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.
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.
- Has Hercules Offshore Become the Perfect Stock? (fool.com)
- HERO Crosses Above Key Moving Average Level (forbes.com)
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.
- Geo-Pressured Shale Causes Stuck Pipe (bensaif.com)
- Noble Homer Ferrington to Drill Gabriella License Offshore Israel (mb50.wordpress.com)
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.
- National Oilwell Varco profits leap on petroleum supplies sales (bizjournals.com)
- Analyst Ratings Update for National Oilwell Varco (forbes.com)
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.”
- Houston, Texas: Deep Down Receives Multiple Services Contracts (mb50.wordpress.com)
Forum Subsea Deploys Perry T-1200 Trencher in UK
Forum Subsea Technologies, a business line of Forum Energy Technologies, Inc. announces the completed deployment and successful operation of the new Perry T-1200 Trencher for Canyon Offshore, a subsidiary of Helix Energy Solutions Group.
The T-1200 is mobilized to bury power cables at Sheringham Shoals, an offshore wind farm in the United Kingdom that is owned equally by Statoil and Statkraft through joint-venture company Scira Offshore Energy Limited. The wind farm, which is currently under construction, has 88 wind turbine generators, located 17 to 23 km offshore from the coastal town of Sheringham, North Norfolk.
Perry trenching systems are recognized by many clients as a market leader in this technology due to their design, reliability and capability and have been successfully utilised in challenging trenching environments throughout the world. The T-1200 Trencher is an update of the successful T-750 trencher also owned and operated by Canyon Offshore since 2004.
Forum Subsea Technologies is a business line of Forum Energy Technologies, Inc. Their ROV product line ranges from electric observation class ROVs to large hydraulic work-class vehicles used for inspection, survey and deep-water construction, as well as other remote intervention technologies and services. Forum Subsea Technologies is positioned to support its customers through a global sales team and a worldwide network of distributors and service centres.
Forum Energy Technologies Inc.,headquartered in Houston, Texas, is a global provider of manufactured technologies and applied products to the energy industry. With approximately 3,300 employees located throughout the world, Forum is well positioned to provide the products and technologies essential to solving the increasingly complex challenges of the subsea, drilling and production sectors of the oil and gas industry.