Oil And Gas Market News

Norwegian company Reach Subsea has extended the charter for the Olympic Taurus subsea vessel and ordered two new Constructor-type remotely operated vehicles (ROVs) from Kystdesign.Back in February, Reach Subsea announced a 100-day project charter for the subsea vessel Olympic Taurus, with extension options for 2+1+1 years.The company has now extended the charter for an additional two years and retain options for another 1+1 years."With a solid backlog and substantial tender pipeline for the coming periods…

“The winds of change are blowing wild and free.” – Bob DylanIn the U.S. offshore wind industry, developments over recent months have placed an exclamation point on the word “wild”. Yes, the wind still blows “free”, but mounting challenges have proven that harnessing its power offshore is anything but. In fact, far from it, as rising materials costs, high interest rates, labor shortages and supply chain delays, among other issues, have delivered heavy blows to the commercial viability of several projects.

Petrobras awarded Radix a contract to develop projects for floating production, storage, and offloading vessels (FPSOs). The agreement will last 31 months, with services estimated at $11.5 million. The contract includes developing multidisciplinary engineering projects using digital automation tools for the state-owned company's new assets. "We are very excited about this major new contract with Petrobras, underlining our industrial expertise in this segment. Petrobras is a global reference client in the oil and gas market, where Radix continues to have a strong presence," said Augusto Castro, Radix's General Manager for Capital Projects.

It’s a big deal when a U.S. president visits an American shipyard, and these trips always send a message. When President Obama spoke at HII’s Newport News Shipbuilding in 2013, he warned of the consequences of sequestration. President Trump’s 2020 speech at Fincantieri Marinette Marine touted a $5.5 billion naval contract that gave a welcome boost to the Wisconsin shipyard and its supply chain partners. Most recently, President Biden traveled to Philadelphia’s Philly Shipyard…

A fleet of newbuild specialized anchor handlers will be required to help build up the emerging floating offshore wind industry. But since the industry is still in its early days, many unknowns have made it difficult for shipyards and their partners to gear up to build this fleet. This article explores complex market demand and technical drivers that help give a better understanding of anchor handler requirements for floating offshore wind.Floating wind is an emerging technology currently being tested in small scale demonstration and pilot projects…

International shipbroker IFCHOR Galbraiths (IG) will be providing offshore brokerage services in the oil and gas market following its acquisition of Norwegian offshore specialist UNO Offshore.Founded in 2010, with a seven-strong team based in Bergen and Haugesund, UNO Offshore focuses on providing chartering, newbuild, sale and purchase, research and consulting services related to the oil and gas sector. UNO Offshore will be renamed IG Offshore.Commenting on the move, IG co-CEO, Bjorn Andersen, said, “We are delighted to bring Hans and his experienced team into the IG family.

Norway-based company Amon Maritime has launched Amon Offshore - a new company focused on the offshore oil and gas market – with plans to operate carbon-free platform supply vessels. The ship has already received approval in principle from DNV and preliminary flag approval from the Norwegian Maritime Authority, Amon Maritime said. Amon Offshore has been created to build, own and operate a fleet of ammonia-powered supply ships for the Norwegian Continental Shelf. "The ships have been developed to meet oil companies’ current and future offshore logistics needs…

Marine News spoke to leaders at three North American naval architecture and marine engineering firms about some of the latest trends impacting their business today. Mike Fitzpatrick, president, Robert Allan Ltd.; Jeff Bowles, director, DLBA Naval Architects; and Rich Mueller, president and CEO, NETSCo., weigh in on topics such as digitalization, decarbonization and the naval architect talent pool.How do you view the maritime industry’s ongoing shifts in areas such as digitalization and decarbonization…

The market for floating production systems is booming, according to World Energy Reports' (WER) latest assessment of activity and developments in the offshore oil and gas market.“Business conditions and market sentiment in the deepwater sector have seldom been so positive,” said Jim McCaul, founder and principal analyst of WER.“Major upstream operators continue to rake in record cash and spending on new upstream projects has been ramping up,” McCaul said. “Activity has returned to levels last seen before the 2008 global financial meltdown.

Dutch dredging and marine services firm Boskalis on Thursday slightly raised its 2022 profit outlook after a half-year earnings beat, as the West seeks to replace Russian gas with other energy sources.The group, which offers marine services and contracting for the oil and gas sector and offshore wind industry, reported core profit (EBITDA) of 292 million euros ($297 million) in the first six months of the year, against analysts' average estimate of 279 million euros. Russia's…

Those who are old enough (or young enough) to remember Justin Timberlake’s poignant lyrics, ‘What goes around, goes around, goes around, comes all the way back around’, will appreciate their significance and relatability to the offshore oil and gas market. On that theme, it appears a vessel very close to my heart, the AHTS previously known as Sanko Energy (now Ena Shogun), has come 'all the way back around.'News is filtering through the market that Eastern Navigation (Singapore) has sold the vessel five years after purchasing it from Sanko Steamship in early 2017.So why does this vessel resonate with me? Well, from a professional perspective, it was my first analyst experience of a sale that went against everything established market experts thought about values and sale prices.

Cadeler CEO Mikkel Gleerup shares insights on the path ahead for his company in the fast-growing offshore wind sector, with details on Cadeler’s new X-Class Wind Turbine Installation Vessels.The last two years were big year for your company, with a name change from Swire Blue Ocean and IPO at the end of 2020 and a rebranding through 2021. What was the rationale for these moves?We rebranded from Swire Blue Ocean to Cadeler end of 2020 to demonstrate that this was a separation from Swire.

Offshore vessel owner Tidewater on Tuesday announced the appointment of Melissa Cougle to its Board of Directors, effective immediately. Cougle most recently served as Senior Vice President and Chief Financial Officer of Frank’s International until November 2021. She previously served as Senior Vice President and Chief Financial Officer of National Energy Services Reunited. Cougle began her career with Arthur Andersen in 1999 and subsequently held positions of increasing responsibility in the oilfield services industry at Ensco plc, and prior to that Pride International. She holds a Bachelor of Science in Business from Louisiana State University and is a Certified Public Accountant."Melissa is a seasoned executive with a strong track record of leadership in the oil and gas sector…

Eying recent demand increases and oil prices recovery in the international market, Brazil's largest tug operator says it is ramping up to support a growing number of offshore oil and gas projects expected to take off in the coming years.Globally, around 30 production floater contracts are now queued up for award over the next 18 months, assuming no major market disruption occurs and the supply chain can absorb the orders within this time frame, according to an in-depth market analysis recently completed by International Maritime Associates/World Energy Reports.Wilson Sons…

Abu Dhabi Ports’ maritime arm SAFEEN has signed an agreement with offshore vessel owner Allianz Marine & Logistics Services (AMLS), to launch a new international provider of integrated maritime logistic services."Operating under the title of Offshore Support and Logistics Services Company (OFCO – Offshore International), headquartered in Abu Dhabi, the new joint venture will be one of the largest, most capable, and cost-efficient providers of onshore and offshore integrated logistics solutions and subsea services in the GCC [Gulf Cooperation Counci] Gulf Cooperation Council region and beyond," Abu Dhabi Ports said in a statement.According to the statement released Thursday…

The floating offshore wind industry, still considered nascent with around 100MW installed capacity - and minuscule compared to the installed capacity of its „older brother,“ - that is the conventional, fixed bottom offshore wind industry (29GW at 2019 end) - is showing promise and is expected to take off big time by the end of the decade.While the current installed capacity is small and focused on pilot projects, the potential is there for the floating wind farms to reach and…

Maritime and offshore classification society American Bureau of Shipping (ABS) has granted Approval in Principle (AiP) for the design of what it described as "a wide breadth, single row, near-shore LNG Floating Production Storage Offloading Vessel (FPSO) hull with a jetty-moored system." The hull design has been developed by South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME).The 64m wide barge-shaped hull features a GTT NO96 single row containment system with a storage capacity of 209,000 m3.

MAN Energy Solutions will deliver six compressor trains for Yinson's FPSO being built for deployment in Brazil.For the FPSO named Anna Nery, MAN Energy Solutions will deliver four RB-type centrifugal-compressor trains for gas production and export, as well as two screw-compressor trains, which will be put into operation as vapor-recovery units.The FPSO will be located at Petrobras' Marlim and Voador field of the Campos basin, about 150 kilometers off the coast of Rio de Janeiro…

Offshore installation and construction specialist Subsea 7 will cut 3000 jobs by 2021, and reduce its active vessel fleet, it said in a statement on Thursday.Subsea 7 a month ago said that with the deterioration in the outlook for new oil and gas awards, it would "resize" the business to save $400 million in annual cash costs by the second quarter of 2021.It on Thursday said: "It is envisaged that the overall reduction in headcount would be approximately 3,000 from the global workforce of 12,000, by the end of the second quarter 2021.

Trelleborg has acquired Signum Technology Ltd. The acquisition of Signum and its subsidiary companies Gall Thomson, KLAW LNG, KLAW Products, and Vee Bee Filtration., provides safety-critical solutions for flow control applications, including Marine Breakaway Couplings (MBCs) and safety solutions for LNG transfer systems.The move is part of Trelleborg’s strategy to strengthen its position as a system provider in oil and gas market segments, such as ship-to-ship and ship-to-shore LNG transfer.Signum Technology is headquartered in Wiltshire…

Diverse and conveniently located, St. Johns Ship Building has quickly developed into a reliable partner for its many repeat customers. Today, and as a direct result, a lot more people know exactly where Palatka, Florida is located.On the St Johns River, just 60 miles south of Jacksonville, lies the sleepy town of Palatka, Florida. Founded as a trading post in 1821, its location on the highly navigable river made the area attractive to orange growers and timber men alike.In its heyday between 1875 and 1900…

Singapore offshore company Swiber Holdings' wholly-owned subsidiary, Swiber Offshore Construction (SOC) has entered into a shareholder's agreement with Hilong Marine Engineering (HME) to establish a joint venture company in Singapore.The shareholders (51% Hilong and 49% Swiber) have named the new company – Ocentra Offshore. New joint venture to target offshore construction and installation sector.According to the company, the principal business of the new JV firm will be pipe-laying and integration of pipeline systems, offshore heavy lifting and installation, subsea tie-in and underwater maintenance, as well as barge and vessel management and chartering.The JV Company will be held by Hilong Marine Engineering and SOC as to 51% and 49%…

Kirby Corporation (“Kirby”) (NYSE: KEX) has announced net earnings attributable to Kirby for the second quarter ended June 30, 2019 of $47.3 million, or $0.79 per share, compared with earnings of $28.6 million, or $0.48 per share, for the 2018 second quarter. Excluding a one-time charge related to the retirement of Kirby’s Executive Chairman, 2018 second quarter net earnings attributable to Kirby were $46.8 million, or $0.78 per share. Consolidated revenues for the 2019 second quarter were $771.0 million compared with $802.7 million reported for the 2018 second quarter.David Grzebinski…