Monthly Archives: July 2012
Polarcus Limited, a UAE-based owner of hi-tech seismic fleet has announced second quarter 2012 financial results.
The second quarter 2012 was characterized by improved market conditions. This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a function of improved utilization.
Rolf Ronningen, CEO Polarcus, commented on the results: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway. Coupled with our continuing focus on operational performance and the efficient and timely delivery of Polarcus Amani and Polarcus Adira, Polarcus has delivered a record utilization in the quarter of 89%, up from 72% in the same quarter last year.”
Looking ahead, Ronningen continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”
Highlights in the second quarter 2012:
Revenues of USD 114.3 million, up 74% from Q2 11
EBITDA of USD 42.9 million, up 157% from Q2 11
EBIT of USD 21.9 million, up 657% from Q2 11
Net Cash Flow from operating activities of USD 48.1 million
Polarcus Adira delivered on time and on budget
Fleet backlog extended to an estimated total value of USD 325 million
Vessel utilization at 89%, comprising Contract 81% and Multi-Client 8%
Repaid USD 55 million 13% bond and partly replaced by a USD 410 million fleet bank facility
Successful transfer of shares to the Oslo Stock exchange main list
The Alaska Pipeline Project (APP) announced that it will conduct a non-binding public solicitation of interest in securing capacity on a potential new pipeline system to transport Alaska’s North Slope gas.
The solicitation of interest will take place from August 31 through September 14, 2012.
The solicitation of interest is being conducted to identify parties potentially interested in making future capacity commitments on a pipeline system from the Alaska North Slope to a gas liquefaction (LNG) terminal at a tidewater location in south-central Alaska or to an interconnection point near the border of British Columbia and Alberta in Canada.
APP will conduct the solicitation of interest in accordance with the Alaska Gasline Inducement Act (AGIA), which requires TransCanada, as the AGIA Licensee, to assess market interest in a pipeline transportation system for Alaska North Slope gas every two years after its first open season.
APP has set a high priority on providing access opportunities for in-state natural gas to heat and power local homes, business and industry. All options being pursued under AGIA provide for a minimum of five delivery points for local natural gas connections in Alaska.
Cal Dive International, Inc. announced today that it has entered into a 50/50 strategic partnership with Fugro for the long-term charter of the DP2 Toisa Paladin, a 2007 purpose built, DNV classed, diving support vessel.
The charter party agreement with Toisa Pte Ltd will be shared equally between Cal Dive and Fugro and has a three-year term plus two six-month extension periods. Cal Dive and Fugro will bring together their respective expertise to jointly pursue the growing number of subsea projects to provide construction, diving, ROV and other services to the offshore energy industry.
The Toisa Paladin is currently working on its first project in Malaysia. Cal Dive also announced that it has entered into a three-year frame agreement with a major international oil and gas operator under which it expects to keep the Toisa Paladin utilized through the end of the year.
Quinn Hébert, President and Chief Executive Officer of Cal Dive, stated, “We are pleased to announce our alliance with Fugro and the charter of the Toisa Paladin. We have a long and successful relationship with Fugro and are expecting big things from this new venture. They are a world class organization and the Toisa Paladin is a world class vessel. This expands our capabilities and service offering to our client base and fuels our growth plans in Australia and other international markets.”
The award is an extension of services from a previous well campaign and will last for the duration of one year.
Expro will provide an extended well test, data acquisition services and its drill stem testing (DST) package including Expro’s CaTS™ wireless telemetry technology which will be utilized as a surface read-out system.
Work will take place across two exploration and appraisal (E&A) wells in the Lungahe and Elombo fields and two development wells in Dissoni.
Expro’s Southern & West Africa region director, Riccardo Muttoni, said: “Perenco is pressing ahead with major development plans in Cameroon and the neighboring areas. This award provides a platform for us to showcase our technologies and solution focused attitude.
“This is one of the jobs we have done in the region using our CaTS technology and the contract also provides potential for us to introduce our strengths in tubing conveyed perforating (TCP) and complete the full well flow management package.”
- Successful final commissioning of Expro’s AX-S subsea well intervention innovation (mb50.wordpress.com)
- Norway: Expro’s AX-S System Installed on Havyard’s Havila Phoenix Vessel (mb50.wordpress.com)
Vantage Drilling, a Cayman Islands exempted offshore drilling contractor, reports a net loss of $10.0 million or ($0.03) per diluted share for the three months ended June 30, 2012 as compared to a net loss of $40.1 million or ($0.14) per diluted share for the three months ended June 30, 2011.
- SMU Report: Permitting delays & new regs stifling offshore drilling (mb50.wordpress.com)
Texas factory activity continued to increase in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 15.5 to 12, suggesting slightly slower output growth.
Other measures of current manufacturing activity also indicated slower growth in July. The new orders index was positive for the second month in a row, although it moved down from 7.9 to 1.4. Similarly, the shipments index posted its second consecutive positive reading but edged down from 9.6 to 7.4. The capacity utilization index came in at 8.7 after rising to 13.3 last month.
Perceptions of broader economic conditions were mixed in July. The general business activity plummeted to -13.2 after climbing into positive territory in June. Nearly 30 percent of manufacturers noted a worsening in the level of business activity in July, pushing the index to its lowest reading in 10 months. The company outlook index remained positive for the third month in a row but fell from 5.5 to 1.6.
Labor market indicators reflected stronger labor demand. Employment growth continued in July, although the index edged down from 13.7 to 11.8. Twenty-one percent of firms reported hiring new workers, while 10 percent reported layoffs. The hours worked index was 4.1, up slightly from its June reading.
Price pressures were largely unchanged in July, although compensation costs rose at a faster pace. The raw materials price index held steady at 3, suggesting only slight increases in input costs this summer after strong upward pressure earlier in the year. Selling prices fell for the fifth consecutive month in July; the finished goods price index was -5.5, virtually unchanged from last month’s reading. The wages and benefits index rose nearly 10 points to 22.9, largely due to a marked rise in the share of firms noting increased compensation costs. Looking ahead, 36 percent of respondents anticipate further increases in raw materials prices over the next six months, while 25 percent expect higher finished goods prices.
Expectations regarding future business conditions were less optimistic in July. The index of future general business activity slipped from 1.3 to -7.3, registering its first negative reading in 10 months. The index of future company outlook remained positive but fell from its June level, coming in at 5.3. Indexes for future manufacturing activity also decreased, although all remained in strong positive territory.
The Dallas Fed conducts the Texas Manufacturing Outlook Survey monthly to obtain a timely assessment of the state’s factory activity. Data were collected July 17–25, and 89 Texas manufacturers responded to the survey. Firms are asked whether output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month.
Survey responses are used to calculate an index for each indicator. Each index is calculated by subtracting the percentage of respondents reporting a decrease from the percentage reporting an increase. When the share of firms reporting an increase exceeds the share reporting a decrease, the index will be greater than zero, suggesting the indicator has increased over the prior month. If the share of firms reporting a decrease exceeds the share reporting an increase, the index will be below zero, suggesting the indicator has decreased over the prior month. An index will be zero when the number of firms reporting an increase is equal to the number of firms reporting a decrease.
More to come… Source
- Texas manufacturing activity surged in June, Fed report says (bizjournals.com)
- Texas factories boomed in June (mysanantonio.com)
McDermott International, Inc. announced today that one of its subsidiaries has been awarded a contract by the Discovery system for offshore facilities in the Gulf of Mexico. The value of this contract is included in McDermott’s second quarter 2012 backlog.
Williams Partners L.P.owns 60 percent of the Discovery system and operates it. DCP Midstream Partners, LP owns the other 40 percent of the Discovery system.
The project is to deliver new junction facilities for Discovery’s Keathley Canyon Connector™ pipeline system with a 3,300-ton, four-leg platform in 350 feet of water. The unmanned platform will provide pipeline junction facilities for incoming deepwater pipelines from the Hadrian South and Lucius fields and for outgoing shallow-water pipelines to shore.
Fabrication is expected to commence this summer at McDermott’s Morgan City facility in Louisiana. Offshore installation is expected to commence during the third quarter of 2013, and is intended to be ready for operational start-up before the end of the year.
McDermott’s deepwater combination heavy lift and pipelay vessel DB50 is expected to perform the installation. The DB50 has recently undergone extensive enhancement to its power and propulsion systems, and has a new deepwater lowering system.
- Noble’s New Drillship Enters Three-Year Contract in GoM (mb50.wordpress.com)
- USA-GOM: Galapagos Production Rates Above Forecast (mb50.wordpress.com)
- GoM Lease Sale: Apache Expands Presence in Gulf of Mexico (mb50.wordpress.com)
- Houston, Texas: Deep Down Receives Multiple Services Contracts (mb50.wordpress.com)