Oil Regions News

Companies working on a $300 million logistics facility in Guyana that will support offshore oil operations said on Wednesday the shore base will help reduce shipping costs for supplies by as much as 12% by allowing larger supply vessels to dock.A consortium consisting of U.S. companies Exxon Mobil Corp and Hess Corp and China's CNOOC began production in Guyana in 2019 and has ramped up output since, aiming at 1.2 million barrels per day of crude and gas capacity by 2027.But onshore…

Teekay Offshore Partners L.P., a provider of offshore oil production and storage vessels for the offshore oil and gas industry, has changed its name.The company announced Tuesday its name has changed to Altera Infrastructure L.P. effective March 24, 2020. The move comes following the recent acquisition of the company by Brookfield Business Partners L.P.The group of entities comprising of the company's affiliates and subsidiaries (formerly referred to as Teekay Offshore) is rebranding to Altera Infrastructure…

London-based international law firm Watson Farley & Williams (WFW) advised Teekay Offshore Partners  on two separate fleet refinancings with a combined value of US$550mln.First was a US$100m revolving credit facility (RCF) for the Piranema Spirit, Voyageur Spirit and Petrojarl Varg FPSO units. The previous credit facility matured at the same time with a balloon payment of US$35m.The new facility was funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years.Second was a US$450m RCF for sixteen shuttle tankers. The facility will be used to refinance the existing revolving credit facility dated 8 September 2017 and for general corporate purposes.

The midstream services provider to the offshore oil production industry Teekay Offshore Partners announced that in accordance with previously noted financing plans, it has secured a new $450 million revolving credit facility for sixteen shuttle tankers.The facility will be used to refinance the existing revolving credit facility dated September 8, 2017, currently fully drawn with outstanding amount of $445 million, and for general corporate purposes, it said ina press release.The facility is funded by commercial banks and bears interest at LIBOR + 250 basis points with a five-year tenor and a profile of 8.4 years, Teekay added.Teekay Offshore Partners is primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea…

The international midstream services provider to the offshore oil production industry Teekay Offshore Partners announced  that it has secured a new $100 million revolving credit facility for the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg FPSO units.The previous credit facility matured at the same time with a balloon payment of $35 million, said a press release from the company primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.The new facility is funded by commercial banks and bears interest at LIBOR + 300 basis points with a three-year tenor and a profile of 5.5 years…

Teekay Offshore Partner, a marine energy transportation, storage & production company, has signed for a shipping export credit agency (ECA)-backed US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers.Watson Farley & Williams (WFW) is advising its long-standing client Teekay on this ECA-backed newbuild loan, noted a release.The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both Canadian and Norwegian export credit agencies and commercial banks.The vessels covered are four Suezmax DP2 shuttle tankers due for delivery in 2019 and 2020, two of which will work under Teekay Offshore’s Master Agreement with Norway’s Equinor…

Kongsberg Maritime Engineering (KME), the wholly owned Engineering, Procurement and Construction (EPC) subsidiary of global maritime technology developer Kongsberg Maritime, will deliver an Integrated Control and Safety System for the new BW Offshore Catcher FPSO. The contract follows BW Offshore’s signing of a lease and operate contract with Premier Oil and its joint venture partners at the end of April 2014 for a FPSO to operate on the Catcher oil field in the U.K. North Sea. The field is owned by Premier Oil (50%, operator), Cairn Energy (30%) and MOL (20%). BW Offshore's scope includes the delivery of the FPSO, mooring system, installation and operation of the unit throughout the charter period.

Kongsberg Maritime Engineering (KME) has signed a contract with Gina Krog LLC, a subsidiary of Teekay Shipping AS, for supply of an Integrated Control and Safety System (ICSS) and Power package to the Gina Krog FSO (Floating Storage and Offloading) unit, to be delivered to the Statoil operated Gina Krog field on the Norwegian continental shelf, North Sea. Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017, before the newly converted FSO unit will commence operations under a time-charter contract to Statoil. operation on the FSO.

Kongsberg Maritime Engineering (KME) has signed a contract with Gina Krog LLC, a subsidiary of Teekay Shipping AS, for supply of an Integrated Control and Safety System (ICSS) and Power package to the Gina Krog FSO (Floating Storage and Offloading) unit, to be delivered to the Statoil operated Gina Krog field on the Norwegian continental shelf, North Sea. Teekay recently entered an agreement with Statoil to provide the FSO for the Gina Krog field. The $220 million conversion project is expected to be completed in the first quarter of 2017…

Teekay Offshore Partners say they have agreed to acquire ALP Maritime Services B.V. (ALP), a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. ALP currently provides these services through a fleet of third-party owned vessels. As part of the transaction, Teekay Offshore and ALP have ordered four state-of-the-art towing and anchor handling vessel newbuildings, which will be capable of ultra-long distance towing…

The contract with Statoil is to provide a floating storage and offtake (FSO) unit for the Gina Krog oil & gas field located in North Sea. The contract will be serviced by a new FSO unit converted from the 1995-built shuttle tanker, Randgrid, which is currently 67 percent owned by Teekay Offshore. The Partnership's portion of the FSO conversion project is expected to be completed for a total net capital cost of approximately $220 million, including the cost of acquiring the remaining 33 percent ownership interest in the Randgrid shuttle tanker. Following completion in the first quarter of 2017, the newly converted FSO unit will commence operations under a 3-year firm period time-charter contract to Statoil, which includes 12 additional one-year extension options.

BW Offshore has agreed an extension for their FPSO's 'Abo' and ''. The extension for Abo is with Nigerian Agip Exploration Ltd of nine months. and for Sendje Berge with Addax Petroleum Exploration Ltd of three months. These extensions have been agreed to secure operational continuity while joint work to detail longer term programs for investment and production are completed. About BW Offshore:
 BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide.

The Woods Hole Oceanographic Institution (WHOI), the largest independent institution of its kind in the world, recently began developing a new piston corer for retrieving sediments from the ocean floor. Once complete in 2006, the deep-water coring system will be the largest in the U.S. and among the biggest in the world. The corer’s enormous weight — 25,000 pounds — coupled with the environmental demands associated with working in water up to 20,000 ft. deep presented major technical challenges to the system required to lower the corer to the sea floor then recover it, along with its ancient sediment samples. Located in Cape Cod, Mass.…