Bouygues Offshore Creates KOBOS
Bouygues Offshore and Kazakhoil's Kazakhoilkurylys subsidiary have signed the agreements and the company's by-laws in Almaty between, which each have a 50% interest in a new company dubbed Kazakhoil - Bouygues Offshore, which will be abbreviated as KOBOS. In March 2000, Bouygues Offshore and Kazakhoil began to hold talks about the creation of a joint company and in June 2000 the CEO of Bouygues Offshore, Mr. Le Bouc and the Chairman of Kazakhoil, Mr. Balguimbaev signed a letter of intention for this partnership. The new company has been created to undertake turnkey oil and gas construction and service projects in Kazakhstan. Within its framework…
Bouygues Offshore's Stock Outperforms
Morgan Stanley Dean Witter raised its recommendation today on French oil services company Bouygues Offshore to "outperform" from "neutral" and gave a price target of 55 euros ($48.47) for the stock. "Sector outlook remains strong for 2001 in our view," said MSDW analysts, adding that valuation on Bouygues Offshore was now compelling on their estimates. Bouygues Offshore shares were up 1.28 percent at 44.97 euros ($39.63).
Bouygues Offshore Announces Management Changes
Herve Le Bouc will now serve as Chairman of Bouygues Offshore and ETDE (Bouygues Construction's electrical contracting and networks subsidiary) while Jacques Leost will become CEO of Bouygues Offshore. Herve Le Boucwas Chairman and CEO of Bouygues Offshore since 1999. COO from 1994 to 1996 and Vice President Europe -Middle East - Pacific Area - Mexico from 1989 to 1994. Prior to joining the Company, Herve Le Bouc served as special director to the President of Screg from 1985 to 1989. Jacques Leost was Managing Director and COO of the Bouygues Offshore since 2000. Previously Jacques Leost was COO from 1996 to 2000, vice president Africa - North Sea - Mexico from 1993 to 1996 and manager of Nigerian Operations from 1989 to 1993.
Bouygues Offshore Wins $128M Contract in Algeria
Bouygues Offshore with Italy's Saipem has won a contract for an oilfield development project in Algeria. The contract, worth $128.5 million for Bouygues Offshore, was awarded after a public opening process by the Sonatrach / BHP Billiton partnership on behalf of Sonatrach / BHP Billiton / Agip. It covers the Rhourde Ouled Dejmma field and five satellite fields, all located in Berkine Basin, East of Hassi Messaoud. This contract covers the engineering, procurement and construction of the facilities designed, and will be completed within two years.
First Contract for the Saibos FDS in GOM
Bouygues Offshore, through its Saibos CML subsidiary, has signed with Saipem Inc. a pipelaying contract for the Canyon Express project in the Gulf of Mexico for TotalFinaElf E&P USA Inc. The $30 million contract (USD 15 million for Bouygues Offshore) consists in: Commenting on this contract, Herve Le Bouc, Chairman & CEO of Bouygues Offshore stated: "It will be the first time in the world that one put down rigid pipe in such water depths. After Canyon Express, the Saibos FDS(R), a dynamically positioned vessel especially designed for deep water fields developments, will set sail for West Africa to start the Girassol project."
Bouygues Offshore Report First Quarter Results
Bouygues Offshore report consolidated net sales of $ 235.8 million in the first quarter of 2002, an increase of 8.1 percent over the prior-year period. This sustained growth reflected a high level of activity in the Offshore and Maritime and River Works segments and an upturn in the LNG market. New orders rose by 67 percent to $ 309.4 million over first-quarter 2001, driven by the coming into force of the Rhourde Ouled Djemma field development and construction contract in Algeria and the signature of an LNG contract. Bouygues Offshore thus confirms its presence and market leadership in Algeria, where it operates through its subsidiary BOS Sofresid Algerie, and in the high potential LNG market through Technigaz.
Bouygues Offshore: Cawthorne Channel Pipelines, a $60 Million Contract in Nigeria
Bouygues Offshore has been awarded a contract with the Shell Petroleum Development Company of Nigeria Limited for the pipelines aspect of the Cawthorne Channel integrated project in Nigeria. The estimated value of the scope is $60 million. It calls for engineering, procurement, laying and commissioning of pipelines. For a total of 74 km with diameter from 4" to 24", the pipelines will be installed in the swamp area of the Niger Delta, south of Port Harcourt. The project duration is 19 months. Commenting on this project, Herve Le Bouc, Chief Executive Officer of Bouygues Offshore, stated: "The laying of large diameter pipelines in the swamp area is one of Bouygues Offshore's specialties.
Bouygues Offshore Logs New Contract
Technigaz, a wholly-owned subsidiary of Bouygues Offshore, will build a Liquefied Natural Gas (LNG) tank in Palos de Frontera, Spain under a contract awarded by ENAGAS. This contract, for a total amount of EUR 40 million (Bouygues Offshore's share: EUR 28 million) will be performed by a Joint-Venture of Technigaz (70%) and Initec (30%). The customer, ENAGAS, is the only LNG importer in Spain so far. This turnkey contract covers Engineering, Procurement, Construction and pre-commissioning of a full-containment storage tank for the extension of the LNG import terminal located in Huelva harbor on the Atlantic Ocean. The inner tank will be made of 9% nickel steel with perlite insulation to maintain the LNG at a temperature of -163(degree)C…
Bouygues Offshore to Build Container Terminal
Bouygues Offshore and Bouygues Travaux Publics (a Bouygues Construction subsidiary) have signed a contract with Caucedo Investments Inc. to build a container terminal in the Dominican Republic. Located near from Santo Domingo, in the southwest region of the island, the facility will provide a depth of up to 15m to receive post-Panamax vessels. This contract is valued at approximately $136 million. The terminal scheduled for the end of 2003. The project scope of work includes engineering, procurement and construction.
$230M Offshore Contract Announced
Saibos CML, an equally-owned subsidiary of Bouygues Offshore and Saipem SpA, has been awarded a contract for the Kizomba A Development Project in Angola for an approximately total amount of $230 million (Bouygues Offshore's share: approximately $115 million). Esso Exploration Angola (Block 15) Limited (Esso), a subsidiary of Exxon Mobil Corporation, is the operator (40%). Other participants include BP Exploration (Angola) Limited (26.67%), Agip Exploration Angola B.V. (20 %) and Statoil (13.33%). Sonangol is the concessionaire. The three-year contract covers: Engineering, procurement, construction and installation of flowlines for fluid transfer and an umbilical from the FPSO (Floating Production Storage and Offloading) to supply the TLP (Tension Leg Platform) with electricity…
Bouygues Unit Tapped To Build LNG Facility
Bouygues Offshore’s SN Technigaz won a contract worth approximately $82 million in Spain. Bahia de Bizkaia Gaz (BBG) chose SN Technigaz to build a liquefied natural gas (LNG) import and regasification terminal in Bilbao, Spain. The BBG contract will be carried out via a joint venture between SN Technigaz, Initec and Sofregaz, it said. The total value of the tripartite contract is $204 million. BBG is a Spanish gas marketing company owned equally by BP Amoco, Repsol, Iberdrola and Ente Vasco de la Energia.
Stolt Offshore Reports Milestone Reached On Girassol Field
Stolt Offshore reported that, following the TotalFinaElf announcement of first oil production from the Girassol field, that a major milestone had been reached on this unique field development on which Stolt Offshore has been working for four years. The operator of the field is TotalFinaElf with a 40 percent interest. Other partners are Esso Exploration Angola (Block 17) Limited (20 percent), BP (16.67 percent), Statoil (13.3 percent) and Norsk Hydro (10 percent). Girassol is being developed under a production sharing agreement with Sonangol, the national oil company of Angola. Stolt Offshore has been involved in two parts of the development.
Bouygues Shares Drop; Analysts Not Concerned
Shares in Bouygues Offshore fell more than three percent in early Wednesday trade after the French oil services firm posted a 42 percent fall in first half net profit to 18.6 million euros from 32.3 million. But analysts, not concerned by the slump in profits that was in line or better than expectations, said they remained positive on the stock amid signs that BOS' orders were picking up. They attributed the share price slide to a knee-jerk reaction from the market at seeing profits slump but said it was not serious given the stock had risen 91 percent since a year low of 35.10 euros hit on January 5. "The figures are not catastrophic…
Ocean Installer Enters Australian O&G Market
Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services. “This is the beginning of our presence in another promising region in line with Ocean Installer’s growth strategy. The Asia Pacific- and Oceania region represent significant growth opportunities in the years ahead,” said Steinar Riise, CEO, Ocean Installer. Ocean Installer recently hired Bijan K. Mahapatra to lead the office in Australia. Mahapatra has more…
Rates Slashed On Five European Oil Giants
Morgan Stanley said on Wednesday it had cut ratings and price targets on five European oil service companies on fears the sector was not immune to a possible U.S. recession and global slowdown. Analysts at the investment bank cut their rating on Expro to "neutral" from "strong buy", on Coflexip and Stolt Offshore to "neutral" from "outperform" and on Bouygues Offshore to "outperform" from "strong buy". They cut their price target on Geophysique by 20 percent to 80 euros from 100, but increased their target for Technip by five percent to 200 euros from 190. Technip shares were the most attractive entry point to Coflexip exposure and had the most defensive and diverse earnings profile of the group, Morgan Stanley analysts said in a research note.
Report: Deepwater Development Will Outpace Equipment Supply
The booming global deepwater oil industry is on course to outpace supply of offshore development hardware in the next two years, according to an analysts' report. "Deepwater construction capacity will be insufficient to handle anticipated demand requirements in 2002 and particularly 2003-04," said an oilfield and equipment services report by Schroder Salomon Smith Barney. "We believe a rush of field development plans will be sanctioned in 2001, followed by major contract awards to marine contractors," it added. With oil prices having tripled in 18 months, companies are loosening constraints on exploration and development spending imposed during a price slump in 1998 and early 1999. But a backlog of potential developments could grow as limits emerge to equipment supply.
LNG Plant Bids Accepted
An international consortium developing two oilfields off Russia's Sakhalin island invited three international groups to bid for a tender to build the world's largest liquefied natural gas plant. The Sakhalin energy consortium said in a statement the three were French Bouygues Offshore, French Technic with U.S. Foster Wheeler, and Japan's Chiyoda Corp. with Toyo Corp. The Sakhalin energy consortium is led by Royal Dutch Shell. The $1 billion-plus contract involves construction of a liquefied natural gas (LNG) plant -- Russia's first -- with annual capacity of 9.6 million tons by 2006, the statement said. In addition to the LNG plant the contractor will design and build a crude oil export terminal and related facilities on the Sakhalin's southern coast.
Mitsubishi Mulls Stake in Alstom
Japan's Mitsubishi Heavy Industries is considering taking a direct stake in French engineering group Alstom as part of an offer with Germany's Siemens, two French newspapers said on Thursday. Financial daily Les Echos said Mitsubishi is considering buying part of French Bouygues's 29 percent stake in Alstom and would also buy Alstom's steam turbines while Siemens would take over its gas turbines. At a later stage, after an expected offer for Alstom on June 16, Siemens would contribute its transport assets to Alstom…
GE in talks to buy Alstom's global power arm-sources
General Electric is in talks with Alstom to take over its global power business and a deal could be announced in the coming days, two sources familiar with the matter said on Friday. No price tag was given for the deal, which could be announced in the coming days, according to the sources. The power business accounts for nearly three quarters of Alstom's 20.3 billion euro revenue. One of the sources said the approach was initiated by Alstom and that its top shareholder Bouygues - which has a 29 percent stake - backed the proposed deal. Alstom declined to comment. Bouygues could not immediately be reached for comment. Reporting by Matthieu Protard, Benjamin Mallet; and Natalie Huet
New CEO, Co-CEO to Lead MHI Vestas Offshore Wind
Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Philippe Kavafyan to Chief Executive Officer (CEO) and Lars Bondo Krogsgaard to Co-Chief Executive Officer (Co-CEO) of MHI Vestas Offshore Wind. The appointments will take effect on 1 April, 2018, and are made in accordance with the joint venture agreement's principle of changing its leadership every four years. Under the leadership of out-going CEO Jens Tommerup and Co-CEO Tetsushi Mizuno, MHI Vestas Offshore Wind has established itself as a leading player in offshore…
Siemens, Mitsubishi Challenge GE with Alstom Offer
Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom on Monday that included 7 billion euros ($9.5 billion) in cash, challenging a bid by General Electric. Under the deal, Siemens offered to buy Alstom's gas turbines business for 3.9 billion euros in cash, and MHI to buy stakes in Alstom power assets including hydroelectric power equipment and grid, to be held in separate joint ventures. MHI would inject 3.1 billion euros in cash into Alstom and offer to take a stake of up to 10 percent in the French firm from shareholder Bouygues. "Alstom would remain an independent energy and transport player with a strong brand," Siemens Chief Executive Joe Kaeser said. Alstom said it would review the proposal in the coming days.
Second Ivory Coast Container Terminal
Contract awarded for a second container terminal that will double the African state's capacity. The Ivory Coast Government has awarded a contract for the construction of a second container terminal at the port of Abidjan to a consortium of French companies Bollore, Bouygues and Danish group AP Moller-Maersk A/S. The project envisages the design, financing, construction, development, equipment and operation of the terminal, which will have a capacity to service 1.5 million twenty-foot equivalent containers (TEUs) annually. Source: GAC
SBM Offshore Hands over FPSO Turritella to Shell
SBM Offshore said it has completed the transaction related to the sale of floating production storage and offloading (FPSO) vessel Turritella to Shell E and P Offshore Services B.V. Shell exercised an option to purchase the FPSO from SBM Offshore in summer 2017. The Turritella FPSO is contracted for the Stones deepwater development in the Gulf of Mexico, which began production in 2016. The vessel has a daily production capacity of approximately 60,000 barrels of oil and 15 million cubic feet of natural gas.