Mobile, Alabama based Offshore-Inland Marine & Oilfield Services recently completed Dynamic Positioning (DP) system upgrades for Navigare on the accommodation Semis Safe Regency, Safe Lancia and the Safe Britannia. The DP system upgrades, which were performed while working in conjunction with Rolls-Royce, primarily consisted of hydraulic tubing replacement, installation of distribution manifolds and filter systems installations. Several hydraulic pump and motor upgrades were also necessary to upgrade the DP system. Prior to completion of the job, Offshore-Inland Marine & Oilfield Services performed a system flush, hydrostatically tested all components and commissioned the systems.
Offshore-Inland Marine & Oilfield Services completed a repair job for Celebrity Cruise Lines in November 2003. Celebrity’s Millennium required replacement of a 20-ton main propulsion transformer during a planned port visit at Port Everglades, Fla. Offshore Inland responded in spite of the strict time frame requirement to cut a large access opening in the vessel’s side, remove the existing transformer, install a new Celebrity provided transformer and close the access opening all in less
Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks
Schlumberger Oilfield Services has acquired Kavernen Bau und Betriebs GmbH (KBB) from the Preussag Group. The purchase of the Hanover, Germany-based consulting firm, which has more than 30 years of experience in subsurface gas storage, augments the range of services provided by Schlumberger for the growing worldwide gas business. KBB's primary expertise is in the engineering, construction and project management of facilities for the underground storage of natural gas in salt domes
Swire Oilfield Services, a provider of offshore cargo carrying units and associated services has appointed David Rae as sales director in line with its significant investment plans. Rae brings a wealth of knowledge and experience to the company gained from holding a variety of senior commercial and finance roles in a career spent working in both the oil and gas and manufacturing industries. He was most recently business development director at helicopter operators CHC.
Halliburton has signed an agreement with the SPT Energy Group Inc. affiliate, Petrotech (Xinjiang) Engineering Co., Ltd., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang, China. The new company, Xinjiang HDTD Oilfield Services Co. Ltd., will provide fracture stimulation services, including design and analysis, data acquisition, and pumping and chemical services in the Xinjiang Uygur Autonomous Region
Baker Hughes Inc., the world's third biggest oilfield services company, reported sharply lower third-quarter operating earnings, but said business had begun to improve as this year's recovery in oil and gas prices led to a gradual increase in drilling activity. The Houston-based company said pre-tax operating profit, excluding unusual one-time items, fell to $14.2 million from $100.9 million in the third quarter of 1998. Revenues fell to $1.21 billion from $1.58 billion.
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.
Oceaneering International, Inc. has appointed Philip D. Gardner as Senior Vice President, Manufacturing. Effective April 1, 2004, Mr. Gardner will assume worldwide P&L responsibility for Oceaneering's products group, which includes Oceaneering Multiflex and Oceaneering Intervention Engineering. In addition, he will have worldwide functional oversight responsibility for Materials Management and Quality Assurance in the oilfield sector. Mr
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
Subsea affiliate of Singapore's Ezra files for U.S. bankruptcy A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry.
Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra has been facing hostile actions from creditors at home and abroad as it struggles to recover from a
Company struggled with debt in wake of shipping downturn. Debt includes over $270 mln in secured loans. Rickmers Maritime, a Singapore-listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure
Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million - money the crisis-stricken nation desperately needs. Instead, the owner of the tanker
U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast doubts on a substantial recovery in drilling this year with crude prices heading for their biggest monthly loss in a year.
Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation. Swiber shocked markets earlier this week by filing for liquidation, as it faced hundreds of million of dollars in debt and a decline in
Swiber Offshore Construction, part of troubled Singapore oilfield services firm Swiber Holdings, has received an interim court order to halt payment of bank guarantees for projects it was involved in, a stock exchange filing showed.
SBM Offshore's first-half results lagged analysts' expectations on Wednesday as challenging conditions persisted in the oil industry and the Dutch oil services company announced an additional 250 job cuts. It said it did not expect a full recovery in its business until 2018
The Company: Kirby Corporation is a premier tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii
DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will see the start of a barren period for the offshore OFS and OFE sectors.
Vallianz Holdings, which provides support vessels for the oil industry, said on Wednesday it had refused a request from the judicial managers of shareholder Swiber Holdings to pay around $63.5 million in outstanding dues. Vallianz, in a statement, said Swiber
Singapore's Marco Polo Marine Ltd, whose business includes building and chartering ships, said it has appointed KPMG Services as an adviser to conduct an independent business review of the company. The company, which has S$50 million ($37.19 million) worth of notes maturing on Oct
Two new Wärtsilä designed Anchor Handling Tug Supply (AHTS) vessels were delivered from the Wuchang Shipbuilding Industry Group yard in China during the second week of September. The ships have been built for China Oilfield Services Ltd (COSL)
Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15
General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices.