Fred. Olsen Rig Upgrade Delayed; Costs Eyed

Joseph Keefe
Tuesday, April 22, 2014
Fed. Olson image: Blackford Dolphin

Rig to cost $195 mln to upgrade vs earlier $125 mln; upgrade to be completed in June vs earlier view April. Firm's down 5.6 percent.

Norwegian rig firm Fred. Olsen Energy said on Tuesday that an upgrade on one of its most important rigs would be more expensive and would take longer than earlier thought, sending its shares sharply lower.

The Blackford Dolphin rig would cost $195 million to undergo "additional structural upgrades", which would be completed in June. In February the firm said the upgrade, part of a class renewal survey, would cost $125 million and would be completed in April.

The rig is one of the firm's two rigs that can drill in deep waters of up to 7,000 feet (2,130 metres), currently in high demand from oil and gas firms.

Fred. Olsen Energy shares were among the worst performers on the Oslo Bourse, down 6.7 percent at 0719 GMT against a benchmark index up 0.49 percent.

Separately, the firm said another of its rigs, the Borgny Dolphin, will suspend its operations off Brazil, where it was under contract from oil firm Petrobras.

The contract will cease from May. Fred. Olsen Energy did not say why the contract was stopped.


Reporting by Gwladys Fouche

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

IRClass First to Certify Indian Recycling Yards per EU Standard

IRClass is amongst the first organizations in the world to certify ship recycling yards according to EU standards as an ‘Independent Verifier’. IRClass Systems and Solutions Pvt.

Drydocks World Conforms to FPC under EU Regulation

Drydocks World, the international service provider to the shipping, offshore, oil, gas and energy sectors has successfully been certified to European Standards EN 1090 – 1 and EN 1090-2.

KR Boosts Operational Efficiency with Boxship Conversion

The Korean Register has announced that it has successfully completed a feasibility study for the conversion of an 8,600 teu containership into a 10,000 teu vessel.

Offshore

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to

Seacat Services Sends Freedom to Race Bank

Seacat Freedom, the latest addition to Seacat Services’ 12-strong fleet, has been dispatched to DONG Energy’s Race Bank offshore wind project following the boat’s

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Energy

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

Offshore Energy

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Boskalis Awarded Aberdeen Offshore Wind Farm Contract

Royal Boskalis Westminster N.V. (Boskalis) has been awarded the Offshore Balance of Plant contract by Vattenfall for the construction of Aberdeen Offshore Wind Farm,

Drydocks World Conforms to FPC under EU Regulation

Drydocks World, the international service provider to the shipping, offshore, oil, gas and energy sectors has successfully been certified to European Standards EN 1090 – 1 and EN 1090-2.

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0957 sec (10 req/sec)