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Offshore Oilfield Services News

30 Sep 2020

Seaway 7 to Convert 'Seven Phoenix' into Cable Layer

Seven Phoenix, construction and flex-lay vessel,  at the quay of the Gdansk shipyard - Image by Rudolf H. Boettcher/Wikimedia Commons - CC BY-SA 4.0

Seaway 7, the renewables business unit of Subsea 7, is expanding its renewables fleet with a second cable lay vessel.The company, which has access to Subsea 7's pool of vessels, said Wednesday that the Seven Phoenix vessel would be converted to become "a dedicated inner array grid and export cable installation and trenching support vessel."Seaway 7 said the move would improve and grow its position in the submarine cables installation market."The Seven Phoenix was originally constructed as a dedicated trans-oceanic submarine fiber optic cable lay vessel.

27 May 2019

Bumi Armada Profit Up 28.5% in Q1

Malaysia's offshore oilfield services firm Bumi Armada announced that its first-quarter net profit jumped 28.5% on-year, mainly thanks to joint ventures, lower cost of sales, and lower distribution costs.Net profit for the January-March period climbed to 62.21 million ringgit ($14.86 million), compared with a 48.42 million in the same quarter a year ago, said a stock exchange announcement.However, its revenue fell by 18.1% to RM491.61mil from RM600.34mil a year ago. The compay said floating production and offloading (FPO) business reported lower revenue of RM425.6mil due to lower revenue from Armada TGT 1 FPSO, with the vessel now in…

17 Sep 2015

Transas T-Bridge Installed on Ice Class Vessels

Photo courtesy of Transas Marine

Transas Marine informs it has installed and commissioned the Transas T-Bridge integrated bridge systems aboard three ice class vessels built by Keppel Singmarine, the specialized shipbuilding subsidiary of Keppel Offshore & Marine. Transas supplied Integrated Bridge Systems including full navigation systems, external and internal communication systems and CCTV. Transas said its T-Bridge is designed to add further safety to navigation, simplify bridge operations and offers a flexible bridge configuration.

24 Sep 2014

How Specialty Lenders Can Propel Marine Operators

Eric Dusch

The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million to $1 billion must address several important issues. First, what is the most efficient way to finance equipment to keep up with the robust demand? Is ownership of the vessel through a loan structure the best option, or would a lease make better use of working capital?

11 Jul 2014

Cargotec to Supply Equipment for OSVs

MacGregor, a part of Finnish cargo-handling equipment maker Cargotec, has won an order to supply equipment for vessels to be built for Bumi Armada Berhad, a Malaysia-based international offshore oilfield services provider, Cargotec said on Friday. The order includes delivering equipment for three ice-class vessels and a shallow water pipe laying barge by mid-November, and the gain will be booked into the second quarter results, the company said in a statement. Cargotec did not provide the value of the deal. Reporting by Nerijus Adomaitis

07 Feb 2014

Deltamarin Designs FPSO for Bumi Armada

Deltamarin signed a contract with Bumi Armada, for the basic design of a floating production, storage and offloading (FPSO) unit. In November 2013, the Malaysia-based international offshore oilfield services provider, Bumi Armada, announced that they have secured a contract to supply the unit to operate in the oil company EnQuest's Kraken field, which is located in an area with challenging environmental conditions in the U.K. sector of the North Sea. Deltamarin had earlier provided Bumi Armada with technical support for the conversion of an existing oil tanker into an FPSO in the Front-End Engineering Design (FEED) phase. The FEED phase included development of a robust FPSO design for the harsh North Sea environment that fulfils the UK rules and regulations in all aspects.

28 Jan 2014

North Sea FPSO Power Contract for Wärtsilä

Topside power modules: Schematic courtesy of Wärtsilä

Wärtsilä say they are to supply a 62 MW topside power module solution for a Floating Production, Storage and Offloading (FPSO) vessel to be deployed at the Kraken oilfield located in the U.K. sector of the North Sea. This EPC (engineering, procurement and construction) award comes from Armada Kraken Pte.Ltd, a wholly owned subsidiary of the Malaysia based international offshore oilfield services provider, Bumi Armada. Bumi Armada will be using a recently built Suezmax tanker for the FPSO conversion, which will have a storage capacity of 600,000 barrels.

15 Oct 2013

Rolls-Royce Design and Equipment for COSCO

Photo: Rolls-Royce

Rolls-Royce has won an order to provide an integrated design and equipment package for two offshore supply vessels to be built at COSCO (Guangdong) Shipyard Co., Ltd. in China for the Singapore based Chellsea Group, a company in the offshore oilfield services industry. The two Rolls-Royce UT 771WP platform supply vessels will be the first vessels in Asia featuring the wave piercing bow designed to pierce through the waves in rough seas, making it possible to keep a more constant speed, reduce fuel consumption and increase on board safety.

30 Aug 2013

Fugro & Bumi Armada in Offshore Joint Venture

Armada Hawk: Photo credit Bumi Armada Berhad

Fugro and Malaysia Oilfield Services company, Bumi Armada Berhad, are entering into a Joint Venture to target  to the well services industry. The new venture, in which Fugro has a 49% interest and Bumi Armada a 51% interest, will feature a multi-disciplined team made up of members of both companies with skills in marine operations, well intervention and drilling operations. The new company will leverage the strengths of each party to develop new lines of business in the fast expanding well services segment, and will widen each companies offering to their respective client bases.

14 May 2013

Jaya Reports $4 Million Net Profit for 1Q 2013

Jaya Holdings Ltd. reported consolidated revenue of $24.8 million and net profit of $4.0 million for the financial quarter ending March 31, 2013. The group’s total revenue for the quarter under review was $24.8 million, 53% higher than the previous corresponding quarter. The group’s increased revenue was mainly contributed by the Offshore Support Services (OSS) Division which revenue was at $24.4 million, 50% higher than the previous corresponding quarter. The period between December 2012 and February 2013 was a challenging one for offshore oilfield services providers. Jaya’s utilization, like that of many peers, came down due to various reasons, including seasonal factors, the delayed awards of contracts and changes in cabotage rules in Indonesia.

08 Apr 2013

Wärtsilä to Design & Power New OSV's

WSD 1000 MPSV's: Image credit Wärtsilä

Wärtsilä awarded a major contract to design a series of four multi-purpose platform support vessels (MPSVs) for Malaysian owner. The contract has been placed by Bumi Armada Berhad, a Malaysian-based international offshore oilfield services provider and also the largest owner and operator of offshore support vessels in Malaysia. Wärtsilä will also supply a comprehensive solutions package for each of the vessels. The vessels will be built by a subsidiary of Nam Cheong Limited, Malaysia's largest Offshore Support Vessels builder…

30 Jan 2012

COSL Installs AMOS Software

China Oilfield Services Limited COSL) has agreed a deal to implement the fleet management software AMOS  from SpecTec Asia Pacific East Ltd across three units of its fleet. The two parties have signed a contract which includes the supply of AMOS software suite, databases and associated consultancy services. AMOS is going to be installed onboard a 3000 meter semi-submersible drilling platform (COSL 981), delivered in 2011,  as well as onboard two jack-up drilling rigs (HYSY936 and HYSY942). COSL is the leading integrated oilfield services provider in the offshore China market. Its services cover each phase of offshore oil and gas exploration, development and production.

06 Oct 2009

Axis Bank Cancels Great Offshore Oil Rig Funding

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig. (Source: livemint.com)

12 Jun 2000

S&P: FGH Outlook Remains Negative

Standard & Poor's affirmed its single-'B'-plus corporate credit rating and single-'B'-minus subordinated debt rating on Friede Goldman Halter Inc. (FGH). The outlook remains negative. The ratings affirmation follows FGH's announcement that it has signed a definitive agreement to sell its vessel repair unit to Bollinger Shipyards Inc. (unrated) for $80 million. Proceeds from the all-cash transaction, which is expected to be completed in July 2000, will initially be used to reduce debt. As a result, the transaction is expected to improve FGH's capital structure and liquidity, although the liquidity benefits of the transaction may be somewhat offset by a reduction in FGH's operating cash flow and committed bank credit lines.

01 May 2007

Bharati Shipyard to Build Offshore Vessel for Great Offshore

According to the Hindu, Bharati Shipyard will construct and supply an offshore support vessel to integrated offshore oilfield services provider Great Offshore for $64.8m. The vessel, which has a diesel electric propulsion system with 5 generators of a total power of 10,500 KW, is fully-equipped to support diving/sub sea operations. The above contract is in lieu of a contract dated March 24 for one multipurpose offshore support vessel valued at $17.4m ordered by Great Offshore. Source: The Hindu

16 Dec 1999

Offshore Spending Set To Soar

A recent report from Lehman Brothers found that global offshore drilling budgets are set to grow more than 10 percent in the coming year. The survey, which utilized the opinion of 320 oil companies, indicated that primary drivers for growth will be the North American offshore drilling market, with the U.S. and Canada expected to spend 15.7% and 28% more respectively. Spending outside of North America is not expected to expand so rapidly. The findings have sparked a mini rally among the offshore oilfield services stocks, a volatile group which has enjoyed a healthy 1999 nonetheless. Crude oil, gasoline and heating oil all posted big gains on the New York Mercantile Exchange on Wednesday after industry data showed a huge decline in oil and refined products stored in the U.