Oil Spill Response in Equatorial Guinea
Emergency preparedness and response in the oil and gas sector was at the core of a workshop held in Malabo, Equatorial Guinea (7-10 May). The aim of the workshop was to strengthen the country's capacity to prepare for and respond to marine pollution from oil spills. This workshop follows on from a series of events developed with the Republic of Equatorial Guinea with a view to making recommendations to improve the national preparedness and response system in the country, including a more robust national oil spill contingency plan.
HEECO Eyes New Markets for Expansion
The Humber Electrical Engineering Company (HEECO) in the United Kingdom has consolidated its marine presence and developed into new oil and gas markets.The Hull-based electrical manufacturing business is known for the design and build of switchboards, motor control centers (MCCs) and control panels for the marine and energy sectors as well as the programming of Programmable Logic Controllers (PLCs) and the provision of electrical design solutions.Celebrating its 110th anniversary this year…
Gas to Overtake Oil as Primary Energy Source by Mid-2030s
Nearly two-thirds (64%) of oil and gas sector leaders expect to increase or sustain spending on gas projects in 2018, as the sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s. Confidence in the case for gas is growing, according to a survey by DNV GL, the technical advisor to the industry. The vast majority (86%) of the 813 senior industry professionals surveyed agree that gas - the least carbon-intensive fossil fuel - will play an increasingly important role in the global energy mix over the next decade, up from 77% last year.
Carlyle Group Acquires EnerMech from Lime Rock Partners
Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in the global oil and gas sector outside North America.
LNG Investment Set to Grow
Following years in the pricing doldrums, LNG is hot again, with business prospects for floating production and regasification looking strong through 2023. We talk to Jim McCaul of International Maritime Associates (IMA) for his insights, as he is fresh off of a 12-month stint investigating the market in depth."We wanted to take a fresh look at the market, to identify opportunities both in the production and regassification of LNG" is how McCaul, founder of IMA, best describes his team’s 12-month effort to study and report on the industry.
DNV GL on Use of AI in Oil and Gas
As artificial intelligence (AI) systems begin to control safety-critical infrastructure across a growing number of industries, the need to ensure safe use of AI in systems has become a top priority.DNV GL has launched a position paper to provide guidance on responsible use of AI. The paper asserts that data-driven models alone may not be sufficient to ensure safety and calling for a combination of data and causal models to mitigate risk.Entitled AI + Safety, the position paper…
Polaris Acquires Falck Safety Services and Falck Fire Academy
Polaris and Falck have signed an agreement whereby Polaris will acquire 100 percent of the shares in Falck Safety Services Holding A/S and take over all Safety Services activities in Falck for an undisclosed sales price. This transaction, expected to close during September 2018, also includes the Falck Fire Academy in the Netherlands.Falck President & CEO Jakob Riis said, “We are focusing our business and reducing complexity to build leadership in our core business areas. Safety Services is a leader in rescue and safety training.
Seaspan to Invest $200 Mln into Offshore Vessel Owner Swiber
Singapore-based offshore contractor Swiber has signed a $200 million deal with box ship player Seaspan Corporation, just days after it announced the expiry of a term sheet for a share swop arrangement with Australian power generation firm, Interlink Power & Energy Holdings.In a stock exchange announcement, the offshore construction and services group said that it has signed with Seaspan a binding term sheet on October 3, 2018, which is subject to definitive agreements being entered into on mutually agreed terms.
5000th Ship Installed Inmarsat Fleet Xpress
The 5,000th ship installation of Inmarsat Fleet Xpress, the world’s only high-speed, globally-available Ka-band VSAT service designed for mobility and available from a single operator, is set to be completed by the close of the month.Following its launch in March 2016, Fleet Xpress has emerged as the market-leading pathway to digital transformation as shipping companies seek to deliver improved vessel and fleet efficiency, boost profitability and enhance seafarer wellbeing.The latest data compiled by the respected…
IMA Completes 12-month Study of the Floating Liquefaction and Regasification Market
International Maritime Associates has just completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector.Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
LNG Report: Floating Liquefaction & Regasification
International Maritime Associates has completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector. Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
Hydra Preparing for Offshore Upturn
Offshore and subsea construction company Hydra said it has entered into the saturation diving market in anticipation of an offshore oil and gas sector rebound.Trevor Davis, president and CEO of the Texas-based company, said Hydra has converted its flagship vessel Subsea Responder and acquired a modular 200msw/12-man saturation diving system to prepare for new projects as the oil and gas industry experiences an upturn.“The oil and gas industry is showing signs of a bounce back [after] reaching a five-year low,” Davis said.
IUMI: Cautious Optimism for Offshore Underwriters in 2018
Although global premiums for the offshore energy insurance sector dipped by 5% in 2017, signs of recovery are on the horizon."We need to apply some caution as the margins between supply and demand are thin but these small margins can create volatility in the market," pointed out International Union of Marine Insurance (IUMI)'s Offshore Energy Committee Chairman, James McDonald.Oil prices have steadily risen by 40% since last year’s IUMI conference and this is starting to drive activity in the oil and gas sector.
Shipbuilding: Seaspan Shipyards & Building Canada’s Future
There’s a shipbuilding resurgence underway in Canada that’s being driven by a long-term multibillion dollar government initiative to rebuild the federal fleet of Royal Canadian Navy and the Canadian Coast Guard vessels and breathe new life into the country’s shipbuilding industry. Seaspan’s Vancouver Shipyards is an active player.Under Canada’s National Shipbuilding Strategy (NSS), the Vancouver, B.C. shipbuilder was selected in 2011 to deliver several types of large non-combat vessels for the Navy and Coast Guard…
Umoe Mandal Unveils New Crew Transfer Vessel
The new WAVECRAFT Voyager 38 X is designed to reduce transit time, improve crew and passenger comfort, safety and efficiency, expand operational envelop and reduce logistical cost, Umoe Mandal said. Voyager 38X incorporates air-cushion catamaran and Surface-Effect-Ship (SES) technologies with a motion control system that compensates for vertical wave motion to offer comfortable transit and safe access to other vessels and installations offshore. The vessel may be outfitted with a gangway and a SeaSpyder personnel transfer system.
Dumping "Dumb" Ships
BOURBON Corporation, like nearly every other player in the offshore oil and gas sector, is scrambling for its very existance as the dynamics in finding and producing energy from subsea plays have changed dramatically with the 4 year long global energy slump. While offshore activities remain depressed, companies like Bourbon are accelerating its transformation to meet the needs of the new reality in the market. "As the market cycle has bottomed out, BOURBON must focus more than ever on operational excellence, fleet utilization rates, cost reduction program and free cash flow preservation. However, we need to go even further, because market overcapacity is driving prices down sustainably and we believe that tomorrow will look very different from yesterday.
GulfNav Raises Funds for Expansion
Dubai-based Gulf Navigation Holding’s board has approved the trading of rights issued in February 2018 to the company’s existing shareholders, without publicly offering the remaining shares. The company's capital now stands at AED 919,209,250. (USD 250,254,718) The move is in line with the company’s interim strategy to expand its services and gradually increase the size of its fleet to keep up with upcoming contracts and expansion projects, considering its future expansion plans.
MISC Berhad Names FSO Benchamas 2
MISC Berhad held the naming and delivery ceremony of its new Floating, Storage & Offloading (FSO) facility for Chevron Offshore (Thailand) Limited (COTL), the FSO Benchamas 2. The project marks MISC’s maiden foray into Thailand’s offshore oil and gas sector as well as its first partnership with COTL in the offshore space. The contract for the lease and operations FSO was secured through an international competitive bidding process and was signed between MISC Offshore Floating Terminals (L) Limited (MOFT) and COTL in August 2016.
ADNOC Signs Major Offshore Concession Agreements with Total
The Abu Dhabi National Oil Company (ADNOC) has signed agreements with Total of France, awarding them stakes in two of Abu Dhabi’s new offshore concessions. Under the terms of the agreements, Total has been awarded a 20% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. Total is ADNOC’s largest and one of its longest international partners, active in Abu Dhabi’s oil and gas sector since 1939. Today, the French super-major collaborates with ADNOC across the value chain…
Semco Maritime Generated Positive Operating Results in 2017
Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers…
Alfa Laval's Volume, Profit Both Beat Street
Engineering group Alfa Laval reported quarterly earnings and order intake above market expectations on the back of an upturn in the oil and gas sector on Monday and forecast demand would remain at the same level in the second quarter. The company, a maker of products such as heat exchangers, separators and ballast water treatment equipment, reported order intake of 10.0 billion crowns, above the 9.6 billion seen by analysts. "Improved activity in upstream oil and gas, on shore…
McDermott, CB&I Shareholders Approve Merger
McDermott International shareholders on Tuesday approved a merger with Chicago Bridge & Iron Co that creates a vertically integrated onshore and offshore engineering and construction company, thwarting an attempt by offshore drilling contractor Subsea 7 to block the deal.More than 50 percent of McDermott shareholders supported the deal and approved a 3-to-1 reverse stock split, according to a spokesman. CB&I shareholders also voted in favor the merger, the companies said, and the combination is expected to close on May 10.Shares of CB&I were up about 6 percent…
Cyprus-Egypt Gas Pipeline to Cost $800 mln-$1 bln
A pipeline connecting Cyprus' Aphrodite gas field to Egypt's liquefied natural gas (LNG) facilities will cost between $800 million and $1 billion, Egyptian petroleum minister Tarek El Molla said on Monday. Egypt has rapidly increased its production of natural gas and is hoping to become a hub for exporting to Europe after making a series of big discoveries in recent years. Molla, speaking at a joint news conference with Cyprus energy minister Yiorgos Lakkotrypis, said Cypriot gas would be used in part for domestic consumption and in part for export. Lakkotrypis said a final agreement on the pipeline would be signed as quickly as possible but did not specify when. Egypt is hoping to halt gas imports by 2019 and achieve self-sufficiency.