Petrofac Secures Contract Worth GBP 40 Mln

Petrofac Ltd. said it has been awarded a contract worth GBP 40 million over three years for the provision of engineering services to the UK Continental Shelf assets of Maersk Oil North Sea UK Ltd.
The contract was awarded following a competitive tender and includes three one-year options for extension. Petrofac noted that work would commence immediately on the contract.
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Source: RTT News

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HHI Launches World's Largest FPSO

ULSAN, South Korea (Nov. 11, 2010) held a naming ceremony for the Usan FPSO, the world's largest floating production storage and offloading facility. The Usan FPSO can refine 160, 000 barrels of oil and 5 million cubic meters of gas daily. It has storage for 2million barrels of oil. The facility is 320m long, 61m wide, 32m high and weighs 116,000 tons. HHI's FPSOs are preferred in the offshore industry as they are easy to install and do not  require pipelines to export oil and gas.
Attending the naming ceremony were HHI chief operating officer Kang Chang-june, Total executive director for external affairs John Addeh, and 300 guests. The $1.7 billion FPSO was ordered by French supermajor Total in Feb 2008.
Cutting-edge technologies such as three-dimensional simulation during module installation to assess risks and drydock loading of four sets of topside modules are a paradigm shift in the industry, shortening construction time by up to a month and increasinf reliability and worker safety.
After trial runs in Ulsan, Usan FPSO will sail out for the Usan Field at the end of March 2011. The Usan Field is located 100km south of Port Harcourt, Nigeria.
HHI has built the supersize FPSOs, each with 2 million barrels or more storage capacity, for oil majors worldwide since its first FPSO for Petrobras in 1996. Currently the company has a 60% market share in the burgeoning supersize FPSO business.
HHI is an integrated heavy industries company with business division specializing in shipbuilding, engine and machinery, offshore and engineering, industrial plant and engineering, electro electric systems, and construction equipment.
Source: Hyundai Heavy Industry 

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Malaysia Will Offer Tax Breaks to Spur Oil Exploration

Malaysia, Southeast Asia’s second- largest oil and gas producer, will offer tax incentives to encourage the exploration of less-profitable fields to boost revenue and extend the life of the country’s petroleum reserves.
The nation wants to attract oil and gas companies including state-owned Petroliam Nasional Bhd., or Petronas, to explore “marginal” fields, Second Finance Minister Ahmad Husni Hanadzlah said in an interview with Bloomberg yesterday. High exploration costs make some areas economically unviable.
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Source: Bloomberg

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Norwest endorses AWE’s view of shale gas potential of the Perth Basin

Norwest Energy announces that it endorses the view that A W E Limited has for the shale gas potential of the Perth Basin.
NWE also shares the same view of AWE that “the commercial drivers in the Perth Basin could allow this shale gas opportunity to provide Australia’s first commercial venture in the growing global phenomenon of “unconventional” Shale Gas production.” In fact Norwest has had such a view since the early part of 2010 which has been reflected through its asset dealings in EP413 during the course of 2010.
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Source: Forbridge

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Shell's Prelude Liquified Natural Gas Project Approved With Restrictions

Royal Dutch Shell Plc, Europe’s largest oil company, won approval from the Australian government to proceed with the development of the world’s first liquefied natural gas project using a floating plant.
The Prelude project, located about 475 kilometers (295 miles) north-northeast of Broome in Western Australia, was approved with “strict conditions,” Environment Minister Tony Burke said in a statement today.
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Source: Bloomberg

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Waiting on Feds to Issue Permits

Offshore supply vessel Michael G. McCall, Gulf Craft’s most recent delivery, could not get work in the Gulf of Mexico. Seacor chartered it for operations off the west coast of Africa. The 190-ft by 34-ft vessel was delivered in July 2010. (Photo courtesy Gulf Craft, LLC)

Marine companies along the Gulf of Mexico have seen little new business since the offshore drilling moratorium was lifted in early October as oil producers apply for permits and decide how to navigate costly safety regulations.
At Bollinger Shipyards, Inc., one of the top U.S. boat builders, Chief Executive Officer Boysie Bollinger, said “we're waiting for BOEM to start issuing offshore drilling permits, and no one has any idea when that will be.” He wonders if the government knows when more permits will be released. BOEM, or Bureau of Ocean Energy, Management, Regulation and Enforcement, is part of the U.S. Dept. of Interior and oversees offshore drilling. 
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Source: MarineLink

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New inland waterways ship concept

The Mercurius Shipping Group, located in Zwijndrecht, the Netherlands, has developed a new concept for a clean inland waterways cargo ship.

Called the "M-factor," the vessel is powered by Volvo Penta marine diesel engines both for propulsion and for the bow thruster.

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Source: MarineLog

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Bigger bollard pull for Fairmount Marine duo

Fairmount Marine has announced increased bollard pull capacities for two of its tugs, Fairmount Sherpa and Fairmount Summit.

Each vessel recently completed its first special survey and subsequently a new bollard pull test was performed.

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Source: Heavy Lift

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Firm Captures Third Cracker Contract in Abu Dhabi

German gas and engineering company Linde AG has been awarded a US$1.1 billion contract by Abu Dhabi Polymers Company Limited to build an ethane cracker at Ruwais in Abu Dhabi, part of the Bourage 3 expansion project, Industrial Info Resources reports

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Source: Break Bulk

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STX Europe: STX Osv Holdings Limited - Initial Public Offering In Singapore

STX Europe is pleased to announce that the initial public offering (the "Offering") of ordinary shares in STX OSV Holdings Limited ("STX OSV") has been completed, and that trading of the shares of STX OSV on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX") is expected to start at 09:00 am (Singapore time) on 12 November 2010. Based on an offering size of 325,646,000 Offering Shares under the Offering, the Offering is approximately 4.2 times subscribed.
STX Europe is pleased with the strong response for the Offering in the Singapore capital market and among international investors. Upon the listing of STX OSV on the SGX, STX OSV will be the first Norwegian headquartered company with a primary listing in Singapore. In addition to being a highly recognized international stock exchange with a number of companies in the offshore and shipbuilding segments, Singapore is a key area for the oil and gas industry in the region. STX Europe therefore believes that the listing of STX OSV on SGX will provide STX OSV with exciting new opportunities in the future. As a major shareholder, STX Europe looks forward to taking part in this development.
The Offering of 325,646,000 shares (the "Offering Shares") consist of the offering of 180,000,000 new shares by STX OSV and the offering of 145,646,000 existing shares in STX OSV by STX Europe Holding AS, a wholly-owned subsidiary of STX Europe AS. The total number of shares in the capital of STX OSV after the Offering is 1,180,000,000, and the offering price was S$0.79 per Offering Share. The market capitalization of STX OSV upon listing will be S$932.2 million or approximately NOK 4.2 billion. Following the completion of the Offering, STX Europe Holding AS will hold 72.4% of the shares in STX OSV (assuming that the over-allotment option (the "Over-Allotment Option") granted by STX Europe Holding AS in respect of 48,846,000 shares, representing 15.0% of the Offering Shares, is not exercised), or 68.3% (assuming that the Over-Allotment Option is exercised). The Offering will generate net proceeds to STX Europe Holding AS of approximately S$109.6 million (assuming that the Over-Allotment Option is not exercised). STX Europe AS will use the proceeds to repay approximately NOK 440 million of debt (including settlement of intra-group debt) and for general corporate purposes. For further details, please refer to the attached announcement released by STX OSV on the website of SGX today.
Goldman Sachs (Singapore) Pte. is the Sole Global Coordinator, Bookrunner and Issue Manager and a Joint Lead Manager and an Underwriter in respect of the Offering. Nordea Bank Finland Plc, Singapore Branch is the Joint Lead Manager and Underwriter and The Royal Bank of Scotland N.V., Singapore Branch is Co-Lead Manager and Underwriter in respect of the Offering. DBS Bank Ltd. is the Singapore Public Offer Coordinator and Subunderwriter in respect of the Offering.
Source: STX Europe ASA

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DryShips Announces Letter of Intent for Drilling Contract

DryShips Inc., a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced yesterday that its fully-owned subsidiary Ocean Rig UDW Inc. has received a Letter of Intent for the Eirik Raude from a British exploration company. The Letter of Intent is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately USD 77 million. There are three further optional wells that could extend the contract by 135 days. The contract is subject to final documentation.
Mr. George Economou, Chairman and CEO of DryShips Inc. and interim CEO of Ocean Rig UDW Inc., said:
"We are pleased to secure employment for the Eirik Raude at an attractive rate well ahead of the completion of the current contract, scheduled for October 2011. The rate achieved reflects the unique nature of our two harsh weather semi-submersibles and a strengthening ultra deepwater drilling market. We see strong demand for these two rigs and also for our state of the art sixth generation drillships and are confident that all our available capacity in 2011 will secure employment at attractive rates."
About DryShips
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers and offshore oil deep water drilling units that operate worldwide. As of the day of this release, DryShips owns a fleet of 39 drybulk carriers (including newbuildings), comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.5 million tons and 6 offshore oil deep water drilling units, comprising of 2 ultra deep water semisubmersible drilling rigs and 4 ultra deep water newbuilding drillships.
Source: DryShips Inc.

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Business booms for Somali pirates despite crackdown

NAIROBI: The monsoon season has ended and the Indian Ocean is calm again. For Somalia's pirates, that means a busy time of year.
The pirates hold hostage more than 25 ships and 500 people, says Ecoterra International, a humanitarian agency with offices in East Africa that keeps track of Somali piracy.
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Source: brisbanetimes.com.au

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Panama-flagged ship seized off Somalia waters: EU Navy

Pirates have seized a Panama-flagged chemical tanker with a crew of 31 off the coast of Somalia, the European Union Naval Force for Somalia (EU Navfor) said on Thursday.
The anti-piracy taskforce EU Navfor said that the 24,105 tonne MV Hannibal II was taken while sailing to Suez from Malaysia ferrying vegetable oil.
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Source: Reuters

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Iran seeks crude storage in Southeast Asia

Iran is seeking to store at least 2 million barrels of crude oil for at least six months in Southeast Asia but is struggling to find hosts due to international sanctions, industry sources familiar with the storage negotiations said on Thursday.
The world's fifth-largest oil exporter, under Western pressure to cease its nuclear program, has been talking to commercial storage operators in Singapore over the past month, sources said.
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Source: Alarabiya

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UK Salamander Energy to buy Indonesian Elnusa Bangkanai Energy

UK-based Salamander Energy, a company focused on oil and gas exploration in Asia, said on Thursday it had agreed to buy Elnusa Bangkanai Energy(EBE) in Indonesia from sector player PT Elnusa Tbk for cash USD11.2m (EUR8.2m). EBE controls 69% in Bangkanai PSC, containing the Kerendan gas field. It is also the operator of the field. The deal, expected to close this month, is in line with Salamander Energy's plans to access low cost, un-contracted gas resources in the high-demand region of south-eastern Asia, the UK company said. 
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Source: Trading Markets

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Upturn in Shipbuilding to Continue

The growth rate of stock prices of Korea's shipbuilding companies exceeded that of KOSPI Index in 2010, thanks to an improvement in newbuilding order intakes. 
Shares of STX Offshore & Shipbuilding and Hanjin Heavy Industries & Construction soared by 70% and Hyundai Heavy Industries' jumped 67%. 
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Source: Asiasis

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STX PO to order $1bn new ships

STX Pan Ocean plans to invest $1bn in general cargo vessels and kamsarmax bulkers. 
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Source: Asiasis

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OPEC lifts world oil demand forecasts

The Organisation of Petroleum Exporting Countries (OPEC) revises upward on Thursday its world oil demand growth estimates for both 2010 and 2011 amid cautious optimism about the global economic outlook.
OPEC said it was pencilling in world oil demand growth of 1.32 million barrels per day (bpd) or 1.6 per cent to 85.78 million bpd for the whole of 2010, compared with 1.3 per cent previously.
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Source: The Sydney Morning Herald

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Atlas deal brings cheap shale gas to Chevron

Chevron agreed to buy Marcellus Shale natural gas producer Atlas Energy because it was inexpensive and Chevron would still benefit from a $1.4 billion drilling carry supplied by Atlas' Indian joint venture partner, Reliance Industries, CEO John Watson told investors in Miami Thursday.
Chevron's first deal in a US gas shale play dovetails nicely with the company's plans to increase its proportion of gas production from 31% of total output currently to 41% in the next seven years, Watson told Bank of America
Merrill Lynch's Global Energy Conference.
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Source: Platts

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OGX Reports 3Q10 Results

Today announced results for the third quarter ended September 30, 2010. The following financial and operating information is presented on a consolidated basis, in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board - IASB, in reais, unless stated otherwise.
“During the third quarter, we advanced our drilling campaign, identifying new accumulations in the Campos, Santos and Parnaiba basins, as well as drilled appraisal wells and performed drillstem tests which have contributed to a greater understanding of our assets. The recently announced discoveries in the southern reaches of the Campos basin greatly enhanced our understanding of what is expected to be an important new oil-bearing province. As well, our gas discoveries in the first wells drilled in the Santos and Parnaiba basins confirmed the potential of our blocks there,” commented Paulo Mendonça, General Executive Officer of OGX.
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Source: Sun Herald 

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Mexico Oil Producer Pemex Belongs on Stock Exchange, Bolsa CEO Tellez Says

Petroleos Mexicanos, Latin America’s largest oil producer, would benefit from following the path of Brazil’s state-controlled Petroleo Brasileiro SA and selling a stake to the public, according to Luis Tellez, chairman and chief executive officer of Bolsa Mexicana de Valores SAB.
“Pemex should move the way Petrobras has moved, with the government having still controlling shares and having a very transparent privately run company,” Tellez said today in an interview at Bloomberg’s headquarters in New York. “Within the political establishment, within Congress, within the parties, the issue of Petrobras is being discussed.”
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Source: Bloomberg

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Marathon to drill heavily in Woodford shale in '11

Marathon Oil Corp  plans to greatly expand its drilling program in the Woodford shale next year because it represents a superior investment, its chief executive said on Thursday.
The Woodford shale in Oklahoma delivers high output rates at a more reasonable cost relative to North Dakota's Bakken shale, where Marathon already plans to increase net output over the next three years to 22,000 barrels of oil equivalent per day from about 14,000 now, CEO Clarence Cazalot said.
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Source: Reuters

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Petrobras Quarterly Profit Rises to $5 Billion, Misses Estimates

Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said third-quarter profit increased 7.9 percent, missing analyst estimates, after oil rose and it posted a 1.97 billion-real gain related to a stronger currency.
Net income increased to 8.57 billion reais ($5 billion), or 97 centavos a share, from 7.94 billion reais, or 90 cents, in the year earlier period, Rio de Janeiro-based Petrobras said today in a statement to Brazil’s securities regulator. Sales in the quarter gained 14 percent to 54.7 billion reais.
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Source: Bloomberg

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DONG Energy earnings lifted by higher prices, wind

Denmark's DONG Energy  reported on Thursday a 47 percent rise in core earnings for the first nine months of the year, driven by higher oil, gas and power prices and increased electricity generation.
Oil and gas output slipped 1 percent in January-September from a year ago to 17.5 million barrels of oil equivalent, with gas -- mainly from DONG's stake in the Norwegian Ormen Lange field -- making up 62 percent of total production.
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Source: Reuters

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Repsol Third-Quarter Profit Climbs as Refining Margins Improve

Spain's biggest oil company, said third-quarter profit rose 70 percent after refining margins improved and crude prices increased.
Profit adjusted to exclude inventories and one-time items climbed to 502 million euros ($693 million) from 296 million euros a year earlier, the Madrid-based company said today in a regulatory filing.
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Source: San Francisco Chronicle

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DNO INTER in Q3 2010 Higher production and solid cash flow from operations

As a result of higher production DNO International ASA delivered increased revenues and improved results from operations in the third quarter.
"I am pleased to note that the good trend in our financial results and cash flow from operations continued into the third quarter. DNO will now enter a period of increased exploration activities and we are also about to secure new exploration acreage both in Mozambique and Yemen. This forms a solid platform for further growth of our Company", says Managing Director Helge Eide.
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Source: 4-Traders

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