McDermott Awarded Construction and Installation Contract for Gulf of Mexico Field Development

McDermott International, Inc., announced today that one of its subsidiaries was awarded a contract by Arena Offshore, LP for construction and installation of a platform for Arena’s “Riker” Prospect, located at Eugene Island Block 338 in 275 feet of water.
The company’s Morgan City fabrication facility will handle construction, assembly, testing, coating, load out and tie down of a four-pile jacket for a bottom-founded platform named EI 338 “K”. The jacket is designed to accommodate 20 well slots and once complete, the platform will have full processing capabilities, supporting a self-contained drilling rig. The jacket and piles are expected to weigh approximately 3,600 tons, and the platform will have the capacity to produce 20 MMSCFD, 7500 BOPD, and 12,500 BWPD.
"We are delighted at the award of this new project to our Morgan City facility,” said Stephen M. Johnson, McDermott’s President and Chief Executive Officer. “Our ability to offer a combined fabrication and installation solution with our construction vessel DB50 is what secured this contract. We look forward to building our relationship with Arena through this project.”
First steel for the EI 338 “K” jacket is expected to be cut during the third quarter of 2011. McDermott’s offshore installation work will generally consist of installing the EI-338 “K” jacket and piles, relocating refurbished topsides to EI-338 “K”, installing a platform drilling rig onto the EI-338 “K” structure, and removing and reefing a platform jacket. The offshore campaign is scheduled for the second quarter of 2012.
Source: Press release

Posted on 12/09/2010 / 0 comments / Read More

Sinopec agrees to buy Occidental's Argentina unit for 2.45 bln USD

China Petrochemical Group (Sinopec Group), China's largest oil refiner, said Friday it has agreed to purchase U.S. Occidental Petroleum Corp.'s Argentinean subsidiary for 2.45 billion U.S. dollars.
Sinopec said in a statement Friday the acquisition includes all assets of Occidental Argentina.
Occidental Argentina has gross proven and probable reserves of 393 million barrels of oil equivalent and an interest in 23 production and exploration concessions in Argentina, 19 of which the company operates, said the statement.
Occidental Argentina's production from 22 producing concessions totaled more than 51,000 barrels of oil equivalent per day last year.
The purchase is Sinopec's first investment in the Argentina's oil and gas sector. The move, another step in Sinopec's internationalization, aims to secure Chinese oil supplies, according to the statement.
The deal is still subject to government approval.
Occidental Petroleum Corp., the fourth largest U.S. oil and gas company by market value, was not available for comment.
Occidental Petroleum Corp. is an international oil and gas exploration and production company with operations in the United States, the Middle East and Latin America.
Source: Press release

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Woodside to shut Australia Cossack oilfield for 3 mths

Woodside Petroleum Ltd , Australia's second-largest oil and gas producer, plans to shut its Cossack oilfield to change the floating production storage and offloading unit at the site, a company official said on Friday.
[Read more]
Source: Reuters

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China November Crude Imports Jump by 26% as Refiners Boost Fuel Production

China, the world’s biggest energy user, increased net imports of crude oil by 26 percent in November from a month earlier as refineries ramped up processing rates to ease a diesel shortage.
Net purchases were 20.3 million metric tons, or 5 million barrels a day, the highest since September’s record of 22.9 million tons, data from the Beijing-based General Administration of Customs showed today.
[Read more]
Source: Bloomberg

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Burleson Energy Limited Drilling Update For D. Truchard No.1 Well

Burleson Energy Limited advises that the D. Truchard #1 well has been drilled to a total depth of 12,000 feet (3,658 metres) with gas shows and gas flows to the surface encountered while drilling the lower part of the well.
The commercial significance of the gas shows cannot be determined until electric logs have been run. A decision on whether to complete the well for production will be made once the electric logs have been interpreted. Assuming no operational problems this decision is expected to be made within the next few days.
Further drilling updates will be provided on a weekly basis or more regularly in the event that material information arises that requires disclosure.
Heintschel Field Interests:
- Burleson Energy: 38.0%
- New Standard Energy: 32.5%
- AKG and Associates: 29.5%
Source: Press release

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Buccaneer Energy Limited Announces Successful Cook Inlet Lease Sale

Buccaneer Energy Limited is pleased to advise that its wholly owned subsidiary Buccaneer Alaska, LLC has been notified that it was the apparent high bidder on one onshore lease totalling 1,268 acres offered by the Mental Health Trust Land Office at the lease auction on Wednesday 8 December 2010 (US time).
The lease acquired is a key lease in the Company's Kenai Loop Project, referred to as Project X in the recent presentation to the Company's AGM, this now completes the leasing activities for this project. Further details on the project, including maps, will be provided in the next week.
The Mental Health Trust Land Office offered 17 tracts for leasing. Apache Alaska Corporation was the apparent high bidder on 16 tracts, Buccaneer Alaska acquired the remaining 1 tract detailed above.
Source: Press release

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Devon cuts output over choked pipelines

Devon Energy Corp. has closed the taps on 10,000 barrels of oil production a day, as Canadian crude backs up behind jammed capacity in pipelines belonging to Enbridge Inc.
The company expects the curtailments “to continue through year-end, reducing the company's expected fourth quarter Canadian oil volumes by roughly 300,000 barrels.”
[Read more]
Source: The Globe and Mail

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Chevron set to spend $26bn

Chevron, the second-largest US oil company, said yesterday it will increase spending 20 per cent to $26 billion next year, with 85pc of the budget allocated to oil and gas exploration and production.
Rising demand for crude oil from emerging and developed countries and stable output from Opec are helping to reduce a surplus in global oil markets, factors that provide oil and gas companies with the confidence to raise spending.
"We are moving into a period of higher capital spending as we fund new legacy projects, including sizeable investment in our liquefied natural gas mega projects," George Kirkland, Chevron vice-chairman, said.
[Read more] 
Source: Gulf Daily News

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Leviathan exploratory drilling results delayed

The Israeli partners in the Leviathan prospect notified the Tel Aviv Stock Exchange (TASE) this morning that a delay was likely in completing various tests on the Leviathan 1 well. The results were due to be published on Monday.
The tests include the logs (electrical tests) in the main target strata (prospect NG 10), until late December.
[Read more]
Source: Globes

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Cenovus Energy to invest up to $2.3 billion in 2011, with focus on oil growth

Cenovus Energy Inc. plans to invest as much as $2.3 billion in 2011, with about 90 per cent of that amount going toward oil projects and refinery operations.
About $750 million will be spent on the Foster Creek and Christina Lake projects, which are part of a joint-venture with U.S. energy giant ConocoPhillips, Cenovus said Thursday.
[Read more]
Source:  Winnipeg Free Press

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Croatia wants concrete moves on LNG terminal

Croatia is determined to speed up the building of an Adriatic liquefied natural gas (LNG) terminal and may even look for new partners for the project, a senior economy ministry official said on Thursday.
"It is our strategic interest to build such a terminal to diversify supply routes. We're now getting close to issuing a location permit which will be valid for two years and we want implementation of the project to start in that period," the official, who asked not to be named, said.
[Read more]
Source: Reuters

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OMV to Announce Petrol Ofisi Financing in First Half of 2011

OMV AG, central Europe’s biggest energy company, will make a decision on the long-term financing of the 1 billion-euro ($1.3 billion) acquisition of Petrol Ofisi AS in the first half of 2011.
OMV will initially pay for the takeover in cash and via existing bridge loan facilities, Chief Executive Officer Wolfgang Ruttenstorfer told journalists in Vienna today. OMV is still determining whether it will issue new stock, convertible bonds or hybrid capital to finance the deal, he said.
[Read more]
Source: Bloomberg

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Container Ship Charter Rates Fall 30 Percent

Ocean carriers sit out slack season amid volume, rate uncertainty

Container ship charter rates are falling as ocean carriers sit out the seasonally slack fourth quarter and reassess their capacity requirements amid uncertainty over cargo volumes and freight rates going into the new year.
The market for gearless Panamax vessels of 3,500 20-foot equivalent units capacity suffered the steepest decline, with daily earnings falling to $13,250 from $19,000 in September, according Clarkson, a leading London shipbroker.
[Read More]
Source: The Journal of Commerce

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Dry bulk market losing steam once again on capesize woes

A decrease of iron ore sales to China this week has once again brought down the Capesize market and in turn the dry bulk market’s benchmark, the Baltic Dry Index (BDI) which yesterday retreated by 1.54% to 2,111 points. The Capesize segment was down by 3.57% on the day.
[Read More]
Source: Hellenic Shipping News

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OGDCL submits joint bid for BP Pakistan assets

Pakistan's Oil and Gas Development Co Ltd (OGDCL) said it had bid for BP's assets in Pakistan, estimated by analysts to be worth as much as $690 million.
OGDCL, Pakistan's largest listed company, said it had made a joint bid with Pakistan Petroleum Ltd (PPL) for the assets, but did not disclose a price and offered no further details.
[Read more]
Source: Reuters

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LNG-powered costs down on traditional tankers

Daily power costs for the world’s first gas-powered, ballast-free very large crude carrier will be 13% lower than a traditional tanker using marine fuels.
[Read More]
Source: Lloyd's List DCN

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Drilling vessel contract for Web Rigging Services

A Scottish firm which has developed a lightweight alternative to scaffolding has been contracted to play a supporting role in the hunt for oil and gas in the frozen north, writes Mark Williamson.
[Read More]
Source: Herald Scotland

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API launches campaign to support Canadian oil sands

The American Petroleum Institute is stepping up its campaign to highlight the role of oil sands to American jobs, economic growth and energy security. The campaign will be part of API’s coordinated nationwide program on oil and natural gas priority issues. The announcement was made by API’s Cindy Schild, refining issues manager, and John Kerekes, central region director, who provided an overview of the issue to reporters. 
“API is expanding its education outreach on the importance of oil sands to the energy mix critical to America’s economic future,” said Schild during a call with reporters. “Canada’s reserves are second only to Saudi Arabia’s and continuing to utilize this vast natural resource has enormous job creating and economic benefits.
 “Canada is already our number one source of imported oil and too few appreciate the benefits oil sands are already providing to U.S. consumers and U.S. workers,” she said. 
Kerekes said that most of the people in the Midwest strongly support using this resource once they have access to all of the facts. 
“There is a growing understanding that this resource is important to increasing energy supply and ensuring reliability, while reducing the risk of supply disruptions,” he said. “Americans know the nation needs the energy, and they know the Midwest needs the jobs and economic growth. We must build the new infrastructure to transport this resource and to expand our ability to refine it.”
Source: Press release

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Hyundai Mipo Dockyard says 2 ship orders cancelled

South Korea's Hyundai Mipo Dockyard Co Ltd (010620.KS) said on Thursday that two ship orders were cancelled, lowering combined total orders by 79 billion won ($69.34 million) to 684 billion won ($600.3 million).
Combined orders for 14 petrochemical product carriers were received from unidentified shippers in Asia in 2007 and 2008, the company said in filings to the Korea Exchange. ($1=1139.3 Won)
Source: Reuters

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Edge Resources Inc.: Operational Update-Pipeline License Approved & First Phase of Multi-Well Drilling Program Completed

Edge Resources Inc. announces that, further to its November 4, 2010 press release, the Company has now received full license approval from the ERCB to start construction of its dedicated low-pressure, shallow-gas pipeline project, which includes more than 15km of pipeline. Approval for the compression facility is expected within a few days.
The entire project has been designed to meet the bespoke needs required to optimize low-pressure natural gas production, meaning it (i) is scalable, (ii) requires relatively little capital and (iii) includes design efficiencies and features that allow the Company to keep operating costs below or near $1/mcf. Construction will commence immediately and is expected to take between 4 to 6 weeks to complete, depending on weather conditions.
Additionally, the Company has released the Ensign 430 drilling rig and crew, as the initial phase of drilling has been completed. The Company drilled and cased six wells into the Edmonton Sands Group of formations with 100% success and all wells will be completed and hydraulically fractured. The drilling went exceptionally well with no issues to report. Initial field costs indicate that this entire first phase of the program was completed under budget and under the expected time.
Brad Nichol commented, "Our team continues to exceed even our own operational standards and expectations. Our unique approach to drilling, and operations in general, make us one of the most efficient operators in the industry, with an F&D cost of less than $1/mcf." Nichol added, "We expect to kick-off the second phase of drilling in the next quarter and will continue our completions and frac'ing program as we seize opportunistic windows from the service companies."
Source: Press release

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Somalia's pirates take to the high seas

Somali pirates who have plagued the shipping lanes in the Gulf of Aden for the last few years have been steadily moving eastward to evade international naval forces protecting maritime traffic.
The pirates' latest strike was off the coast of India, hundreds of miles from their usual haunts.
[Read More]
Source: UPI

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Maine-built ship Raw Faith sinks off Cape Cod coast

In this photo released by the U.S. Coast Guard, a mast of the 88-foot sailing vessel Raw Faith protrudes from the water as the boat sinks in approximately 6,000 feet of water about 166 miles southeast of Cape Cod, Mass., Wed., Dec. 8, 2010. The crew of the Kittery, Maine, Coast Guard Cutter Reliance remained on scene until the vessel sank.

Coast Guard rescues 2 men from 118-foot RawFaith, a handicapped-accessible vessel with a troubled past

After a three-day ordeal at sea in rough weather that included a dramatic helicopter rescue of two crew members, a Maine-built sailboat with a troubled history sank Wednesday morning about 80 miles off the coast of Nantucket.
[Read More]
Source: Bangor Daily News

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USA. Strong demand for offshore service vessels signals growing market

Offshore service vessels (OSV) are becoming larger, more specialized and technically sophisticated as a result of the rising demand for more complex deepwater field developments, including the Gulf of Mexico. Currently, there are some 2,500 OSV worldwide, with a steady growth projected from now through 2020. All this has led to an expanded definition of OSV which refers to "not only traditional supply boats, but also anchor handling tug/supply ships, well stimulation ships, and standby ships" and even those "built to carry hazardous and noxious substances, to fight fires, or to occasionally recover oil," explains Stephen Gumpel, Area Manager North and Central America at GL.
[Read more]
Source: BYM Marine & Maritime News

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Statoil to develop technology with Siemens

Norwegian oil major Statoil and German engineering group Siemens AG have signed a technology development cooperation agreement initially focused on wind power, subsea technology, electrical engineering and energy efficiency.
The companies will split in half the project costs, Statoil said.
In 2010, Statoil has spent NOK2.2bn on research and the latest cooperation is part of its strategy to work closely with its suppliers on technology development. The oil major has already signed such agreements with five other companies.
Siemens is Statoil's supplier within several areas.
Source: Press release

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Aker Solutions reorganizes into three seperate oilfield service companies

International oil services, engineering and construction company Aker Solutions has decided to cultivate its core businesses by creating three separate companies. The new streamlined entities have a clear ambition to grow in their respective markets. 
The new strategic direction, which will be announced at the company's capital markets day in Oslo today, is the conclusion of a strategy process initiated by the Board in second quarter 2009. 
"We have listened carefully to feedback from our customers and investors and analysed how we should position ourselves to meet their expectations," says Øyvind Eriksen, executive chairman of Aker Solutions. 
"Their feedback is consistent. Our company enjoys strong positions in several market segments. However, to further accelerate our growth, we should be more focused, more flexible in our approach to customer specific requirements, and much more transparent," he explains. 
[Read more]
Source: Penn Energy

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Liebherr LR 13000 crawler crane lifts 3,371 tonne test load

Further to the news item uploaded here on December 7, Liebherr has now confirmed that its new LR 13000 has successfully completed a lift of more than 3,000 tonnes during tests currently being conducted.
[Read More]
Source: Heavy Lift

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Panama Canal reopens as rain abates

AN ARMS shipment discovered on a Ukrainian ro-ro hijacked by pirates had been destined for southern Sudan, according to US diplomatic cables revealed by WikiLeaks.
The Panama Canal has reopened after heavy rains forced its first closure in over two decades.
The 17-hour suspension had been ordered after the rainfall swelled nearby lakes, flowing into the key transport route that handles five per cent of global trade each year.
[Read More]
Source: ALJAZEERA

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Alliance Engineering Awarded South Nemba Auxiliary Project, Offshore Angola

Wood Group's Alliance Engineering has been selected by EPC contractor Daewoo Shipping and Marine Engineering (DSME) to provide jacket and topsides engineering and design for Chevron's South Nemba Auxiliary (SNX) project. The SNX project is located offshore West Africa in Angola's Nemba field, in water approximately 380 feet deep.
The SNX project consists of an un-manned, four-pile jacket, multi-deck facility that will be bridge-connected to the SNA Platform. The SNX platform will include a flare boom, helideck, oil processing train, gas compression and dehydration equipment, electrical power generation, and other associated equipment. The oil processing train includes a 2-phase IP separator, a 3-phase LP separator and an oil degasser; compression equipment includes a surge gas compressor and an intermediate pressure (IP) compressor.
"Alliance looks forward to working with DSME on the SNX project," said Edmund Lunde, president of Alliance. "Our experience and expertise in offshore structures and facilities design will be a great asset to Chevron on this important Angolan project, and we appreciate the opportunity to demonstrate our capabilities once again.
Source: Press release

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Faina truth revealed

AN ARMS shipment discovered on a Ukrainian ro-ro hijacked by pirates had been destined for southern Sudan, according to US diplomatic cables revealed by WikiLeaks.
[Read More]
Source: Safety at Sea

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National Oilwell Varco Completes FPSO Technology Acquisition

National Oilwell Varco, Inc. announced today that it has acquired Advanced Production and Loading PLC (“APL”), a subsidiary of BW Offshore Limited (Oslo: BWO). APL, based in Norway, designs and manufactures turret mooring systems and other products for Floating Production, Storage and Offloading vessels (“FPSO’s”) and other offshore vessels and terminals.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “We are excited about adding APL’s technologies and business to our own Rig Technology group’s offering in the FPSO market. We consider the FPSO market to be the next phase of deepwater development in the oil and gas sector, and this acquisition will help enhance our offshore production equipment offerings. We would like to welcome the employees of APL to the NOV family.”
National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
Source: Press release

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ClassNK signs its largest cooperation agreement

Tokyo: Japan’s National Maritime Research Institute (NMRI) and ClassNK, the world’s largest shipping classification society, signed an extensive cooperation agreement at a press conference in Tokyo earlier this week.
[Read More]
Source: Seatrade Asia

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New practice expected to delay offshore drilling

The Obama administration will require environmental studies before approving any deep-water wells - a new regulatory hurdle that virtually assures the government will not green-light any of those projects soon.
In outlining the plan Wednesday, the nation's top offshore drilling regulator said he hopes the environmental reviews will add "weeks, not months" to the deep-water permitting process critics say is already too slow.
[Read more]
Source: Chron

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Sietas books order for wind farm jack-up

Hamburg's J.J.Sietas is the first German shipbuilder to win an order to develop and build a jack-up vessel for offshore wind farm installation. The order is from Netherlands marine contractor Van Oord and includes an option for a second ship of the same type. Delivery of the first vessel is scheduled for September 2012.
[Read More]
Source: Marine Log

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Cunard appoints its first woman Captain

Danish-born Inger Klein Olsen made history December 1 when she assumed command of Cunard Line's Queen Victoria, becoming Cunard's first woman Captain.
[Read More]
Source: Marine Log

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BG Group: Three FPSOs at Tupi, Guara offshore Brazil to recover 2.2 Bboe

BG Group announced an update on the Tupi and Guará fields in the Santos Basin, offshore Brazil. The update relates to the first two Floating Production, Storage and Offloading (FPSO) vessels on the Tupi field and the first FPSO on the Guará field. 
The first FPSO on the Tupi field has a production capacity of 100 000 barrels of oil per day (bopd) and up to 177 million standard cubic feet of gas per day (mmscfd). It commenced production in October 2010. The second FPSO on the Tupi field is due onstream in 2013 and will have a production capacity of 120 000 bopd and 177 mmscfd of gas. A similar FPSO will be deployed on Guará and is also due onstream in 2013. All three FPSOs will be leased. 
The gas export pipeline with capacity to service all three FPSOs is in place, linking the Tupi area to Brazilian domestic gas infrastructure via the Petrobras Mexilhão platform. 
Based on the new resources estimates for these fields previously released in BG Group's Third Quarter 2010 earnings statement, the three FPSOs are expected to recover total gross reserves of approximately 2.2 billion barrels of oil equivalent (boe) - approximately 600 million boe net to BG Group - within the concession periods, utilising a total of approximately 40 production and injection wells. 
In light of the outstanding reservoir characteristics and high recovery per well, BG Group anticipates very low unit technical costs for this initial phase of development, amounting to capital costs of $5/boe and operating costs of $9/boe.
Source: Press release

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Turkey building new-generation tanker

Delta Marine, Omega Marine and Mesh have jointly developed and designed a sophisticated oil product/chemical tanker built under Bureau Veritas classification for worldwide trade.
[Read More]
Source: Motorship

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OGX discovers hydrocarbons at Waikiki in the shallow waters of the Campos Basin

Brazilian independent OGX has identified the presence of hydrocarbons in the Albian-Cenomanian section of well 1-OGX-25-RJS, located in the BM-C-39 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block. 
A hydrocarbon column of about 125 meters with approximately 116 meters of net pay was encountered in carbonate reservoirs in the Albian-Cenomanian section. The OGX-25 well, a prospect known as Waikiki, is the first one to be drilled in the BM-C-39 block and is located more to the north than the recent discoveries made by OGX in the Campos basin. The drilling is still in progress and is expected to reach an estimated final depth of 3,000 meters. 
The OGX-25 well is located in the BM-C-39 block and is situated about 94 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 105 meters. The rig, Pride Venezuela, initiated drilling activities there on November 14, 2010.
Source: Press release

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Docks celebrate 150th anniversary

One Cornwall's most important maritime workplaces is celebrating its 150 anniversary this year.
Since it began a century and a half ago, Falmouth Docks' role has changed dramatically.
Now a new exhibition charting its history has opened at the nearby National Maritime Museum.
[Read More]
Source: BBC News

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China strengthens its tanker base

China continued to optimise investment in order to control costs and snap up assets at every opportunity – including tankers, according to a report issued by Gibson Research.
[Read More]
Source: Tanker Operator

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TGS Announces Multi-client 3D Survey in Benin

TGS will commence a multi-client 3D survey Offshore Benin in blocks 5 and 6. This project covers roughly 4,000 km2 in the deep water area of Benin. Data acquisition will commence in January 2011 and is expected to be completed in Q2 2011.
This project is the second in a series of surveys along the African Transform Margin, following the Gambia project announced on 5 October 2010. Specialized data processing will be done at TGS’ imaging center in Houston, TX.
The Benin multi-client 3D survey is supported by industry funding.
Source: Press release

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Russian Owner for Helsinki Shipyard

The Helsinki shipyard owned by the South Korean shipbuilding company STX Finland Cruise Oy will soon have Russian owners.
[Read More]
Source: YLE.fi

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Statoil contracts COSL Pioneer semisub for Norwegian drilling program

Statoil has awarded a contract to COSL Drilling Europe for the charter of the semisubmersible COSL Pioneer. Plans call for the rig to be used for production and exploration drilling on the Norwegian continental shelf (NCS) from mid-2011. 
“We are pleased with the fact that this contract secures the necessary future capacity in the rig market. In 2011, the semi-submersible COSL Pioneer will contribute to maintaining a sustainable exploration activity on the Norwegian continental shelf,” says Tom Dreyer, Statoil’s senior vice president for exploration in Exploration & Production Norway. 
The rig’s work program is being considered by relevant licenses on the NCS. Plans call for the semi-submersible rig to be used for both production and exploration drilling. 
According to Vidar Birkeland, acting head of procurements in Statoil, this award will be part of a renewal of the ageing rig fleet on the NCS. 
“We aim at a safer and more efficient rig fleet. With this contract Statoil secures an up-to-date light rig customized for the mid-water segment. Our strategy is to increase the diversity, competition and flexibility in the rig market. We are therefore also pleased to see new rig companies operating in Norway,” says Birkeland. 
Statoil aims to maintain its present production level on the NCS for the next 10 years. 
Enhanced recovery from existing fields, quick and efficient development of new fields and an active exploration program are the key to achieving this goal. 
Source: Press release

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Dragon Oil Announces completion of infrastructure upgrades

Dragon Oil plc , an international oil and gas exploration and production company, announces the completion of key infrastructure projects being the 30-inch 40 km trunkline and Phase II expansion of the Central Processing Facility (“CPF”).
[Read more]
Source: Offshore Energy Today

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Serco takes delivery of last Damen vessel

Serco takes delivery of last Damen vessel marking the end of a three-year contract 29 out of 29 vessels delivered on time and on budget! A three-year, 29-vessel contract came to an end as the last tugboat of the huge Serco contract was named ‘SD Deborah’ at the Damen headquarters in Gorinchem on 3rd December 2010.
[Read more]
Source: Dredging Today

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Arctic blast delays Galaxy II spud of Varadero prospect in the UK North Sea

EnCore Oil plc reported that the Transocean Galaxy II heavy duty jackup rig left Dundee Harbour yesterday afternoon to move to a standby location in the UK North Sea. 
As soon as a weather window becomes available, the rig will be moved to the Varadero location on Block 28/9 in the Central North Sea. 
This is the second phase of the drilling campaign on the block, with up to four wells planned. The Varadero prospect is located west of the original Catcher discovery well. 
The equity in Block 28/9 joint venture partnership are EnCore Oil plc (15 percent, Operator), Premier Oil (35 percent), Wintershall (20 percent), Nautical Petroleum (15 percent) and Agora Oil & Gas (15 percent).
Source: Penn Energy

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Bergen Group Dreggen awarded contracts for NOK 40 million

Bergen Group Dreggen has been awarded contracts for production of six cranes with a total value of NOK 40 million. The deliveries will be carried out from Q4 2011 until Q2 2013.
The contracts are with customers in Korea, Singapore and Holland. These contracts confirm Bergen Group Dreggen's strong international position within the market for offshore cranes and special cranes.
The contract in Korea includes two offshore deck cranes for mounting on a pipe laying vessel. The order value is NOK 24 million, with delivery to be completed by the end of the 1st quarter of 2012.
The contract in the Netherlands includes delivery of an offshore crane and a provision crane for installation on a Dutch Navy vessel. The order value is NOK 10 million, with delivery to be completed by the end of the 2nd quarter of 2013.
The contract in Singapore includes the provision of two deck cranes for delivery by the end of the 4th quarter of 2011.
Source: Press release

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Growing demand for offshore vessels

The demand for offshore service vessels (OSV) is growing, according to Germanischer Lloyd. There are some 2,500 offshore service vessels worldwide, with a steady growth projected from now through 2020.
”Aside from the traditional uses of OSV in the maritime and oil & gas
industries, interest in OSV is rising exponentially in the growing offshore wind industry”, says GL in a press release.
Source: shipgaz

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Hapag-Lloyd IPO planned for 2011

The Executive Board of TUI AG and the Board of Directors of Hamburgische Seefahrtsbeteiligung "Albert Ballin" GmbH & Co. KG (Albert Ballin) have instructed investment banks Credit Suisse, Goldman Sachs and Greenhill to commence preparations for a stock exchange listing of Hapag Lloyd, the world's fifth largest containership line. In parallel, a search for strategic and financial investors interested in becoming core minority investors in Hapag-Lloyd continues
[Read More]
Source: MarineLog

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Pipavav Shipyard likely to bag Rs 8000 cr order; stock down

MUMBAI: Pipavav Shipyard may bag orders worth Rs 8000 crore from Russian government arm, says ET Now. The company is likely to build war-ships for Rosoboron Exports .
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Source: The Economic Times

Posted on 12/09/2010 / 0 comments / Read More

STX about to win an offshore project

South Korean shipyard, gained 7.2 percent to 22,300 won, the most since Nov. 17. “There are rumors that the company may win an offshore order this month,” said Cho In Karp, head of research at Heungkuk Securities Co. in Seoul. STX Offshore can’t confirm the speculation, the company said in an e-mailed response to questions.

Posted on 12/09/2010 / 0 comments / Read More