Lenders to Sell Polarcus' Vessels. All Employees to Be Laid Off
Lenders of the troubled marine seismic contractor Polarcus, which last week took control of the company's vessels after a debt payment default, will sell Polarcus' vessels and all the employees will be let go.Banks last week tool control of Polarcus' subsidiaries that own seismic vessels, with the subsidiaries in question being Polarcus Asima AS, Polarcus Alima AS, Polarcus Amani AS, Polarcus Adira AS, Polarcus Nadia AS, Polarcus Naila AS - bearing the corresponding vessels' names, and Polarcus Shipholding AS.
Polarcus Nadia on the Move after Long Layup
Polarcus' seismic vessel Polarcus Nadia is on the move, after more than five years in lay-up in the Netherlands, according to information released Friday by Dutch Marine Contractors.The Polarcus Nadia, delivered in 2010, was cold stacked by Polarcus in early 2015 during the previous oil price downturn, in a move to cut operating costs, with little hope it would be reactivated soon. The former CEO Rod Starr said at the time that it cost around $1.6 million per year to cold-stack the vessel, and, up to $40 million to reactivate it.The Polarcus Nadia has been in layup ever since, with limited info on the vessel since the cold-stacking.Dutch Marine Contractors on Friday said: "After a few years of layup, MV Polarcus Nadia departed this morning from Amsterdam to Norway.
Shelf Drilling: Higher Rig Rates, More Consolidation Coming in 2019
Shelf Drilling, the world's largest owner of shallow water rigs, expects to see higher rig rates in 2019 and more consolidation of the fragmented market, Chief Executive David Mullen told Reuters. Following an initial public offering, the Dubai-based company's shares began trading in Oslo on Monday, four years after abandoning plans to list in London in the wake of an oil price downturn. Its shares traded at 64.80 Norwegian crowns ($7.98) per share by 1023 GMT, below its initial offer of 65.35 crowns. Reporting by Nerijus Adomaitis
Fieldwood Hungry for US Offshore Output
The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent.
Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss
Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains…
Talos, Stone Energy Plan $2.5 Bln Merger
Talos Energy LLC and Stone Energy Corp, two U.S. exploration and production companies focused on the Gulf of Mexico, announced on Tuesday plans to merge and create a new company valued around $2.5 billion including debt, sending Stone's shares down nearly 13 percent. "The idea of a reverse merger works very well for us, as we get a lot of talented people into the company and also use a structure which gets us to the public equity markets", said Timothy Duncan, chief executive of Talos, who will retain the title under the combined company, to be named Talos Energy Inc. Stone shares will be exchanged for Talos stock on a one-for-one basis, while Talos' existing stockholders will be issued 34.2 million shares to give them 63 percent of the combined company, according to a statement.
Steady Return to Growth for the Offshore MMO Sector
Douglas-Westwood has launched its new World Offshore Maintenance Modifications and Operations Market Forecast 2017-2021 which forecasts a steady recovery from the recent oil price downturn with Modifications spend expected to improve significantly between 2017 and 2021. “In 2017, expenditure is forecast to total nearly $81bn for the world’s global offshore platform population of approximately 8700 fixed and floating assets. By service line, Asset Services accounts for over a half of total expenditure, 60%, with Modifications, 21%, Asset Integrity, 14% and Support Services, 6%.
