INSIGHTS: John Rynd / President , CEO and Director, Tidewater Inc.
Mr. John Rynd graduated from Texas A&M University with a Bachelor of Arts degree in Economics. He previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Mr. Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies. Beyond this, Mr.
Indian Navy Officers Assess TROPEX 2017
Admiral Sunil Lanba, Chief of the Naval Staff (CNS) embarked ships of the Indian Fleet (both Western & Eastern) over the last two days to review the ongoing Annual Theatre Level Readiness and Operational Exercise (TROPEX) 2017 which is presently underway since 24 January 2017. The CNS was accompanied by General Bipin Rawat, Chief of the Army Staff and Vice Admiral Girish Luthra, Flag Officer Commanding-in-Chief, Western Naval Command. The CNS witnessed a host of exercises viz.
Offshore Vessel Contractors Re-shaping for a Rebound
The announcement on the February 28 of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Harkand and Swiber have entered into administration, taking a significant number of vessels out of the active fleet. In other cases, internal restructuring measures (e.g. Siem Offshore, Boa Offshore, Deepocean etc.) were/have been in order. While current indicators of subsea activity (e.g.
TEN Announces Time Charter for Hercules I
Tsakos Energy Navigation (TEN), a leading diversified crude, product and LNG tanker operator, today announced an up to 18 months time charter with minimum and profit sharing provision for the newly delivered VLCC Hercules I to a major US oil company. "All 15 new vessels in TEN's growth program, including the five for the rest of this year, have full long-term employment. This new time charter announced today with minimum base rate and profit sharing arrangements protects the Company's bottom line and ensures participation on the upside," stated Nikolas P.
TEN Strengthens Vessel Base
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties. These came on the back of nine vessels that were delivered or acquired in 2016 and will be followed in 2017 by the last four, of nine, aframaxes that were built against long-term employment to a Norwegian oil major. With the delivery of these remaining high-end aframaxes…
Ocean RIG Files for Bankruptcy Protection in US
Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.
TEN's 15-Vessel Newbuilding Program Nearing Completion
Greece-based Tsakos Energy Navigation (TEN) said that its 15-vessel newbuilding program is nearing completion with the final three aframax tankers expected to be delivered in the coming months. In the second half of the year, with all vessels delivered and 77% of the fleet on full utilization contracts, TEN's industrial shipping strategy will be at full throttle. In line with the programmed deliveries, in January 2017 the VLCC Hercules I was delivered from Hyundai Heavy Industries in South Korea and was subsequently chartered for a period of up to 18 months.
The New Offshore Reality
Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he told a floating production conference in Oslo. After two-and-half years of oil-price collapse followed by layoffs in the thousands; stacked oil rigs and order freezes for offshore shipping, price insecurity itself is a partial expression of confidence. Beneath some palpable yet halting movements toward recovery in 2017…
Pacific’s Wild Weather Challanges in Search
The Pacific’s wild weather and vast distances make it a challenging location for search and rescue, said Keith Manch, Director Maritime New Zealand, in his opening address at the Pacific Regional Search and Rescue workshop in Auckland, New Zealand (22-26 May). The objective of the workshop is to provide Pacific Search and Rescue (SAR) coordinators and responders with the tools to improve coordination between national SAR agencies. The event also aims to improve regional collaboration through formal protocols and communication ensuring a uniform SAR response throughout the Pacific.
Ulstein: A Century of Innovation
Ulstein, now a century old, has spent the last 100 years looking to the future. Since its formation on August 9, 1917 in Ulsteinvik, Norway, the family-owned shipbuilder, designer and systems supplier said it has focused on tomorrow’s opportunities today. Over the years, Ulstein has evolved through innovation and pioneered trailblazing solutions, driven by its desire to meet shifting customer demands, commercial openings and market challenges head-on. There isn’t much that remains the same in a century of operation…
Army Helicopter Reported Down in Waters off Oahu
U.S. Coast Guard and U.S. Army personnel are responding to a report of a downed Army UH-60 Black Hawk helicopter with five crew aboard approximately two miles west of Kaena Point, Oahu, Wednesday. A debris field was spotted near Kaena Point by the Coast Guard Hercules and Army Black Hawk aircrews at 11:28 p.m. Tuesday. Responders are currently searching for the five missing aircrewmen. Watchstanders at the Coast Guard Joint Rescue Command Center in Honolulu received a call at 10:08 p.m. Tuesday from personnel at Wheeler Army Airfield stating they lost communications with one of their UH-60 Black Hawk aircrews. Watchstanders issued an urgent marine information broadcast and directed the launch of response assets.
Search Continues for Missing Army Aviators
Responders are continuing the search for five missing Army aviators from a downed Army UH-60 Black Hawk helicopter approximately two miles west of Ka'ena Point, Oahu, Wednesday. En route is Coast Guard Cutter Walnut (WLB 205) and crew, a 225-foot buoy tender homeported in Honolulu. None of the aviators have been located yet. Debris has been spotted and recovered near Ka'ena Point by responders. A joint forward incident command post has been established at Hale'iwa Boat Harbor to coordinate search and rescue efforts.
Search Continues for Missing Army Aviators off Hawaii
Responders continue the search for five Army aviators who went missing Tuesday night approximately two miles west of Ka'ena Point, the westernmost tip of land on the Hawaiian island of Oʻahu. The search began late Tuesday following notification to the Coast Guard from personnel at Wheeler Army Airfield stating they lost communication with one of their UH-60 Black Hawk aircrews. The missing aircrew was reportedly engaged in night time training operations between Ka'ena Point and Dillingham Airfield. None of the aviators have been located yet. No further debris has been recovered. Personnel continue to coordinate efforts at the joint forward operating base at Hale'iwa Boat Harbor.
Brazil Delays Estimate for First Oil Cargo from Libra
Brazil on Wednesday pushed back its forecast for a first oil shipment from its promising offshore Libra prospect to the first quarter of next year, months after its previously projected October 2017 estimate made in May. Hercules Tadeu F. da Silva, contract management director at Brazil's state-run Pre-Sal Petroleo SA, a company created to help guide development of Libra, declined to explain the cause of the delay. (Reporting by Simon Webb)
Coast Guard Searching for Missing Aircraft in GoM
The U.S. Coast Guard is searching for an unresponsive aircraft that went missing in the Gulf of Mexico approximately 118 nautical miles north of the Yucatan Peninsula, Thursday. The Coast Guard said its watchstanders at the Eighth District command center in New Orleans received a report from the North American Aerospace Defense Command, Wednesday evening that one person aboard a privately owned Cirrus plane was unresponsive likely due to hypoxia. The pilot flew from Oklahoma City and was reportedly headed to Georgetown, Texas.
US, Australia Join Search for Kiribati Ferry Survivors
United States and Australian aircraft joined the search for passengers of a missing ferry off Kiribati on Tuesday, as rescuers scoured the central Pacific Ocean for a liferaft believed to be carrying survivors. Eight people rescued from an drifting dinghy on the weekend said the ferry broke up soon after setting out on Jan. 18 and that they had seen other passengers scramble aboard a liferaft. "There is a definitely a possibility that the people in the liferaft are alive given that only a short while ago we found people in an open dinghy alive…
Statoil Contracts West Hercules Rig
The West Hercules semi-submersible rig has been contracted for drilling two exploration wells in the Barents Sea in 2018, and options to drill another five exploration wells. Statoil and the licence partners have signed a contract with North Atlantic Norway Ltd for use of the 6th generation West Hercules rig. The total estimated contract value is USD 15-20 million for the two permanent wells. Portrait - Geir TungesvikGeir Tungesvik, head of Drilling and Well in Statoil. Mobilisation and demobilization are included in the amount…
Solstad Farstad Bags New Contracts
TAQA Bratani has awarded Solstad Farstad ASA a contract for the Platform Supply Vessel PSV Far Spica (2013, PSV 08 CD Design). The contract is the duration of TAQA’s mobile drilling Campaign in the UK Sector, which is approx. 18 Months, with expected commencement in Q1 2018. Far Spica is currently trading the North Sea Spot Market. AGR Well Management Limited has awarded SOFF a contract for the PSV Normand Aurora (2005, P105 Design). The contract duration is for 1 well firm + 1 well options supporting West Hercules in the UK Sector and the commencement is expected to take place March 2018.
Tidewater Names Rynd President, CEO
Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017. Tom Bates, Chairman of the Board of Directors, said "After completing a comprehensive search, the Board is very pleased to welcome John to the team. He brings with him considerable experience in the offshore drilling services sector and the global oil and gas industry as a whole. Rynd previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016.
Qatar’s New Patrol Boat Completes Sea Trials
The first of two new 48-meter patrol boats for the Qatar Coastguard has completed sea trials. BMT has partnered with ARES Shipyard (ARES) to design and build 17 patrol boats from advanced composites in 36 months – 18 months ahead of schedule. The latest in the series – the 48-meter ARES 150 HERCULES has just completed sea trials with the vessel achieving a maximum speed of 37 knots. The total order from the Qatar Ministry of Interior, Coastguard has comprised of three different vessel sizes: five of 24 meters, 10 of 34 meters and two of 48 meters.
West Phoenix to Drill in UK and Norway
Statoil and its partners have contracted the West Phoenix rig for exploration drilling on the U.K. and Norwegian continental shelves from the summer of 2018. The contract is awarded to the two Seadrill companies North Atlantic Drilling UK Ltd. and North Atlantic Norway Ltd. The semi-submersible rig West Phoenix will first drill an exploration well for the Ragnfrid North license on the Norwegian Continental Shelf (NCS), followed by three wells on the U.K. Continental Shelf (UKCS). The rig has been approved by authorities for use both on the NCS and UKCS.
Qatari Coastguard Orders 9 More Newbuilds
Turkey’s ARES Shipyard and partner BMT have secured a new order from the Qatari Coastguard to produce nine additional patrol boats on top of the 17 vessels already ordered. The new order, which was officially signed during DIMDEX (Doha International Maritime Defense Exhibition and Conference) last week, includes three 48-meter ARES 150 HERCULES Offshore Patrol Vessels (OPVs) and six 24-meter ARES 80 SAT Special Operations Support and Fast Attack Craft, all of which are expected to be delivered by the end of 2020.
USCG Restores Radio Communications Along NC Coast
U.S. Coast Guard Sector North Carolina has restored radio communication capability Friday.Repairs were completed at approximately 4 a.m. after communications went down Thursday evening, leaving the Coast Guard unable to monitor radio traffic offshoreThe Coast Guard said HC-130 Hercules airplane had been launched Thursday night to monitor communications in the area on a temporary basis.