McDermott Awarded EPCI Contract by Al-Khafji Joint Operations

McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced that one of its subsidiaries was awarded an engineering, procurement, construction and installation (“EPCI”) project for Al-Khafji Joint Operations (“KJO”), in the Hout field in water depths up to 31 meters.

The EPCI project comprises more than 600 tonnes of structures including a tripod jacket, deck and flare tower and 42 kilometers of 24-inch subsea pipeline. McDermott will also carry out modifications to a number of existing platforms in the Hout field, through its dedicated brownfield division in Jebel Ali.

“McDermott has worked in the Al-Khafji field since the mid 1960’s and we are currently executing the Ratawi Water Injection Project for KJO,” said Stephen M. Johnson, Chairman of the Board, President and Chief Executive Officer of McDermott. “I believe our unique experience with KJO has allowed us to develop a deep understanding of the field requirements, enabling us to provide the best possible solution for this project.”

McDermott’s scope of work includes engineering, with construction from its Jebel Ali fabrication facility and installation using vessels from its global fleet, scheduled to mobilize in the third quarter of 2013.

Source: McDermott

Posted on 3/19/2012 / 0 comments / Read More

Otto Marine Charters Oranda 1 Vessel to Mexican Company

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services, announced that it has secured a time charter contract from a prominent Mexican offshore platform construction company for an initial value of USS 14.9 million for a 450 day period.

The Mexican company an option to extend the contract for another 12 months, bringing the potential value of the contract to approximately USS 20.0 million. The 4,200 bhp Work Maintenance Vessel “Oranda 1″ measures 75 x 24 meters and is ABS classified.

“Oranda 1″ has achieved a 96% utilization rate and has completed 4 projects in South East Asia since May 2010. This vessel will be operated by the Group’s wholly- owned subsidiary, Global Workboats Private Limited (“Global Workboats”). “Oranda 1″ deployment marks the Group’s entry ¡n Mexican waters to support general topside platform maintenance works undertaken by diversified energy service companies.

Deputy President of Otto Marine, Mr Aw Chin Leng, commented,“Following a series of chartering contract wins in Africa, India and Australia, we are pleased to announce our first contract to operate in Mexican waters. Mexico is shaping up to be a very active market in 2012 and fits well Into our strategy to significantly grow the Group’s geographical presence in this neck of the woods over the next couple of years.”

Managing Director of Global Workboats, Capt. Mike Kelly, commented that “We are very pleased to enter what Is essentially a new offshore oil and gas market for Global Workboats with the Oranda 1. The vessel has proven to be very successful  in SE Asia and this has translated into a long term opportunity for her. I am positive Oranda 1 will achieve the same results in Mexican waters.”

The contract is expected to have positive contribution to the Group’s FY2012 earnings.

Source: Otto Marine

Posted on 3/19/2012 / 1 comments / Read More

Hurricane appoints EPC Offshore to advise on Lancaster development

Hurricane Exploration plc (“Hurricane”), an oil exploration company focused on hydrocarbon resources in fractured basement reservoirs, announces that it has appointed EPC Offshore to select the optimum concept for the development of Hurricane’s Lancaster discovery, one of the most significant oil discoveries in the West of Shetlands in recent years. Hurricane has a 100 per cent holding in Lancaster and has a CPR indicating mid-case Contingent Resources of over 200 million barrels of recoverable oil.

The first phase of the project is expected to run until the end of the year with front-end engineering design commencing in 2013. EPC has provided a team to work with Hurricane’s staff at its offices to develop the Field Development Plan.

Keith Kirby, Hurricane’s Chief Communications Officer, said, “we are delighted to be working with the EPC team. EPC’s professionalism and expertise is invaluable in the development planning for Lancaster. It’s great to see them integrating into our Eashing office so quickly and working closely with us. This is an important step in Hurricane’s development strategy.”

Source: Hurricane Exploration

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Stx Osv Secures Contract For One Subsea Support Vessel For Island Offshore

STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, has secured a new contract for the construction of one advanced subsea support vessel for Island Offshore. The value of the contract amounts to more than NOK 500 million(USD 86.8 million).

The vessel will be of Rolls Royce’s UT 737 CD design. The overall length will be 96 meters with a beam of 21 meters. The vessel will be equipped with one 125 tons offshore crane and ROV systems for operations up to 3,000 meters water depth. It will be designed with a moon pool, accommodations for 60 persons and according to NOFO standards for oil spill response.

Delivery is scheduled from STX OSV Brevik in Norway in 1Q 2014. The hull of the vessel will be delivered from STX OSV Braila in Romania.

The Island Offshore Group is a leading provider of services to the offshore industry ranging from Platform Supply and Anchor Handling to Advanced Subsea Operations including Increased Oil Recovery (IOR) and Light Well Intervention (LWI).

Source: STX OSV

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Gazprom and Statoil discusses Shtokman Phase-1

The Gazprom headquarters hosted on 16th March a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Helge Lund, President and Chief Executive Officer of Statoil.

The parties discussed cooperation issues on launching the Shtokman field Phase 1 pre-development.

The core businesses of Statoil are oil and gas exploration and production. The company has been producing hydrocarbons on the Norwegian continental shelf for over 35 years and is the pioneer in offshore projects implementation in harsh climatic conditions. The Norwegian government is the major shareholder of Statoil (67 per cent).

The Shtokman field is situated in the central part of the Russian sector of the Barents Sea.

C1 reserves make up 3.9 trillion cubic meters of gas and 56 million tons of gas condensate.

The Shtokman gas and condensate field development project is of strategic importance for Gazprom. The project implementation will give a start to a new gas production region in the Arctic shelf of Russia.

The Shtokman field will become a resource base for building up deliveries of Russian gas both by pipeline and in the form of LNG (liquefied natural gas) to the domestic and foreign markets.

Gazprom Neft Shelf, a wholly-owned subsidiary of Gazprom, holds the gas and gas condensate exploration and production license for the Shtokman field.

On February 21, 2008 Gazprom, Total and StatoilHydro (present Statoil) signed the Shareholders Agreement on establishing Shtokman Development AG

, a special purpose vehicle to implement Phase 1 of the project. Gazprom holds 51 per cent in the company, while Total and Statoil hold 25 and 24 per cent accordingly.

Shtokman Development AG will own Shtokman Phase 1 infrastructure for 25 years, starting from the date on which the field is brought onstream.

Source: Gazprom

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