U.S. Policies: Raising Red Flags Offshore
National Ocean Policy, Coastal & Marine Spatial Planning: two of the biggest issues you never heard of. It’s also far more complicated than you might think. This summer, the Obama Administration released the innocuously named “Guide to Regional Marine Planning,” and across town, the House of Representatives passed the latest in a string of resolutions restricting the Administration from spending money on the implementation of the National Ocean Policy. The battle continues over an issue which could well redefine the future of offshore energy development…
First FPSO Approved for Gulf of Mexico
The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) today provided the final approval necessary for Petrobras America, Inc. to begin oil and natural gas production at its Chinook-Cascade project using a Floating Production Storage Offloading (FPSO) facility. This will be the first time this technology is used in the U.S. Gulf of Mexico. BOEMRE approved the project’s Production Safety System permit and Supplemental Deepwater Operating Plan (DWOP), to ensure that stringent safety regulations were met.
R. STAHL acquires Tranberg AS
R. STAHL AG and the shareholders of Tranberg AS of Stavanger, Norway have entered into a contract of sale transferring title to the enterprise to R. STAHL Technologies with effect of 1 October 2006. The purchase price remains undisclosed. The Norwegian company develops, manufactures, and distributes lighting and signal systems used in ship building and on helicopter landing decks in addition to producing explosion protected heating and control systems for industrial applications. Tranberg employs 60 persons at its Stavanger site and realised some EUR 1m EBT on 2005 sales of EUR 10m. Thanks to the resulting synergy potential, management expects additional global sales growth in the medium term.
Exmar, Golar Mull Possible LNG Merger
Exmar, the tanker division of Belgian shipping company CMB is reportedly in talks with Norway's Golar LNG to merge their liquified natural gas activities. It was reported that Exmar director Nicolas Saverys said the new LNG company would have assets worth $500 million. "We are in detailed negotiations with (John) Frederiksen (Golar LNG's shipping magnate owner) about bringing our LNG activities into a new joint venture," Saverys was quoted as saying. While no details were given on the shares of the ownership of the new company, he said he hoped the merger would be completed in the next two weeks and lead to a listing of the new company on a U.S. stock exchange.
