Chrysaor News

Mocean Energy, global wave energy player, has teamed up with energy major Chrysaor, subsea energy storage experts EC-OG and AUV specialist Modus in a project to look at using renewables for subsea power.The project, funded by the partners together with the Oil and Gas Technology Centre (OGTC), will look to use Mocean Energy’s Blue Star wave energy converter and EC-OG’s HALO subsea energy storage system to power subsea tiebacks or residential AUVs.If industry feedback is positive, the partners will press ahead with a technology field trial using a Mocean Energy prototype in the seas off Orkney later this year.Once proven, these technologies could provide vital backup power in case of umbilical failure…

Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S. energy giant.The Sunday Times, which first reported the story, said that the period is said to be set to three months after the entity registered in Switzerland agreed to pay a "substantial" deposit.Accoding to the Financial Times, the potential deal, which has a price tag of more than $3 billion according to industry sources…

Norwegian oil firm Okea is looking at four options to develop its North Sea North Sea Grevling oil discovery, which in turn could impact on the company's valuation in a deal with Thai investor Bangchak Corporation PCL (BCP), it said on Tuesday.BCP has agreed to invest 939 million Norwegian crowns ($112.25 million) in Okea to partly finance the company's 4.5 billion crowns acquisition of Royal Dutch Shell's stakes in the Draugen and Gjoea fields.Okea, which plans to list on the Oslo stock market in the next 12 months, said the deal between BCP and Okea's majority owner, private equity firm Seacrest Capital, values the Norwegian oil firm at 860 million Norwegian crowns.The valuation could fall, however, to 778 million crowns, or rise to 940 million, depending on whether or not the company is

Maritime Assurance & Consulting (MAC), a Bureau Veritas company, has won a contract from Chrysaor for marine assurance services. The contract also includes engineering, DP assurance, marine warranty surveying (MWS), project assurance and compliance services. Chrysaor is focused on the development and commercialization of dormant oil and gas discoveries and incremental reserves. The company acquired stakes in 10 North Sea fields from Shell last year and was recently granted acreage in the UK’s 30th licensing round.

This year, Project Development International (PDi) Ltd., part of the Tattva Group, celebrates a decade of activity within the decommissioning sector. As a provider of multi-disciplined engineering, project management and project services to the international energy industry, PDi has worked with multiple clients since 2008, successfully completing more than twenty decommissioning workscopes.Recently shortlisted as finalists in the Excellence in Collaboration category at Decom North Sea’s inaugural decommissioning awards…

Rowan Companies  announced  that the Rowan Gorilla VII, a Super Gorilla Class ultra-harsh environment jack-up rig, has been awarded an 18-month program by Chrysaor in the UK sector of the North Sea. The contract is expected to commence imminently for 18 months of work followed by two, one-year options. The Gorilla VII has recently undergone significant life enhancements including a new top drive, and upgrades to the BOP and drilling controls. Tom Burke, President and Chief Executive Officer, commented, "Rowan's solid position in the harsh environment North Sea jack-up region is further strengthened by this commitment from Chrysaor. Rowan is a global provider of contract drilling services with a fleet of 27 mobile offshore drilling units…

DNV GL has secured a combined engineering services agreement with Chrysaor Holdings Ltd. to deliver a unique range of services to the company in support of its North Sea Operations. Chrysaor recently completed the acquisition of a package of assets in the UK North Sea from Shell for a price of $3.0 billion. The transaction sees Chrysaor become the leading independent E&P company in the UK. It currently has more than 400 staff working in the UKCS. Hari Vamadevan, Regional Manager UK & West Africa, DNV GL - Oil & Gas says: ”We are delighted that we have been given the opportunity to work with Chrysaor and the hope is, that the agreement will form part of long term continuous relationship. Chrysaor now holds stakes in 10 fields and blocks, including the BP-operated Schiehallion.

Majors still control three quarter of output; even after $10 bln of deals, private equity still plays only modest role. French oil major Total has overtaken rival Royal Dutch Shell to become the second-largest producer in the North Sea with its acquisition of Maersk's Norwegian and UK producing assets. The $7.45 billion deal by Total was welcomed by the market, with analysts saying it helped the French company rebalance its portfolio by adding assets in developed countries after going for projects in riskier places such as Iran and Russia. The deal boosts the share of eight global oil majors in the North Sea - Statoil, Total, Shell, Exxon Mobil, Conoco , ENI, BP and Chevron - to back above three quarters of total output.

Britain will look at ways of making it easier to sell North Sea oil and gas fields by changing tax rules in order to keep them producing for longer, the finance ministry said. The move, which is due to be announced in finance minister Philip Hammond's budget on Wednesday, follows a call by the industry's oil lobby group for a change to decommissioning tax rules that have prevented deals in the North Sea. Owners of oil and gas assets get tax relief on the future costs of dismantling them, but as assets are sold the relief cannot be passed on to new owners. "The UK government will publish a discussion paper and establish a panel of industry experts to consider how tax can assist sales of oil and gas fields, helping to keep them productive for longer," the ministry said in a statement.

Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and infrastructure in a move analysts say could breathe new life into one of the world's oldest offshore basins where production has been in a steady decline since the late 1990s. The anticipated deal in what is a relatively high-cost region has been seen by the industry as a litmus test for the sector's appetite for buying and selling oil and gas fields…

Wärtsilä awarded Tideland Signal the contract to equip the new Solan oil platform in the British sector of the North Sea with a completely decentralized warning system in which each light/fog station is equipped with its own control panel, local power supply and battery bank, all certified for Zone 1. The light stations consist of an MLED-180HI EX LED main light with a range of 15 NM and an MLED-150 EX LED secondary light with a range of 10 NM plus an MLED-150EX red subsidiary light.

During the past two years Drydocks World (DDW) has suffered from the restraints of a financial problem following the purchase of one shipyard in Singapore and one on the Indonesian island of Batam (both former Pan United shipyards) and two more on Batam (both former Leroy shipyards). This debt has now been restructured and the management of those yards has been taken over by China’s Paxocean, thus leaving DDW is a much better state and looking forward to a better future. The main yard of DDW is Drydocks World – Dubai (DDW-D)…

HH Sheikh Mansour Bin Mohammed attends Drydocks World - Dubai multi-million dollar contract signing. Sword of Honour for 2012 received for excellent safety credentials. Drydocks World, a  service provider to the global maritime and offshore oil and gas industry has entered into a multi-million contract with Premier Oil, a well-known oil exploration and production company with interests in several countries, to build subsea facility for Solan oil field, at its Dubai based premium shipyard.