Daily Archives: August 9, 2012

GulfMark Orders Two Platform Supply Vessels from BAE Systems (USA)

GulfMark Americas, Inc. has selected BAE Systems’ shipyard in Mobile, Alabama to build two new platform supply vessels that will serve offshore drilling operations. The contract reflects continued growth in U.S. commercial shipbuilding for BAE Systems and a major step forward in the company’s support to the oil and gas industry.

Each of the GulfMark vessels will be qualified under the U.S. Jones Act and will measure 288 feet long and 62 feet wide. The selection also includes options to build two additional platform supply vessels in the future.

“GulfMark is excited about partnering with BAE Systems on this important project,” said David Rosenwasser, chief operating officer of GulfMark Offshore. “BAE Systems demonstrated unique capabilities that are essential to us, and we look forward to building a long-term relationship going forward.”

The design for the BAE Systems-built Green DP2 vessels will be provided by MMC Ship Design & Marine Consulting, Ltd. of Poland and will be based on similar platform supply vessels currently under construction for GulfMark abroad. The new vessels will be U.S. flagged and will support the anticipated future demand in the Gulf of Mexico offshore market, as well as other areas around the world as necessary.

“This contract reinforces our commitment to new construction in the commercial market and strengthens BAE Systems’ position as a highly competitive and financially stable builder of technically sophisticated ships,” said Richard McCreary, vice president of BAE Systems Southeast Shipyards. “We continue to grow our backlog of projects and build our workforce in Mobile.”

The GulfMark contract is part of a recent expansion at the Mobile shipyard. Last month, the company teamed with Mid Ocean Tanker Company and Alterna Capital to complete the American Phoenix, a U.S. flag/Jones Act-qualified product chemical tanker. Measuring 616 feet long and 105 feet wide, it is the largest vessel ever built and launched in the State of Alabama. BAE Systems has also begun construction on the MV Magdalen, a trailing suction hopper dredge that is scheduled to be delivered in 2014.

In addition to the vessels under construction in Mobile, BAE Systems announced in June that it was awarded a contract with Great Lakes Dock & Dredge Company to build two dump scows, which are used for dredging operations. Construction on the 262-foot-long dump scows is expected to start in October.

BAE Systems currently employs more than 650 people in Mobile and expects to hire an additional 275 workers there by the end of this year.

With state-of-the-art craft shops and fabrication facilities, no job is too big or too small for BAE Systems — from container and supply vessels to mega-yachts and tugs. Serving both military and commercial markets, the company operates six full-service shipyards in Mobile, Alabama; San Francisco and San Diego, California; Jacksonville, Florida; Norfolk, Virginia; and Pearl Harbor, Hawaii.

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Hercules Offshore Buys More Shares in Discovery Offshore S.A.

Discovery Offshore S.A. announced today that Hercules Offshore Inc.  has on 8 August 2012 acquired 2,658,500 shares in Discovery Offshore at an average price of approximately NOK9.50 per share.

Following the acquisition, Hercules Offshore holds 21,012,834 shares in the Company, corresponding to 32.1% of the share capital. Two members of the Discovery Offshore Board are executives of Hercules Offshore. Discovery Offshore is a Luxembourg-based public limited liability company incorporated in January 2011 for the purpose of owning new ultra high specification jackup drilling rigs.

The Company’s main assets are two Keppel FELS Super A high specification harsh environment jackup rigs currently under construction, with delivery scheduled for the second quarter and fourth quarter of 2013, respectively.

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GeoGlobal Stuck at Myra-1 Well (Israel)

GeoGlobal Resources Inc. yesterday announced as the Operator of the Myra-1 well, that there has been a stuck pipe incident while drilling the well which could not be released.

“As we could no longer continue the drilling according to the original plan, after consultation with the partners, we decided to side-track the current hole and continue the drilling to reach the gas target,” said the company in a statement.

GeoGlobal and its partners in the Myra License, offshore Israel,  have approved an increase of US$4,000,000 to the drilling budget of the Myra-1 well and an additional seven days extension in which to complete the drilling.

GeoGlobal is the well Operator and owns a 5% interest in the Myra-1 well which is located approximately 80 kilometres off the coast of Israel in approximately 1,500 meters of water.

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National Oilwell Varco to Buy Robbins & Myers for USD 2.5 Bln (USA)

National Oilwell Varco, Inc. and Robbins & Myers have entered into an agreement under which National Oilwell Varco will acquire Robbins & Myers, Inc. (NYSE:RBN) in an all cash transaction that values Robbins & Myers at approximately $2.5 billion.

Under the agreement, Robbins & Myers’ shareholders will receive $60.00 per share in cash in return for each of the approximately 42.4 million shares outstanding (“the Transaction”.) The Boards of Directors of National Oilwell Varco and Robbins & Myers have unanimously approved the transaction, which is subject to customary closing conditions, including the approval of two-thirds of Robbins & Myers shareholders. Closing would be expected to occur in the fourth quarter of calendar 2012.

Robbins & Myers’ largest shareholder, M.H.M. & Co., Ltd, which owns approximately 10% of the outstanding common shares of Robbins & Myers (“Common Stock”) has agreed to vote its Common Stock in favor of the Transaction in accordance with the terms of a support agreement entered into in respect of the Transaction. The support agreement will terminate in the event the merger agreement is terminated in accordance with recommendation of the Board of Robbins & Myers.

Mr. Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “Robbins & Myers has many complementary products with those National Oilwell Varco currently offers the industry. I am particularly enthusiastic about the prospect of incorporating their downhole tools, pumps and valves into National Oilwell Varco Petroleum Services & Supplies and Distribution & Transmission segments. We feel that our combined manufacturing infrastructure and portfolios of technology will further advance our presence in the oil and gas markets we serve. We are extremely excited about this combination and look forward to welcoming a very talented group of employees into the National Oilwell Varco family.”

Mr. Pete Wallace, President and Chief Executive Officer of Robbins & Myers commented, “Robbins & Myers Board of Directors believes that the proposed transaction with National Oilwell Varco represents a compelling value for our shareholders. This transaction allows Robbins & Myers to join forces with an industry leader that will enable its business segments to fully capitalize on their respective strategies, enhance leadership positions in niche applications, and execute growth plans at a faster pace. We have worked hard to create a focused business with reduced complexity and a culture of continuous improvement, all based on improving customer productivity and profitability. This is the right time for this transaction and I believe National Oilwell Varco is the right partner to take us to the next level of performance.”

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.

Robbins & Myers, Inc., headquartered in Houston, TX, is a leading supplier of engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The company provides products and services for upstream oil and gas markets, along with a portfolio of industrial process and flow control products. Robbins & Myers has 3,400 employees and operates in 15 countries.

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Deep Down Receives Umbilical Carousel Order (USA)

Deep Down, Inc., an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services has been successful in its proposal to a major international umbilical manufacturer for the manufacture, installation and commissioning of a portable umbilical carousel.

The project has an estimated value of $4 million in revenue to Deep Down and is scheduled for delivery in the second quarter of 2013, with procurement of long lead items commencing this month.

Ron Smith, Chief Executive Officer of Deep Down, Inc. stated, “We are delighted with this opportunity. We currently have outstanding quotes in excess of $30 million for our carousel design and this project further recognizes that we are a leading provider of innovative umbilical solutions to the oil and gas industry.”

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