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Seadrill Record Best-ever Quarterly Result

Jack-up Rig West Ariel: Photo credit Seadrill

Seadrill announces favourable first quarter 2013 financial results.  Highlights     •    Seadrill records its best operating quarterly result ever and generates first quarter 2013 EBITDA*) of US$713 million     •    First quarter 2013 net income of US$440 million and earnings per share of US$0.87     •    Increases the ordinary quarterly cash dividend by 3 cents to US$0.88     •    Economic utilization for floaters increased to 92% in Q1 2013 from 86% in Q4 2012     •    Economic utilization for the jack-up fleet in Q1 2013 was 99%, up from 94% in Q4 2012     •    Seadrill ordered four jack-ups for a total estimated project price of US$230 million per rig, with deliveries in 2015     •    Completed the acquisition of the ultra-deepwater semi-submersible rig Songa Eclipse for a total consideration of US$590 million     •    Secured a 2-year extension for the ultra-deepwater semi-submersible rig West Leo with a total estimated revenue potential of US$430 million     •    Completed the sale of the jack-up rig West Janus for US$73 million recording a gain on sale of US$61 million


Keppel, Smedvig Cooperate on New Drilling Tender

Keppel FELS Limited has entered into a cooperation agreement with Smedvig Asia Limited (Smedvig Asia) to build a Semisubmersible Drilling Tender (SSDT) with Keppel Offshore & Marine’s proprietary design. Developed by the Deepwater Technology Group (DTG), the KFELS SSDT3600-GOM-C42 will be the fourth vessel in the series of successful SSDTs that have been gainfully deployed in this region. Valued at $94 million, Keppel FELS and Smedvig Asia will own and operate the ultra deepwater semi


Seadrill Rig Contract Extended

West Epsilon Rig: Photo credit Seadrill

Seadrill - North Atlantic Drilling Ltd. announces extension of Statoil contract for the harsh environment jack-up rig 'West Epsilon'. North Atlantic Drilling Ltd., a majority owned subsidiary of Seadrill Limited, announce that Statoil has exercised its option to extend the contract for the heavy-duty harsh environment jack-up rig West Epsilon by two years from December 2014 to December 2016. The estimated value of the contract extension is US$215 million.


Seadrill Q3 2013 Profit Slips Marginally

Drillship: Image courtesy of Seadrill

In its third quarter 2013 financial report, Seadrill states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter. Seadrill explains that the decrease in operating profit is a result of higher operating expenses due to new rigs entering the fleet and higher general and administrative expenses due to the consolidation of Sevan Drilling.


Smedvig Gets Drilling Contract

Unocal Thailand Ltd. has issued a letter of intent to Smedvig Asia Ltd. for the assignment of the self-erecting tender rig T-4. The production drilling assignment has a duration of five years, and the contract value is estimated at approximately $73 million. The contract includes an incentive arrangement that could increase the contract value. The proposed contract includes early termination provisions after three years against payment of an early termination fee.


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.


Smedvig Announces 1Q Results

Smedvig reported consolidated operating profit of NOK 161 million for the first quarter as compared to NOK 226 million in the previous quarter. The decrease is primarily attributable to lower utilization of the mobile units. Net financial expenses for the first quarter was NOK 9 million as compared to NOK 68 million in the previous quarter. Net income for the first quarter was NOK 129 million as compared to NOK 144 million in the previous quarter.


Global Maritime Makes Two Hires in Asia Pacific

Mei Ling Chan (Photo: Global Maritime)

Global Maritime, a provider of marine warranty, dynamic positioning and engineering services to the offshore sector, has made two important hires to support its Asia Pacific (APAC) operations.   Mei Ling Chan has been appointed as Regional Finance Manager for APAC where she will take responsibility for finance functions and reporting across the region; and Leong Weng Yoon has been named Global Maritime’s new HSEQ Manager for APAC


Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Photo: Mermaid Maritime

 Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached an agreement with builder China Merchants Industry Holdings to postpone the delivery dates for its new assets currently under construction.   Off Qatar and Saudi Arabia, Mermaid's western hemisphere business unit won seven subsea projects with an estimated aggregate value of US$11 million.  


COSCO Shipyards, Like Most Others, Found 2013 Challenging

Mr. Li Yun Peng: Photo courtesy of COSCO

China shipbuilder and repairer COSCO group in its financial report for year ending 31, December 2013, informs that operating conditions for most of 2013 continued to be difficult. The Group’s turnover was $3.5 billion, lower by 6% from $3.7 billion for the year before. Excerpts from chairman Mr. Li Yung Peng' letter to shareholders follow: "Gross profit amounted to $321 million, from $485 million in 2012. Net profit attributable to shareholders was $30.6 million, a decline of 71%


Songa Offshore Wins in DSME Arbitrations

Songa Equinox. Photo: Songa Offshore

 Songa Offshore had submitted its defence to the claims asserted by Daewoo Shipbuilding & Marine Engineering (DSME) in arbitrations related to the Songa Equinox, the first Cat D rig, and the Songa Endurance, the second Cat D rig, in which DSME asserted aggregate claims of USD 329 million


Global LNG Deals Set Bullish Tone as Peru Export Halt Tightens Market

© Wojciech Wrzesien / Adobe Stock

Asian spot LNG prices stepped higher this week, shrugging off months of weakness, as Royal Dutch Shell replaced lost output from its Peru plant via spot markets and as a flurry of higher-priced deals surprised traders.   Peru's liquefaction plant suspended loadings for several weeks without


Lundin Extends Contract for Ocean Rig

Image: Ocean Rig

 Ocean Rig UDW, contractor of offshore deepwater drilling services, has announced that Lundin Norway AS, has declared their third option to extend the existing contract of the Leiv Eiriksson.    In addition, Ocean Rig has granted Lundin 2 additional options to drill further wells


Chandrasekharan Joins Viking SeaTech

Kiran Chandrasekharan (Photo: Viking SeaTech)

Viking SeaTech said it has appointed Kiran Chandrasekharan to a newly created post of naval architect at its base in Aberdeen.   Chandrasekharan, who has more than seven years’ experience, specializes in permanent mooring design


BPCL to Buy First U.S. Crude via Tender

Indian refiner Bharat Petroleum Corp Ltd plans to buy its first ever cargo of crude oil from the United States, a tender document showed on Monday.   BPCL is seeking at least 1 million barrels of crude either for loading on Aug. 16-Sept.5 or delivery on Sept. 26-Oct. 15, it said.  


US Oil Drillers Cut Rigs for First Week since January

© Stojanovic Milos / Adobe Stock

U.S. oil drillers cut rigs this week for the first time since January and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut.   Analysts, however


GoM Rigs Evacuated ahead of Storm Cindy

Image: NOAA National Hurricane Center

Facing incoming Tropical Storm Cindy, offshore oil and gas operators in the Gulf of Mexico have begun evacuating platforms and rigs as the storm moves north-westward toward the U.S. Gulf Coast.   Data from offshore operator reports submitted to the Bureau of Safety and Environmental


Hunter Maritime Terminates Tender Offer for Bulkers

Bulk carrier anon: File photo

 Marshall Islands based Hunter Maritime Acquisition revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers.  


ThyssenKrupp, German Naval Yards in New Warship Bid

File Image: A recently launched German warship / courtesy ThyssenKrupp

Luerssen, ThyssenKrupp and German Naval Yards have agreed to bid jointly for a German navy warship contract after competition authorities struck down an earlier bid, an industry source said.   The contract had originally been worth 1.5 billion euros($1


BC Ferries Orders Two Damen Newbuilds

Photo: Damen

Following an extensive, multi-phased international tender process, Canadian ferry operator BC Ferries has awarded Damen Shipyards Group a contract to construct two 81-meter ferries. The vessels are part of BC Ferries’ ongoing fleet renewal program.  


POSCO Seeks June LNG Cargo via Tender

South Korea's POSCO is seeking a liquefied natural gas (LNG) cargo for delivery on June 26 to 30 via tender, trade sources with knowledge of the tender said on Friday.   The tender will close on May 22, the sources added. (Reporting by Mark Tay; Editing by Christian


AWO Welcomes CVIDA Inclusion in Coast Guard Authorization Bill

Tom Allegretti (Photo: AWO)

The American Waterways Operators (AWO) said it welcomes the inclusion of the Commercial Vessel Incidental Discharge Act (CVIDA) and the recapitalization of the aging fleet of inland waterway tenders as part of the FY 2018 Coast Guard Reauthorization Act


Keppel on Track to Deliver Rig for Caspian Drilling

Photo credit: Keppel Offshore & Marine

Keppel Offshore & Marine Ltd (Keppel O&M) through its subsidiary in Azerbaijan, Caspian Shipyard Company (CSC), is on track to deliver a semisubmersible drilling rig to Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR).


UMW Wins Petronas Contract

Image: UMW Oil & Gas Corporation

 UMW Offshore Drilling has received two contracts from Petronas Carigali worth US$34.81mil to provide services to its firm and optional wells.   UMW Offshore Drilling is a wholly-owned subsidiary of UMW Malaysian Ventures (UMV), which in turn is a wholly-owned subsidiary of UMW Oil


Gail India Seeks Three LNG Cargoes in H2

Gail India has launched a tender to buy three liquefied natural gas (LNG) cargoes in the second half of 2017, trade sources said.   The importer is seeking a cargo for July, September and November, they said. (Reporting by Oleg Vukmanovic






 
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