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Superior Energy Reports Solid Operating Results (USA)

Superior Energy Services, Inc. announced net income from continuing operations of $142.8 million, or $0.90 per diluted share, and net income of $141.9 million, or $0.89 per diluted share, on revenue of $1,243.3 million for the second quarter of 2012.

Subsea World News – Superior Energy Reports Solid Operating Results (USA).

Houston, TX: Oceaneering Reports Record Second Quarter Results (USA)

Oceaneering International, Inc. today reported record second quarter earnings for the period ended June 30, 2012. On revenue of $673 million, Oceaneering generated net income of $72.6 million, or $0.67 per share. During the corresponding period in 2011, Oceaneering reported revenue of $546 million and net income of $56.7 million, or $0.52 per share.

Subsea World News – Oceaneering Reports Record Second Quarter Results (USA).

Technip Announces Operating Income Results (France)

Subsea World News – Technip Announces Operating Income Results (France).

USA: KBR 2Q Net Income Up

USA: KBR 2Q Net Income Up LNG World News.

Baker Hughes Sees Rise in May 2012 Rig Numbers

Baker Hughes

by  Baker Hughes
Press Release
Friday, June 08, 2012
 
Baker Hughes announced Thursday that its worldwide rig count for May 2012 was 3,335, up 38 from last month.
 
The company’s international rig count, which excludes its rigs in the United States and Canada, for May was 1,225, up 47 from last month.
The company’s US rig count for May was at 1,977, up 16 from last month. Its Canadian rig count for the same period was 133, down 25 from its number last month.

RIGZONE – Baker Hughes Sees Rise in May 2012 Rig Numbers.

USA: SCA’s Award for Excellence in Safety Goes to Bollinger Shipyards

Bollinger Shipyards, Inc. was awarded the 2011 “Award for Excellence in Safety” by the Shipbuilders Council of America for the seventh consecutive year. With focused efforts of continuous improvement, they also earned the 2011 SCA “Award for Improvement in Safety”.

Read more: Shipbuilding Tribune – USA: SCA’s Award for Excellence in Safety Goes to Bollinger Shipyards.

SMU Report: Permitting delays & new regs stifling offshore drilling

Rig workers, like Robert Cornett, right, pause while mopping the decks on the Hercules 251. (Photo: Smiley N. Pool, Houston Chronicle)

by Jennifer A. Dlouhy

The offshore drilling industry is still rebounding from a five-month moratorium and new regulations after the 2010 Gulf oil spill, with consumers paying the price at the pump, according to a new report being released today.

The findings buck the conventional wisdom about a recent resurgence in offshore drilling that has caused a spike in demand for workers and a run on rigs to drill new wells.

Drilling contractors, including Diamond Offshore Drilling Inc., Noble Corp., and Rowan Cos., say they are seeing strong demand for their rigs. Energy analysts predict 10 more will float into the Gulf this year. And the number of active offshore rigs in the United States was higher at the end of April 2012 than the average total in 2009, the year before the spill (the economic decline had driven down demand that year).

But according to the new analysis, conducted by the Southern Methodist University Cox Maguire Energy Institute, high rig counts, the numbers of federal permits to drill new wells and other positive stats mask problems that could mean suppressed oil and gas production for years to come.

The study was commissioned by the Gulf Economic Survival Team, which has been lobbying for swifter permitting of offshore projects.

Read more: Fuel Fix » SMU Report: Permitting delays & new regs stifling offshore drilling.

Enhanced recovery through subsea compression at Gullfaks

Statoil and partner Petoro have agreed to apply subsea gas compression on the Gullfaks South field. This technological leap forward represents an important milestone in the efforts to improve recovery from this and other gas fields.

This technology adds 22 million barrels of oil equivalent to the production from the Gullfaks South Brent reservoir. The partners will invest some NOK three billion in the technology project scheduled to be completed in the autumn of 2015.

“Innovation and technology development are essential to improved oil and gas recovery and extended life for the fields on the Norwegian continental shelf. The development of subsea compression and processing is a central part of Statoil’s technology strategy for long-term production growth,” says Statoil’s executive vice president for Technology, Projects and Drilling, Margareth Øvrum.

The Gullfaks project is the second large subsea gas compression project planned by Statoil. In April this year the plan for development and operation for Åsgard subsea compression was approved by the Norwegian Parliament.

Both projects are scheduled to be compled in 2015. Furthermore Statoil is responsible for the technology qualification for Shell for a third not yet decided project, the Ormen Lange pilot. There are good synergies between the different projects.

Subsea gas compression is an important step on the road towards Statoil’s ambition of installing the elements for a ”subsea factory”. Subsea processing is key to getting access to resources in Artic areas and deepwater assets.

Read more:  Enhanced recovery through subsea compression at Gullfaks.

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