North Oil Company News

Oil tanker operator International Seaways has sold its 50% stake in two floating storage and offshore (FSO) vessels, the FSO Asia and FSO Africa, to its joint venture partner Euronav NV. The purchase price values the two FSO vessels at $300 million in total. Net of adjustments for working capital and expenses, International Seaways received approximately $140 million in cash from the sale.The transaction has been approved by North Oil Company (“NOC”), the operator of the Al Shaheen offshore oil field in Qatar, whose shareholders are Qatar Energy and Total E&P Golfe Limited.

Gulf Drilling International (GDI) has signed a three-year contract with North Oil Company (NOC) to provide drilling services through the drilling rig Dukhan for NOC’s extensive development programmes in Al Shaheen oil field.The Al Shaheen Oil Field is a production oil and gas field off the north east coast of Qatar in the Persian Gulf, 80 kilometres north of Doha.The subsidiary of Gulf International Services (GIS) said in a press release that the signing ceremony was attended by GDI’s Chief Executive officer William Ceppi and NOC’s Chief Executive Officer Jacques Azibert. Also in attendance were Mark Gibson, Chief Operation Officer, and Francis Bourcier Drilling Manager of NOC…

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan, International Seaways has further enhanced our financial flexibility while maintaining overall balance sheet strength,” said Lois K. Zabrocky, INSW’s President and CEO. Ms.

Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company (NOC), the future operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. The new contracts for these custom-made 3 million barrels capacity units which have been significantly converted and that have been serving the Al-Shaheen field without interruption since 2010 will have a duration of five years starting at the expiry of the existing contracts with Maersk Oil Qatar. The existing contracts will remain in force until expiry in the third quarter of 2017.