Deepwater Oil Fields News

In December Mitsubishi Heavy Industries Compressor Corporation (MCO), a Group company of Mitsubishi Heavy Industries, Ltd. (MHI) based in Hiroshima, will establish a new company in Brazil in a joint venture with Mitsubishi Corporation (MC), to be known as MHI Compressor do Brasil Ltda. (MCO-B). Creation of the new entity, which will launch commercial operations in February 2016, is targeted at developing the Latin American market for compressors, with a focus on expanding sales of compressors for use in Floating Production, Storage and Offloading systems (FPSO), a market expected to see robust demand as Brazil develops deepwater oil fields. Initially MCO-B will perform sales and after-sale servicing functions, with local manufacturing capability targeted for the future.

Global offshore crane manufacturer Sormec has supplied matching cranes for a Dutch-built vessel operating in one of Nigeria's largest deepwater oil fields. The Italian firm was tasked with manufacturing two M350/EL hydraulic elbow knuckle-boom marine cranes to be equipped aboard an offshore supply vessel (OSV) for the Awaritse Nigeria Ltd vessel Prince Job I, now based in Chevron’s Agbami Field, one of Nigeria's largest deepwater discoveries. The Sicilian company supplied the cranes for the 69-meter-long OSV which was built at the DeHoop Shipyard in Rotterdam.

The launch of the Bravante IX, built in a U.S. shipyard, was from the investments made by the Maritime Administration (MARAD) just three years ago. The investment in and upgrading of the infrastructure can be an economic game changer, increasing competiveness and fostering long term job creation. Over the last five years, the work of two MARAD grant and financing programs have come together at Eastern Shipbuilding of Panama City, FL, to provide a perfect example of this principle at work. The Bravante IX is the fifth and final platform supply vessel ordered from Eastern Shipbuilding by Boldini S.A, a Brazilian company. These U.S.-manufactured…

Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. Return on average capital employed (ROACE: EBIT / average capital employed excluding installments) increased to 9.8% compared to 5.8% in 2012. The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million). Other financial costs consist mainly of foreign exchange losses, 65% of which are unrealized at year end. Operating margin increased almost 2 points versus 2012 as the benefits of the focus on operational excellence began to materialize.

Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. •    Foreign currency movements versus the Euro in 2013 (most notably versus the U.S. “2013 revenues of more than €1.3 billion, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes Bourbon a leader in the offshore marine services industry,” said Christian Lefèvre, Chief Executive Officer of Bourbon.

ASL Marine Holdings Ltd., an integrated marine company offering comprehensive services in shipbuilding, shiprepair and conversion, shipchartering and dredging engineering, reported revenue of S$465.4 million and net profit attributable to shareholders of S$45.3 million for the full year ended 30 June 2013 (FY2013). "Sustained oil prices and an increasing focus on deepwater oil fields have supported the growth in global oil and gas exploration and production expenditures. This development is expected to be positive for the Group’s shipbuilding and shipchartering segment, as it supports newbuild demand for offshore support vessels and healthy charter rates.

Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary Fernvale Pte. Ltd., has secured a contract worth approximately $809m from Urca Drilling B.V., a subsidiary of Sete Brasil Participações S.A. (Sete Brasil), for the design and construction of a semisubmersible (semi) drilling rig based on Keppel's proprietary DSSTM 38E design. The DSSTM 38E is an enhancement of Keppel's proven fifth generation deepwater solution, the DSSTM 38. With improved capability and operability, it is designed to meet the stringent requirements of the deepwater "Golden Triangle" region, comprising Brazil, Africa and the Gulf of Mexico. Scheduled for delivery in 4Q 2015, the rig is intended to support the exploration of Brazil's estimated 50 billion barrels of deep-sea oil and gas reserves1.

PANAMA CITY, Fla. – U.S. Maritime Administrator David Matsuda today announced a $241 million loan guarantee that will allow the Eastern Shipbuilding Group of Panama City, FL, to build five platform supply vessels (PSVs) for export to Brazil, to provide service in new deepwater oil fields there. “This project means good jobs for Panama City today and a stronger economic future for our country,” said U.S. Transportation Secretary Ray LaHood. Eastern Shipbuilding Group has built eight PSVs since 2003, with three more under construction. The vessels, built for Boldini S.A.