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Offshore Pay

Major Shallow Water Oil and Gas Find

Sperry-Sun, a Division of Dresser Industries, Inc., participated in drilling a significant crude oil and natural gas discovery in Anadarko Petroleum Corp.'s subsalt exploration program. This discovery - called Tanzanite - is located in the Gulf of Mexico at Eugene Island South Addition Block 346 in 314 feet of water about 75 miles offshore Louisiana. Anadarko believes the Tanzanite field contains at least 140 million boe. Sperry-Sun provided pressure-while-drilling (PWD) services from 11,000 ft. MD to TVD of 14,350 ft. in drilling the exploration well (the OCS-G 14482 No. 1) and provided full "triple combo" services from 11,800 ft. MD to 13,643 MD. In this latter portion of the well, 450 ft. of continuous hydrocarbon pay were encountered; three additional pay zones totaling approximately 70 ft. of net pay are also present in the wellbore. Sperry-Sun's triple combo services provided the log of record for the hole.


Hornbeck Completes Sea Mar Fleet Acquisition

Hornbeck Offshore Services, Inc., has completed its previously announced acquisition of 20 offshore supply vessels (OSVs) and their related business from certain affiliates of Nabors Industries Ltd. for cash consideration of $186m, plus the cost of the fuel inventory on such vessels. The Sea Mar Fleet is comprised of ten 200 class DP-1 new generation OSVs and ten conventional OSVs. The company also acquired one 285-ft


NOIA Applauds Passage of HR 1230

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Washington, D.C. – The National Ocean Industries Association (NOIA) congratulates the U.S. House of Representatives for the bipartisan passage today of H.R. 1230, “Restarting American Offshore Leasing Now Act.”  If enacted by the full Congress and signed into law by the President, the bill requires that federal offshore lease sales that have been delayed start up again in the Gulf of Mexico and off the east coast of the United States.


DOI Signs Agreement on 1998/1999 Lease

s ssistant Secretary of Land and Minerals Management, C. Stephen Allred signed agreements with BP, ConocoPhillips, Marathon Oil Company, Shell, and Walter Oil and Gas Corporation, addressing deepwater Gulf of Mexico offshore oil and gas leases issued in 1998 and 1999. Under the agreements these companies will pay royalties on oil and gas produced under leases issued in 1998-1999. Revenue will be received for products starting from October 1, 2006 onward.


Swissco Enters Offshore Rig Charter Business

Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy. Scott and English Energy is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in their exploration and production (E&P) activities. Operational synergies expected with the acquisition, providing Swissco Group with a diversified earnings base with stable, recurring income


Island Offshore Halts Debt Amortisation Payments

Offshore service vessel owner Island Offshore Shipholding said on Tuesday that it had initiated discussions with its finance providers to address the group's long term financing. Additionally:   Has decided with effect from Nov. 14 to temporarily halt all payments of amortisation to its secured finance providers Net interest bearing debt stood at 7.02 billion Norwegian crowns ($834.46 million) at end of June 2016, total long term liabilities stood at 8


Centrica, Dong Form Wind-Farm Venture for Irish Sea Projects

Centrica Plc. and Dong Energy A/S said that they had formed a joint venture to develop offshore wind farms in the Round 3 Irish Sea Zone. Dong Energy will pay Centrica as much as 40 million pounds in cash for a 50 percent interest in the venture, according to a regulatory statement today. (Bloomberg)  


Offshore Oil-Production Royalties to Rise Under New Budget

According to a Feb. 14 report from Bloomberg, Royalties paid to the U.S. by oil and gas companies for offshore production are forecast to increase 68 percent under President Barack Obama’s 2012 budget. Receipts will reach $5.97 billion in the year that starts Oct. 1, from $3.56 billion in 2010. Obama also is proposing $25 million in fees from energy companies that hold nonproducing oil and gas leases, part of the administration’s effort to provide taxpayers with higher revenue from


Pelosi: Case Needed for Offshore Drilling

House Speaker Nancy Pelosi said that expanded oil drilling in federal waters could be included in a broader energy bill if advocates can prove its effectiveness as a solution to 's energy problems. In a television interview yesterday, Pelosi said the oil industry and its allies in Congress also would have to agree to pay royalties on oil profits to fund the development of renewable energy resources. The California Democrat


Strategic Marine Sells Two Crewboats

Two more aluminum crew boats being constructed “on spec” by Australian shipbuilder Strategic Marine have been sold, indicating the company’s calculated decision to meet rising demand for offshore vessels in international shipping markets is paying dividends. The new order from Malaysian offshore servicing company Dinastia Jati Sdn Bhd, is for two 40m utility vessels which will be built at Strategic Marine’s yard.


MPA Honors ABS

Singapore’s Senior Minister of State for Transport Josephine Teo presented the Offshore & Marine Engineering Award to ABS Regional Vice President Thomas Tan. Photo: ABS

 ABS has been awarded the Offshore & Marine Engineering Award by the Maritime and Port Authority of Singapore (MPA).    This award recognizes organizations that have made significant contributions toward the development of Singapore’s offshore and marine engineering


Speedcast, Tampnet Partner for GoM 4G/LTE Service

Speedcast International Limited,  provider of fully managed remote communication and IT solutions, has signed a reseller agreement with Tampnet for 4G/LTE services in the Gulf of Mexico. The agreement marks Speedcast as the first service provider to partner with Tampnet for its high capacity


Japan Steelmakers Scramble for Coking Coal

File Image (CREDIT: AdobeStock / (c) Lukasc Z) )

Japanese steelmakers have bought coking coal from the United States, Canada and China to replace supply lost after a cyclone closed rail links in Australia, their biggest supplier, industry and trader sources said.   Still, the Japanese buyers are paying nearly double the $150 a tonnes


Banned at Sea: Venezuela's Crude-stained Oil Tankers

File photo (© Jose Gil / Adobe Stock)

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.   The vessel is among many that are constantly contaminated at two major export terminals where they


Daewoo Shipbuilding unlocks $2.6 bln Bailout

File Image (CREDIT: AdobeStock / (c) Carabay)

Bondholders at final meetings agree to debt-to-equity swap; shipbuilder needs about $400 mln in operating funds by April-end.   South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity


Liebherr Offshore Cranes Accessing New Markets

Design layout of the new Liebherr HLC 295000 mounted on Deme’s next generation offshore installation vessel Orion. (Image: Liebherr)

Liebherr’s maritime manufacturing plant in Rostock has been awarded the contract to supply the heavy-lift crane for the Orion, a new wind farm installation and platform decommissioning vessel ordered by DEME from COSCO (QiDong) Offshore, a subsidiary of COSCO Shipping Heavy Industry


PDVSA Readies Armada of Fuel Imports

About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data.  


Cosco Delays Delivery of Jack-up Rigs for Northern

Photo: COSCO Shipyard Group

 Cosco (Dalian) Shipyard, subsidiary of Cosco Shipyard Group, has reached an agreement with Bermuda-based rig owner Northern Offshore to further delay the delivery dates of two jack-up drilling rigs amid challenging offshore drilling market.   


Oil Firm Penalized by DOJ for Jones Act Violation

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Alaska Oil Company Agrees to Pay $10 Million in Penalties to Settle Federal Claims for Violating the Jones Act.   Acting U.S. Attorney Bryan Schroder announced today that Furie Operating Alaska LLC (“Furie”), a company whose focus is exploration and production of natural gas and


Safety Insight on Offshore Wind Industry

Photo: Danish Maritime Authority

 New safety analysis can be used to harmonize safety on board offshore vessels carrying wind turbine technicians. The Danish Maritime Authority is striving to make the International Maritime Organization (IMO) develop international standards.  


Offshore Supply Vessel Market to Grow 6% by 2021

Photo: BOURBON

The global offshore supply vessel market is forecasted to grow at a CAGR of 6.03 percent during 2016 – 2021, according to Azoth Analytics research report.   The growth in offshore supply vessels is expectect to be driven by rise in demand for oil and gas globally


C-Job to Provide Basic Design for DEME’s Orion

Photo courtesy of C-Job Naval Architects

Having recently supplied the concept design for DEME Group’s new offshore installation vessel Orion, C-Job Naval Architects said it will now provide COSCO OFFSHORE CO. Ltd (Qidong) with the vessel’s basic design package. Orion will be built at COSCO SHIPPING HEAVY INDUSTRY in China for


Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger

Photo: Solstad Offshore ASA

 Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017.   The statutory merger plans have been approved and signed by the boards of Solstad, Farstad


SOV Bibby WaveMaster 1 Launched

Bibby WaveMaster 1 (Photo: Damen)

The service operations vessel (SOV) Bibby WaveMaster 1 was officially launched at Damen Shipyards Galati in Romania on March 24. When completed, Bibby Marine Services Limited, part of Bibby Line Group, will deploy the vessel to support forthcoming offshore wind construction and O&M projects in


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






 
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