Asian Oil, Gas Producers Stepping up Activity after Long Lull
Asia's oil and gas producers are starting to revive projects aimed at deflating years of ballooning energy imports after new investment dried up following the 2014 industry crisis. Spending has so far been driven mainly by state oil companies such as India's ONGC, Thailand's PTTEP and PetroVietnam, which need to produce more oil and gas to ensure their countries' energy security, executives said this week during an industry event in Kuala Lumpur, Malaysia. Asia is by far the biggest, fastest-growing consumer of oil, yet its output is falling faster than in any other region.
Record-size US Offshore Oil Lease Sale Draws Modest Bidding
Oil and gas drillers bid modestly on Gulf of Mexico acreage in the largest lease sale in American history on Wednesday, dealing a setback to the Trump administration's efforts to rapidly pump up investment in the region. The Interior Department had offered up a record 77 million acres (31.2 million hectares) for development in the Gulf with discounted royalty rates on the shallower tracts as part of a broader effort by President Donald Trump's administration to ramp up U.S. fossil fuels output.
Acta Marine’s Newbuild Completes Sea Trials
The SOV W2W vessel Acta Auriga, currently under construction at Ulstein Verft, Norway for owner Acta Marine, has successfully completed sea trials. The walk-to-work vessel is custom-designed for the offshore energy industry. Together with a 3D crane, SMST gangway and elevator tower, and the X-BOW and X-STERN design solutions, the vessel will break new grounds in workability, in-field agility, offshore logistics and comfort on board for 120 persons combined with a low fuel consumption, the builder said.
GasLog Partners Acquires GasLog Gibraltar
GasLog Partners has agreed to acquire GasLog Gibraltar from GasLog (GLOG) for USD 207 million and to fully repay its USD 45 million unsecured term loan from GLOG. GasLog Partners and GasLog announced that they have approved entering into agreement: "For the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters GasLog Gibraltar. The Acquisition is expected to close in the second quarter of 2018 and is subject to satisfaction of certain customary closing conditions.
Vietnam Scraps South China Sea Oil Drilling Project
Vietnam's state oil firm PetroVietnam has ordered Spanish energy firm Repsol to suspend its "Red Emperor" project off the country's southeastern coast following pressure from China, the BBC reported on Friday. It would be the second time in less than a year that Vietnam has had to cancel a major oil development in the South China Sea under pressure from China. The move comes as Repsol was making final preparations for commercial drilling. A rig, the Ensco 8504, was scheduled to depart from Singapore for the drill site on Thursday, the report said, citing an unnamed energy industry source. The cancellation could cost Repsol and its partners $200 million in sunk investment, according to the BBC. Repsol and PetroVietnam executives could not immediately be reached for comment.
Cepsa Debuts South Europe's First Multi-product LNG Supply Vessel
Cepsa presented in the Port of Huelva the first multi-product marine fuel supply vessel in southern Europe. The vessel, based in the port of Huelva, will provide ship to ship Liquefied Natural Gas (LNG), in addition to traditional fuels: fuel oils and diesel. State-of-the-art technology has been used in its construction including a new fuel measurement system, based on Mass Flow Meters technology, which guarantees the accuracy in the supply of fuel to vessels. The new multipurpose vessel (OIZMENDI)…
Hessel Halbesma Resigns as Chairman of Oceanteam
Norwegian Offshore service provider Oceanteam said that in order to mitigate against further repercussion against the company and to diffuse the misinformation that is circulating currently, Chairman of the Board Hessel Halbesma offered his resignation forthwith as Chairman of the Board effective immediately. "As Chairman I have led the company to this moment in time. I have decided to retire and create room for a new Chairman to be appointed that is capable of directing the company into the future and develop it to its full potential," he said in a statement.
Saipem Buys Lewek Constellation Vessel
Italian oil and gas contractor Saipem said it has reached a deal to purchase the pipelay, heavy lift and construction vessel Lewek Constellation for $275 million. The 2013-built DP3 rigid and flexible pipeline construction vessel had been previously owned by bankrupt EMAS Chiyoda Subsea. Saipem said the vessel will be available for hire immediately and will be marketed globally, particularly in the Gulf of Mexico, North Sea and Norwegian Sea where the its characteristics are particularly suitable for submarine tie-backs.
GustoMSC Evolves Chela the "Smart" Crane
Nearly two years ago GustoMSC introduced a smart crane for lifting and wireline operations under the drilling cantilever. Two years later, following industry feedback and further development, the equipment has evolved into Chela, named after the Greek word for a crab’s claw. Chela offers an extra hand in operations, and due to its crablike motion characteristics, it can reach below the cantilever as well as elevate towards the main deck, providing crane access to an area traditionally blocked by the cantilever when drilling.
Løken Named CEO at Kvaerner
Karl-Petter Løken has been appointed President and Chief Executive Officer (CEO) for the international contracting company Kvaerner. Løken succeeds Jan Arve Haugan, who left Kvaerner for a position at Aker Energy. Kvaerner's EVP & CFO Idar Eikrem will continue as interim CEO until Løken steps into the role this spring after ending his current position as head of Project Development for Lundin Norway. Since 1991, Løken has held positions in the oil and gas industry for companies like Statoil, Aker Solutions and Lundin Norway.
Sovcomflot Better, Despite Challenging Year
PAO Sovcomflot (SCF Group), one of the world leaders in energy shipping and marine services to offshore oil and gas upstream projects, said that its gross revenue for the full year to 31 December 2017 grew by 3.4% to $1.43 billion. According to the statement, 2017 proved to be one of the worst years for the conventional tanker market in the last quarter of a century, with similar conditions experienced to those seen in 2011 and 1992. Conventional tanker freight rates fell by almost 50 per cent year-on-year…
New Addition to DNV GL’s Veracity Platform
DNV GL will add a new third party software solution to Veracity, its open industry data platform, that is based on cleaned data collected from 80 000 oil and gas wells. AGR, the leading well design and drilling project management firm, has agreed to host its iQx software on the platform, which contains information that is vital to companies selecting locations of wells. Users, such as drilling engineers, can access information on numerous metrics including geology and bit performance, enabling them to make smarter and more efficient operational decisions.
LNG Tanker Boris Vilkitsky to Arrive at Rotterdam on March 29
The liquefied natural gas (LNG) tanker Boris Vilkitsky is due to arrive at the Dutch port of Rotterdam on March 29, Reuters shipping data showed on Thursday. The tanker, which has a capacity for about 170,000 cubic metres of gas, is arriving from Russia. Reporting by Lefteris Karagiannopoulos
Service Ops Vessel Concept for Offshore Wind
A new multi-million Euros European research and development project will develop new Service Operation Vessel (SOV) designs and business concepts to meet the urgent and growing needs of the offshore wind operations and industry. The project is co-led by ARTTIC and Rolls-Royce Marine. As wind farms are moving further offshore, operations and maintenance (O&M) providers are following them into more hostile waters with more challenging service demands. The relatively high cost of wind farm maintenance today has a negative impact on the competitiveness of offshore wind produced electricity.
NOVATEK wins Payutskiy License, Gydan
PAO NOVATEK announced that OOO NOVATEK-Yurkharovneftegas, a wholly owned subsidiary, won the bid for a geological survey, exploration and production license for the Payutskiy subsoil area. The Payutskiy license area has estimated hydrocarbon resources of 354 million barrels of oil equivalent according to the Russian resource classification system and contains the Nanadyanskoye gas field. The license term is 27 years and the auction resulted in a one-time payment for the subsoil use in the amount of RR 66 million rubles.
GTT LNG Tanks for South Korean Newbuilds
GTT said it has received an order from the Korean shipyard Hyundai Samho Heavy Industries (HSHI) for the design of the liquefied natural gas (LNG) tanks of two new 174,000 m3 LNG carriers (LNGC). The vessels will be built on behalf of a European ship owner. GTT will design the LNG tanks of both units, each equipped with the Mark III Flex containment system developed by GTT. Their delivery is expected in 2020.
GoM Lease Sale to yield greater focus : NOIA
“The historic size of tomorrow’s Region-wide Gulf of Mexico lease sale, combined with improving market conditions and a shallow water incentive, may draw more interest from industry than we have seen in recent years. “Operators are global in nature and will bid where they believe they will get the most ‘bang for their buck’. The results of recent sales in the Mexican side of the Gulf of Mexico demonstrate that the United States cannot tread water by offering the same acreage time and time again without additional incentives.
PD&MS Group Wins $14m in Decommissioning Work
PD&MS Group secured a trio of contracts worth more than $14 million across three major North Sea late-life projects in the last six months. The latest award for the Aberdeen-headquartered company is a multimillion-pound contract from Spirit Energy to decommission the topsides on two of its unmanned Morecambe Bay gas field drilling platforms, located in the East Irish Sea. PD&MS is currently supporting similar decommissioning projects of North Sea installations for two major operators through offshore heavy lift contractor, Allseas Group S.A.
Sharp Contrasts in Markets Impact Van Oord
The year 2017 was dominated by the difficult market conditions in the dredging and oil & gas sectors, says Pieter van Oord, CEO, Van Oord, the Dutch contracting company that specializes in dredging and land reclamation. The global contractor specialising in dredging, marine engineering and offshore projects (oil, gas and wind) said that the volume of work in offshore wind was stable, and the market dynamic in the offshore wind sector will generate a lot of opportunities for years to come.
Preece Named Managing Director at CWind
Mark Preece has been appointed Managing Director of CWind, the Global Marine Group (GMG) offshore renewable business. Preece, who has extensive experience in the offshore and maritime sectors, joined CWind on an interim basis late in 2017. He has formerly served as Executive Vice Chairman at PDi Ltd, CEO of CEONA Offshore and CEO of Reef Subsea.
Exxon Mobil buys LNG to Chill Papua New Guinea Project
ExxonMobil Corp has bought a liquefied natural gas (LNG) cargo to keep its Papua New Guinea plant cold after a powerful earthquake triggered a production halt last month, several trade sources said on Monday. The cool-down cargo could be a first step toward restarting LNG production at the facility ahead of schedule or it may simply be needed to maintain operational readiness, traders said. Stopping the liquefaction process which condenses gas into a liquid at minus 162 degrees Celsius causes LNG plants to warm up…
VIKING Expects Steady Growth
For the second consecutive year, revenue and earnings remained stagnant for 2017 at VIKING Life-Saving Equipment A/S. Signs of a slight improvement in the economy are encouraging, as well as VIKING’s gain in market share. Two of the largest customer segments, the cargo ship market and offshore industry, remain in turmoil and continue to impact the top and bottom lines. "We find ourselves in a market with extremely complex demands that vary significantly between segments - a market driven by a multitude of factors…
ADNOC Signs Major Offshore Concession Agreements with Total
The Abu Dhabi National Oil Company (ADNOC) has signed agreements with Total of France, awarding them stakes in two of Abu Dhabi’s new offshore concessions. Under the terms of the agreements, Total has been awarded a 20% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. Total is ADNOC’s largest and one of its longest international partners, active in Abu Dhabi’s oil and gas sector since 1939. Today, the French super-major collaborates with ADNOC across the value chain…
McDermott and CB&I Conclude Merger
McDermott International and CB&I announced that the companies have received antitrust clearance in Russia for their proposed combination. With this clearance, McDermott and CB&I have received all the required competition authority approvals for the transaction. As previously announced on December 18, 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.
Lamprell, GustoMSC join forces to develop Jackup Rig design
Lamprell announced its exclusive collaboration with GustoMSC to develop the Lamprell Jackup-43 (LJ43) jackup rig design, creating an advanced drilling rig with the highest level of safe, efficient and reliable drilling capabilities. The LJ43 drilling rig will combine Lamprell’s system integration capability, detailed engineering expertise and construction experience with the robust and advanced technology of GustoMSC designs. The rig utilises GustoMSC’s leg design with a custom designed hull and living quarters developed by Lamprell.
Offshore Groups Bibby, Rever Merge
The U.K.’s Bibby Offshore will merge with Norwegian firm Rever Offshore AS in a move targeting opportunities in the diving and subsea umbilicals, risers, and flowlines (SURF) markets. The transaction has been agreed and is expected to close soon, announced Bibby owner Fara Holdco Limited. The merger will combine Bibby and Rever subsidiary CECON Contracting to create a larger offshore installation delivery business both in the North Sea and internationally, currently focused on the Atlantic and Mediterranean regions.
Construction Begins on Saudi Aramco's Shipyard Joint Venture
Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said. The SIDF agreed in principle last year to provide 3.75 billion riyals ($1 billion) in financing for the project. IMI is a partnership between United Arab Emirates-based Lamprell, state oil giant Saudi Aramco, National Shipping Co of Saudi Arabia (Bahri) and South Korea's Hyundai Heavy Industries Co.
Bourbon in Red Ink
French offshore vessel provider Bourbon Offshore recorded a bigger loss of EUR 576.3 million for 2017 in 2017 when compared to EUR 279.6 million for 2016 dragged down by lower revenues and vessel impairments amid a third year of cyclical downturn. "Bourbon s teams carried off a solid operating performance in 2017 thanks to their focus on security, cost control initiatives and the fleet's technical reliability. Performance in terms of free cash flow generation is equally sound in the crisis environment that has faced all oil & gas industry players for the past three years…
Emissions Regulations: 'It's Not Easy Being Green'
Nor is it getting any easier to understand when, how and why to comply. Whether your marine operation is a major corporation or a family “mom and pop” company, the type of fuel you now burn or for that matter what emanates from your stack each day after the burn has now become a major source of confusion. As Kermit the Frog once said, we will now know what its like to be green. Some believe the discussion is a new subject. It is not. Those of us that work the oceans, rivers and sounds for a living always had a concern of how much fuel we burn and what the quality of that fuel was.
LNG Cargo from US Plant does U-turn for UK
The first liquefied natural gas (LNG) cargo exported from a new plant in the United States at Cove Point will arrive in Britain later this month as Asian spot LNG prices weaken relative to European benchmarks. The Gemmata tanker is expected to arrive at the UK's Dragon terminal on March 20, according to the local port authority at Milford Haven. As Asian spot LNG prices weakened, the tanker performed a U-turn in the middle of the Atlantic this week away from Asia and towards Europe, shipping data shows.
Statoil to Rebrand as Equinor
Rebranding would cost up to $32.5 mln but firm plans to ramp up renewables investment. Norway's Statoil plans to change its name to Equinor, reflecting its commitment to become a broad energy company rather than one focused only on oil, it said on Thursday. In a video posted on social media, Statoil presented the switch as a way to show its determination to develop investments in renewable energy. Reactions by various social media users were mixed. "Equinor sounds like a princess on a horse in Game of Thrones," one Twitter user said. "Equi" is the genitive singular in Latin for "horse".
DNV GL Appoints Peter Brun as New Global Offshore Wind Segment Leader
DNV GL, the world’s largest independent energy advisory and certification body, has appointed wind energy professional Peter Brun as Global Offshore Wind Segment Leader. Brun is responsible for stakeholder management, alliance building and promoting offshore wind development throughout the world. Brun brings more than 26 years of experience in the wind energy industry and international diplomacy. His rich and varied expertise in the wind industry, includes holding dual Vice Chairman roles at EWEA (now WindEurope) and Global Wind Energy Council (GWEC) between 2009 to 2013.
Prysmian to Order Cable Layer Newbuild
Prysmian Group announced it will invest more than €170 million ($210.3 million) in a new cable laying vessel to be delivered by the second quarter of 2020. The group said the vessel will support long-term growth prospects in the submarine cable installation business, strengthening its interconnection and offshore wind project execution capabilities. According to the Prysmian Group, the vessel will offer deep water installation capabilities for depths of more than 2,000 m; increased cable loading capacity thanks to large cable rotating platforms; capability to perform complex installation operations supporting a variety of burial systems, including heavy duty ploughs; state-of-the-art positioning and seakeeping systems and a reduced environmental footprint.
Offshore Wind Drives Demand for US Support Vessels
The offshore energy boom: more than wind. Domestic offshore wind also promises to generate demand for new, efficiently propelled support vessels. The U.S. offshore wind farm industry, now in its infancy, is on the verge of a massive growth surge, and the boom will be felt throughout the American maritime industry. The U.S. Office of Energy Efficiency and Renewable Energy reported last year that there is a “robust pipeline of projects to ensure growth in the country’s nascent offshore wind market…
Boskalis Chief Scoops Up More Company Shares
Royal Boskalis Westminster N.V. announced that its CEO Peter Berdowski today acquired 50,000 Boskalis shares. The shares were purchased by Berdowski with his own funds through a bank.
DNV GL Opens LNG Test Center
DNV GL opens LNG test center. The facility, at the organization’s existing renewable energy technology and gas laboratory site is the first type of facility with a capacity compatible for the downstream sector. Its capacity is up to 250kg of liquefied gas and boasts a heat exchanger that allows the temperature of the LNG – and therefore its boil-off – to be precisely regulated. Johan Holstein, Head of gas testing and analysis at DNV GL – Oil & Gas, said the testing of new sensor technology to rapidly identify the composition of LNG would be a priority.
Australia to Stress International Law in South China Sea Dispute
Australian Foreign Minister Julie Bishop will on Tuesday hail the role of international law in settling regional conflicts, comments apparently aimed at bolstering Australian efforts to build a coalition against Chinese assertiveness. Bishop, in a speech ahead of a special meeting of the Association of South East Asian Nations (ASEAN) in Sydney, will not name China but will argue that international law will stabilise a region strained by rival claims in the South China Sea. "The rules-based order is designed to regulate behaviour and rivalries of and between states…
BMT Rolls Out New Big Data Product: BMT Deep
BMT has introduced BMT Deep, an advanced interactive asset data platform designed to deliver deeper insights for enhanced offshore asset performance management. “With 20+ years practical experience of working with marine structures, we have developed a platform that can monitor, review or forecast the performance of offshore assets,” said Soma Maroju, Product Development Lead for BMT Deep. “Using AI and machine learning we have been able to build advanced models that reinforce the platform’s capabilities.
BSEE Launches Risk-Based Inspection Program
The Bureau of Safety and Environmental Enforcement (BSEE) this week announced the implementation of a new Risk-Based Inspection Program that employs a systematic framework to identify facilities and operations that exhibit a high-risk profile. The risk-based inspections supplement BSEE’s existing National Safety Inspection Program. The OCS Lands Act authorizes BSEE to conduct annual scheduled inspections and periodic unannounced inspections of all oil and gas operations. The new…
BP Selects McDermott, BHGE for Subsea Contracts
McDermott International and Baker Hughes (BHGE), a GE company announced the selection of front-end engineering design (FEED) studies in advance of a substantial engineering, procurement, construction and installation (EPCI) contract for BP’s Tortue/Ahmeyim Field Development, a major gas project located on the maritime border of Mauritania and Senegal. During this initial engineering phase, McDermott will work on defining the subsea umbilicals, risers and flowlines (SURF) scope for the project, while BHGE will focus on the subsea production system (SPS) scope.
Seaspan Shipyards Gets Orders for LNG Vessel Engine Conversions
Seaspan Shipyards demonstrates its capabilities with liquefied natural gas (LNG) vessel engine conversions in the wake of a major project milestone. Victoria Shipyards (VSL) was selected by TOTE Maritime Alaska to carry out the yard production work and docking necessary for the conversion of their two TOTE Orca class vessels to dual-fuel systems, a process which is being carried out in four phases and will enable the two ships to use LNG as fuel. The ‘North Star’, the first of the two 839-foot-long roll-on…
Start of Golar's FLNG in Cameroon May Draw More Africa Clients
Golar LNG said on Monday it had started production at its floating LNG (FLNG) platform in Cameroon, the world's second working example of the nascent technology and a milestone likely to boost its Fortuna project in Equatorial Guinea. As the cost of land-based LNG plants more than tripled in the decade to 2013, Golar pioneered the conversion of ageing LNG tankers into giant refrigerators capable of chilling gas into its liquid form at minus 162 Celsius. Natural gas when liquefied can be shipped and sold around the world on tankers, like oil. By starting up the pilot floating plant in Cameroon, Golar is removing uncertainty about the risks associated with squeezing equipment into a fraction of the space occupied by an LNG plant on land, shipping analysts and industry sources say.
US States Slow Trump Offshore Oil Drilling Expansion Plan
The Trump administration's plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of "energy dominance." But existing Obama administration lease rules remain in place through 2022 unless the new rules gain approval. The Department of the Interior this year proposed opening vast new acreage in the U.S. outer continental shelf to drilling.
German Minister Welcomes RWE's Stronger Position in Renewables
Germany's acting Finance Minister Peter Altmaier said on Monday that it was fundamentally positive that RWE would become a much stronger player in renewables after a planned carve up of Innogy with rival E.ON. "That is a decision of both involved companies. The companies have recognised that the energy switch (from nuclear power) is pushing ahead," Altmaier told reporters before a meeting of euro zone finance ministers in Brussels. "RWE will for the first time get a foothold in a bigger way in renewables. That is for me a fundamentally positive development," he continued, adding that the government would not seek to interfere in the decisions of companies. Reporting by Philip Blenkinsop
GasLog Orders LNG Carrier Newbuild from Samsung
Ship owner GasLog Ltd. announced it has ordered another newbuild liquefied natural gas (LNG) carrier from South Korean shipbuilder Samsung Heavy Industries, with options for additional newbuilds. The 180,000 cubic meter capacity Flex Plus vessel with XDF propulsion is the second LNG carrier ordered by GasLog this year. The two vessels are unchartered and scheduled to be delivered in the third quarter of 2019 and the second quarter of 2020 respectively. “Given that the outlook for LNG shipping demand remains robust…
MISC Berhad Names FSO Benchamas 2
MISC Berhad held the naming and delivery ceremony of its new Floating, Storage & Offloading (FSO) facility for Chevron Offshore (Thailand) Limited (COTL), the FSO Benchamas 2. The project marks MISC’s maiden foray into Thailand’s offshore oil and gas sector as well as its first partnership with COTL in the offshore space. The contract for the lease and operations FSO was secured through an international competitive bidding process and was signed between MISC Offshore Floating Terminals (L) Limited (MOFT) and COTL in August 2016.
Woodside to Operate Scarborough
Woodside and BHP have entered into an agreement in relation to the proposed development of the Scarborough gas field. BHP waived its right of pre-emption and provides its consent to the sale by ExxonMobil to Woodside of its 50 percent interest in WA-1-R and the Scarborough Joint Venture Operating Agreement. Woodside will become the Scarborough operator on completion of the transaction between ExxonMobil and Woodside. Woodside grants BHP an option to purchase an additional 10 percent interest in Scarborough on equivalent consideration and terms to the transaction with ExxonMobil. The option may be exercised by BHP at any time prior to the earlier of December 31, 2019 and approval to commence the front-end engineering and design phase of the Scarborough Development.
Keppel Bags Awilco's Semi-submersible Rig Order
Following the Letter of Intent signed by Keppel Offshore & Marine Ltd through its wholly-owned subsidiary, Keppel FELS Limited, with Awilco Drilling PLC, Keppel has secured the contract to construct a mid-water semisubmersible (semi) drilling rig for harsh environment use worth about $425 million. As part of the transaction, Awilco has independent options to order up to another three similar rigs to be exercised within 12, 24 and 36 months respectively. The prices of the three…
Harvey Gulf's Guidry Remains Confident as Bankruptcy Plays Out
In a March 10th E-mail to customers and media alike, Guidry charts the course ahead. In a terse E-mailed letter addressed to 'Valued Harvey Gulf Customers,' the U.S. flag offshore energy support CEO this weekend said, "I am pleased to report that the Bankruptcy Court has granted all of the first day relief requested by Harvey Gulf in our Chapter 11 proceedings. The letter continued, "Among the most significant relief granted was that Harvey Gulf is authorized to pay our all of our vendors in full and in our normal course of business.
BSEE: Report on Subsea Bolting Technology Released
In an effort to address a recurring problem with faulty connectors in critical safety equipment, the Bureau of Safety and Environmental Enforcement (BSEE) commissioned a National Academy of Engineering study on the matter in September 2016. After 18 months of study, the report entitled “High-Performance Bolting Technology for Offshore Oil and Natural Gas Operations” was published Friday. BSEE sponsored this study to leverage the resources of the National Materials and Manufacturing Board of the National Academies of Sciences…
Tenth Successful Interdiction for HMAS Warramunga
HMAS Warramunga’s crew has seized record amounts of narcotics on Operation Manitou following their latest interdiction. In the latest haul, the crew of the Royal Australian Navy frigate seized approximately 132 kilograms of heroin valued at almost $40 million while patrolling international waters of the Arabian Sea on 6 March 2018. The illegal narcotics interdiction is Warramunga’s third seizure in the past seven days having also seized in excess of eight tonnes of hashish from two vessels just days earlier.
VT Halter Marine Cuts Steel on Offshore LNG ATB
VT Halter Marine and Q-LNG Transport team members during start of construction of ATB Tug Q-Ocean Service and Barge Q-LNG 4000. VT Halter Marine, Inc. (VT Halter Marine), a company of Vision Technologies Systems, Inc. (VT Systems), today held a ceremony to commence construction on America’s first Liquefied Natural Gas Articulated Tug and Barge (LNG ATB) unit. “We are honored to be able to celebrate the official start of construction on the first LNG Bunkering ATB unit ever built.
Bjørnar Iversen Resigns as CEO of Songa Offshore
Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services.
Harvey Gulf Files for Chapter 11 Bankruptcy
Louisiana-based Harvey Gulf International Marine LLC, which has more than 50 vessels in its fleet and supplies offshore oil rigs among other services, filed for Chapter 11 bankruptcy in Houston. Harvey Gulf did not immediately respond to requests for comment. The company said in court papers it had more than $1 billion in debt and has an agreement with lenders to reduce what the company owes. In return lenders would receive the equity in the company when it exits bankruptcy. Other creditors such as suppliers will be paid in full.
Ex-Petrobras CEO Bendine Convicted of Corruption in Brazil
Aldemir Bendine, the former chief executive of state-controlled oil firm Petroleo Brasileiro SA and Banco do Brasil, was found guilty on Wednesday of corruption charges and sentenced by a federal judge to 11 years in prison. Judge Sergio Moro ruled that Bendine used his position at Petrobras to take 3 million reais ($924,527) in bribes from construction firm Odebrecht. "The condemned took his position as CEO of Petrobras amid a corruption scandal and with the expectation that he would solve problems," Moro wrote in his ruling. Bendine's legal team did not immediately reply to requests for comment. His attorneys said throughout the trial that he was innocent and that no company received special benefits from Petrobras or Banco do Brasil under his leadership.
Oil Platform Fire near Corpus Christi Put Out
The United States Coast Guard said a fire on a Magellan-owned oil platform about three miles offshore of Corpus Christi, Texas on Wednesday afternoon has been put out. No one was aboard the platform at the time of the fire and a response boat crew reported that it was out at about 6:30 p.m., the coast guard said in a statement. The cause of the fire is under investigation, the agency said. (Reporting by Arpan Varghese; Editing by Stephen Coates)
IMCA Makes Changes to Inspection Database
The International Marine Contractors Association (IMCA) has seen a marked increase in the use of its eCMID inspection scheme for offshore vessels that benefit from an independent International Safety Management health check. Over 2,300 vessels from more than 1,000 owners and operators are now listed on the eCMID database, which is consulted by more than 3,800 users each year. Inspections are undertaken by almost 400 Accredited Vessel Inspectors (AVIs) – and this number is rapidly expanding.
First LNG from Cheniere US to GAIL India
Cheniere Energy and GAIL (India) today marked the commencement of their 20-year Sale and Purchase Agreement (SPA) to supply U.S.-sourced liquefied natural gas to India from Cheniere’s Sabine Pass liquefaction facility in Louisiana, with one of GAIL’s first shipments departing from the facility. The ship will set sail after today’s ceremony to mark the occasion at Sabine Pass in the presence of Cheniere President and CEO Jack Fusco and GAIL Chairman and Managing Director Mr. B.C. Tripathi, who were joined by Consul General Dr. Anupam Ray, as well as representatives from Cheniere and GAIL.
New Passenger Ship & Ferries Leadership for BV
Bureau Veritas has appointed Andreas Ullrich as Global Market Leader, Passenger Ships & Ferries. This is a key role involved from the concept stages through the operational life of projects helping ensure that clients are able to make the best commercial decisions based on technical understanding to mitigate risk and promote safety. Passenger ships and ferries are very important areas of activity for Bureau Veritas. Today many of the most innovative projects in these sectors, both in the water and under construction, are Bureau Veritas classed.
Reach Subsea Charters Subsea Vessel Olympic Challenger
Reach Subsea has entered into an agreement with Olympic Subsea for use of the subsea vessel Olympic Challenger for two years, with an option to extend for one year. The commercial terms of the charter agreement are confidential between the parties, but is structured in a way that enables Reach to offer a competitive subsea service to our clients. The vessel already has two ROVs mobilized on board, which Reach will lease initially. Thus, investments associated with this expansionary move are limited at the outset.
Distillate Demand Boost from Shipping Sulphur Rules to be Brief
A sharp increase in demand for distillates following new shipping fuel rules will fade quickly, the International Energy Agency said on Monday. New rules implemented by the International Maritime Organization (IMO) will significantly cut the amount of sulphur that the world's ships can burn in their engines from 2020, leading to a close to 1 million barrel per day (bpd) rise in gasoil consumption at the expense of high-sulphur fuel oil. While ships can continue to burn higher sulphur fuel if they install scrubbers…
SolstadFarstad Bags Statoil Contract
Statoil ASA has awarded SolstadFarstad (SOFF) a contract for Platform Supply Vessel (PSV) Normand Fortune (2013, VS 485 MK III Design). The contract for Normand Fortune will commence in May 2018 for a period of 4 months firm with further 3x2 months option. The vessel will operate in the Norwegian Sector of the North Sea. “We are pleased to announce that we have secured another contract with Statoil ASA, one of our key clients. In addition to Normand Fortune, SolstadFarstad already has 10 vessels working on long term contracts with Statoil in Norway…
Nakilat, Maran Ventures JV adds two vessels
Nakilat has expanded its joint venture partnership with Greek shipping company Maran Ventures Inc., to include two additional LNG vessels. Maran Nakilat Co. Ltd. was first established in 2005 with four jointly-owned LNG vessels, and was further expanded on several occasions. This new agreement increases the number of vessels jointly-owned by Nakilat and Maran Gas from 13 to 15 vessels. The two newly added vessels, Woodside Rogers and Woodside Goode, are equipped with modern technology and built by Daewoo Shipbuilding & Marine Engineering Co (DSME).
First LNG Export Cargo Departs Cove Point LNG
The Gemmata liquefied natural gas tanker left Dominion Energy Inc's Cove Point LNG export facility in Maryland early Friday, likely carrying the first export cargo from the facility that was expected to enter service in March, according to Reuters shipping data and energy traders. Officials at Dominion were not immediately available for comment. When the Gemmata docked at Cove Point earlier this week, analysts said it would likely be the first vessel to pick up fuel from the facility since the tanker came from Spain - a non-LNG exporting country - with less than a full cargo.
Cargo Ships Slow Transits to Curb Emissions, Protect Whales
Partners in an initiative to cut air pollution and protect whales have announced results from the 2017 program and publicly recognized the 11 shipping companies who participated, reducing speeds to 12 knots or less in two regions. For the first time the program included speed reduction zones in the San Francisco Bay Area in addition to the Santa Barbara Channel region. The voluntary incentive program started July 1 and ended November 15, 2017. Automatic Identification System (AIS)…
SEA\LNG Ties with Two More Japanese Members
SEA\LNG, the industry coalition aiming to accelerate adoption of liquefied natural gas (LNG) as a marine fuel, has added two more Japanese members: "K" LINE Group and Uyeno Group. “K” LINE and Uyeno Group bring valuable insight from the thriving LNG value chain in Japan and elsewhere, and their acceptance into the coalition is demonstrative of SEA\LNG’s commitment to facilitating further growth in the region. Peter Keller, SEA\LNG chairman and executive vice president, Tote, said: “Collaboration…
Trump's Steel Import Tariffs May Hurt US LNG Exports
U.S. natural gas trade groups said on Thursday they are concerned that new U.S. steel import tariffs could delay or reduce new pipeline projects as well as dent exports of liquefied natural gas. U.S. President Donald Trump said on Thursday the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum next week. The type of pipe and the steel used to make large diameter, thick-walled pipe used for interstate natural gas pipeline projects are niche products that are not available off the shelf or even from a wide variety of manufacturers…
Exxon Quits Some Rosneft Joint Ventures Citing Sanctions
Exxon Mobil Corp will exit some joint ventures with Russia's Rosneft, citing Western sanctions first imposed in 2014, while the Russian company said the pullout will result in serious losses for its U.S. partner. The move is an about-face for Exxon, which had opposed the sanctions over Russia's invasion of Crimea and argued they unfairly penalized U.S. companies while allowing foreign energy rivals to operate in the country, the world's largest oil producer. Yet the sanctions…
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.
Golar LNG Partners Updates on Acquisitions
Golar LNG Partners announced that it had entered into an agreement to acquire an equity interest in FLNG Hilli Episeyo last year. Equivalent to 50% of the two contracted liquefaction trains, out of a total of four, the common units also include a 5% stake in any future incremental earnings generated by the currently uncontracted expansion capacity but do not include exposure to the oil linked component of Hilli's tolling fee. FLNG Hilli Episeyo arrived in Cameroon in late November.
Silver Lining for VLGC Shipowners: Drewry
A slowdown in fleet growth should begin the recovery cycle from the second half of 2018, although freight rates will not reach the levels seen during the bull run of 2014-15, according to the latest edition of the LPG Forecaster published by global shipping consultancy Drewry. 2017 was one of the toughest years in the history for VLGC shipping as ample vessel supply squeezed the freight market. VLGC earnings in the spot market (on the benchmark AG-Japan route) averaged $12,500pd; way below the break-even rate of $21,000pd.
LNG Carrier Seri Camar Delivered to MISC
MISC Group has taken delivery of the 150,200 CBM liquefied natural gas (LNG) carrier Seri Camar, the fourth in a series of five newbuild MOSS-Type Seri C Class vessels built by Hyundai Heavy Industries (HHI). Owned by MISC, the Malaysian-flagged Seri Camar joins sister vessels Seri Cenderawasih, Seri Camellia and Seri Cempaka on long-term charter to PETRONAS. The delivery brings the current number of MISC’s LNG fleet to 28 vessels. The vessel was delivered at a naming ceremony held at the HHI yard in Ulsan, South Korea, attended by PETRONAS Executive Vice President & CEO Upstream, Y. Bhg.
SolstadFarstad, Yxney Maritime Roll Out Fuel Efficiency Software
SolstadFarstad and Yxney Maritime AS have completed a pilot project to develop and roll out the fuel efficiency and emission reduction software MarESS. During the pilot, the combination of MarESS and skilled crews generated significant fuel savings for SolstadFarstad and their clients, leading to the contract for implementation for the entire fleet. “SolstadFarstad’s work with the SolstadFarstad Green Operations campaign is taken to the next level with MarESS,” says Tor Inge Dale, COO in SolstadFarstad.
Solstad Farstad Bags New Contracts
Solstad Farstad ASA has entered into a contract with Fugro Netherlands Marine BV for the CSV, Normand Flower, for operations in North European waters. The contract period is 6 months firm. Commencement of the contract is end March 2018. “We experience an increasing demand for CSV tonnage in the North Sea and we are very pleased to be awarded our second vessel contract with Fugro,” says Hans Knut Skår, EVP – Subsea Constructions & Renewable Energy of Solstad Farstad ASA. Meanwhile…
Flex LNG Reports 4Q Profit
Norway-listed shipowner Flex LNG reported a net profit of $1.3 million for the fourth quarter of 2017 compared to a net loss of $0.02 million in the corresponding quarter last year. The company’s net loss for the twelve months of 2017 widened to $10.4 million from a net loss of $1.8 million in the previous year. "In January, we successfully took delivery of the first two of our six newbuildings and secured a 15 to 18 month time charter for one of the vessels in line with our…
Peru Resumes LNG Exports after Pipeline Rupture
Peru has exported its first shipment of liquefied natural gas (LNG) in three weeks after a pipeline rupture in the jungle disrupted production, the state energy agency Perupetro said on Tuesday. The ship Barcelona Knutsen departed Peru for South Korea on Monday with 170,999 cubic meters (6,038,772 cubic feet) of fuel from the Pampa Melchorita plant, which is operated by the consortium Peru LNG, Perupetro said in a report. U.S.-based Hunt Oil has a 40 percent stake in Peru LNG. Royal Dutch Shell Plc, Japan's Marubeni Corp and other companies have smaller stakes in the consortium.
Exxon Selling Stake in Terra Nova Oil Project
Exxon Mobil Corp is selling its entire stake in the Terra Nova oil project off the eastern coast of Canada, though the world's largest publicly traded oil producer said it was committed to remaining an investor in the region. The project, located about 217 miles (350 km) off Newfoundland and Labrador, produced about 5,000 barrels of oil per day in 2016. Exxon is selling all of its 19 percent stake in the project and initial bids are due March 30, according to data and a document from Schlumberger's oil and gas asset sale business.
Texas LNG Gets OK from US Coast Guard
Texas LNG Brownsville LLC said it achieved another development milestone with the U.S. Coast Guard’s Letter of Recommendation to the Federal Energy Regulatory Commission (FERC) confirming the suitability of the Brownsville Ship Channel for the project’s marine traffic as it relates to safety and security. “After reviewing the information in the applicant’s [Letter of Intent] and Waterway Suitability Assessment and completing an evaluation of the waterway in consultation with a variety of state and local port stakeholders…
Third LNG-powered Ship Ordered for AIDA Cruises
The number of liquefied natural gas (LNG) powered ships on order for AIDA Cruises has risen to three following the latest shipbuilding contract announced today by the German cruise line’s parent company Carnival Corporation & plc. Carnival said it signed a shipbuilding contract with German shipbuilder Meyer Werft GmbH to build another new 180,000-ton ship that will be fully powered at sea and in port by LNG. The vessel will be built at Meyer Werft’s Papenburg shipyard for delivery in 2023. By that time, more than half of AIDA Cruises’ ships will run fully or partially on LNG.
DSME Wins $368 Mln Order
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME) has won a 394 billion won ($368 million) order for two liquefied natural gas (LNG) carrier vessels from an unnamed firm, Yonhap reported. The shipbuilder is expected to deliver two 170,000 cubic meter capacity LNG carriers to an owner in the Oceania region by September 2020, according to Yonhap.
LNG Tanker Boris Vilkitsky Sailing for Rotterdam
The liquefied natural gas (LNG) tanker Boris Vilkitsky is due to arrive at Rotterdam on March 8, Reuters shipping data showed on Tuesday. The tanker, which has capacity for about 170,000 cubic metres of gas, is arriving from Russia. (Reporting By Susanna Twidale)
Subsea 7 Bags Offshore Norway Deal
Subsea 7 S.A. announced the award of a contract by Wintershall for the Nova (formerly known as Skarfjell) oil and gas field development. Nova is located in the north-eastern part of the North Sea, 16 kmfrom the Gjøa field, in a water depth of approximately 360m. The Nova field development is a subsea tie-back to the existing Gjøa semi-submersible production facility. The contract award comprises the Engineering Procurement Construction Installation (EPCI) delivery of the pipeline and riser systems, and the transport and installation of subsea production systems and umbilical system.
MOL, FEIA Team to Develop North Sea Route
Mitsui O.S.K. Lines, Ltd. signed a Memorandum of Understanding with the Far East Investment and Export Agency under the Ministry of the Russian Federation for the Development of the Far East to cooperate with each other in the development of the Northern Sea Route and the Russian Far East. MOL has been participating in the Yamal LNG Project, which is the world first large scale energy project that exports cargoes through the Northern Sea Route, and MOL’s first ice-breaking LNG carrier for the project is slated to go into service at the end of March…
MacGregor, SeaFocus Join Forces
MacGregor, part of Cargotec, and an international maritime business platform, SeaFocus, have announced a collaboration agreement that will support the companies in creating new cooperation models to benefit maritime trade and drive industry innovation. "We are known for our innovative products and services," says Henri Paukku, Director, Cooperation and Funding, MacGregor. "We can see here the potential in the industry and an important partner for creating new ways of thinking and sharing best practises and to collaborate with universities and their students.
Ocean Rig Signs New Drilling Contract with Tullow Namibia
Ocean Rig UDW, an international contractor of offshore deepwater drilling services, today announced that it has signed a new drilling contract with Tullow Namibia, for a one-well drilling program plus options for drilling offshore West Africa. The contract is expected to commence in the third quarter of 2018 and to be performed by the Ocean Rig Poseidon. Pankaj Khanna, President and Chief Executive Officer of the Company, said: "We are pleased to announce additional work for the Ocean Rig Poseidon.
Statoil Reports Spud of First Well at Oseberg Vestflanken 2
In the early hours of Sunday 25 February drilling started at Oseberg Vestflanken 2. On the Capital Markets Day on 7 February the project could boast break-even reduction from USD 34 to USD 16 per barrel. The investment budget for Oseberg Vestflanken 2 has been reduced from NOK 8 billion to NOK 6.5 billion. Recoverable reserves have increased, and several digitalisation measures have been initiated. Drilling is performed by the brand new Cat J rig Askepott, purchased by the licence. This is the first job performed by this rig.
Samsung Heavy Industries Delivers Johan Sverdrup Offshore Platform
South Korea's Samsung Heavy Industries (SHI)'s Geoje shipyard has completed a riser platform topside for Statoil's giant Johan Sverdrup development offshore Norway. "SHI successfuly completed the North Sea bound offshore platform within the scheduled delivery date in the original contract," said a statement from the company. SHI revealed that one of the two offshore platform topside modules, worth KRW 1.18 trillion together, left its Geoje shipyard. SHI-built Johan Sverdrup topsides are for a 26,000-ton process platform and a 23,000-ton riser platform.
TOTE Completes Phase 1 of LNG Conversions
TOTE Maritime Alaska said it has completed the first of four conversion periods for the Orca class vessels, a process which will enable the ships to use liquefied natural gas (LNG) as fuel. TOTE Maritime’s North Star arrived in Anchorage yesterday, completing her first voyage after being outfitted with two LNG tanks immediately behind the ship’s bridge. In addition to the LNG tanks and accompanying infrastructure, the ship received critical engine updates necessary to utilize LNG as a fuel and underwent a standard regulatory dry-dock.
Seadrill, Creditors Reach Joint Restructuring Deal
Shipping tycoon John Fredriksen has reached an agreement with a majority of creditors over a restructuring plan for oil rig firm Seadrill, according to U.S. court documents on Monday. The company, once the world's largest offshore driller by market value, filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs. "It's good for all parties that Seadrill comes out of an expensive and time-consuming process," said Frederik Lunde, head of research at brokerage Carnegie.
Seadrill Rises as Creditors Reach Joint Restructuring Deal
U.S.-listed shares of oil rig firm Seadrill are up 10 percent at 28 cents in early trade. Seadrill, controlled by John Fredriksen, has reached an agreement with a majority of creditors over a restructuring plan according to U.S. court documents. Under an amended plan, the company will raise $1.08 billion in new capital via the issuance of new secured notes and equity. The company filed for Chapter 11 bankruptcy protection with debt and liabilities of over $10 billion last September after a sharp drop in oil prices in 2014 cut demand for rigs.
Vessel Docks at Maryland Cove Point LNG Terminal
Gemmata could be the first vessel to pick up fuel from the facility since the tanker came from Spain - a non-LNG exporting country - with less than a full cargo, according to the shipping data. In addition to Gemmata, another vessel, the Methane Spirit, is also headed for Cove Point, according to the shipping data. Methane Spirit is located near Singapore and is expected to reach Cove Point around March 31. Once it enters service, Cove Point will be the second big LNG export terminal in the lower 48 U.S. Cove Point is designed to liquefy about 0.75 billion cubic feet per day (bcfd) of gas.
Shell: LNG Supply Shortage Possible as Demand Surges
The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017, according to Shell’s annual LNG Outlook. Such strong growth in demand is consistent with Shell’s first LNG Outlook, published in 2017. Based on current demand projections, Shell sees potential for a supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon. Japan remained the world’s largest LNG importer in 2017…
Norsea, Wilhelmsen Bag Offshore Wind Deal
NSG Wind and Wilhelmsen Ship Management have together won a five year frame agreement with TenneT, a leading European electricity transmission system operator. NSG Wind and Wilhelmsen Ship Management have secured a frame agreement running until 2022. The framework agreement is to provide a complete technical maintenance solution for TenneT’s off- and onshore transformer stations and AC electricity transmission systems. Dennis Jul Pedersen, CEO of NSG Wind, says: “The offshore wind market is moving from niche to being one of the leading sources of renewable energy.
Nakilat Posts 2017 Profit of $233
Qatar-based Nakilat (Qatar Gas Transport Company) has announced its financial results for the year ended December 31, 2017, with a net profit of QR 847 million (about USD 233 million). The earnings per share attained in 2017 was QR 1.53. During the year, Nakilat successfully deployed the company’s strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar’s LNG supply chain. Despite the challenges facing the energy and maritime industry…
Rubio Named CFO of GulfMark Offshore
GulfMark Offshore announced that Samuel "Sam" R. Rubio will be promoted to the position of Chief Financial Officer upon completion of the filing of the company’s Form 10-K. Rubio will replace James "Jay" M. Mitchell, who will transition his responsibilities to Rubio over the next several weeks. Rubio joined GulfMark in 2005 and became Vice President – Controller and Chief Accounting Officer in 2008 and was promoted to Senior Vice President – Controller and Chief Accounting Officer in 2012.
SeaBird Exploration Bags Contract in West Africa
Cyprus-based provider of marine 2D and 3D seismic data and associated products and services to the oil and gas industry, SeaBird Exploration has signed an agreement to provide a source vessel for an upcoming survey in West Africa. The project is anticipated to commence during Q1 and will have a duration of approximately 60 days. SeaBird will be using the Osprey Explorer for the project. The 1985-built vessel joined SeaBird’s fleet in August 2006 after being converted to 2D long offset/source vessel in Poland.
France Ratifies Fishing Vessel Safety Treaty
Efforts to increase global fishing vessel safety have received a boost with France becoming the ninth State to ratify International Maritime Organization (IMO)'s Cape Town Agreement. The treaty covers various important safety requirements including radiocommunications, life-saving appliances and arrangements, emergency procedures, musters and drills. The Cape Town Agreement will enter into force 12 months after it has been ratified by 22 States which, collectively, have 3,600 or more fishing vessels of at least 24 metres in length operating on the high seas.
Pirates Attack Chemical Tanker off Somalia
Suspected Somali pirates attacked a Singaporean-flagged chemical tanker on Friday but were repelled by guards on board, the European Union's Naval force said, the first such incident in several months. EU Navfor said in a statement the 50,000 metric tonne MT Leopard Sun was sailing from Sohar in Oman to Cape Town, South Africa, when it was attacked by two skiffs 160 nautical miles (295 km) off the coast of Somalia. "The skiffs approached from the stern and fired upon her, after which the on-board Private Armed Security Team returned fire with warning shots," EU Navfor said.
Cyprus Accuses Turkey of Blocking Drillship Again
Cyprus accused Turkey on Friday of threatening to use force against a drillship chartered by Italy's Eni, in a standoff over hydrocarbons rights in the eastern Mediterranean. There was no immediate reaction from Turkey, which has vowed to prevent Greek Cypriots from exploring for oil or gas around the ethnically-split island and says some areas of Cyprus's offshore maritime zone fall under its jurisdiction. On Feb. 9, the Turkish navy on manoeuvres in the Mediterranean stopped the Saipem 12000 vessel on its way to drill for gas in the waters off Cyprus, triggering a diplomatic standoff which has underscored tensions in the region over competing claims for offshore resources.
Schlumberger, Subsea 7 Mull Oil Services JV
Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies. In recent months, oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn.
Teekay Offshore Partners Up on Revenue
Teekay Offshore Partners reported fourth quarter revenue at USD 295.7mln versus USD 274.9mln year ago, registering a growth of +7.6% YoY basis. “During the fourth quarter of 2017, we generated higher cash flow from vessel operations driven mainly by the delivery and contract start-up of two of our growth projects combined with lower G&A expenses," commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. “Recently, we finalized an agreement and are nearing completion…
Borr Drilling Buys Paragon Offshore
Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil prices in 2014 forced oil firms to cut back on offshore exploration, reducing demand for drilling rigs at a time when new rigs ordered during the boom years were entering the market, pushing rates down to, or below, operating costs. Borr said it was likely to scrap 21 older jack-up rigs…
Nauticor Extends its LNG Supply Network
Nauticor has extended its liquefied natural gas (LNG) supply network for ships within the North Sea region and has now begun delivering to maritime customers in the Port of Rotterdam. The Dutch port is the latest location added to the firm’s LNG distribution network, adding to a growing portfolio of one of the leading suppliers of LNG as fuel for ships. The premier bunker operation by Nauticor in the Port of Rotterdam saw the containership Wes Amelie, owned by Wessels Reederei based in Haren/Ems, receive the chilled fuel.
LNG Heats Up Again as Market Changes: Russell
If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence. Global majors Exxon Mobil and Total are considering plans to double LNG exports from Papua New Guinea to about 16 million tonnes per annum, their partner Oil Search said on Feb. 20. If approved, three new trains would be added to the existing Exxon-operated PNG LNG facility…
HSH Nordbank to Finance Brotorp Wind Farm
HSH Nordbank will provide the investor BlackRock with a long-term loan amounting to about € 31 million to refinance the Brotorp wind farm in southern Sweden. The farm with 14 Vestas 126 type wind turbines and a total capacity of 46.2 megawatts (MW) has been in operation since December 2015. With US$ 6.29 trillion in assets under management (as of 31/12/2017), BlackRock is the world's largest independent asset manager. HSH Nordbank has previously already completed numerous transactions in the photovoltaics business with this investor.
Exmar Barge-Based FSRU on Way to Singapore
Exmar said its FSRU (Floating Storage and Regasification Unit) barge delivered end of 2017 has left the Wison Offshore Marine shipyard on Wednesday left the Wison Offshore Marine shipyard in China and set course towards Singapore. There the unit will undergo site specific modifications before departing to its project destination to commence its long-term employment mid-2018 in line with its time charter commitments. This is an important step in the successful implementation of the barge-based regasification strategy of Exmar, said the company.
Offshore Sector Shows Improvement: Sembcorp Marine
Global exploration and production (E&P) capex spending continues to show signs of improvement, underpinned by higher oil prices, says Sembcorp Marine Ltd (SembMarine). Offshore rigs utilization and day rates have stabilized, but rig orders recovery may take some time as the oversupply in most drilling segments has yet to re-balance. The production segment remains encouraging and we are responding to increasing enquiries and tenders for innovative engineering solutions. We continue…
Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss
Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains…
Noble Corp Reports Smaller Q4 Loss
Offshore drilling contractor Noble Corp Plc's fourth-quarter loss narrowed from a year earlier, when it recorded impairment charges of $1.44 billion. Net loss attributable to Noble narrowed to $24.68 million, or 10 cents per share, in the quarter ended Dec. 31, from $1.3 billion, or $5.36 a share, a year earlier, the company said on Wednesday. Revenue fell 19.6 percent to $329.59 million. (Reporting by Taenaz Shakir in Bengaluru; Editing by Maju Samuel)
Fugro Returns to China for Gas Hydrate Research
Dutch survey and geotechnical services firm Fugro said it has been awarded a contract by China’s Guangzhou Marine Geological Survey (GMGS) to perform gas hydrate investigation on the Northern Continental Slope of the South China Sea. The contract is valued at approximately $40 million and is expected to commence in the second quarter of 2018. The gas hydrate field research program is the fifth that Fugro will undertake for GMGS, and the two companies have worked together in this field of research since 2007.
LNG Market to Suffer From Oversupply Until 2021 - Vitol
Global prices of liquefied natural gas (LNG) will face pressure from oversupply over the next two to three years, particularly in warmer months, top energy trader Vitol said on Wednesday. New LNG production in countries such as the United States and Cameroon that is set to start up in the coming months means pressure on the rapidly expanding market will be particularly felt in 2019, Pablo Galante Escobar, who heads Vitol's LNG trading, told the IP Week conference. "We still see over the next two to three years a market that is structurally oversupplied, particularly in summer, Escobar said.
What Does the Jones Act Mean for Offshore Wind?
Offshore wind power continues to gain momentum in the United States. How will the Jones Act affect the development, operation and maintenance of offshore wind farms? After years of planning and some unsuccessful attempts, offshore wind power developers finally have their first success in the United States. The Block Island Wind Farm, a 30-megawatt wind farm located just off the coast of Rhode Island, began operations in December 2016, fulfilling the goal of the project’s developer, Deepwater Wind LLC, to build America’s first offshore wind farm.
World’s First LNG-fueled Bulk Carrier Delivered
Hyundai Mipo Dockyard (HMD) and ILSHIN LOGISTICS delivered the world’s first LNG-fueled bulk carrier under the dual-class of Lloyd’s Register (LR) and Korean Register. The 50,000 dwt bulk carrier has also been verified to be in compliance with the International Gas Fuel (IGF) Code. The vessel is the result of a collaboration project, announced in July 2016, to develop the first in a new generation of environmentally-friendly LNG-fueled bulk carriers. The ship has a Type ‘C’ LNG fuel tank with a capacity of 500m³, made of austenitic high manganese steel and located on the aft mooring deck.
Sembcorp Marine Swings to Q4 Loss
Singapore's Sembcorp Marine swung to a net loss in the fourth quarter, with revenue plunging 21 percent due to lower rig-building revenue, fewer floater and offshore platforms projects. The rig builder reported a net loss of S$33.8 million ($25.59 million) for the three months ended December, compared with profit of S$34.3 million a year ago. The company's full-year net profit slumped 82 percent to S$14.1 million. Analysts expected Sembcorp to report a net income of S$70.6 million for the full year, according to Thomson Reuters data. Reporting by Aradhana Aravindan
ACP, Cheniere Focus on LNG's Potential
Representatives from the Panama Canal, led by Administrator Jorge L. Quijano, hosted executives from U.S. LNG exporter Cheniere Energy, Inc. to discuss the waterway’s growing LNG vessel segment and opportunities for future growth. With LNG emerging as its newest and fastest-growing segment, the Panama Canal has worked closely with shippers as part of an ongoing commitment toward strengthening overall communication and improving service and reliability for customers. “Our visit allowed a greater understanding of the complexities around the Panama Canal operations.