TechnipFMC Begins Operations Post-merger
TechnipFMC has begun operating as a unified oil and gas services company following completion of the merger of Houston-based FMC Technologies and paris-based Technip. Now with a combined 44,000 employees, the new TechnipFMC will work on oil and gas projects, technologies, systems and services “from concept to project delivery and beyond” with headquarters in Houston, London and Paris. A key focus for TechnipFMC will be project economics across subsea, onshore/offshore and surface, the company said in a press release.
ABB Main Electrical Contractor for Ichthys Offshore Project
ABB appointed main electrical contractor for new semi-submersible central processing facility (CPF) at Ichthys oil & gas field in the Timor Sea off Western Australia. The order is valued at $15 million. ABB was awarded the MEC contract by the engineering, procurement and construction (EPC) contractor for the central processing facility, Samsung Heavy Industries. When completed in 2016 the CPF will be the largest offshore production facility in the world. The Ichthys oil and gas field is estimated to contain 12.8 trillion cubic feet of gas and 527 million barrels of condensate…
ABB Wins Third Ichthys FPSO Major Contract
ABB appointed main electrical contractor (MEC) for a new floating production, storage and offloading (FPSO) vessel at the Ichthys oil & gas field in the Timor Sea off Western Australia. The order is worth $30 million and was awarded by the engineering, procurement and construction (EPC) contractor for the FPSO, Daewoo Shipbuilding & Marine Engineering. This is the third major contract that ABB has been awarded for the Ichthys oil and gas project. Recently ABB was awarded a $15 million order by Samsung Heavy Industries to be the MEC for the Ichthys central processing facility, which, when completed will be the largest offshore production facility in the world.
Shell Approves New Gulf of Mexico Project
Royal Dutch Shell has given the go-ahead to develop its Kaikias deepwater field in the Gulf of Mexico, the first such project the oil and gas company has approved in 18 months. Oil companies around the world are emerging from one of the longest downturns in recent decades amid warnings that the drop in investment in recent years may lead to a supply deficit by the end of the decade. Shell said the Kaikias oil and gas project, located some 210 kilometres (130 miles) from the Louisiana coast, will start production in 2019 and generate profits with oil prices lower than $40 a barrel after the company slashed its costs by around 50 percent due to simplified design plans. Oil prices were around $56 a barrel on Tuesday.
Foreign Arbitral Awards Convention trumps Jones Act
The U.S. Court of Appeals for the Fifth Circuit ruled that a mandatory arbitration clause in a maritime employment contract is enforceable despite the plaintiff alleging a personal injury claim under the Jones Act. In the instant case, plaintiff entered into an employment agreement with defendant company that led to his working as a barge leaderman on an offshore oil and gas project in Nigerian waters. The contract provided for mandatory arbitration of all disputes. After plaintiff was severely injured while working on the barge, he brought suit under the Jones Act and general maritime law. Plaintiff contended that the Foreign Arbitral Awards Convention Act exempts contracts of employment of seamen from its coverage and thus the arbitration clause should be unenforceable.
Partners Tap Standardization to Trim Newbuild Costs
Unfamiliar specifications and processes often result in rework, delays and misunderstandings, and are adding thousands of engineering hours to the design and construction of offshore oil and gas installations. Cost savings are delivered by addressing variations in owner, operator, and regulatory requirements during engineering and construction phases. Phase one, led by DNV GL, established new proposed international standards for offshore oil and gas projects and a second phase…
McDermott Awarded Anadarko GoM Contract
McDermott International, Inc. says that one of its subsidiaries has entered into an agreement with Anadarko Petroleum Corporation to provide construction and decommissioning support services employing Derrick Barge 50 (“DB50”) on the Red Hawk project, located in Garden Banks 876. The DB50 will remove mooring lines for the Red Hawk spar and provide accommodation and decommissioning support services. Mobilization is expected during the third quarter 2014. “This project is yet another example of our efforts to improve asset utilization beyond the requirements of our existing backlog…
SBI Wins Jack-up Design and Engineering Contract
SBI Offshore Limited, which is pursuing higher-value oil and gas engineering projects, said today it has secured a $24 million contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110 meters. SGX Catalist-listed SBI Offshore said its wholly owned subsidiary, SBI O&M Pte. Ltd., signed the contract with a Middle East-Chinese Consortium which comprises six parties that have varied interests in oil and gas activities. Under the contract, SBI O&M will provide design, engineering and supervision services for a jack-up drilling rig that will meet requirements of the American Bureau of Shipping Classification A1 for Self- Elevating Drilling Unit.
Indonesian Approved $1.5 bln of O&G Projects from Jan-Apr
Indonesia's upstream oil and gas regulator, SKK Migas, approved development plans for 18 oil and gas projects from January to April, with a total investment of $1.496 billion, it said in a statement on Sunday. SKK Migas estimated the cumulative oil and condensate production from the 18 projects to be 45 million barrels, while the natural gas production is estimated at 271 billion cubic feet. The projects are projected to start between 2016 to 2020, the statement said. Most of the projects approved are operated by Chevron Pacific Indonesia, the local unit of U.S. oil and gas firm Chevron Corp.
Gazprom, PetroVietnam Ink Multiple Deals
Alexey Miller, Chairman of the Gazprom Management Committee, and Nguyen Quoc Khanh, Chairman of the Board of Directors of Vietnam Oil and Gas Group (PetroVietnam), signed today in Moscow a number of documents to strengthen cooperation between the companies. The signing ceremony was attended by Dmitry Medvedev, Prime Minister of the Russian Federation, and Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam (SRV). the Addendum to extend the Cooperation Agreement on personnel training.
Hyundai Completes $150 M Oil Tanker Project
Construction of three oil tankers with tonnage of 100,000 tons each was finished at the Hyundai Heavy Industries shipyard in South Korea, according to a Moscow News report. After the recent naming ceremony, the tankers, whose total costs amount to $150 million, were delivered to the customer. The tankers were ordered by Sovcomflot, Russia’s largest shipping company. The tankers were designed and built specifically for transportation of oil within the framework of Sakhalin-1 oil and gas project, which is a large source of foreign investments in the Russian economy, according to the report. Two of the tankers will be used for transportation of oil from this production site, while the third one will be used for transporting oil from the port of Primorsk, built in 2001 at the Baltic Sea shore.
Kvaerner Taking Advice on Strategic Growth Alternatives
Kvaerner says it is exploring new strategic opportunities to further strengthen its business and has retained Greenhill & Co. International LLP to advise on evaluating all strategic alternatives. Kvaerner has during the first half of 2014 delivered several key oil and gas projects on schedule, won new key contracts and continued to implement cost reduction measures. The company's Board of Directors says it is pleased with how Kvaerner has built a strong position as a competitive contractor recognized for its high quality delivery of demanding oil and gas projects.
New Foss Exec to Support Oil and LNG Projects
Mike O’Shea has been hired as Foss Maritime Company’s Vice President of Oil Field Services, a new position that reports to Foss’ president and chief operating officer. The new position was developed to meet Foss’ current and future oil and liquefied natural gas (LNG) customers’ needs and support large oil and gas projects in Alaska and other remote locations around the globe. O’Shea will be located in Anchorage, Alaska, to allow hands-on oversight and management of Alaska-based oil and LNG projects. O’Shea, who has been on the job since November 15, has over 20 years of marine transportation experience. He most recently handled sales and operations management for major projects throughout Alaska and on the North Slope as director of business development for Crowley Maritime Corporation.
Trelleborg Completes CRP Acquisition
Trelleborg´s acquisition of CRP through its Engineered Systems business area has now been concluded. CRP Group is an engineering company with annual sales of slightly more than $130 million and 500 employees, primarily in the UK and the US. This will make Trelleborg a global market leader in polymer systems and solutions for offshore oil and gas projects. The purchase price totals approximately $123.6 million in the form of cash and through the assumption of loan-repayment obligations. CRP was founded in 1974 and is currently controlled by Barclays Private Equity. The company has five production units in Skelmersdale (also head office) and Barrow-in-Furness, in the UK, as well as in Randolph and Canton, Massachusetts, and Houston, Texas, in the US.
Jotun Sets Sales Record in '07
Jotun reported that high levels of activity worldwide in shipbuilding, oil and gas projects and a highly active construction industry in the Middle East made 2007 the company’s best year ever. In 2007, the Jotun Group had an operating income of more than $1.7b, which is $211m higher than for 2006. before tax was $151.4m. "Last year was an absolute high point for Jotun. We are extremely pleased to deliver the best sales and profits in Jotun's history. negative affect on sales and profits," said Morten Fon, president and CEO. In Scandinavia, sales volume increased in 2007, but an increasing number of own-brands in the market and a change in distribution structure in the trade have pressed margins.
New Standard for Offshore O&G Project by DNV GL Led JIP is Cost Saving
Variations in owner, operator and regulatory requirements during engineering and construction phases at South Korean shipyards present a huge challenge for operators and drive up costs. DNV GL has kicked off a joint industry project (JIP) with Hyundai Heavy Industries (HHI), Daewoo Shipbuilding and Marine Engineering Company (DSME) and Samsung Heavy Industries (SHI) that will establish a new international standard for offshore oil and gas projects. The results could potentially cut project costs by 15%…
Samsung Heavy Venturing Overseas
SHI is ready to invest around $950 million in the overseas shipbuilding facility by 2017, according to SHI’s Chief Financial Officer Chun Tae Heung. Tankers, bulk ships and smaller container vessels might in the future be built in Malaysia, Indonesia or Vietnam, Chun said. SHI is trying to move the production of lower-margin vessels abroad in an effort to cut costs, while reserving domestic operations for building oil-exploration products and larger ships. The shift of attention towards overseas options is in line with the latest merger within the Samsung Group which was carried out to enable SHI to compete successfully with its European rivals Saipem SpA (SPM) and Technip SA. (TEC). ”We believe there will be demand for offshore oil and gas projects in the long term.
RS at Offshore Marintec Russia
From October 7-10, 2014, Russian Maritime Register of Shipping (RS) will participate in Offshore Marintec Russia, the International Conference and Exhibition, a new project for the Russian market. The event is focused on offshore development and is dedicated to the specialists of oil and gas industry. During the exhibition RS will present “Member’s Area”, a new information service which enables the RS customers, depending on the category, to access various RS information resources and databases. RS experts will actively participate in the Conference. Within the Conference Session ’Development of Modern Offshore Fleet for the Exploration of the Arctic and the Shelf of Russia‘ Georgiy Bedrik…
Chevron's UK Offshore Rosebank Project Update
Chevron Corporation announce that its U.K. subsidiary has entered front-end engineering and design (FEED) on the Rosebank oil and gas project in the West of Shetland region. The Chevron-operated Rosebank project is located approximately 80 miles (130 kilometers) northwest of the Shetland Islands, in water depths of approximately 3,700 feet (1,100 meters). The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline. “Rosebank is an important project for Chevron and the West of Shetland region, which holds a significant portion of the U.K.’s undeveloped oil and gas resources,” said Brenda Dulaney, managing director, Chevron Upstream Europe.
Malaysia & Vietnam Venues for Intergraph's 2012 SE Asia Conference
A global provider of engineering and geospatial software that enables customers to visualize complex data, Integraph, hosts these conferences to share the latest industry developments and best practices. The conferencea are sponsored by Intergraph's Process, Power & Marine (PP&M) division, which for 30 years has provided local resources to support engineering, procurement and construction (EPC) companies and owner operators executing projects and operating facilities in the Southeast Asia region. "Southeast Asia continues to be an important region for Intergraph, with the economy expected to benefit further from strong demand for energy and resources," said Franz Kufner, Intergraph PP&M senior vice president for Asia-Pacific.
McDermott Gets Fixed Offshore Platform Contract
McDermott International. Inc. The project is to deliver new junction facilities for Discovery’s Keathley Canyon Connector™ pipeline system with a 3,300-ton, four-leg platform in 350 feet of water. The unmanned platform will provide pipeline junction facilities for incoming deepwater pipelines from the Hadrian South and Lucius fields and for outgoing shallow-water pipelines to shore. Fabrication is expected to commence this summer at McDermott’s Morgan City facility in Louisiana. Offshore installation is expected to commence during the third quarter of 2013, and is intended to be ready for operational start-up before the end of the year. McDermott’s deepwater combination heavy lift and pipelay vessel DB50 is expected to perform the installation.
Newfoundland to Take Offshore Stake
The Canadian province of Newfoundland plans to take a 10% stake in new oil and gas projects off its coastline, Forbes reported. The demand was contained in the provinces 35-year energy plan recently released. The province will take a 10% stake in future offshore oilfields if they meet long-term strategic objectives and will pay its share of exploration and development costs, he said. Last month the province reached an agreement with oil companies Chevron, ExxonMobil, PetroCanada and Norsk Hydro ASA, giving it a 4.9 pct stake in the offshore Hebron project. (Source: Forbes)
McDermott Fast-Track Indonesia Offshore Heavy Lift Barge
McDermott International, Inc. apprise that the Derrick Barge 101 was recently mobilized to Indonesia to perform fast-track heavy-lift work for a client offshore Indonesia. Response time to fast-track work is just one of the key elements to a successful project outcome, said Hugh Cuthbertson, Vice President and General Manager, Asia Pacific. Our Project Management and Offshore Resources teams expedited the planning process, while ensuring compliance to safety throughout, to achieve mobilization within just a few days.