Aramco News

15 Aug 2019

Saudi Aramco, World’s Most Profitable Co, Again

Image: Saudi Aramco

Saudi Aramco announced that its net income was $46.9 billion for the first half 2019, compared to $53.0 billion for the same period last year. That easily outstripped corporate titans such as Apple Inc, Amazon.com Inc and other big oil producers, many of which suffered larger declines in profit as output and crude prices fell. Saudi Aramco President & CEO Amin H. Nasser, said: “Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance…

12 Aug 2019

PG Flow to Supply Mud Agitators for MMA

MMA Chieftain (Photo: MMA Offshore)

Australian provider of marine solutions and expertise to the offshore oil and gas industry, MMA Offshore orders mud agitators for its AHTS MMA Chieftain, which is operating in the Middle East region.Norwegian pump and liquid handling specialist PG Flow Solutions will supply a set of PG-Submix 80 hydraulically driven mud agitators to the AHTS (anchor handling tug supply vessel), plus hydraulic power unit and control system. This proven solution meets with the stringent demands of Saudi Aramco…

06 Aug 2019

NSER Wins $600mln Contracts in S. Arabia

Photo: National Energy Services Reunited

National Energy Services Reunited (NESR), a provider of integrated energy services in the Middle East and North Africa (MENA) and Asia Pacific regions, has been awarded contracts worth US$660 million by Saudi Aramco for coiled tubing, stimulation and cementing services for a five year period.The contract is with the National Petroleum Technology Company, a subsidiary of NESR, for coiled tubing and N2, stimulation services and cementing services for a period of five years with possible extensions of up to two years.Mohammed Y.

31 Jul 2019

KBR Wins Aramco Offshore Contract

Image: Saudi Aramco

American engineering company KBR, Inc., announced that it has been awarded a project management contract by Saudi Aramco to provide project management services for Saudi Aramco's offshore program.KBR will provide project management and engineering services for existing and new offshore facilities to maintain and increase crude production levels to meet Saudi Aramco's maximum sustained capability for production under the company's capital program under the terms of this six-year contract.KBR's Saudi joint venture company…

31 Jul 2019

Oil, Gas Jobs Moves from Shale to Offshore

 Graph: Rystad Energy

With offshore market gaining momentum the main driver of employment is shifting from shale to offshore.According to new analysis by energy research firm Rystad Energy, increased activity in onshore shale basins such as the Permian in the US held employment in the oilfield service industry steady from 2016 to 2017.However, the offshore industry has now taken the lead, gradually increasing the overall headcount of the top 50 oilfield service companies from 2017 to 2018, the report said.“This is a clear effect of the increase in offshore sanctioning.

15 Jul 2019

SPARK Joins OSC for $450mln Biz Incubator

Photo: Saudi Arabian Oil Co.

Saudi Aramco's King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd. (OSC) signed an agreement to establish OSC as an anchor tenant at SPARK.OSC will develop a business incubator called the Common User Supply Base (CUSB) in collaboration with Saudi Aramco, to support the oil and gas industry in the Kingdom and the region, as well as help accelerate the growth of small and medium-sized enterprises (SMEs) in the energy sector.OSC plans to invest around USD 450 million over the next two years…

10 Jul 2019

Saudi Arabia, HHI to Build Marine Engines, Pumps

Saudi Arabian Industrial Investments Co (Dussur) has signed a joint venture with Saudi Aramco and Hyundai Heavy Industries to manufacture engines and marine pumps for marine and electric power plants, it said in a statement on its website.The venture will be located in the kingdom's Eastern Province at Ras Alkhair, and the marine engine manufacturing facility will be the first in the Middle East and North Africa region, the statement said.Reporting by Nafisa Eltahir

28 Jun 2019

Hyundai Signs MoUs with Saudi Aramco

Photo: Saudi Aramco

As part of its long-term downstream growth and diversification strategy, the Saudi Arabian national petroleum and natural gas giant Saudi Aramco signed an agreement with South Korea's Hyundai Heavy Industries (HHI), and The Saudi Arabian Industrial Investments Company (Dussur).The agreement will establish a joint venture (JV) for a world class engine manufacturing and after sales facility in Saudi Arabia. Under the partnership, Saudi Aramco will own 55% of the JV, while HHI and Dussur will own 30% and 15% respectively.Meanwhile…

28 Jun 2019

Bahri Orders First VLCCs from IMI

Photo: Bahri

Bahri, the world's largest owner and operator of very large crude carriers, has signed a Memorandum of Understanding (MoU) to build its first very large crude carrier (VLCC) at the International Maritime Industries (IMI) yard in Saudi Arabia.The agreement signed with IMI and Hyundai Heavy Industries (HHI), one of the partners in IMI, sees Bahri committing the new mega-shipyard its first order before the end of July 2019.Following the placing of the order, IMI will engage HHI as a sub-contractor to build the vessel in South Korea.

26 Jun 2019

Jacobs Bags Saudi Shipyard Contract

Image: Jacobs

American international technical professional services firm Jacobs will deliver design engineering services for what will be the largest shipyard on the Arabian Gulf: the King Salman International Complex for Maritime Industries and Services at Ras Al Khair, Saudi ArabiaA press announcement stated that Jacobs has been selected by SEPCO Electric Power Construction Corporation to deliver engineering services for Packages 4, 5 and 6 of the Complex.Jacobs Buildings and Infrastructure…

21 Jun 2019

“Cautious Optimism” for Goltens Dubai

Photo: Goltens

The global downturn in offshore energy is well recorded, a downturn which has had impact on various arms of the energy and marine supply chain. While Goltens has felt the downturn like many other companies, it is reporting 'cautious optimism' in the Middle East premised on new international regulation and the need for shipowners to upgrade ships.Almost all the offshore vessels in Dubai are operating, and many have come in from Asia to do the same, but following the offshore crash in 2016, operators are delaying maintenance.

31 May 2019

Sempra's Cameron LNG Terminal Ships First Cargo

Sempra Energy said on Friday the $10 billion Cameron liquefied natural gas export terminal in Louisiana had shipped its first cargo, making the plant the fourth big LNG export terminal to enter service in the United States.Mitsui & Co Ltd, one of the partners in the Cameron project, chartered the tanker, Marvel Crane, to pick up the commissioning cargo.It was not immediately clear where the vessel was headed.Sempra said commissioning cargos were a critical step in the start-up process. The plant is expected to get federal authorization to enter commercial operations in mid-2019.Natural gas use is growing fast around the world as countries seek to wean their industrial and power sectors off dirtier coal.There are three liquefaction trains at Cameron.

28 May 2019

Seadrill Contract Backlog Reaches $1.9bln

Image: Seadrill

The deepwater drilling contractor Seadrill said that its contract backlog, as of May 23, 2019, totaled approximately $1.9 billion.The drilling services provider said it has added $130 million of additional backlog from March, including the AOD I award of a three year follow on contract with Saudi Aramco keeping the unit employed until June 2022, which adds approximately $82 million in backlog.In addition, Equinor exercised two options for the West Hercules in Norway adding approximately $17 million in backlog.

23 May 2019

Saudi Aramco to Buy LNG from US

Image: Sempra Energy

Saudi Arabia’s state owned oil company Saudi Aramco will buy 5 million tons of liquid natural gas per year(LNG) from the U.S. company Sempra Energy, based in San Diego under a 20 year agreement.The heads of agreement (HOA) between the companies anticipates the negotiation and finalization of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for five million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export-project under development.

13 May 2019

Oil&Gas Industry Records 1242 Contracts in Q1

Pic: Adnoc

The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.Upstream sector reported 73% of the total awarded contracts, with 862 contracts.

13 May 2019

Saudi Tankers Among Those Hit off UAE Coast

The VLCC MJAD, reported by Reuters as one of the vessels attacked. CREDIT: MarineTraffic.com / © piet verspui

Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world's largest bunkering hubs lying just outside the Strait of Hormuz, but did not describe the nature of the attack or say who was behind it.The UAE had not given the nationalities or other details about the ownership of the four vessels.

21 Apr 2019

Aramco Buys Shell's Stake in Saudi JV

Pic: Saudi Aramco

The Saudi Arabian Oil Company (Saudi Aramco) is  planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies,  for $631 million.Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream, said: “The partnership with Shell has led to a strong record of performance and delivery of refined products. Saudi Aramco will take full ownership and integrate the refinery into its growing Downstream portfolio.

15 Apr 2019

Hyundai Heavy Sells Oil Stake to Saudi Aramco

Group photo of Saudi Aramco and HHIH executives and team members after the signing ceremony. Photo:  Saudi Arabian Oil Co.

South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary,  Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s…

15 Feb 2019

Saudi Aramco, Total in USD1bln Pact

Group photo of Saudi Aramco management and Total management

Saudi Aramco and Total hasve signed a joint venture agreement to develop a network of fuel and retail services in Saudi Arabia.The 50:50 JV plans to invest around $1 billion over the next six years in the Saudi fuel retail market and start providing motorists with premium fuels and retail services in the Guf kingdom.“This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look forward to working together with our long-term partner Total and draw on their extensive experience in the retail fuel market…

15 Feb 2019

Noble Buys New Jack-up from PaxOcean

Image: PaxOcean

London-based offshore drilling contractor Noble Corporation has bought a second newbuild Gusto MSC CJ46 design jack-up rig from the Singapore shipyard PaxOcean Group for $83.75 million. Like the Noble Johnny Whitstine, which the UK offshore driller purchased in September 2018 in connection with a Saudi Aramco contract, the newbuild CJ46 design jackup, to be named the Noble Joe Knight, was built at the PaxOcean Graha shipyard in Batam, Indonesia.The rig is built for operations in moderate drilling environments and is capable of operating in water depths of up to 375 feet…

31 Jan 2019

World's Largest Shipbuilders in $2 Bln Mega-merger

(Photo: Hyundai Heavy Industries)

Resulting entity would control about 20 pct of global market; Daewoo shares rally 22 pct; Hyundai Heavy shares fall.Hyundai Heavy Industries, the world's biggest shipbuilding group, has announced a share swap deal worth 2.1 trillion won ($1.98 billion) to take over second-ranked Daewoo and create a global heavyweight controlling over 20 percent of the market.The move comes as the worldwide shipbuilding sector recovers from a global economic downturn that led to massive losses…

30 Jan 2019

Hyundai Heavy Mulls Stake in rival Daewoo

File Image: AdobeStock / © Nightman

South Korea's Hyundai Heavy Industries Group, the world's biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday.The comments follow the group's holding firm saying on Monday it planned to sell part of its stake in refiner Hyundai Oilbank to Saudi Aramco for as much as 1.8 trillion won.State-funded Korea Development Bank (KDB) holds a 55.7 percent stake worth 2.16 trillion won ($1.94 billion) as of Wednesday's closing price in Daewoo."Hyundai Heavy held talks to buy the Daewoo stake," th

24 Jan 2019

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

© Mike Mareen/Adobe Stock

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

Maritime Reporter Magazine Cover Aug 2019 - The Shipyard Edition

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