Marine Link
Wednesday, November 22, 2017

Offshore Energy Market News

Chinese Shipbuilder Wins Award for Largest Heavy Lifting Vessel

Shanghai Zhenhua Heavy Industries Company has built the largest heavy lifting vessel in the world which can carry up to 12,000 tons. The vessel, which took eight years to design and build, was awarded a special prize at the 19th China International Industry Fair in Shanghai. Seen as a symbol of China's growing engineering prowess in ocean technologies, the Zhenhua 30 was previously tested in front of representatives from ABS class society, domestic and international clients and the Chinese and Korean government. In these tests, the single boom crane was able to life 7,700 tons in revolving mode and 13,200 tons when tied back. The vessel has a 12 knot transit speed and can provide accomodation for 380 people.

Diamond Offshore Shares Buoyant

As the offshore energy market continues to search for signs of recovery, latest news from Diamond Offshore points to better times ahead. On Monday, October 30, 2017 Diamond Offshore reported better-than-expected quarterly profits, in part driven by additional deals won for its deep-water drilling rigs at better rate, sending its shares up 8.3% at the time of reporting.. While Diamond Offshore CEO Marc Edwards was not prepared to call the bottom of the market, the news certainly bodes well for a global industry collectively looking for any light at the end of a nearly four year oil downturn turnnel. "The number of tenders has increased, albeit from a very low platform and customer inquiries have picked up, although also starting from a low base.

Nicolaisen Joins TWG

TWG said that Kirk Nicolaisen has joined its sales team, taking on the role of Offshore Energy Account Manager. Kirk is based out of Gulfport, Mississippi, and brings more than 16 years of experience developing business and serving customers in the offshore energy market. Kirk has a B.S. in Mechanical Engineering and has extensive experience specific to winches and offshore equipment. In this position, Kirk will be managing sales and growth within our offshore energy accounts for all brands of TWG. TWG is committed to developing our technical and customer support team to expand our presence in the offshore market, and is excited by the strength Kirk bring to the company.

BMT Expands to Meet Increased Workload

Photo courtesy of BMT

BMT Nigel Gee (BMT), a subsidiary of BMT Group, has announced the completion of new offices in Southampton in order to meet a large increase in design work. Operating across four principal market sectors, the naval architectural practice delivers design and engineering services for specialised vessels in the commercial, yacht, defence and offshore energy markets. With 62 live projects, BMT has made an exciting start to 2015. Current contracts equate to a total vessel length of nearly 2600m, with projects spreading across 13 countries, over three continents.

Boskalis Intends to Buy Dockwise

The addition of Dockwise's activities to the Boskalis group will provide an extensive package of services for clients in the oil and gas sector. The new combination will be in a better position to serve clients with the optimal deployment of people and equipment under increasingly complex circumstances worldwide. Combining the vessels of Dockwise with the project management expertise and engineering know-how of Boskalis will also enable a fast track implementation of the strategic ambition to execute Transport & Installation (T&I) projects. The two companies are currently jointly tendering for a large T&I project in Australia. Furthermore…

BAE Systems to Build Subsea Support Vessel

Artist rendering of the subsea support vessel BAE Systems will build for Oceaneering International.

Oceaneering International, Inc., a global oilfield provider of engineered services and products, has selected BAE Systems to build a subsea support vessel for offshore drilling. The vessel will be used to augment Oceaneering’s ability to provide subsea intervention services in the ultra-deep waters of the Gulf of Mexico. BAE Systems continues to support the offshore energy market as it grows its U.S. commercial shipbuilding operations. Construction will take place at the company’s Mobile, Alabama shipyard, and, when complete, the U.S.

Summit Signs Floating LNG Facility Contract

(Left to right) Chairman of Summit Group Muhammed Aziz Khan, Managing Director of Summit LNG Terminal ANM Tariqur Rashid, Managing Director of Geocean Fabrice Novel and Business Development Manager of Geocean Philippe Besson. Photo:  Summit Power International Pte Ltd.

Summit LNG Terminal, a subsidiary of Summit Power International, signed a USD 100 Million turnkey contract with marine work contractor consortium comprising of Geocean SAS and MacGregor for design, engineering, procurement, fabrication, installation and testing of the Fixed Infrastructure (FI) for its Floating LNG Storage and Regasification Terminal (FSRT) at Moheskhali, Cox’s Bazar. The project completion date is 16 months from the time of signing. The Fixed Infrastructure will consist…

Talos, Stone Energy Plan $2.5 Bln Merger

Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us, as we get a lot of talented people into the company and also use a structure which gets us to the public equity markets", said Timothy Duncan, chief executive of Talos, who will retain the title under the combined company, to be named Talos Energy Inc. Stone shares will be exchanged for Talos stock on a one-for-one basis, while Talos' existing stockholders will be issued 34.2 million shares to give them 63 percent of the combined company, according to a statement.

LNG Market Outlook by Flex LNG

Photo: FLEX LNG

The LNG shipping market tightened throughout the third quarter, and rates increased sharply in October following gradual increases since May. This was due in part to strong LNG demand from China which helped to widen the arbitrage between spot LNG import prices in Europe, U.S. and Asia. This led to increased cargoes from the Atlantic basin and an associated increase of average sailing distances. The current market dynamic is supportive for a further increase in rates during a seasonally strong period of the year.

Boskalis Expanding Subsea

DSV Constructor (Photo: Boskalis)

Royal Boskalis Westminster N.V. (Boskalis) is set to expand its market position in the area of subsea services, according to its Corporate Business Plan 2017-2019. "In a persistently challenging market there tend to be interesting opportunities for anti-cyclical investments in companies or equipment that will result in Boskalis being well-positioned when end-markets recover again," it says. In mid-August Boskalis acquired subsea survey specialist Gardline, and the group recently…

Concept Catamaran Can Morph to Liftboat

Submersible Hull Catamaran: Image credit OSSeas Ltd

SHC Wavedancer, with a new patents pending design, is capable of transforming from a high speed catamaran to a semi-submersible platform. The desingers believe that this innovation has enormous global potential for use in the offshore energy markets, such as platform personnel transfers and wind farm maintenance, offshore survey, inspection and installation works. The patents pending Submersible Hull Vessel (SHV) concept is owned by OSSeas Ltd and is the only vessel which can change its own internal volume.

MTN Names Olivier President, CEO

MTN Satellite Communications (MTN) said that Errol Olivier was appointed President and CEO. Olivier most recently served as the company’s President and COO. Olivier has over 25 years of experience in the telecommunications industry. Prior to joining MTN, he served as President and CEO of Broadpoint and President and COO of CapRock Communications. He is also recognized for pioneering the first commercial multi-tenant satellite telecommunication strategy for the oil and gas industry in the Gulf which revolutionized the way Very Small Aperture Terminal (VSAT) services were delivered to the offshore energy market. In addition to Mr. Olivier’s appointment, Joe Wright, who served as MTN’s Chairman of the Board of Directors, is now Executive Chairman of the Board of Directors. Mr.

IHC Caland Mulls Exit From Shipbuilding

Shipbuilding and engineering group IHC Caland NV might stop building ships if the Dutch state goes ahead with plans to abolish subsidies for shipyards after 2000. If the Dutch shipbuilding subsidies were scrapped, cutthroat competition from South Korean companies in particular would cause the Dutch sector to vanish. Currently, IHC Caland generates about 30 percent of annual turnover by shipbuilding. The bulk of the firm's sales are generated in the offshore energy markets, notably by building and operating floating production and storage systems. In a separate press release, IHC Caland stressed this did not imply a change in previously given forecasts.

Sovcomflot Reports Loss for 9M 2017

(Photo: PAO Sovcomflot)

PAO Sovcomflot (SCF Group) reported a $6.8 million loss for the first nine months of 2017, citing the adverse impacts of low spot market freight rates in the conventional tanker sectors. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tanker ship owners is especially severe,” said Sergey Frank, President and CEO of PAO Sovcomflot. “An oversupply of tonnage and reduced demand, resulting from oil capacity cut-backs led by OPEC…

Offshore Oil Service Firms Dominate Energy Bankruptcies

(File photo: Ocean Rig)

Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts. Through October, 44 oilfield services companies filed for bankruptcy in the United States and Canada owing creditors $24.8 billion, compared with 72 companies and $13.48 billion for all of 2016.

Boskalis Reports Record Revenue & Order Book

Dredging & maritime works specialists Royal Boskalis Westminster N.V. reports a 12% increase in revenue in first half year report 2012. Royal Boskalis Westminster N.V. (Boskalis) reported a 12% increase in revenue in the first half of the year to EUR 1.4 billion (first half of 2011: EUR 1.25 billion). Organic revenue growth was 5%. Net profit declined to EUR 102.5 million (first half of 2011: EUR 114.1 million). Compared to the end of 2011 the order book increased and stood at EUR 3,753 million (end-2011: EUR 3,489 million). The first half year EBITDA amounted to EUR 255 million and the operating result (EBIT) equaled EUR 146 million (first half of 2011: EBITDA: EUR 277 million, EBIT: EUR 163 million).

Crowley, Triunfo To Establish Joint Venture

Crowley Marine Services and Triunfo Operadora Portuaria Ltd., intend to form a joint venture to operate a deepwater logistics base in the State of Rio de Janeiro, Brazil. GAIA Comercial Exterior will participate as Crowley's Brazilian representative for energy logistics services. The partners announced the joint venture during a signing ceremony at Rio's prestigious Naval Club. The deepwater logistics base will be located at Triunfo's marine terminal on Guanabara Bay and will manage the complex logistics and transportation required to support deepwater exploration and production in the Campos and Santos basins of Brazil. The base will feature over 300 m of dedicated dock space with 7.5 m draft, as well as significant open and covered warehousing, cranes, and material handling equipment.

WTS Open Houston Office

Philip Bannerman: Photo credit WTS

Wilhelmsen Technical Solutions (WTS) opens an office in Houston to service their increased offshore business. WTS is targeting increased business from the local offshore industry in the Gulf of Mexico and an expanded focus on Brazil, where deepwater offshore production is entering a new and dynamic phase. WTS Vice President, Americas Region, Philip Bannerman says the company is well placed to provide the mix of skills and competence in demand in these regions. “Both US and Brazilian offshore & energy markets are booming and we wanted to be closer to where our customers are.

Deal for Floating LNG Powerplant in China

As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with  Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges. Wison brings a wealth of experience and integration capability in floating LNG facilities, while Shanghai Electric is a leader in core gas power equipment and EPC services for international power projects. Based on the Floating LNG Storage Regasification and Power Generation (FSRP) solution developed by Wison earlier on, both parties will join forces to build up capabilities throughout FSRP project life cycle from product development…

Report: Merchant Ship Total Losses Tumble

There has been a dramatic reduction in the number of total losses of merchant ships since the year 2000. New statistics released today by the International Union of Marine Insurance (IUMI), which represents marine underwriters worldwide, indicate that 67 ships (of 500 gross tons and over) were total losses in 2006, compared to 140 in 2000 and a peak of 182 during the 1990s. However, this news is heavily diluted by an equally dramatic increase in serious partial losses, up by 200% since 1998. IUMI stresses these are preliminary figures for 2006 as both total and partial losses or constructive total losses can rise in the early months of this year. The 2006 losses equate to approximately 0.1% of the world fleet, compared to 0.3% in 1996 and nearly 0.5% in 1990.

Helix Awarded Three-Year Vessel Contract

Helix Energy Solutions announced that its wholly-owned subsidiary Canyon Offshore, Inc. has been awarded a $160m, three-year contract by an E & P operator in South East Asia, to provide the M/V Olympic Canyon DP II multipurpose vessel for offshore inspection, repair and maintenance operations. The Olympic Canyon is scheduled to commence work in April 2008 and will support client's numerous offshore projects. The vessel will be outfitted with two deepwater 150 hp Triton XLS work class ROV systems, a variety of intervention tooling and support equipment, and a 140 mT active heave compensated crane. Canyon has recently grown its fleet of chartered vessels with the addition of two new Norwegian built vessels the M/V Olympic Canyon and sister ship M/V Olympic Triton.

WTS Opens Houston Office

WTS Vice President, Americas Region, Philip Bannerman

Wilhelmsen Technical Solutions has established a new office in Houston, Texas in response to increased client demand for its newbuilding and aftermarket products and services. WTS is targeting increased business from the local offshore industry in the Gulf of Mexico and an expanded focus on Brazil, where deepwater offshore production is entering a new and dynamic phase. WTS Vice President, Americas Region, Philip Bannerman says the company is well placed to provide the mix of skills and competence in demand in these regions.

SPE Award for Survitec Group

Greg Allanach, European MD of Survitec Courtesy Linkedin

Two safety and survival systems developed for use in the UK’s offshore sector by the Survitec Group were recognised for their industry-leading importance when they won the Safety Innovations Award in the recent Offshore Achievement Award organised by the Society of Petroleum Engineers (SPE). The Safety Innovations Award recognises excellence in innovative technology and products that have been developed in the UK and which contribute to offshore safety. In particular, it looks at how they contribute to the overall objective of improving individual…

Maritime Reporter Magazine Cover Nov 2017 - The Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News