Offshore Oil Rig News

The U.S. Coast Guard said Sunday it had rescued three boaters from an offshore oil platform after their vessel sank near Freeport, Texas, Sunday."Coast Guard Sector Houston-Galveston watchstanders received a report at approximately 3 a.m. from Matagorda County Sheriff's Office that three men were stranded on an offshore oil rig platform with no position after their vessel began taking on water," the U.S. Coast Guard said.Watchstanders issued an urgent marine information broadcast…

Keppel Corp's offshore and marine (O&M) arm and smaller rival Sembcorp Marine are working towards having an agreement over their business unification in place by the end of April, the companies said on Thursday.The companies had first announced plans to combine their loss-making O&M businesses in June last year. The deal would see Keppel spin off the new business into a listed entity, with Singapore state investor Temasek becoming the largest shareholder in the combined company.

Temasek-backed Singapore conglomerate Keppel Corp and smaller rival Sembcorp Marine are exploring a potential tie-up which would see them combine their struggling offshore and marine (O&M) businesses after years of losses in an industry downturn.A successful deal would see Keppel spin off the new business into a listed entity and ultimately exit from the legacy business. Temasek would become the largest shareholder in the combined unit, while Sembcorp will also own a stake in it.Keppel's O&M unit…

Golar LNG said on Monday Hygo Energy Transition Ltd, a joint venture between Golar and U.S. private equity firm Stonepeak Infrastructure Partners, has appointed Paul Hanrahan as chief executive officer after Eduardo Antonello stepped down, following a corruption investigation in Brazil.Antonello has been accused by Brazilian federal prosecutors of bribery in a massive Car Wash corruption probe that in six years has led to the jailing of two former Brazilian presidents and hundreds of executives and politicians, with Brazilian and Dutch police executing dozens of search warrants.Operation Car Wash: Seadrill Served with Search and Seizure…

Golar LNG said on Tuesday Hygo Energy Transition Ltd Chief Executive Officer Eduardo Antonello has taken leave of absence with immediate effect, following a corruption investigation involving him in Brazil.Golar said Antonello's leave was in no way linked to any action or misconduct during his tenure at Hygo Energy, a liquefied natural gas transport and infrastructure operator formed with U.S. private equity firm Stonepeak Infrastructure Partners.Antonello's functions will be taken over temporarily by Hygo's board, Golar said.Last Thursday, Brazilian federal prosecutors accused Antonello of bribery in court filings outlining a new phase of the massive Car Wash graft probe…

Equinor reported the oil industry's first coronavirus infection on an offshore installation on Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms.A worker was in isolation on the Norwegian energy firm's Martin Linge oil and gas platform off Norway where production is due to start at the end of this year, the company said. It said it would cut activity at the field, but personnel would remain at installations, while workers would reduce meetings and sit further apart in canteens to prevent further contamination. It has 776 people working on the project spread across three installations, Martin Linge, the Maersk Intrepid drilling rig and the Floatel Endurance accommodation rig.

Maersk has signed a five year contract with BP to provide offshore oil rig training at the virtual reality training center the company is currently building in Houston, the companies announced today. Maersk Training will provide BP with advanced training programs for offshore drilling teams at the new center, located in north Houston, which Maersk says will be operational by the end of 2015. BP will train employees and contractors at the facility, which offers what BP calls an "immersive simulation environment" and is based on the design of the company's Denmark offshore simulation complex…

Specialty lubricants are used in a variety of applications, but what factors should you consider? Depending on the situation, specialty lubricants can complement an existing program, in order to obtain maximum efficiencies. Often, shipboard use of lubricants is influenced by two general objectives – rationalization of the lubricant inventory and cost management. Vessels have limited storage space and complex logistics supply systems. This creates a strong incentive to source lubricants that can be applied to several applications.

His Excellency Khamis Juma Buamim, Chairman of Drydocks World and Maritime World and chairperson of the DNV GL Offshore Technical Committee outlined the key focus areas for the Regional Committee meeting that will be held in Dubai on October 23, 2014. This was discussed at a meeting with DNV representatives Mr. Bijali M.P., Regional Manager – Offshore Class, Middle East & India and Mr. Ralph Becker, Regional Manager – Business Development, Middle East & India. H.E. Buamim discussed the importance of constructive cooperation to push the maritime industry and allied operations in developing economic relations and investment activities in targeted areas and emerging markets.

The Coast Guard interdicted a Mexican fishing crew poaching in South Texas, Thursday, after it was pursued by a Coast Guard aircraft and intercepted by the 87-foot Coast Guard Cutter Cobia. In an unrelated incident after intercepting the lancha, a crewmember from the Cobia fell and was injured, requiring a medevac. A 25-foot Mexican fishing boat, also known as a lancha, was spotted by a civilian aircraft fishing 30 miles offshore and 72 miles north of the U.S./Mexican border at approximately 2 p.m. The aircraft immediately notified Coast Guard Sector Corpus Christi, who launched an aircrew aboard an MH-65 Dolphin helicopter to identify and pursue the lancha. The aircrew coordinated with the Cutter Cobia to intercept as the lancha began to flee south toward Mexican waters.

Vietnam says China's plan to move its first deep-water drilling rig into the disputed South China Sea, one of Asia's most volatile hotspots, is illegal and has called for the rig to be removed from what it says is Vietnam's territorial waters. The $1 billion offshore oil rig called Haiyang Shiyou 981 owned by the China's state-run CNOOC oil company has been drilling south of Hong Kong. Maritime Safety Administration of China (MSAC) on Saturday published an announcement on its website saying it prohibits all marine vessels entering into a one mile radius of the Haiyang Shiyou 981's South China Sea drilling work. Vietnam's Foreign Ministry spokesman on Sunday objected to the move…

Norwegian offshore oil rig operator Fred. Olsen Energy said that recent market activity is indicating lower rig rates and shorter term contracts, and this market softness could last into 2015. "The most recent market fixtures are indicating some softening of rates and an acceptance of shorter term contracts," it said in it annual report on Wednesday. "It is expected that these market conditions will continue through 2014 and possibly into 2015." "The UK and Norwegian markets are expected to experience a more limited impact of the recent slowdown, partly because demand is relatively robust but also because a large proportion of the fleet is contracted on a multi-year basis," it added.   Reporting by Balazs Koranyi

Offshore drilling rig rates will continue to fall in the coming period and the rate spread between old and new equipment will continue to widen, Rune Lundetrae, the chief financial officer of offshore driller Seadrill said on Tuesday. "I think we will see day rates also for new equipment coming down in this market," Lundetrae said. "No one is immune. I'm feeling relatively good about this market. But there is headwind and we all have to take that in." Reporting by Balazs Koranyi and Joachim Dagenborg

According to Reuters, China is emerging as a strong contender to the traditional offshore oil rig manufacturing powerhouses of Singapore and South Korea as shipyards such as COSCO Corp fight for a bigger market share in a deepwater exploration boom. China started making jack-up rigs for shallow-water drilling and semi-submersibles for deepwater operations about seven years ago. In that short span of time, industry data shows it managed to secure a fifth of the $72 billion orders placed, tempting customers with aggressive pricing. China is able to tempt customers by aggressive pricing, but big customers still favour Korea and Singapore, as Chinese quality and reliable delivery are concerns, says the Reuters report.

As persistent high oil prices and the burden of increased regulatory compliance have rendered energy management strategy development crucial for fleet owners worldwide, the shipping industry is on the verge of a new frontier where novel concepts and sophisticated approaches to ship design and performance verification methods emerge. The world’s major ship building nations agree that a combination of a stubborn global recession and high fuel prices which affect global trade and impact newbuilding orders require innovative thinking, creative strategies and investments in R&D to create the foundations for a new generation of shipping infrastructure which will be more resilient to fluctuating heavy fuel prices and more adaptable to alternative forms of energy.

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig. (Source: livemint.com)

On Nov. 7 Bourbon inaugurated its Training Center Asia and its AHTS simulator in Singapore in the premises of Bourbon Offshore Asia. The opening of this second Bourbon Training Center in Asia follows the opening of the Manila’s (Philippines) center in October 2007 dedicated to Dynamic Positioning (DP). This Bourbon Training Center includes an AHTS (Anchor Handling Tug Supply vessel) simulator that represents a technological advance and an opportunity for Bourbon and the marine industry as a whole to raise its operational, safety and quality standards. The Bourbon Training Center Asia aims to train all AHTS crew members of Bourbonr who are based in Asia. It is designed to provide seamen with the theoretical knowledge and practical training in anchor handling operations.

Dubai Drydocks World, the shipbuilding arm of state investor Dubai World, is eyeing yards in China, India and Vietnam, to expand capacity in the hot business of rig building with oil at records near $100 a barrel. Chief executive Geoff Taylor told Reuters on Thursday that the company was part of a joint venture which is in advanced talks to buy a small unlisted shipyard in China's Jiangsu province along the Yangtze River delta. Taylor said the deal was likely to cost Drydock World a total of $55 million. After the acquisition, likely to be completed in the next few weeks, the company plans to inject more cash to turn the yard into a larger shipbuilding and repair facility, he said.

Deutsche Banc Alex.Brown said on Thursday that it had started coverage of Trico Marine Services Inc., an energy services provider, with a strong buy rating and a $20-a-share price target. Trico shares closed at $16-1/16 on Wednesday. Deutsche Banc Alex Brown analysts said shares could rise from earnings leverage due to offshore oil rig use in the Gulf of Mexico and the North Sea, expanded deep-water markets of West Africa and Brazil, a projected earnings recovery, and a share price that trades at a discount to its peers. Trico is expected to report a loss of $.63 a share in 2000 and earn a profit of $.67 a share in 2001, Deutsche Banc Alex.Brown said in a research note.

Two Brazilian maintenance workers died as a result of a toxic gas leak at an offshore oil rig operated by the state oil firm Petrobras. "The workers died when doing maintenance work on a drainage tank at the B-37 platform on the Marlim block in the Campos basin on Wednesday evening," said a Petrobras spokesman, adding that the workers were employees of Ultratec engineering firm. He said it was yet unclear how the leak had occurred and what gas caused the deaths. There were no other casualties and there was no damage to the platform. "The leak was stopped at the same moment on Wednesday. A Petrobras commission is investigating the case." Campos Basin accounts for nearly 80 percent of Brazil's overall crude oil output.

The world's largest offshore oil rig resumed sinking as rough seas impeded efforts to salvage it four days after blasts ripped through the structure, killing 10, the Brazilian owners said on Monday. After stabilizing the 40-story platform for a day and raising hopes it could be saved, the rig sank another 1.3 ft. (0.3 m) Sunday night and keeled over even further, Brazil's state oil giant Petrobras said. "There is still no estimate for how long it will take to stabilize the platform," a Petrobras spokesman said. Three explosions rocked the rig early last Thursday, killing 10 of the 175 men aboard and seriously injuring another. Petrobras, the biggest company in Brazil, was still trying to determine the cause of the explosions.

The world's biggest offshore oil rig, hit by blasts that apparently killed 10 people, may sink in the next two days, the rig's Brazilian owners said on Friday, raising fears of environmental damage. "Petrobras is in mourning," he said. So far one person has been confirmed dead after three powerful blasts, whose cause is unknown, rocked the rig with 175 workers aboard. Off the coast of Rio de Janeiro state, the giant 40-story rig's deck is now dipping into the water. If it sinks and damages shutters of underwater wells, it could cause Brazil's worst environmental catastrophe, according to engineers. Petrobras, which has experienced environmental disasters over the last few years, said it had five ships around the rig able to contain a potential spill.

Crews managed to prevent the world's largest offshore oil rig from sinking farther into the sea on Monday, four days after explosions crippled its structure and killed 10, its Brazilian owners said. They said the 40-story platform belonging to Brazil's state oil giant Petrobras had stabilized by Monday evening after workers pumped enough water out of the submerged compartments. They are injecting nitrogen and compressed air in a bid to remove nearly 3,000 tons of water weighing down the rig. Even so, the platform was listing more than ever, at a 27-degree angle. In the last 24 hours it has sunk 1.3 feet (40 cm). The platform has sunk almost 15 feet (4.6 m) since the blasts.