and a supervisory board. With Daniel Valot as Chairman, the management board consists of Thomas Ehret, Daniel Burling, Jean Deseillingny and Claire Giraut. Pierre Marie Valentin will serve as chairman and Michel Leveque will serve as vice chairman of the supervisory board. Roger Cairns, Miguel Caparros, Jean-Pierre capron, Jacques deyirmendjian, Jean-Pierre Lamoure, Claude Mandil, Roger Milgrim, Rolf-Erik Rolfsen, Pierre Vaillaud and Bruno Weymuller will serve as members of the supervisory board. Shareholders also authorized the Management Board of Technip-Coflexip to buy and sell up to 10 percent of its share capital (2,665,962 shares) at a maximum of $136 per share and a minimum price of $82 per share.

Coflexip Stena Offshore Ltd. (CSOL), a UK entity of the Technip-Coflexip Group, is in charge of a three-year contract from the Texaco, Amerada Hess and Talisman Energy (THT) multi-operator alliance to provide Diving Support Vessel (DSV) and Underwater Services in the North Sea. Within the scope of the contract, CSOL is responsible for delivering project management, engineering, DSV and subsea services, the objective being to maximize uptime and production potential of the three operators’ assets throughout the UK and Danish sectors of the North Sea. In addition, while typical operations included within the contract are subsea construction…

Technip-Coflexip Group announced that Atlantia Offshore Limited has awarded Gulf Marine Fabricators (GMF) a fabrication contract for the Matterhorn dry-tree TLP topsides facility and foundation piles. GMF based in Aransas Pass is an entity of the Technip-Coflexip Group. The work scope includes procurement, fabrication and outfitting of a 6000-ton topsides facility with a height of 62 ft. and an area of approximately 63,484 square ft. The scope also includes the fabrication of 6 piles each 96 in. in diameter and 415 ft. long. The piles have a total weight of 2100 tons. The mini-TLP platform will be installed at Mississippi Canyon Block 243 in 2,800 ft. of water. GMF will perform this work at its North Yard located in Aransas Pass, Texas.

Technip-Coflexip has recently been awarded a contract by Brunei Shell Petroleum Co. (BSP) for its Egret Phase 1 Gas Development Project, offshore Brunei. This contract is the first one with BSP. Under the terms of a lump sum contract, worth about $22 million, Technip-Coflexip will be responsible for project management, engineering, procurement and fabrication. Main facilities will include: a 12-slot drilling platform (EGDP-01), made up of an 860-ton topside and a 770-ton jacket in 60 meters of water depth and a 15-kilometer subsea cable. The contract will be executed at Kuala Lumpur by Technip Far East in conjunction with Technip Engineering Brunei, a local affiliate of the Technip-Coflexip Group. Completion is scheduled for Q4 2003.

CSO Aker Engineering, Inc., a U.S. entity of the Technip-Coflexip Group has been awarded a Front-End Engineering Design (FEED) contract by BHP Billiton for its Angostura Development Project offshore Trinidad. CSO Aker Engineering will execute the engineering contract together with sister company Technip Upstream Houston. Completion of FEED is scheduled for Q2 2002. The final configuration of the Development is yet to be agreed, the project is pursuing an aggressive schedule to first oil in the first half of 2004.

TECHNIP-COFLEXIP has been awarded, by Saudi Arabian Oil Company SAUDI ARAMCO, for the expansion of the Berri gas plant to handle additional output of sour gas from the Qatif field, which is now under development. TECHNIP-COFLEXIP will provide a low-pressure gas sweetening unit, two new sulfur recovery units, a new feed gas compressor, the revamp and capacity increase of the existing propane refrigeration unit, the upgrade of the existing sulfur recovery units to meet higher recovery rates, the upgrade of the inlet and flare facilities, additional sulfur storage capacity and the expansion of the existing utility systems to serve the new facilities.

The Global deepwater market is strengthening according to Quest Offshore Resources Inc.'s soon to be published Global Subsea Production Umbilical Report. The majority (65%) of identified forecast subsea wells across the globe are in deepwater (greater than 0-1,650 FSW (0-500 MSW)). With respect to ultra-deepwater subsea production, the present share of forecast subsea trees worldwide over 3,437 FSW (Feet Sea Water) or 1,200 MSW (Meters Sea Water) is 39%. Of the remaining subsea wells forecast over the next six years, 26% are planned for installation in 1,650-3,960 FSW (501-1,200 MSW) and 35% in 0-1,650 FSW (0-500 MSW). The market for subsea trees is strong with a significant number of contract awards for subsea production trees materializing over the last 12 months. As illustrated in Fig.

Subsea Houston 2002 will be held Tuesday, Sept. 24, 2002 at the Houston Intercontinental Hotel. This, the 3rd annual conference, is expected to be attended by well in excess of 300 delegates. Last year's event, held at the Westchase Hilton and Towers was attended by hundreds of operators, subsea manufacturers, financial analysts and leading offshore service and supply companies. The focus of this year's event is development beyond 10,000 FSW. Quest Offshore announced the appointment of oits ur Subsea Houston Advisory Committee whose members will help guide the program and presentations.

A&P Southampton recently welcomed a slightly unusual vessel to their dry-dock. The ship repair, maintenance and conversion company, whose customers mainly consist of Cruise, Ferry, and Trading Vessels have successfully completed a refit of Coflexip Stena Offshore’s CSO Seawell, an offshore support vessel at their King George V dry-dock. The ‘Seawell’ is a highly technical vessel accommodating three moonpools, two diving bells, divers decompression chambers, hyperbaric lifeboats and has a derrick with active heave capability and is normally employed doing well intervention in the North Sea. The Seawell arrived in Southampton during March for a dry dock and repair period lasting just over 5 weeks and involved various routine repairs including steelwork…

Coflexip Stena Offshore, along with Kvaerner, is finalizing the acquisition of the business of Houston-based pipeline engineering company Kvaerner R.J. Brown (KRJB). Closing was expected to occur on March 31. Known as a pipeline engineering company specializing in the design and installation of pipeline bundles and risers for deepwater applications, KRJB is renowned for its offshore pipeline design and towing techniques for more than 30 years. Operating as a separate engineering company under the R.J. Brown Deepwater name within the CSO Group, and working closely with CSO's Deepwater Field Development Division. RJB Deepwater will provide FEED engineering services on an independent basis.

Coflexip Stena Offshore, along with Kvaerner is finalizing the acquisition of the business of Houston-based pipeline engineering company Kvaerner R.J. Brown (KRJB). Closing was expected to occur on March 31. Known as a pipeline engineering company specializing in the design and installation of pipeline bundles and risers for deepwater applications, KRJB is renowned for its offshore pipeline design and towing techniques for more than 30 years. Operating as a separate engineering company under the R.J. Brown Deepwater name within the CSO Group, and working closely with CSO's Deepwater Field Development Division. RJB Deepwater will provide FEED engineering services on an independent basis.

Offshore oil equipment and services provider Coflexip set an all-time high on Thursday following a price target upgrade by a major broker and on bright prospects for North Sea contracts. Coflexip was quoted up 6.67 percent at 152 euros, the broad market's best performer. Earlier, it had surged to a record 156 euros after Morgan Stanley Dean Witter lifted its price target to 200 euros from 165 euros and maintained a "strong buy" recommendation.

Having added a unique multi-purpose offshore installations vessel and a powerful floating crane to its fleet, the Smit International Group is increasingly busy on installation heavy lift and heavy transport projects associated with FPSOs. Smit Pioneer, formerly a LASH carrier, was acquired and converted by Smit in 1999. The vessel represents a new concept for multi-purpose offshore installation tasks. This large, dock-type vessel is designed and equipped to remain on station for extended periods, having an unusually high degree of self-sufficiency. The multi-purpose vessel's primary roles include: installation of moorings, diverless tie-ins, well servicing, flexlay, manifold and riser installation, ROV support and long haul cablelay.

Shiprepair and conversion specialist A&P Aberdeen has successfully completed the first contract at its newly opened Aberdeen workshop for Coflexip Stena Offshore. A&P worked on Coflexip's construction vessels CSO Orelia and CSO Alliance, which required equipment to be fabricated and delivered within a short timeframe. A&P's new facility, which opened its doors the beginning of June, was able to comply with these deadlines via a mobile workforce to fabricate the items; seafastening frames for CSO Orelia, delivered to Aberdeen and two lifting beams for CSO Alliance, delivered to Immingham.

One of the greatest challenges facing a lender in the maritime industry is appropriate assessment of risk. In this exciting, varied and vibrant industry, a lender's effective risk assessment requires a thorough understanding of the vagaries that characterize the industry. Many of the companies have been in business for 100 years or more. They have a long family history associated with the sea that has charted their economic destiny for decades. Experience and expertise are the key factors in designing a successful strategy to serve the maritime market, which is made up of skilled professionals who know their business from A to Z. Vessel owners also are proud of their company history.

TotalFinaElf picked Coflexip Stena Offshore and Stolt Offshore to pump oil from the tanker Erika, which sank off France's Atlantic coast. TotalFinaElf, which has faced widespread criticism in France for the disaster, has agreed with the government to pump up to 15,000 tons of heavy fuel still believed to be trapped in the holds of the tanker. The difficult operation, involving two ships with pumps and a tanker to carry the recovered oil to the Donges refinery near Nantes, is scheduled to begin next month. It is expected to be completed in September. TotalFinaElf has estimated the cost of the operation at $57 million.