Oct 17, 2011

Fred. Olsen Energy ASA: Extension of Option for a Second Newbuild Drillship

Reference is made to notice to Oslo Stock Exchange dated 15th April 2011 regarding an option for a second newbuild drillship. A wholly owned subsidiary of Fred. Olsen Energy ASA and Hyundai Heavy Industries Co. Ltd. have agreed on an extension of the time limit for declaring this option till 20th December 2011. The scheduled delivery for such a newbuild remains 1st quarter 2014.   
Source: Businesswire
Posted on 10/17/2011 / 0 comments / Read More

Daewoo Shipbuilding says wins $1.95 billion orders

Daewoo Shipbuilding & Marine Engineering said on Monday that it had secured a combined $1.95 billion worth of deals.

The South Korean shipbuilder said in a statement that it had signed a $1.4 billion deal to construct an offshore natural gas platform in Australia for Chevron Corp, and a $550 million agreement to build a drillship for an unidentified firm.
Reporting by Hyunjoo Jin and Ju-min Park; Editing by Jonathan Hopfner (Reuters)
Posted on 10/17/2011 / 0 comments / Read More

Atwood Oceanics Announces Contract for the Atwood Condor

ATWOOD OCEANICS, INC., announced that one of its subsidiaries has been awarded a drilling services contract by Hess Corporation for work in the Gulf of Mexico for the Atwood Condor, Atwood's ultra-deepwater, dynamically positioned Friede & Goldman ExD Millennium semisubmersible drilling unit currently under construction at Jurong Shipyard Pte. Ltd. in Singapore.The contract has a firm duration of 21 months, exclusive of the mobilization period from Singapore to the Gulf of Mexico, and includes two one-year options with pricing subject to mutual agreement.



The Atwood Condor is expected to be delivered from the shipyard in June 2012 and will mobilize to the Gulf of Mexico with expected arrival in September 2012. The commitment for the Atwood Condor is expected to run until June 2014, excluding well in progress. With this contract, Atwood's total revenue backlog increases by $329 million to approximately $1.9 billion, excluding approximately $32 million in mobilization revenue.

Rob Saltiel, Atwood President and CEO, commented, "We are extremely pleased with the opportunity for the Atwood Condor to work with Hess Corporation in the Gulf of Mexico. We look forward to demonstrating the Condor's extensive capabilities as we contribute to our client's success in the region."

Atwood Oceanics, Inc., is an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The company currently owns ten mobile offshore drilling units located in the U.S. Gulf of Mexico, South America, the Mediterranean Sea, West Africa, Southeast Asia and Australia, and is constructing an ultra-deepwater semisubmersible, an ultra-deepwater drillship and three high-specification jack ups for deliveries in 2012 and 2013. The company was founded in 1968 and is headquartered in Houston, Texas. Atwood Oceanics, Inc. ordinary shares are traded on the New York Stock Exchange under the symbol "ATW".

Statements contained in this press release with respect to the future, including the expected delivery of the vessel, arrival of the vessel and the length of the firm contractual commitment, are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements are subject to numerous risks, uncertainties and assumptions and actual results could differ materially from those anticipated as a result of various factors including: uncertainties related to the level of activity in offshore oil and gas exploration and development; oil and gas prices; competition and market conditions in the contract drilling industry; the risks inherent in the construction of a rig; delays in the commencement of operations of a rig following delivery; our ability to enter into and the terms of future contracts; possible cancelation or suspension of drilling contracts; the availability of qualified personnel; labor relations; operating hazards and risks; terrorism and political and other uncertainties inherent in foreign operations (including risk of war, civil disturbances, seizure or damage to equipment and exchange and currency fluctuations); the impact of governmental and industry laws and regulations; and environmental matters. These factors and others are described and discussed in our most recently filed annual report on Form 10-K, in our Forms 10-Q for subsequent periods and in our other filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Each forward looking statement speaks only as of the date of the particular statement and we undertake no duty to update the content of this press release or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations.

SOURCE ATWOOD OCEANICS, INC.
Posted on 10/17/2011 / 0 comments / Read More

Oct 16, 2011

Fairmount Glacier Positioned FPSO Usan Offshore Nigeria

Fairmount Marine’s powerful tug Fairmount Glacier has successfully assisted in the installation of the floating production storage and offloading unit (FPSO) Usan, offshore Nigeria. For this operation Fairmount was contracted by Saipem Energies, which needed a 200 ton bollard pull tug for this job.

FPSO Usan is one of the largest of its kind: 320 metres long and 61 metres wide. The unit is build by Hyundai Heavy Industries in Korea. The Usan oilfield is discovered about ten years ago. The field is situated 100 kilometres south of Port Harcourt, with water depths up to 850 metres.

The tug Fairmount Glacier just has had a successful docking in Durban (South Africa) when it was contracted by Saipem Energies. During mobilization towards Nigeria, Fairmount Glacier called at Pointe Noir for preparation works. Directly hereafter the tug proceeded towards the Usan field, offshore Nigeria.


On August 4th Fairmount Glacier connected to the FPSO Usan as requested by Saipem Energies. After almost nine weeks of continuous heading control and other general assistance to the Usan, the FPSO was successfully installed and Fairmount Glacier was ordered to commence demobilization.

Source: Fairmount
Posted on 10/16/2011 / 0 comments / Read More

Fairstar balances loss with increase in future contract revenue

Fairstar Heavy Transport N.V. (FAIR) released its third quarter results to the market. During the quarter Fairstar was awarded over USD 40 million in new contracts for marine transportation services in the next two years. Fairstar now has contracts in place totalling over USD 220 million in total value. The company booked an operating loss of USD 2.6 million in the quarter. Cash on hand totals USD 6.8 million.

Fairstar indicated it is currently in discussions with a Nordic/Dutch banking syndicate to re-finance its current secured loan facility. Philip Adkins CEO provided some further insight on the announcement, "Fairstar is well positioned for the future. Our "Red Box Strategy" has been further validated by new multi-voyage, high value contracts and extensions of existing contracts. We have slugged it out in the spot market this year and have won contracts that will generate the cash flow we require to meet our current financial obligations as well as continued to invest in our business. In early 2012 we will have escaped from the unpredictable and volatile economics of the spot market and begin to book predictable and consistent revenues every month for at least three to five years. Our future will be wedded to the growth of Australia as a major supplier of LNG and the ongoing demand for this energy source from the industrial nations in East Asia.

We are disappointed to post an operating loss this quarter and do not expect 2011 to be a profitable year for Fairstar. However, we have maintained the financial strength and stability necessary to preserve and protect the underlying value of our business and positioned it to create sustainable value for our shareholders for many years to come."

For further information please contact:

Philip Adkins, CEO (philip.adkins@fairstar.com)
Web: www.fairstar.com
Tel: +31 (0)10-403 5333

***

Profile Fairstar Heavy Transport

Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport solutions, specializing in high-value cargoes for the offshore and onshore energy and construction industries. Fairstar owns and operates two of the most modern semi-submersible heavy transport ships in the global fleet, FJORD and FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are currently under construction with Guangzhou Shipbuilding International in China and will be owned and operated by Fairstar when they are delivered in 2012. Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker: FAIR).
Posted on 10/16/2011 / 0 comments / Read More

Dockwise Vangard to deliver Goliat FPSO

Dockwise Ltd. announces its second project for the new-build vessel Dockwise Vanguard. Directly following the transportation of the Jack & St. Malo platform to the Gulf of Mexico in 2013, the Dockwise Vanguard will return to Korea to load and transport the Goliat floating, production, storage and offloading vessel [FPSO] to northern Norway.
The investment decision for the construction of the Dockwise Vanguard has facilitated technical optimization of the production platform, whereby the change offers benefits to the Goliat project with respect to transit time and transportation flexibility. The financial result from this contract and the hereby announced change order confirms the earlier made financial prognosis for the vessel in its first year of operation. Aiming at further assignments for this period Dockwise continues to strive for enhanced revenues compared to its initial plan.
The Goliat FPSO will be operated by Eni for oil production of the Goliat field located offshore Northern Norway in sub-arctic conditions. The platform is designed as a fully integrated and enclosed winterized floating production platform (FPSO).
André Goedée, Chief Executive Officer, Dockwise Ltd, said:
“The Vanguard is already adding unique capacity and new flexibility to the Dockwise fleet. This is of particular value for clients with the most challenging assignments. In case of today’s announcement we created an opportunity for the client to optimize the project execution schedule with a flexible and robust solution for the transportation of the Goliat FPSO from Korea to Europe. We consider this another strong endorsement of Dockwise’s decision to invest in a major new-build asset ahead of the surge in demand for Transport & Installation projects in the next decade.”
Posted on 10/16/2011 / 1 comments / Read More

Oct 5, 2011

Transocean Completes Acquisition of Aker Drilling

Transocean Services AS ("Transocean" or the "Company"), a wholly owned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), has completed the acquisition of 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share.

This acquisition further strengthens Transocean's industry leadership position, adding approximately $1 billion in backlog as well as Aker's two harsh environment, semi-submersible drilling rigs and two drillships under construction in Korea.

Steven Newman, President and Chief Executive Officer of Transocean Ltd., said, "We are very excited about the opportunities this combination brings, both financially and strategically. With the close of this transaction we've immediately enhanced the overall makeup of our fleet, strengthened our position in Norway, and furthered our competitive position in the marketplace through the addition of high-spec assets and exceptional people. We'd also like to welcome the Aker employees to the Transocean team and look forward to working together to identify opportunities to grow our business, provide innovative solutions to our customers, and drive long-term shareholder value."

About Transocean

Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 135 mobile offshore drilling units as well as two Ultra-Deepwater Drillships and four High-Specification Jackups under construction, Transocean's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Transocean owns or operates a contract drilling fleet of 50 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25 Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one swamp barge.

For more information about Transocean, please visit our website at www.deepwater.com.

SOURCE: Transocean Ltd.
Posted on 10/05/2011 / 1 comments / Read More

Dockwise inks Big Foot platform deal

Dockwise today announces new contract wins and variation orders, revised payment terms for the Vanguard, and advances from certain clients. These factors, taken together, will materially improve the company's cash flows and working capital in 2011 and 2012.
New contracts and variation orders

New contract wins include the transportation of the Bigfoot semi-submersible platform for Daewoo/Chevron from South Korea to the Gulf of Mexico in 2012, and eight short term contracts for execution in Q3 and Q4 2011. Confidential variation orders, agreed with an undisclosed client, giving the client greater flexibility in their loading window whilst relinquishing them from existing commitments, will contribute to profits for Q3 2011, as well as add to backlog. Combined, these new contract and variation orders permit Dockwise to report a more than USD 55 million addition to backlog, distributed USD 20 million in 2011 and USD 35 million in 2012 and beyond.

Improved payment terms and advances

Dockwise has secured an adjustment to the payment terms and conditions for Dockwise Vanguard, under which the scheduled Q1 2012 payment will now fall due in Q2. At the same time revised terms will secure an increase in initial payments on a major contract. These advantageous changes will make a material contribution to FY 2011 and Q1 2012 cash flows and working capital.

Dockwise Chief Executive Officer, André Goedée, commented:

"We continue to sustain backlog at record levels, cementing Dockwise's leadership position in the Heavy Marine Transportation and Installation market, and we are confident we will continue to book successfully for the period 2012 and beyond.

As previously outlined, the company is in a period of migration from an environment driven by short term market factors to a more stable growth period characterized by longer term projects and better visibility. The new contracts, revised contractor and client terms will help smooth this transition and ensure that Dockwise meets its bank covenants for the foreseeable future.
Source: Dockwise
Posted on 10/05/2011 / 1 comments / Read More

Oct 4, 2011

Pirates seize ship in Tanzania waters

 It seems that Somali pirates have shifted their base southward running away from international vigilance as their activities are now increasing in Tanzania waters.

Since Sunday at least four piracy incidents have been reported in Tanzania section of the Indian Ocean and yesterday they managed to capture a Panama-flagged ship with 15 Indian crewmen.

Reports obtained in dare w Salaam yesterday said MT Aspahalt Venture was sailing to South Africa from the Kenyan port of Mombasa, when the Somali pirates intercepted it, said Ecoterra International, an organisation monitoring maritime activity in the region.

Ecoterra said the vessel “is at present observed to have turned around and obviously is commandeered northwards to Somalia.”

Information obtained by the organisation from the ground said a pirate group had captured the vessel and is heading towards Harardhere at the central Somali Indian Ocean coast.

This happened only a day after pirates on Tuesday attacked a chemical product tanker in Tanzanian waters as it was sailing to Dar es Salaam, but the ship managed to escape, according to European Union’s anti-piracy naval force.

The attack on the Malta-flagged MV Mississippi Star, with 18 crew members, was the second such incident in the waters of the East African state since Sunday.

On Sunday, the Tanzania Peoples Defence Forces (TPDF) navy captured a suspected Somali pirate after a gun battle near Mtwara port, an area where London-based, Africa-focused oil and gas firm Ophir Energy has an exploration vessel.

“MV Mississippi... was attacked by a pirate skiff. The pirates, firing automatic rifles and RPGs, attacked the vessel 45 nautical miles north east of Dar es Salaam,” EU Navfor said in a statement adding:

“Mississippi Star took evasive action and escaped the attack. The vessel had been proceeding from Mombasa when attacked; no injuries have been reported.”

EU Navfor said an Italian warship, the Libeccio, that was nearby went to the scene and was monitoring the situation, and the Tanzanian navy had been alerted.

Hijackings off Somalia’s coast, an anarchic Horn of Africa nation, have earned pirates tens of millions of dollars in ransoms, raised shipping insurance premiums and forced ships to take longer, costlier routes to evade pirate hot spots.

Due to increase of international flotilla of warships patrolling the waters off Somalia, it seem that they pirate have decided to move further south, hence increase of attacks in Tanzania waters.

In the meantime, TPDF said yesterday it will not be dazzled by the increasing wave of attacks from the pirates.

The TPDF Director of Information and Public Relations, Lt Col Kapambala Mgawe told The Citizen that they would continue to patrol Tanzania waters as it is their preliminary duty to provide security even to the deep sea.

Speaking over the phone, he said that TPDF has a duty of ensuring that all 800km of beach strip from north to south and 350km towards the sea is under Tanzania mandate.

“It is our (TPDF) to secure this area. All passing vessels should be taken care off, so we are doing this for the sake of Tanzanians,” said Lt Col Mgawe when asked if they have any contract to provide security to the oil explorers.

He said the exploration was conducted for the benefit of the country and because it was being conducted within the Tanzania territory, it was their responsibility to ensure that it is safe.

“We have a duty to ensure that security is maintained in all the area covered by that theory whether there is exploration going on or not,” he added.

He said TPDF has also been offering security services to other vessels which traverse Tanzania waters.

On another development, Lt Col Mgawe said they were now collaborating with Police Force on the interrogation of a person who was captured on Sunday when a group of people believed to be Somali pirates attacked the oil explorer ship near Mtwara.

“This incident might end into a court case and as you know we have no mandate to take anyone to court and that is why we have decided to involve the Police Force,” he clarified.

Meanwhile, addressing seafarers in dare s salaam yesterday, the Permanent Secretary in the ministry of Infrastructure Development, Mr Omar Chambo said that currently a total of 403 ship crews from 19 different ships are currently being held hostage by Pirates worldwide.

Mr C hambo said that the government was doing everything it can in combating piracy in collaboration with other countries.
Source: The Citizen
Posted on 10/04/2011 / 0 comments / Read More

Eni awarded Block North Ganal in Indonesia

San Donato Milanese (Milan), 4 October 2011 - In the 1st Indonesian International Bid Round 2011, Eni, as part of a consortium including Niko Resources Ltd., Black Platinum Energy Ltd, Statoil ASA and GDF SUEZ has been awarded the North Ganal Block, located offshore East Kalimantan, Indonesia. Eni will be the operator of the new PSC (Production Sharing Contract), which will be signed by the end of the year.
The North Ganal Block covers an area of 2,432 square km in the Kutei Basin, a prolific hydrocarbon province, with several giant discoveries already in production. The North Ganal deal involves the drilling of 1 well and the carrying out of 200 km of 2D seismic survey during the first 3 years of exploration. The Bontang LNG processing facility is located about 80 km west of the North Ganal acreage.
This award confirms Eni as one of the major oil companies committed to invest in E&P activities in Indonesia.
Eni already presented the Plan of Development for Jangkrik field to the Indonesian Authorities, which is expected to go on stream from 2015 thanks to a fast development activity. Eni recently made another important discovery at Jangkrik NE, in the offshore Kutei (Muara Bakau PSC), near the North Ganal Block.
Eni has been operating in Indonesia since 2001. Overall, in Indonesia, Eni holds working interests in twelve blocks, and operates six of them. The offshore activities are located in the Tarakan and Kutei Basins, offshore Kalimantan, north of Sumatra West Timor. In the Kutei basin, Eni is also participating in the development of the significant gas reserves located in the Ganal and Rapak blocks.
Other activities are located in the Mahakam River Delta, East Kalimantan, where Eni has an equity production of approximately 20,000 boed and has recently been awarded an interest in Sanga Sanga CBM, a new coal-bed methane production sharing contract (PSC) through its operated joint venture affiliate VICO CBM Limited (Eni 50%, BP 50%). The Sanga Sanga project would be the first LNG plant in the world to be supplied by CBM.
Source: Eni
Posted on 10/04/2011 / 0 comments / Read More

Keppel wins order for Safin’s first KFELS B Class jackup rig worth US$199 million

Keppel FELS Limited (Keppel FELS) has secured a contract for its high-specification KFELS B Class rig from Safin Gulf FZCO (Safin) worth US$199 million.

Scheduled to be delivered to Safin in 3Q 2012, the rig will be a refurbishment and upgrade of a KFELS B Class jack-up rig that Keppel FELS purchased earlier this year.

The high-specification KFELS B Class rig will be installed with offline stand building features. It will also have a full 15,000 psi BOP system, 70-feet cantilever outreach, with upgraded mud pit storage capacity of 4,000 bbls and be able to accommodate up to 150 personnel.

Mr Raimonds Namikis, Executive Vice President of Safin said, "The high-specification KFELS B Class is a proven design and with the tight jack-up market, we are delighted to be able to receive it much earlier than if we were to place a new order. In working with Keppel, we are assured of the effectiveness of their proprietary designs and the reliability of their project management. This will enable Safin to meet the needs of our customers and kick start the programme of our premium rig fleet."

Mr Wong Kok Seng, Managing Director of Keppel FELS said, "With the refurbishment and upgrade of this jackup, we are able to provide a high-specification rig on a fast-tracked schedule. Such jack ups are in high demand, especially for those scheduled for delivery in 2012.

"We are pleased to embark on a new partnership with Safin and look forward to supporting them as they expand their offshore fleet and presence in the Middle East. Our keen understanding of our customers' businesses enables us to anticipate their needs and tailor the appropriate products and services for them. "

The above contract is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.
Source: Keppel
Posted on 10/04/2011 / 0 comments / Read More

SHI Delivers Ocean Rig’s Fourth DrillShip Ocean Rig Mykonos

On September 29th the company took delivery of its fourth drill ship, Ocean Rig Mykonos. The drill ship is currently mobilizing for operations in Brazil for Petrobras.
A drill ship is a drilling facility in the form of a ship, which can facilitate the drilling of crude oil and gas in deep sea areas with severe waves, and thus the related sea platform installation is difficult. It incorporates both ship technology and sea plant technology.
Main Dimensions:
Main deck dimensionsh m Unit overall length, 228 meter
No. and diameter of main columns No./ ft NA
No. and diameter of small columns No./ ft NA
Light Ship Weight MT 35,850
Gross tonnage MT
Drilling Draft / Displacement m / MT 96,000
Transit draft / Displacement m / MT 66,500
Survival draft / Displacement m / MT 96,000
Moon pool dimensions: m x m 25,6 m x 12,48 m
Max. opening through spider deck m
Height Pontoon NA
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.
Source: Ocean Rig
Posted on 10/04/2011 / 0 comments / Read More

Philippines: One of the World’s leaders in shipbuilding

Manila, Philippines- The Philippines is already considered worldwide as the leading source for good and quality seafarers in the maritime industry.
Now, another laurel will be placed in the country’s shipping industry, as it becomes the 4th leading shipbuilder in the world.
International shipbuilder Hanjin Heavy Industries recently inaugurated its two latest ship called The MV Star borealis and the MV Star Polaris. Around 20,000 Filipino worked on the assembly of the two vessels which according to company’s official was finished at a record time.
Last year, the company was able to produce 10 ships at the Subic Bay Metropolitan shipyard. This production helped largely in pushing the country as one of the top ship producers in the world.
“Filipino workers’ skill is very much upgraded,” said Taek Kyun Yoo, Managing Director, external trade team of Hanjin Heavy Industries.
The company also believes that the industry can go further in the country especially with the excellent skills of the Filipino workers. The said company is also one of the biggest foreign investors in the Philippines.
Currently, Hanjin Heavy Industries is set to expand their operations in the Philippines as it has already reserved 200 hectares for added facilities. This expansion is expected to push the current position of the Philippines as a world leader in shipbuilding ever higher in the coming years.
Source: Crossworld
Posted on 10/04/2011 / 0 comments / Read More
 
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