Bow Energy Limited Share Purchase Plan Scaled Back To A$30.0 Million

Bow Energy Limited are pleased to announce that it has received applications for over A$36 million under its Share Purchase Plan ("SPP"). The final amount is subject to cheque clearances and application confirmations, however as previously advised, Bow set a cap of A$30.0 million for the SPP and therefore applications will be scaled back on a pro-rata basis.
Funds raised from the SPP will be used for working capital and an expansion of exploration and appraisal activities in the Bowen, Cooper and Surat Basins.
Mr John De Stefani, Chief Executive Officer, said "Following the successful completion of the Institutional Placement in November 2010, which raised A$48.4 million, it is pleasing that support has been replicated across the balance of our register and has resulted in Bow exceeding the cap of A$30.0 million for the SPP. The capital raising program, along with the cash on hand, has provided Bow with cash funds of approximately A$120 million".
"Bow is now in a strong position to fund ongoing exploration and appraisal activities, production pilots, field infrastructure and pipeline approvals as well as completion of Bow's 30 MW Blackwater Power Project. The additional funds raised through the SPP strengthens Bow's ability to deliver commercial gas flows, early cash flow from electricity sales plus achieving gas reserves targets of 6,200PJ 3P and 1,250PJ 2P by end of 2011 across Bow's 100% owned Bowen Basin CSG fields to feed growing export and domestic gas markets", De Stefani concluded.
New shares issued under the SPP will rank equally with existing fully paid ordinary shares in Bow and are expected to be issued and allotted on Thursday, 23 December 2010.
Source: Press release

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Noble Corp. orders up two high-spec, heavy-duty jackups from Sembcorp for $440MM

Noble Corporation has entered into an agreement for the construction of two high-specification heavy duty, harsh environment jackup drilling rigs with Sembcorp Marine's subsidiary Jurong Shipyard in Singapore. 
The new units are scheduled for delivery in the fourth quarter 2012 and second quarter of 2013, respectively. Total delivered costs are estimated at approximately US$220 million per rig, including project management, spares, and start-up costs, but excluding capitalized interest. 
Payment terms are twenty percent of the construction price due at contract signing, twenty percent due at steel cutting, and the remainder due at rig delivery. The contract also contains options for up to four additional units which must be exercised by January 1, 2012. Each option unit is priced based on the original unit price, plus a potential escalation factor, with future deliveries scheduled in six month increments beginning in late 2013. 
The Friede & Goldman JU3000N design is an enhanced evolution of the JU2000E design and represents the latest generation of high specification jackup drilling rigs with greater capacities and capabilities than most existing units. The rigs, which are approximately 231 feet in length and 270 feet in breadth, will have the capability to operate in water depths up to 400 feet and drill to depths of 30,000 feet. The rigs will each have a seventy-five foot cantilever, 2.5 million pounds of hook load capacity, a high capacity mud circulating system, and a 15,000 psi blow out preventer system. The units are capable of off-line pipe handling and offer accommodations for up to 150 people. 
"We are excited to announce the turn-key construction of these units which represent the next step in our ongoing strategy to expand the capabilities of our fleet and position ourselves for the future," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. "When completed, these enhanced versions of our already successful three JU2000E units added between 2007 and 2009 will be some of the most capable jackups in the world. Based on our views of the increasing demand for high specification units, we expect that they will command premium dayrates and reward our shareholders with excellent returns."
Source: Press release

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Halliburton will pay Nigeria in graft case

The United States oil services group Halliburton agreed to pay Nigeria $35-million to settle a bribery dispute which led to charges being filed against former US vice-president Dick Cheney, it said on Tuesday.
[Read more]
Source: The star

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SOMALI PIRATE ‘GLOBAL LEADER IN SHIPPING INDUSTRY’

A somali pirate has been ranked alongside a billionaire trade magnate and the Chinese transport minister as among the most powerful people in shipping.
The Lloyd’s List ranking of the 100 top people in the global shipping business is one of the most respected sources in the industry.
[Read More]
Source: Maritime Sun News

Publish Post

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EXCO Resources, Inc. Announces Acquisition of Marcellus Shale Properties from Chief Oil & Gas

EXCO Resources, Inc. today announced the acquisition of properties prospective for the Marcellus shale from Chief Oil & Gas LLC and related parties (“Chief”) for approximately $459.4 million, after preliminary purchase price adjustments at the closing. The parties agreed to close the transaction into an escrow account pending receipt of a waiver from a third party, which is expected to be obtained by January 14, 2011. The transaction has an effective date of July 1, 2010.
The assets are located within the area of mutual interest established by the existing Appalachian joint venture with BG Group, plc (LSE: BG.L) (“BG Group”). BG Group has the right to purchase 50% of this acquisition. Assuming BG Group elects to participate, the development of these assets would be governed by our Appalachian joint venture. The purchase price was financed with borrowings under EXCO’s credit agreement.
The assets include producing properties with current gross production of approximately 40 Mmcf per day (16 Mmcf per day net) from 15 producing wells, 11 wells currently awaiting completion and over 50,000 net acres prospective for the Marcellus shale located primarily in Lycoming and Sullivan Counties in Northeastern Pennsylvania.
Source: Press release

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FX Energy Signs Letter of Intent to Complete Industry Funding of First Kutno Well

FX Energy, Inc. today announced that it signed a Letter of Intent with Kulczyk Investments S.A., ("Kulczyk Investments") in connection with the Company's Kutno project in central Poland. The agreement provides for Kulczyk Investments to join FX Energy and the Polish Oil and Gas Company ("PGNiG") in drilling the first well to test the Kutno prospect. The Letter of Intent is subject to negotiation and execution of a definitive Joint Operating Agreement, approval by the boards of both companies and other matters.
The parties plan to test a previously undrilled 35,000 acre (140 square kilometer) 2-D defined Rotliegend structure at a depth of approximately 21,000 feet (6,500 meters). The prospect is believed to be the largest undrilled Rotliegend structure on-shore Europe. Well design and engineering are currently underway. The well is scheduled to begin drilling during the second half of 2011.
FX Energy will be the operator and will hold a 25% interest in the well and the project. PGNiG and Kulczyk Investments will hold 75% of the working interest in the well and the project.
David Pierce, FX Energy's CEO, said, "We are excited about drilling the Kutno prospect. This will be the highest potential well we have ever drilled and probably the highest risk. With PGNiG and Kulczyk Investments on our team, we will have a group of three experienced energy companies, all committed to Poland, working together on a big project that could be very important to Poland."
Source: Press release

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Aker Solutions awarded Goliat tie-in and connector contract

Aker Solutions has been awarded the tie-in and connector scope associated with the Goliat flowlines and risers contract by Technip Norway. The contract value is approximately NOK 65 million.
The scope of work includes the outboard remote tie-in system termination heads and associated equipment. The equipment will be used to tie in the flowlines, pipelines and flexible jumpers to the manifolds, flowline t-junctions (ILTs) and riser bases on the Goliat field in the Barents Sea north west of Hammerfest, Norway.
This contract comes in addition to Aker Solutions having been awarded the Goliat subsea production system last year by ENI. Earlier this year Aker Solutions was also awarded the direct electrical heating (DEH) contract for the Goliat project under Technip's flowlines and risers contract.
The project will be executed and manufactured mainly in Norway, with the delivery of the final equipment expected during Q2 2013.
Source: Press release

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Shipping industry recovering, but still hampered by oversupply of vessels and depressed freight rates, report says

The Review of Maritime Transport 2010 warns that numerous uncertainties and the fragile global economic conditions may still hinder the hard-pressed shipping industry.

International seaborne trade contracted by 4.5 per cent in 2009, reports UNCTAD´s Review of Maritime Transport 2010 . That decline put seaborne trade at below 2007 levels. It had climbed to an all-time high in 2008.

The Review of Maritime Transport 2010 estimates total seaborne trade during 2009 at 7.84 billion tons. Although a global recovery is currently under way, it is uneven, slower than the recoveries that have followed previous recessions, and subject to numerous uncertainties and to the fragile global economic conditions, the study says. Signs show that the shipping industry and seaborne trade are recovering, but it will likely take some time for the industry to return to its 2009 levels.

Seaborne trade in dry bulk commodities - such as iron ore, grain, coal, bauxite/alumina and phosphate, which represent around one quarter of seaborne trade - actually grew by an estimated 1.4 per cent in 2009. However, this figure masks fluctuations by commodity type. Bauxite and alumina, which are key components in aluminium production and are used primarily in the transport and construction industries, suffered a 23.2 per cent decline. Phosphate rock, used as a fertilizer by the agriculture industry, suffered a 38.7 per cent decline. Iron ore shipments rose to an estimated 907 million tons in 2009 - an increase of 7.8 per cent over the previous year. China accounted for much of the increase in iron ore trade, with imports growing by 38.9 per cent, whereas Japan´s imports declined by 24.8 per cent and Western Europe´s imports declined by 38.2 per cent.

The supply of new vessels showed no signs of abating. At the beginning of 2010, the world merchant fleet reached 1,276 million deadweight tons (dwt) - an increase of 84 million dwt over 2009. This growth resulted from record new deliveries of 117 million dwt, compared to demolitions and other withdrawals from the market totalling about 33 million dwt. New deliveries in 2009 were 42 per cent higher than in 2008 because of the orders that had been placed prior to the downturn in global demand. The resulting oversupply of tonnage then led to an over 300 per cent surge in demolitions of older tonnage. However, despite this increase, the combined effect of a downturn in demand and an oversupply of vessels meant that freight rates for many vessel types remained depressed.

World container port throughput declined by an estimated 9.7 per cent to 465.7 million twenty-foot equivalent units (TEUs) in 2009, the report says. UNCTAD´s Liner Shipping Connectivity Index revealed that the average ranking of the least developed countries (LDCs) in 2010 was 111, compared to an average ranking of 78 for other developing countries and 64 for developed countries. The rating indicates that LDCs remain isolated from major or frequently serviced shipping routes. Between 2004 and 2010, the connectivity ranking of LDCs improved by just 1 point.

The Review of Maritime Transport 2010 also details recent developments in maritime legislation, such as steps by the International Maritime Organization regarding the scope and content of an international regime to control emissions of greenhouse gases from international shipping. In April 2010, a Protocol on the 1996 Hazardous and Noxious Substances Convention was adopted which aims to bring about wider adoption of the Convention.

Every year, the Review of Maritime Transport looks at transport developments in a particular region. The focus in the 2010 edition is on developments in Asia since 2007, when UNCTAD last reported on the region. GDP growth in the Asia-Pacific region decelerated to 4 per cent in 2009 - its lowest level in eight years. In tandem with the economic situation, growth in international merchandise trade in the region decelerated in 2008 and contracted in 2009. By 2010, economic indicators were showing a recovery in the region´s economic growth and trade, with some economies already showing signs of a return to pre-crisis growth and export levels. However, the recovery remains fragile and is subject to downside risks.

Maritime transport is the single most important transport mode; it has around 80 per cent of the market share in the international movement of goods. However, in some developing countries this percentage is much higher, due to cumbersome cross-border procedures and an underdeveloped land transport infrastructure. The Review of Maritime Transport 2010 also covers developments from January 2009 to mid-2010 in other modes of transport, such as road, rail, and inland waterways.
Source: unctad.org 

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Panama’s Hugo Torrijos dies at 59

The Asian and world maritime community is saddened by the news that Dr. Hugo Torrijos, one of the principal architects of Panama’s modern maritime industry, died today aged 59 of cancer.
[Read More]
Source: Seatrade Asia

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Williams completes $925MM Bakken oil acreage purchase in North Dakota

Williams announced that it has completed a major purchase in North Dakota's Bakken oil play from private owners for $925 million cash. 
In the transaction, Williams purchased 100 percent of the interests in Dakota-3 E&P Company LLC. Dakota-3 has approximately 85,800 net acres on the Fort Berthold Indian Reservation in the Williston Basin and 3,300 barrels per day of net oil production from 24 existing wells. 
Williams' purchase has an effective date of Oct. 1, subject to standard closing adjustments. Williams is the new owner of Dakota-3, which will continue its existing contractual arrangement for services with the contract operator and field services provider after closing. 
Currently, Dakota-3 has three rigs operating on its acreage. Williams expects to double the current level of drilling activity to six rigs by 2012, subject to permitting. Williams estimates that Dakota-3's holdings represent approximately 185 million barrels of oil equivalent in total net reserves potential in the Middle Bakken and the Upper Three Forks formations. 
Williams' entry into the Bakken Shale play follows its entry into Pennsylvania's Marcellus Shale, where the company has accumulated approximately 100,000 net acres over the past year and a half.
Source: Press release

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MV Orna Pirated in the Indian Ocean

At midday on 20 December, the MV Orna was pirated in the Indian Ocean, approximately 400 nautical miles North East of the Seychelles. The attack was launched from two attack skiffs, with pirates firing small arms and rocket propelled grenades at the merchant vessel. The vessel was stopped and boarded by at least four pirates. The crew is co-operating and no damage is reported. The MV Orna is a Panama flagged, UAE owned bulk cargo vessel with a dead weight of 27 915 tonnes. The number of crew onboard is unknown; MV Orna was not registered with MSCHOA or UKMTO.
[Read More]
Source: MarineLink

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Engine Room Simulator Upgrade, Bodin Maritime School

Kongsberg Maritime's Simulation division has recently signed a new contract with Bodin Maritime School for an extensive upgrade of its existing engine room simulator. The upgrade will make the school the most modern and comprehensive engine room simulator facility in Norway, with the ability to offer a range of exercises for training and courses on different levels.
[Read More]
Source: MarineLink

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Transpetro Invests $239m in Barges & Towboats

Transpetro and Estaleiro Rio Tietê signed in late November, in Ribeirão Preto (SP), an agreement for the construction of 80 barges and 20 tugboats, which will make up convoys for the transportation of ethanol on the Tietê-Paraná Waterway. The new shipyard will be built in Araçatuba (SP).In August, Estaleiro Rio Tietê won the bid for the construction of the new waterway fleet to be operated by Transpetro.
[Read More}
Source: MarineLink

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ONGC, Sistema to merge Russian oil & gas assets

State-run ONGC and Russian conglomerate Sistema have decided to merge their oil & gas businesses in Russia under a joint venture in a no-cash deal where the Indian firm will have a 25% shareholding with a say in management. 
[Read more]
Source: The Economic Times

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ST Marine books upgrade and repair orders

Singapore's ST Marine (Singapore Technologies Marine Ltd.) has secured its first contract from the Royal Australian Navy (RAN). It is to to double-hull the 157.2 m long combat logistics vesse HMAS Success, to be double hulled to meet IMO standards for environmental protection against oil spills. The conversion involves the installation of a second hull internal to the ship.
[Read More]
Source: Marine Log

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Ivanhoe Rises After ‘Significant’ Gas Find in China

Ivanhoe Energy Inc., a Canada-based oil producer, rose 11 percent after announcing what it called a “significant” natural-gas discovery in southwestern China.
Ivanhoe, based in Calgary, rose 29 cents to $2.83 at 4 p.m. on the Nasdaq Stock Market. The shares rose as much as 21 percent, the biggest intraday increase since Nov. 21, 2008.
[Read more]
Source: Bloomberg

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Transpetro to rebid eight product tanker building contracts

Petrobras transportation subsidiary Transpetro is to rebid eight 30,000 dwt product tankers. A new solicitation will go out by the end of this month after Transpetro could not conclude contracts awarded to Brazilian shipyards Rio Nave and Estaleiro Maua under an earlier solicitation.
[Read More]
Source: Marine Log

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Incat Crowther utility cat nears delivery

Recently launched by Australian shipbuilder Richardson Devine Marine at its Hobart, Tasmania, shipyard, Strait Shooter is a 28 m Incat Crowther design utility catamaran built for Carpentaria Contracting. The vessel will be based at the port of Weipa in Australia's north and engaged in a broad range of offshore activities including survey, salvage, towing and service to offlying islands.
[Read More]
Source: Marine Log

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Nacelles Cross Atlantic to Brazil

Vasco Gallega Group recently transported 57 wind turbine nacelles from Bilbao in Spain to Salvador in Brazil. VGG provided export customs clearance, heavy-lift loading and discharge, and sea transport aboard a multi-purpose heavylift Beluga vessel.
[Read More]
Source: Break Bulk

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MACC to charge two top Sime Darby men

The Malaysian Anti-Corruption Commission (MACC) is expected to charge at least two top executives of Sime Darby Berhad with graft today and tomorrow.
Sources said the two, who hold senior positions in the corporate company, were alleged to have received cash as well as other forms of inducements from several people in return for favours, including their assistance in obtaining project.
[Read more]
Source: The Star

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Refinery Equipment Reaches Thessaloniki

Delta Maritime recently completed the transport of heavy equipment bound for the Hellenic Extension Petroleum Refinery outside Thessaloniki, Greece.
[Read More]
Source: Break Bulk

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Marseille’s new gantry cranes to serve 13,000TEU vessels

As part of their investment in port terminals, Portsynergy shareholders CMA CGM and DP World have just taken delivery of the first two gantry cranes for the Terminal de la Méditerranée.
For the CMA CGM Group, these are the fourteenth and fifteenth cranes to be purchased for its French terminals.
[Read More]
Source: Baird Maritime

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Trico Marine to sell remaining towing and supply vessels

United States: Trico Marine Services has reached an agreement to sell Trico's remaining towing and supply vessels and any related operating assets to settle debt related issues.
[Read More]
Source: Baird Maritime

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Scottish anger over Iceland's increased TAC

United Kingdom: Scottish Fisheries Secretary Richard Lochhead has attacked Iceland’s decision to again establish a unilateral mackerel quota.For 2011, the country has boosted its catch proposals from 130,000 tonnes to 147,000 tonnes.
Iceland and the Faroe Islands are both guilty of recently walking away from negotiations with the European Union (EU) and Norway on a new international agreement that would have helped protect the lucrative mackerel fishery into the future.
[Read More]
Source: Baird Maritime

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Santos receives approval for Bangladesh investment

Santos Ltd $200 million investment plan to drill three wells in the Bay of Bengal has received approval from the government of Bangladesh.
The approval comes one month after British oil and gas firm Cairn Energy decided to divest its minority interest in the Sangu gas field off the Bangladesh coast to Santos.
Santos is expected to complete drilling in the three gas structures by April 2012.
Santos will be the first foreign company allowed to sell gas to private users at market price from all three gas structures.
For the half year ended 30 June 2010, Santos reported a net profit of $198 million.
Source: Press release

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China tanker delays rising, says Nor Ocean’s Mansson

Supertankers that ship 2 million barrel cargoes of crude oil face delays at Chinese ports, potentially lowering vessel supply in the Arabian Gulf, said Per Mansson, managing director of Nor Ocean Stockhol.
[Read More]
Source: Arabian Business.com

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P&I clubs warn of risks to shipowners posed by Venezuela narco law

The International Group of P&I Clubs says it is concerned by the "indiscriminate and disproportionate application of criminal law in Venezuela in cases where vessels have been targeted by drug smugglers for the carriage of illegal narcotics."
New legislation to regulate the investigation and potential prosecution of shipowners and crews in such circumstances recently entered into force on October 21, 2010. The "Organic Drugs Law" ("ODL"), repealed earlier laws and appears to increase the evidential burden and potential penalties imposed on shipowners and their crews.
[Read More]
Source: Marine Log

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Gazprom cuts output forecast to 570-580 bcm by 2015

Russia's gas giant Gazprom has cut its gas output forecast for 2015 to 570-580 billion cubic meters per year due to worsening market conditions, the company said on Tuesday.
[Read more]
Source: RIA Vonosti

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New shipbuilding whitepaper shows how industry can beat the recession

AVEVA (LSE:AVV) one of the world’s leading providers of engineering design and information management solutions for the plant, power and marine industries, today announced the release of AVEVA Integrated Shipbuilding, the latest in its series of industry whitepapers. This whitepaper explores how shipyards can optimise the design, procurement and production process through improved information management, shortening schedules, increasing productivity and driving down costs.
Written by AVEVA’s team of experienced naval architects and shipbuilding engineers, the whitepaper identifies and analyses a number of key business processes that have a direct impact on the profitability and ultimate success of today’s shipyards, including:
•       Business capture and sales
•       Executive management information
•       Planning and control
•       Engineering and design
•       Procurement and supply chain
•       Stock and logistics
•       Production
•       Commissioning and delivery
•       The extended shipyard
The paper examines how today’s highly globalised shipbuilding projects often struggle with very localised and disconnected information assets. These “silos” of information make it difficult for shipyards to cope profitably and safely with the staggering amounts of data that the shipbuilding process generates.

The paper proposes the “integration” of both process and technology, so that all data can be validated, shared, audited, automated and re-used, across all business requirements. The integrated shipyard can also operate efficiently in a global environment with multiple vendors and subcontractors, dispersed across many different countries.
Bruce Douglas, Senior VP Marketing & Product Strategy at AVEVA, commented:  “In these economically challenging times, shipyards are focusing their energies on improving process and information availability, to try and beat the recession. Those yards that can control their information flow throughout the many phases of the project will improve their efficiency and competitiveness, as well as enabling their diversification into related industries, like offshore.  We think this new whitepaper will provide shipbuilders with a valuable perspective on the challenges they face in achieving that integrated information flow.”
The whitepaper is available for download from AVEVA’s website – www.aveva.com/whitepapers
Source: Aveva

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Northern Petroleum begins production from Netherlands gas field

Northern Petroleum has commenced production from the Wijk en Aalburg gas field in the Netherlands.
Last week, Northern Petroleum Nederland (NPN) commenced commercial gas production from the Wijk en Aalburg field in the Andel III license.
[Read more]
Source: Energy Business Review

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MEC Resources Offshore Sydney Basin Outgassing

MEC Resources investee company Advent Energy is pleased to announce that Advent’s geophysical advisors Total Depth Pty Ltd has demonstrated that features associated with the Gorgon Gas Field have also been identified in the offshore Sydney Basin.
Total Depth has provided detail of other studies setting out similarities in seabed features observed in the offshore Sydney Basin and those observed associated with other major international gas fields including the +40 Trillion cubic feet (Tcf) Greater Gorgon Project area (in the Carnarvon Basin off the north west coast of Australia) and the 14 Tcf Ormen Lange Gas Field off Norway.
Source: Press release

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Antrim Energy signs agreements for P-Z PSA in Tanzania

Antrim Energy Inc., an oil and gas exploration and production company, has signed two agreements which are expected to lead to the resumption of exploration activities on the production sharing agreement for the Pemba Zanzibar exploration license, or P-Z PSA, offshore and onshore Tanzania.
Antrim Energy has signed an agreement with Ras Al Khaimah Gas Tanzania Limited (RAK Gas) and NOR Energy AS (NOR) whereby Antrim Energy has replaced its previous right to be carried through the pre-drilling exploration phase of the P-Z PSA with a 20% carried interest through the pre-drilling phase and an additional 10% right to participate in the P-Z PSA to be exercised up to 180 days following receipt of the initial drilling results.
The carried interests (up to 30%) are to be repaid from future production. Antrim Energy's previous option was acquired in 2006 as part of a sale of several assets to NOR, including its wholly owned subsidiary Antrim Resources (Tanzania) Limited.
Concurrent with this agreement, RAK Gas and NOR have entered into an agreement that provides RAK Gas with the option to acquire control of the P-Z PSA. As part of this agreement, RAK Gas has undertaken to re-negotiate the P-Z PSA exploration work program with Tanzania Petroleum Development Corporation ("TPDC") and to secure access rights to the license area from the relevant authorities.
The license, which covers 3.5 million acres (14,060 sqkm), is in a prospective oil and gas region that has recently seen significant exploration activity. Licenses on trend are held by Shell, Exxon Mobil, Statoil, Petrobras, Ophir Energy, British Gas and Tullow Oil.
Stephen Greer, President and CEO of Antrim Energy, commented: "We are very encouraged by the entry of RAK Gas into this licence. The Pemba-Zanzibar block has enormous exploration potential, and the area has recently been attracting considerable interest from major petroleum companies."
Source: Press release

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500 Seafarers held hostage by pirates at Christmas

The following is issued on behalf of the Round Table of international shipping associations - and the International Transport Workers’ Federation (ITF).

500 SEAFARERS HELD HOSTAGE BY PIRATES AT CHRISTMAS

As many people are about to enjoy the Christmas holiday season, it is important to remember that over 500 seafarers, of many different nationalities, are currently being held hostage by Somali pirates.

In fear for their safety, and even of their lives, and deprived of contact with their families, these seafarers have also suffered the trauma of having their ships attacked with automatic weapons, prior to being kidnapped for ransom.  Many have been held captive for several months, often in the most appalling conditions, by armed criminals who can be violent and unpredictable.

Merchant seafarers are too often out of sight and out of mind.  It is vital that the international community focuses on the plight of those held in Somalia, as well as the tens of thousands of ships’ crew who, each and everyday throughout the holiday period, will continue to transport the raw materials and finished products that keep our modern world functioning.  About 90% of world trade is transported by sea, including many of those goods, exchanged as Christmas gifts, which have been transported via the high-risk pirate danger area which now extends over much of the Indian Ocean.

There has been an unprecedented degree of co-operation amongst the world’s military navies, whose dedicated personnel are seeking to provide protection to merchant shipping.  But the number of navy ships available is simply insufficient to prevent vulnerable ships from being attacked.  Moreover, 85% of those pirates pursued and captured end up being released, only to reoffend with impunity.  The risk/reward ratio is still far too much in the pirates’ favour.
 
A few months ago there was an incredible global response to plight of the miners trapped in Chile.  The 500 seafarers, held hostage over Christmas in Somalia, are also isolated and terrified, and deserve similar recognition from the media and the public at large.  Governments might then be persuaded to do more to deter, and ultimately eradicate, the scourge of Somali piracy.

Since January 2008, over 2,600 seafarers have been held hostage by Somali pirates.  Additional information is published by the ICC International Maritime Bureau, which does an excellent job collecting statistics and information about piracy attacks on behalf of the global shipping industry.
Source: Bimco

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Naming Ceremony for the Company's first two Drill Ships, Ocean Rig Corcovado & Ocean Rig Olympia

Naming Ceremony for the Company’s two first Drill Ships took place at the Samsung Heavy Industries Shipyard in Korea on December 16th .
Godmother of Ocean Rig Corcovado is Jann Brown, Financial Director of Cairn Energy PLC.
Godmother of Ocean Rig Olympia is Olga Plaksina, Chairperson of the Group Executive Board of Vanco.
Ocean Rig owns and operates Leiv Eiriksson and Eirik Raude, two of the world’s largest and most modern drilling rigs, built for ultra deep water and extreme weather conditions.
The company has four drillships under construction at Samsung Heavy Industries in Korea with scheduled delivery December 31st 2010, March 31st 2011, July 31st 2011 and September 30th 2011.
In 2009, the company generated operating revenues of USD 387,706 million.
Source: Ocean Rig

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Dry bulk market looking for direction amid holidays

The dry bulk market isn’t exhibiting a “festive” behavior, thus cheering ship owners and investors alike. Instead, the industry’s benchmark has been falling this week, with the Baltic Dry Index (BDI) retreating yesterday to 1,886 points, close to its 2010 lowest. Both the capesize and the panamax segments were among the main losing sectors yesterday.
[Read More]
Source: Hellenic Shipping News

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Kamsarmax orders surge in 2010

A surge in kamsarmax orders explain the increase this year in contracts for panamax bulkers.
Clarksons says although the global orderbook for ships continues to decline, there are more panamaxes than at the end of 2009.
[Read More]
Source: Asiasis

Posted on 12/21/2010 / 0 comments / Read More

Norway: Farstad Shipping Awarded 3 Charter Contacts Worth Combined $285M

AHTS Far Shogun (2010, UT 731CD, 24.000 BHP) and AHTS Far Saracen (2010, UT 731CD, 24.000 BHP) have both been awarded 3 years firm contracts by Chevron Australia Pty Ltd to support their drilling program off north west coast of Australia with the new semi submersible rig Atwood Osprey. Chevron also has options to further charter each of the vessels for a total period of 3 years.
[Read more]
Source: Offshore Energy Today

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Dutch environmentally friendly ferry design

Damen Shipyards has announced that it has been tasked with developing a new environmentally friendly ferry design for the Dutch shipping company Rederij Doeksen, which operates passenger and car ferries between Harlingen and the Dutch Wadden islands.
[Read More]
Source: Motorship

Posted on 12/21/2010 / 0 comments / Read More

Sembcorp Marine Unit Gets $400M Rig Building Contract From Noble Corp

Singapore's Sembcorp Marine (S51.SG) said Wednesday its Jurong Shipyard unit has secured a contract worth $400 million to build two rigs for oil and gas offshore drilling contractor Noble Corp. (NE).
[Read More]
Source: The Wall Street Journal

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Vinashin pledges to pay debts after one year of restructuring

The Vietnam Shipbuilding Industry Group (Vinashin) will be able to pay its debts after one year of restructuring, affirmed Vinashin Chairman Nguyen Ngoc Su in an interview with the Vietnam News Agency.
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Source: Vietnam Bridge

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Daewoo wins cargo carrier order from Norway

Daewoo Shipbuilding and Marine Engineering (042660.KS), the world's second-largest shipbuilder, said on Wednesday it had won an order to build five cargo carriers from Norway's Saga Shipbuilding Norway AS.
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Source: Reuters

Posted on 12/21/2010 / 0 comments / Read More

SBM Offshore: FPSO P-57 Starts Oil Production

FPSO P-57 started first oil production on 17 December 2010 on the Jubarte field offshore Brazil in the Campos Basin. This major project milestone marks the final delivery and hand over of the FPSO to Petrobras and has been reached two months ahead of schedule.
The initial contract for the supply of the FPSO to Petrobras was signed in February 2008, with delivery of the unit planned 33 months later offshore Brazil with a further two months scheduled for installation and hook up. Construction works were performed both in Singapore and Brazil with the contractual requirement of 65% Brazilian content being exceeded. 
SBM Offshore will operate the facility for the first three years of production at the Jubarte field which is located 80 km off the Espírito Santo coast at a water depth of 1,260 metres.
The FPSO will produce oil of 17 degrees API and is capable of processing up to 180,000 barrels of oil and 2 million cubic metres of gas per day, facilitating production from 22 interconnected wells, of which 15 are producers and seven are water injectors.
This project is one of the most technically complex facilities SBM Offshore has designed and built for Petrobras so far, and also one of the most challenging in terms of project execution with the high local content requirement for construction in Brazil.
Source: Press release

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Shell Awards Cardamom Deep Project to FMC Technologies

FMC Technologies, Inc. announced today that it has signed an agreement with Shell to supply subsea and topside systems for the Cardamom Deep project in the Gulf of Mexico.
Cardamom Deep is a subsea tie-back to Shell's Auger Tension Leg Platform. The field is located in Garden Banks Block 426 in the eastern Gulf of Mexico in water depths of approximately 2,860 feet (872 meters). FMC's scope of supply includes five subsea production trees, each rated at 15,000 psi. The company will also manufacture and provide subsea and topside controls, manifold and tie-in equipment, and other systems and services. Deliveries will commence in the third quarter of 2011.
"FMC has supported several recent Shell projects in this area, including the Serrano, Oregano, Habanero, and Llano projects," said John Gremp, President and Chief Operating Officer of FMC Technologies. "We are pleased to support the Cardamom Deep field, the latest project awarded under our Gulf of Mexico alliance with Shell."
Source: Press release

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BP restarts production at Azerbaijani oil platform hit by safety fault

BP has restarted production at one of its offshore oil platforms in Azerbaijan after repairing faulty firefighting water pumps.
The Chirag platform, which produces 90,000 barrels a day, was shut down last Saturday after the problems were discovered during routine maintenance. It is part of the vast Azeri-Chirag-Guneshli (ACG) field in the Caspian Sea, which produces 854,000 barrels a day.
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Source: The Guardian

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NPD Releases Norwegian Continental Shelf No.2-2010 Journal

The Norwegian oil adventure has yielded a fantastic return for the nation. Gross revenues from this industry exceed NOK 8 000 billion – with more than half of Norway’s petroleum still to be recovered.
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Source: Offshore Energy Today

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SBM OFFSHORE : FPSO ASENG FINANCING COMPLETED

Aseng Production Company Limited, a Joint-Venture incorporated between SBM Offshore and "GEPetrol, Compania Nacional de Petroleos de Guinea Ecuatorial" (GEPetrol), has successfully secured a US$ 602 million Project Debt facility in order to finance the investment in the lease of the FPSO Aseng to be operated offshore Equatorial Guinea for Noble Energy.
The facility is a combination of a Bank Loan of US$ 400 million and a GEPetrol Shareholder Loan of US$ 202 million under a 5 years tenor.
The Bank syndication is built on a Club Deal basis and is composed of the following eight banks: ING (Facility Agent), Rabobank (Documentation Agent), ABN-Amro (Security Agent), BTMU (Modeling Agent), BNPP, CIC, Natixis and SMBC.
Source: Press release

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Hardy Oil and Gas plc Commencement of Drilling

Hardy Oil and Gas plc, the oil and gas exploration and production company focused in India, is pleased to announce the commencement of drilling of the second exploration well on the D9 exploration licence.
The exploration well KG-D9-B3 commenced drilling on 20 December 2010 using the Transocean drillship Discoverer India in a water depth of approximately 2,950 m. The target depth of the well, which aims to explore the hydrocarbon potential of Tertiary aged sands, is 3,830 m MD.
The D9 exploration licence is located in the Krishna Godavari basin on the East Coast of India and covers an area of approximately 11,605 km2.  Hardy holds a 10 percent participating interest in the licence which is operated by Reliance Industries Limited. The licence's minimum work programme provides for the drilling of four exploration wells. 
Yogeshwar Sharma, Chief Executive Officer of Hardy, commented:
"We are delighted with the commencement of drilling of our second exploration well on this prospective block where a number of promising prospects have been identified. The results of the KG-D9-B3 well are expected in the first quarter of 2011."
Source: Press release 

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Government Approval of the Development Plan of the Abadi Gas Field in the Masela Block, the Arafura Sea, Indonesia

INPEX CORPORATION (INPEX) is pleased to announce today that the Plan of Development (POD) for the Abadi gas field in the Masela Block, the Arafura Sea, Indonesia, was approved by the Indonesian Government. The project has been undertaken by INPEX Masela, Ltd., a subsidiary of INPEX, as the operator, and its project partner PT EMP Energi Indonesia (EMPI), a subsidiary of PT Energi Mega Persada Tbk. The approved POD envisions the adoption of the Floating LNG (liquefied natural gas) for an optimal method for the commercial development.
INPEX submitted a POD in September 2008 to BPMigas, the Indonesian authority for oil and gas upstream business, and was later given an government approval in principle. INPEX then discussed with the Indonesian Government the most optimal development plan based on the results of the third-party evaluation conducted by the Indonesian Government. It has now been concluded that the Abadi gas field will be developed in phases and that one FLNG plant will be constructed and utilized for the annual LNG production of 2.5 million ton for the first phase development.
INPEX Masela and EMPI will proceed to the FEED (Front End Engineering and Design) in a timely manner in order for an early start up of the commercial LNG production.
INPEX continues to seek support from the Indonesian Government and other stakeholders for an early and optimal commercial gas production from the Abadi project.
Source: Press release

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Drydocks World Wins $13 Million FPSO Conversion Project

Drydocks World announced that it has been awarded a conversion contract for the FPSO, estimated at USD 13 million by BW Offshore, one of the world's leading FPSO contractors.
 The vessel, BW Carmen, which has been renamed BW Athena was built in 1994 and converted to an FPSO in 1999. The vessel arrived at the yard recently.
 Under the agreement with BW Offshore, Drydocks World’s scope of work includes lengthening of the vessel and fabrication and installation of a new section for the Submerged Turret Production (STP) system.  All associated piping and electrical modification, module and crane installation and topside repair will be carried out at Dubai shipyard.
 Khamis Juma Buamim, Chairman Drydocks and Maritime World, said: “We have made a name for ourselves in the vessel conversion market and have supported the oil and gas industry with a diverse range of projects, primarily FPSO and FSOs of varying scope and scale suited to industry needs. The contract is a testament to our growing technical capabilities and effective project management skills. We are certain that our growing portfolio of projects from world leading industry players will enhance our clout in this vital sector.”
 Buamim added that "Drydocks World is positive about the future. We are armed with a solid business strategy that takes into account changing trends in the maritime industry."
Source: Press release

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New Head of Environment at Wilhelmsen Ships Service

Wilhelmsen Ships Service is underlining its commitment to the protection of the environment by appointing a new Head of Environment, Thea Corwin.
Thea, who takes up the position on 1 January 2011, will be dedicated to developing a vision, policy, strategy and related plans for the implementation of environmental safeguards throughout the organisation in relation to the marine market. 
 Wilhelmsen Ship Service’s Central Management Team considers the new position to be vital in its aim to develop the company’s position on aspects of environmental concern.  The company’s range of products, services and other activities will all be under consideration regarding environmental impact.  
Anchoring the principles and actions of her role with the various stakeholders - management, employees, and interested parties - will be an interesting and continuous process.  Thea sees significant market advantages in being the first ships service supplier to offer a structured environmental concept. “I am very pleased to take on this new position,” she says. “Everyone has an opinion about environmental challenges in our business and I am looking forward to helping our organisation define our strategy for a more sustainable future.”
Thea was formerly a Strategy Consultant for two years at Wilhelmsen Maritime Services. Prior to that she was with Wallenius Wilhelmsen Logistics where she worked in finance and strategy and later with performance management. She holds a Bachelor's degree in Business from the University of Technology in Sydney, Australia and a Master's degree in International Political Economy from the University of Warwick in the UK. 
Source: Press release

Posted on 12/21/2010 / 0 comments / Read More

Fabio de Oliveira Barbosa Joins BG Group

BG Group announces that Ashley Almanza will stand down from the Board and leave his role as Chief Financial Officer on 31 March 2011. This follows an earlier indication from Mr Almanza of his desire to leave BG Group within the next two years. After 31 March 2011, Mr Almanza will continue to work with BG Group Chief Executive Frank Chapman to bring to conclusion a number of ongoing strategic projects.
BG Group also announced today that Fabio de Oliveira Barbosa has joined the Group. It is intended that Mr Barbosa will join the Board as Chief Financial Officer on 31 March 2011.
Mr Barbosa, 49, was until June 2010 the Chief Financial Officer at the Brazilian mining company Vale SA, the largest private sector company in Latin America and the second-largest metals and mining company in the world by market capitalisation. Prior to joining Vale in 2002, he spent seven years in the Brazilian Ministry of Finance, rising to the role of National Treasury Secretary. He is a former adviser to one of the Executive Directors of the World Bank. Mr Barbosa's appointment to the Board of BG Group will follow the receipt of the necessary UK visa.
BG Group Chairman Sir Robert Wilson said: 
"I am delighted to welcome Fabio to BG Group. He has extensive financial leadership experience with one of the world's largest resources companies and a strong track record in shareholder value creation. I would also like to thank Ashley for his considerable contribution to the Company and our Board."
BG Group Chief Executive Frank Chapman said: 
"Fabio's skills and experience will be invaluable as the Group enters its next decade of growth, and I very much look forward to working with him."
"I would also like to express my gratitude to Ashley for his tremendous commitment and contribution to BG Group for more than eight years as Chief Financial Officer. Ashley has worked with me closely in an exceptional partnership that has helped shape the BG Group business as we know it today. I am also appreciative of his early signalling of his desire to leave the Group and his support in planning a well-ordered transition to Fabio as his successor."

Source: Press release

Posted on 12/21/2010 / 0 comments / Read More

Globe iFusion Wins Inmarsat 2010 Maritime Solution of the Year

Globe Wireless announces that Inmarsat has named Globe iFusion the 2010 Maritime Solution of the Year.
Globe Wireless became a FleetBroadband Distribution Partner in January 2010. In September 2010 Globe iFusion was released, making Globe Wireless the only Distribution Partner that is also a type approved FleetBroadband equipment manufacturer.
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Source: Offshore Energy Today

Posted on 12/21/2010 / 0 comments / Read More

Hydrex repairs drilling vessels in Gulf of Mexico

Underwater ship repairer Hydrex recently carried out a full inspection and removal of all fouling from two drilling vessels in the Gulf of Mexico to reduce the weight and drag of the vessels and increase their available cargo capacity.
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Source: Baird Maritime

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Lamprell CFO Scott Doak Intends To Leave

Oil and gas rig upgrade and refurbishment services provider Lamprell plc said it has been informed by Scott Doak, Chief Financial Officer, that he wishes to leave the company by the end of 2011 to pursue other interests. Scott will, by then, have spent almost five years with the company and played his part in taking the Company on to The London Stock Exchange AIM market, on to the Main List and through one of the most difficult periods the industry has ever faced.
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Source: RTT News

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