UK Oil Firm Charters Two NAO Vessels
Nordic American Offshore Ltd (NAO) has entered into two new contracts with a major oil company in the U.K. for one year with a one year option. This will secure employment for two NAO vessels up to the end of 2015
TEN Takes Delivery of Panamax Tanker Aztec
Tsakos Energy Navigation Limited (TEN) has entered into a new medium-term charter arrangement with PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled Panamax, the Aztec, to PMI. The contract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. "We are pleased to furnish PMI with another high-quality vessel to serve their growing
SapuraCrest, Ramunia Awarded Contracts
Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.
Wärtsilä Acquires Power and Automation Systems from Aker Kvaerner
Wärtsilä has acquired Aker Kvaerner Power and Automation Systems AS (AKPAS) from Aker Kvaerner. AKPAS supplies power and automation systems for the oil and gas, marine and industrial markets. The company operates mainly in the North Sea region with major oil and gas companies and Norwegian shipyards. AKPAS has annual net sales of EUR 28 million and 135 employees in Stord, Norway. The acquisition price is approximately EUR 12 million.
Wärtsilä Automation in Norway
The Norwegian automation company AKPAS, acquired by Wärtsilä in February, has been renamed Wärtsilä Automation Norway AS. The company becomes part of Wärtsilä from March 1. The company supplements Wärtsilä's product offering in electric propulsion systems, power distribution and automation for the oil & gas and marine sectors. It also strengthens Wärtsilä's capabilities for further development of automation systems.
Norsk Hydro Strikes Oil, Natural Gas Reserves off Norway
Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that
First Steel Cut for Liftboat ‘Seajacks Hydra’
A ceremony marked the event at Lamprell’s Hamriyah Dubai facility. The self-elevating, ‘Seajacks Hydra’ has been specifically designed for installation and maintenance services in the offshore wind and oil and gas sectors. The vessel will be equipped with a high speed jacking system, a 400t crane and able to operate in water depths up to 48m. Lamprell Energy has built all three of Seajacks’ current vessels; ‘Kraken’
Far East Contract for Icebreaking AHTS 'Tor Viking'
Viking Supply Ships says it has entered into a contract with a major oil company for their AHTS vessel 'Tor Viking'. The charter of the AHTS will be in the Far East region, commencing in June 2014. The duration is for 11 months firm, plus options to extend the contract by 2 x 6 months subject to availability. Viking considers that this contract strengthens its position within harsh environment operations. The value of the firm period of the contract is around US$ 34.5-million.
Early Contract Termination for Loke Viking
As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of four AHTS vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017. The drilling season is expected to commence around May each year. Viking Supply Ships has received an early termination for AHTS vessel Loke Viking, which applies for the 2015 drilling season
Early Termination for Viking’s AHTS Vessels
As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of three vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017. The drilling season is expected to commence around April / May each year. As a result of the 2015 drilling season has been cancelled, Viking Supply Ships has received an early termination for Brage Viking, Magne Viking and Balder Viking
Gas to Become World's Primary Energy Source by 2035: DNV GL
Oil and gas will be crucial components of the world’s energy future, according to DNV GL’s forecast of the energy transition. While renewable energy will grow its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today. Gas will become the largest single source of energy from 2034. DNV GL’s Energy Transition Outlook (ETO), a forecast that spans the global energy mix to 2050
NAT Wins TC Contract with BP
Nordic American Tankers Limited (NAT) has entered into a 2 year time charter (TC) with British Petroleum (BP). This follow's NAT's TC arrangements with Shell, ExxonMobil and other major oil companies both in the West and in the East. "The minimum rate is well above our cash break-even level with an index linked formula providing for upside potential to NAT. Commencement is mid September; i.e. in about 10 days," said a statement from the company.
US Fuel Exports Recover after Harvey
Fuel exports from the U.S. Gulf Coast are rising rapidly as refineries recover from weeks of disruptions due to Hurricane Harvey, offering respite to buyers in Latin America and Europe. The gradual resumption of operations in the region that has become a major oil export hub has prompted a drop in benchmark gasoline and diesel refining margins on both sides of the Atlantic. Margins measure the profit from converting crude into fuels.
Bureau Veritas Joins Maritime Drones Project
The potential for drones to be used for inspections is not new, notes Bureau Veritas, but to date trials have not focused on specific survey requirements for ship structures in enclosed spaces; the RECOMMS project will do just that. Bureau Veritas has joined RECOMMS (Remote Evaluation of Coatings / Corrosion on Offshore Machinery and Marine Structures / Ships), a joint investment project (JIP), to develop drones with the capability to inspect steel structures in enclosed spaces
Libyan Oil Output Rises after Port Fighting Ends
Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement.
DryShips Acquires Six Vessels
DryShips Inc. has entered into agreements to acquire six vessels for a total gross price of $268 million. It has also entered into an agreement with Kalani Investments Limited. These vessels are comprised of one Aframax tanker built in 2012, three Kamsarmax drybulk vessels, one currently under construction and two built in 2014, and two very large gas carriers (VLGCs) currently under construction pursuant to the previously announced "zero cost" option agreement
Fourth LNG-powered OSV for Harvey Gulf
Harvey Gulf International Marine said it has accepted delivery of its fourth liquefied natural gas (LNG) powered offshore supply vessel (OSV). The M/V Harvey Freedom, built at Gulf Coast Shipyard Group in Gulfport, Miss. is 310’ x 64’ x 24.5’, U.S. Flagged Subchapter I and L, SOLAS compliant and capable of carrying 253,000 USG of fuel oil, 18,000 bbls of liquid mud, 1,600 bbls of methanol, 10,250ft3 of dry cement and 78,000 USG of LNG fuel.
Solstad CSV Serviced ahead of Australian Deployment
Gibraltar shipyard Gibdock said a surge in offshore vessel repair and maintenance work has included a special project for Norwegian offshore vessel owner and operator Solstad, to ensure that Normand Reach meets the hull cleanliness standards set by Australia’s National Biofouling Management Guidelines for commercial vessels. The 120.85-meter-long Solstad CSV entered the yard for a special wash and brush up on its way to Western Australia
OPEC Set to Prolong Oil Cuts
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.
Oil Spill Training Exercise in West Africa
A tanker collides with an unknown ship off the Ivorian coast, causing a major oil spill. This was the scenario of an oil spill training exercise that took place in Abidjan and Assinie, Côte d’Ivoire (8-9 June). The deployment exercise involved more than 100 participants from various public institutions and the private sector, working together to fight the simulated spill, first at sea and then ashore.
UN Resolution Targets Libyan Fuel Smugglers
The U.N. Security Council has extended sanctions on illegal oil exports from Libya to cover refined petroleum products as well, in a bid to stem rampant smuggling of subsidised fuel by sea. Imported fuel that is priced lower for the domestic market is commonly smuggled by ship from western Libya to Malta, Italy and Turkey, and by land to Tunisia, according to U.N. investigators who earlier this month recommended an extension of the sanctions.
Oil Spill Response: SCOPE 2017
Later this year a major oil and chemical protection exercise dubbed SCOPE 2017 will be carried out in Norway. A joint project including major European and Scandinavian stakeholders, the simulated response to a combined oil and chemical spill aims to foster clearer communication and coordination of spill response across agencies and physical country boundaries. Stig Wahlstrøm, Project Manager SCOPE 2017, Norwegian Coastal Administration and Johan Marius Ly, Director
NAT Says Tanker Market is Volatile
Nordic American Tankers Limited (NAT) claims to enjoy the advantages of a homogeneous Suezmax fleet. Operationally, strategically and financially, NAT and its worldwide customers and shareholders benefit from having 30 identical vessels on the water with excellent quality. The development of the world economy affects the tanker industry and the demand for oil. A low oil price is positive for the tanker industry
NAT Time Charter with Oil Firm
Nordic American Tankers Limited (NAT) announced that it has entered into two Time Charter arrangements (TCs) with Shell Oil for a period of 18 months for each vessel, commencing in August/September this year. The terms of the confidential contracts include upside for both parties as well as downside protection. NAT now has three TCs with Shell. NAT has six TC arrangements with large oil companies - from three months up to 18 months.
Latest Gulf of Mexico Auction Signals Offshore Return
Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum. This compared with $18 million in high bids at the Bureau of Ocean Energy Management's (BOEM) Outer Continental Shelf auction last summer. Winners will be announced after a 90-day review.