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Oil And Gas Production Vessels News

05 Aug 2021

SBM Offshore Eyes Offshore Wind Project Opportunities

Chief Executive Bruno Chabas. Photo copyright SBM Offshore

Oil and gas services company SBM Offshore on Thursday reported a better than expected decline in core profit for the first half of 2021 as it looks to develop floating offshore wind projects.After reducing spending sharply in the face of a pandemic-induced demand collapse, major energy companies have profitted from surging oil and gas prices that have fed into investment budgets, buoying SBM's results.The Dutch company's first-half earnings before interest, tax, depreciation and amortisation (EBITDA) were down 4% at $501 million, beating the $477 million expected by analysts in a company-provi

11 Feb 2021

SBM Offshore Expects Lower 2021 Earnings as Clients Cut Spending

Illustration: SBM Offshore’s first Fast4Ward® hull at Keppel yard in Singapore. Photo credit Lim Weixiang via SBM Offshore

SBM Offshore forecast that 2021 core earnings will be slightly below market expectations, the multinational oil firm said on Thursday, noting 2020 challenges will spill into 2021 as many of its clients had to cut budgets.The Dutch company, which supplies floating oil and gas production vessels, forecasts earnings before interest, tax, depreciation, and amortization (EBITDA) of around $900 million in 2021, missing a company-provided consensus for an EBITDA of $926 million."COVID-19 affected our clients and the wider energy market and impacted our operations and projects…

06 Aug 2020

Euronav Posts Record Q2 Result, but Says Floating Storage Demand Dissipating

An Euronav Tanker - Credit: Euronav

Belgian tanker operator Euronav reported record-high second-quarter earnings on Thursday but warned that floating storage demand had eased sooner than it expected.The company, which operates shipping and storage of crude oil, benefited from soaring demand for oil storage at sea as buyers struggled to find storage space on land for surplus crude during a global economic slump caused by the coronavirus pandemic.“Tanker markets continued to deliver strong earnings throughout Q2 and into the early part of the third quarter", Chief Executive Hugo De Stoop said in a statement, but noted floating sto

18 Apr 2019

Keppel Bags $118mln Upgrading Contracts

Singapore's Keppel Offshore & Marine Ltd (Keppel O&M) has through its wholly-owned subsidiaries, Keppel Shipyard Ltd (Keppel Shipyard) and Keppel FELS Limited (Keppel FELS), secured integration and upgrading contracts worth a combined value of about S$160mln (USD 118mln).Chris Ong, CEO, Keppel O&M, said, "These contracts from repeat customers are testament to Keppel O&M's strong customer service in delivering on time, within budget and safely as well as our extensive track record in modification and upgrading projects for a wide variety of products such as FPSOs and drilling rigs."With strong engineering expertise and project management capabilities…

22 Jul 2018

Keppel Wins FPSO, FSRU Contracts

In Brazil, Keppel FELS Brasil Ltda (Keppel FELS Brasil) has been engaged by MODEC Offshore Production Systems (Singapore) Pte Ltd., part of the MODEC, Inc. group, to undertake the topside module fabrication and integration of the FPSO Carioca MV30, a Floating Production Storage and Offloading vessel (FPSO). This is the sixth FPSO collaboration between Keppel FELS Brasil and MODEC.In Singapore, Keppel Shipyard Ltd (Keppel Shipyard) has been entrusted with the conversion of a LNG Carrier to a Floating Storage and Re-gasification Unit (FSRU) by a leading global operator of oil and gas production vessels.Mr Chris Ong, CEO of Keppel O&M, said…

09 Aug 2017

SBM Offshore Raises Outlook Buoyed by Deepwater Spending

File photo: SBM Offshore

SBM Offshore, a Dutch provider of floating oil and gas production vessels, raised its core earnings guidance on Wednesday citing clients slowly spending more on deepsea projects. "Deepwater is becoming attractive again. It's on a par from an economic standpoint with shale oil," said Chief Executive Bruno Chabas, in reference to a recovery in spending which fell after a sharp drop in oil prices in 2014. Due to low production costs, the shale oil market has attracted huge investments, especially in the United States, and outperformed investor interest elsewhere in the oil market.

02 Sep 2014

BW Offshore Awards SatCom Contract to Orange

Provider of floating production services to the oil and gas industry, BW Offshore, says it has signed a 5-year, $12 million contract with Orange Business Services for an end-to-end satellite communication solution for its fleet of oil and gas production vessels. Orange Business Services is providing Maritime VSAT – a fully managed end-to-end satellite-based communication solution – which fully integrates BW Offshore’s 14 vessels and two land-based locations into the Orange MPLS network. This solution offers BW Offshore personnel access to the exact same business applications, communication and entertainment services at sea as on land, no matter where the vessel is located.

24 Sep 2010

Sigma Offshore Opens Singapore Office

Sigma Offshore, which has developed a pioneering mooring and fluid transfer system for oil and gas production vessels, has opened a new office in Singapore. Sigma’s Eirik Refstie moved from the company’s Oslo base to head up the new Singapore office ahead of the FPSO Asia Congress in Singapore on September 28-29. He will take on the role of Vice President Asia Pacific. Sigma Offshore developed its Smart Mooring System (SMS) as a cost-efficient and timesaving solution for FPSOs (Floating Production Storage and Offloading vessels) and other vessels which require both mooring and fluid loading and unloading in medium to deepwater depths. Sigma Offshore now has offices Singapore, Houston, Oslo and its headquarters in Aberdeen.

06 Jul 2006

Aker Kværner Forms FPSO Operations Entity

Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA established a new company named Aker Borgestad Operations AS, combining expertise within oil field processing and marine operations. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business. The Aker Kvaerner company Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 per cent of the shares in Aker Borgestad Operations…

07 Jul 2006

Aker Kværner Expands FPSO Operations

Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA established a new company named Aker Borgestad Operations AS. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business. The company, Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 percent of the shares in Aker Borgestad Operations, while Aker Floating Production ASA and Aker Yards ASA will own five percent each.