Offshore Services News

17 Feb 2020

Vroon, Jisco Extend Nautical Aisya AWB Partnership

Nautical Aisya - Image by Vroon

JISCO Marine and Vroon Offshore Services Singapore have signed a two-year extension agreement for the management of the Accommodation Work Boat (AWB) Nautical Aisya. This renewal will extend the JISCO and VOS Singapore cooperation until at least the end of February 2022, Vroon said Monday.The extension follows a recent contract award to Jisco marine by Brunei Shell Petroleum (BSP) for AWB Nautical Aisya. The new charter started on February 1, 2020. The vessel, which has provided DP2 (Dynamic Positioning) role for BSP, will now widen its work scope to include helicopter operations, Vroon said.

13 Feb 2020

PSA Marine Buys Peruvian Towage Co

Image: PSA Marine

Singapore towage and pilotage company PSA Marine has moved into the South American market with the acquisition of Tramarsa Flota, a Peruvian towage company.Tramarsa Flota and its subsidiaries have been acquired from Grupo Romero. Headquartered in Lima, Tramarsa Flota offers towage, pilotage, launch boat and offshore services in 10 major ports along the Peruvian coastline. It owns 45 vessels, including 17 tugs, 23 launches and five support vessels for diving activities and other marine services.The stock purchase agreement was signed in Lima…

29 Jan 2020

Solstad Reups, Expands Deal with Marlink

(Photo: Solstad Offshore)

Norwegian offshore services and supply vessel company Solstad Offshore has renewed its connectivity contract with Marlink, committing 65 offshore vessels to Sealink, Marlink’s high-throughput Ku-band VSAT service. Solstad’s vessels will be provided with Sealink Services and L-band backup to ensure seamless global connectivity.Solstad sought a flexible, customized service to meet the diverse demands of its offshore support vessel (OSV) fleet, Marlink said. Building on more than 10 years of partnership…

15 Jan 2020

Crowley Realigns Its Marine Services Group

(Photo: Crowley)

US-based Crowley Maritime Corp. announced on Wednesday that it has realigned its marine services organization and introduced new leadership.In a move that aims to provide better support to customers, Crowley Marine Services, part of the company’s shipping arm, will now be comprised of three distinct, yet interrelated business segments: offshore services, ship assist and tanker escort and engineering services – those provided by Crowley and subsidiary Jensen Maritime Consultants.Jeff Andreini…

27 Dec 2019

Hornbeck Offshore Delisted from NYSE

(File photo: Hornbeck Offshore Services)

Hornbeck Offshore Services announced its common stock has been delisted from the New York Stock Exchange (NYSE) on December 20, 2019, and that the company began trading on the OTC Pink marketplace effective December 23, 2019.The NYSE announced that Hornbeck stock was was suspended from trading because the company did not maintain an average global market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.Hornbeck…

27 Dec 2019

Offshore Energy Outlook for 2020

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past. As of this writing, Brent oil was hovering around $62 per barrel, and analysts expect prices will remain in this range for some time into the future.On top of this…

08 Dec 2019

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.

06 Dec 2019

VOS Champion Starts New Charter

(Photo: Vroon Offshore Services)

Vroon Offshore Services reports its Singapore-managed anchor-handling tug supply (AHTS ) vessel VOS Champion has started a five-month contract with a major international oil and gas engineering, procurement, construction and installation (EPCI) contractor. The firm period of the current contract will last until March 2020.VOS Champion, which had been under charter to Chevron earlier this year, was delivered to her new charterers in early November and immediately mobilized to Sandakan, Malaysia.

22 Nov 2019

Court Reviewing Bourbon Takeover Bids

(Photo: Bourbon)

Takeover offers for the assets and activities of French offshore services company Bourbon will be reviewed by the Marseilles Commercial Court next month, Bourbon said in a a company update.Four candidates have submitted an offer concerning assets and activities of BOURBON Corporation and/or BOURBON Maritime, Bourbon said.As part of the reorganization proceedings opened since August 7, 2019 to the benefit of the holding BOURBON Corporation and its sub-holding BOURBON Maritime,…

22 Nov 2019

DOF Subsea Bags APAC Contracts

Skandi Hercules. Image: DOF Subsea AS

Norway-based international subsea operating company DOF Subsea announced several contract-awards in the Asia Pacific region, securing 130 days vessel and resource utilization into the first quarter of 2020. The contracts, for undisclosed clients in New Zealand and South East Asia, will see Skandi Hercules commence operations in December 2019 for a major operator, said the company which provides integrated project managed and engineered subsea solutions to the global offshore oil and gas industry.Additionally…

15 Nov 2019

Sovcomflot Profits Up on Stronger Tanker Market

Pic: PAO Sovcomflot

Russia's state-owned tanker carrier Sovcomflot (SCF Group) reported improvements on both the top and bottom line in the third quarter benefiting from a stronger tanker market.The energy shipping company posted a net profit of  $26m as revenue increased in the third quarter.Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “We are satisfied with the Group’s performance over the third quarter. Sovcomflot steadily follows through on its strategy of increasing the share of large-scale industrial shipping projects in its portfolio."He added: "During the reporting period…

04 Nov 2019

Kuok Makes Cash Offer for POSH

 Image courtesy: PACC Offshore Services Holdings

The Kuok Group, through its investment vehicle Quetzal Capital, announced a voluntary conditional cash offer to buy out Singapore-listed PACC Offshore Services Holdings Ltd (POSH).Quetzal Capital said that the conditional offer to acquire all of POSH for S$0.215 a share, marking a 97.2 percent premium over the stock’s closing price on 30 October.The offer price represents a premium of approximately 109.8%, 96.2%, 69.6% and 35.3% over the one-month, three-month, six-month and twelve-month volume-weighted average prices respectively…

28 Oct 2019

POSH Terasea Liquidated After Default

Image: POSH Terasea

PACC Offshore Services Holdings (POSH), an Asian operator of offshore support vessels, with a diversified fleet servicing offshore oil and gas E&P activities,  said its joint venture, POSH Terasea (PTPL) would be voluntarily liquidated by creditors after it defaulted on a facility with an outstanding amount of around US$27.6 million.POSH said the maximum potential financial impact arising from the liquidation will be up to $42m and no material impact to its operating cash flow is expected.PTPL is 50 percent-owned by POSH and 50 percent-owned by Terasea…

22 Oct 2019

Damen Patrol Vessels for Offshore Nigeria

Damen recently delivered a pair of FCS 3307 high-spec patrol vessels to be operated by Homeland Integrated Offshore Services (Homeland IOS Ltd) in Nigeria. Photo: Damen

Damen recently delivered a pair of FCS 3307 high-spec patrol vessels to be operated by Homeland Integrated Offshore Services (Homeland IOS Ltd) in Nigeria, and now the boats are being prepared for their assignments. The boats will be deployed in the Gulf of Guinea to protect and support the offshore assets of Homeland’s clients which include many international oil companies.Features of the 33-m vessels include Damen’s trademark Axe Bow hull form that delivers excellent fuel economy and a top speed of 29 knots together with superb maneuverability and excellent seakeeping.

11 Oct 2019

POSH Acquires Pacific Workboats

Image: POSH

Singapore-listed operator of offshore support vessels PACC Offshore Services Holdings (POSH) has agreed to acquire the 50 per cent stake held by Sembcorp Marine (SMM) in harbour services provider Pacific Workboats Pte Ltd (PWPL) for over US$679,400 in cash.PWPL is a 50:50 joint venture between POSH and Dolphin Shipping Company, a 100% owned subsidiary of Sembcorp Marine Limited. The 50% stake actually belongs to Dolphin. PWPL offers harbour services in Singapore and across the region.The Acquisition is expected to complete by end 2019…

24 Sep 2019

Sovcomflot Elects New Chairman and New CEO

Sergey Frank (Photo: Sovcomflot)

On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.

19 Sep 2019

Homeland Orders Security/Crew Vessels

(Photo: Homeland IOS)

Nigeria-based Homeland Integrated Offshore Services LTD (Homeland IOS) said it has placed an order with the Singaporean Penguin Shipyard for several Flex Fighter security/crew vessels for delivery in December 2019.The 40-meter vessels are among the first of Penguin Shipyard’s latest generation, fitted with an all-round wheelhouse ballistic protection, machine gun mounts and gunner shields forward and aft. The vessels ave cabins and amenities for up to 12 security personnel.To fulfill its role as a crew boat…

06 Sep 2019

Wärtsilä Thrusters on Sea Trials for Large SSCV

Each of the Wärtsilä thrusters for Sleipnir is rated for 5.5 MW power. (Photo:  Wärtsilä)

Performance of the propulsion solutions supplied by the technology group Wärtsilä exceeded the design specification and contributed to the success of the sea trials for the world’s largest semi-submersible crane vessel (SSCV). The ‘Sleipnir’ was built at Sembcorp Marine’s Tuas Boulevard Yard in Singapore for the Dutch offshore contractor Heerema Offshore Services (HOS). It was delivered from the yard in July.The huge vessel is designed for heavy lifting operations and is fitted with two cranes, each with a lifting capacity of 10,000 metric tonnes.

29 Aug 2019

Revenues Soar at Russia’s PAO Sovcomflot

Sergey Frank, President and CEO, PAO Sovcomflot. Photo: Sovcomflot.

PAO Sovcomflot (SCF Group), which serves the energy shipping and offshore services to the oil and gas industries, reported in the first half of 2019 revenues rose 16.6% ($828m vs. $710.1m), TCE revenue rose 19.1% ($609m vs. $511.3m) and EBITDA rose 42.4% ($381.2m vs. $267.7m) as compared to the first half of 2018.Highlights from the first half included:• Korolev Prospect, Vernadsky Prospect and Samuel Prospect LNG-fuelled 114,000 DWT Aframax tankers added to the fleet.•In March 2019, the Group celebrated the 10th anniversary of the start of LNG shipments from the Sakhalin-2 project.

21 Aug 2019

Gulf Marine CEO Quits in wake of Profit Warning

A Gulf Marine Services Jack Up unit (CREDIT: GMS)

Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million…

02 Aug 2019

DEME Installs MOG Export Cable

Image: DEME Installs

Offshore services provider DEME has completed the installation of a subsea export cable for Belgian grid operator Elia's Modular Offshore Grid (MOG) ahead of schedule.The installation of 85 km of subsea export cable was done using its cable installation vessel 'Living Stone', said the dredging and marine engineering specialist. The cable connects Elia’s Offshore Switch Yard to the shore station Stevin at Zeebrugge, as well as the Rentel wind farm Offshore Substation.‘Living Stone’ collected the cable at the manufacturer Hellenic Cable in Greece…

31 Jul 2019

Oil, Gas Jobs Moves from Shale to Offshore

 Graph: Rystad Energy

With offshore market gaining momentum the main driver of employment is shifting from shale to offshore.According to new analysis by energy research firm Rystad Energy, increased activity in onshore shale basins such as the Permian in the US held employment in the oilfield service industry steady from 2016 to 2017.However, the offshore industry has now taken the lead, gradually increasing the overall headcount of the top 50 oilfield service companies from 2017 to 2018, the report said.“This is a clear effect of the increase in offshore sanctioning.

23 Jul 2019

New Vessels Up Security Offshore Nigeria

(Photo: Damen)

A pair of new patrol vessels have been delivered to boost the security presence for offshore operations off the coast of Nigeria.The Netherlands based Damen Shipyards Group said on Tuesday it has handed over two Fast Crew Supplier (FCS) 3307 vessels configured as patrol boats to West African offshore services supplier Homeland Integrated Offshore Services Limited (HIOSL).The delivery of Guardian 9 and Guardian 10, just five months after the contracts were signed, adds to the existing…

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