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DeepOcean Group Wins Trenching Job for COOEC in China

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CTC Marine Projects, Ltd., a subsidiary of DeepOcean Group Holding AS, announced the award of a major trenching contract for COOEC on the Liwan 3-1 Project in China located 350 kilometres offshore Shenzhen, China.

CTC will be responsible for the trenching of approximately 174 kilometres of 30-inch pipeline from the Shallow Water Host Platform of the Liwan field development in water depth of 205 metres. For this workscope, CTC will use the MSV Volantis equipped with two ROVs and the world’s most powerful jet trenching ROV, the 2.1 Megawatt UT-1 Trencher.

imageTony Stokes, Director of CTC’s Asia Pacific operations, states, “This project, along with the recently completed project with the Volantis and UT-1 in South Korea, shows the demand for CTC’s trenching technology in the thriving South East Asia region. We look forward to a successful campaign and are very pleased to cooperate with COOEC Subsea on such an epic project.”

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Schlumberger to Acquire Norway-Based SPT Group

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Schlumberger announced that it has entered into an agreement with Altor Fund II to acquire SPT Group—a privately owned software company specialized in dynamic modeling for the oil and gas industry.

The company provides a combination of software and consulting services for multiphase flow and reservoir engineering applications. Closing is subject to customary regulatory approvals.

“The dynamic modeling and reservoir optimization software of SPT Group will complement the existing Schlumberger production software portfolio,” said Tony Bowman, President, Schlumberger Information Solutions (SIS). “In combination with the Petrel* E&P software platform and other SIS technologies, this will enable customers to further optimize production from reservoir performance to processing facilities.”

“This is a great testament to our employees and a remarkable opportunity for the company,” commented Tom Even Mortensen, Chief Executive Officer of SPT Group. He continued, “Combining the skills, abilities, presence and technologies of the two companies will further increase the scale of our activities and enable continued delivery of products and services with the quality and pace the market demands.”

SPT Group Chairman and Altor Partner Reynir Indahl added, “We are proud to have developed a very successful company together with SPT Group management, and believe that Schlumberger will be a great home for SPT and its employees.”

SPT Group, founded in 1971, is headquartered in Norway and employs approximately 280 people in 11 countries worldwide. The company is a leader in dynamic modeling of multiphase flow and reservoir optimization through renowned software products and a global team of professional consultants. SPT Group has invested more than most comparable firms in developing cutting-edge technology. The company’s employees, global presence, close ties to industry research environments, and clear focus on customer needs have been important factors in its success.

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Norway: Greenland Group to Supply PetroFlame for Island Innovator Rig

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Grenland Group, a full-service engineering, procurement and construction company based in Norway, has been awarded a contract for two PetroFlame® burner booms for the semisubmersible drilling and intervention rig, Island Innovator.

Island Innovator is owned by Marine Accurate Well ASA (Maracc), and the rig is currently under completion at COSCO Shipyard in Qidong, China. Main shareholder of Maracc is the Island Offshore group.

“We are proud to be awarded this contract by Island Offshore, one of the leading providers of well intervention services. This contract proves once again our competitiveness in the global market”, says Erik Taule, EVP Solutions at Grenland Group.

“This taylor-made PetroFlame® system combines our extensive experience of design, fabrication and construction. The design will be done at our office in Sandefjord, and fabrication will be subcontracted to Jutal, China, and closely followed up by our Shanghai office“, says Jan-Erik Totland, Product Manager at Grenland Group.

The PetroFlame® burner booms supplied by Grenland Group is designed for permanent installation on vessels or mobile offshore drilling units, and for the purpose of well testing. The PetroFlame® keeps the gas flare and burner head in safe distance from the vessel structures to achieve low level of heat radiation.

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Brazil: Schahin Group Receives USD 692 Million Loan for New Deepwater Drillship

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In one of the most significant cross-border financings involving Brazil’s offshore energy sector this year, Milbank, Tweed, Hadley & McCloy LLP​ has represented a consortium of major international lenders providing a US$692 million debt facility for the purchase of the Black Diamond I deepwater drillship by Schahin Group.

The Brazilian energy and construction conglomerate is purchasing the drillship – to be built by Korea’s Samsung Heavy Industries – and will then charter it to Brazil’s Petrobras (Petróleo Brasileiro SA). Schahin Group has also entered into an operating agreement with Petrobras. Milbank advised joint lead arrangers The Export-Import Bank of Korea (Kexim), Mizuho Corporate Bank, WestLB AG and Standard Chartered Bank​ – along with a group of five other lenders from Europe and Asia.

A series of recent offshore discoveries by Petrobras have catapulted Brazil to the front ranks of energy-rich nations – industry watchers project that the country could become the world’s fourth-largest oil producer over the next decade. The Black Diamond I drillship – vital in the pursuit of capturing deepwater oil and gas reserves – has the capacity to operate in sea depths up to 3,000 meters (9,800 feet), and drill to a depth up to 10,000 meters, including area beneath the seabed (32,800 feet).

Milbank project finance partner Daniel Bartfeld led the firm’s representation, along with project finance senior associate Roland Estevez and associates Anne Shutkin, Alyssa Frederick and Jeeseon Ahn.

“International interest in the Brazilian offshore sector continues to be very strong, as major new fields continue to be identified, solidifying Brazil’s importance as a critical source of global energy for decades to come,” Mr. Bartfeld said. “We are pleased to work with some of the world’s leading international institutions in the financing of a new drilling rig to be used by Petrobras. The transaction highlights that leading lenders such as KEXIM, Mizuho, Standard Chartered, WestLB and the others have strong capacity for financing well-structured projects in Brazil’s offshore energy sector.”

Mr. Estevez added, “The international lending community is keenly interested in supporting major energy projects throughout Latin America, and nowhere is that appetite more acute right now than in Brazil. This deal, involving several of the key energy players in the country, is another example of Milbank’s ability to help leading Brazilian companies raise significant capital.”

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China: Sinopacific Group Delivers Ulstein Design OSV to Neptune Offshore

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In the afternoon of October 26, Sinopacific Shipbuilding Group, China’s leading shipbuilding enterprise held the ship naming and delivery ceremony at its Zhejiang shipyard for SX130, the global first fabricated model of Offshore Support Vessel (OSV) built for Neptune Offshore AS.

Gracing this occasion were Ningbo Feng Hua Municipal Party Secretary Rong Xuehai, Sinopacific Shipbuilding Group Chairman and CEO Simon Liang, Sinopacific Shipbuilding Group Executive Manager Lin Bo, and representatives from other government departments, the bank, the shipowner, and the ship inspection department.

Together, they witnessed the official naming of the SX130 sister pair as “Neptune Despina” and “Neptune Larissa”. This year alone, Sinopacific Shipbuilding Group has successfully delivered three global first fabricated high-end OSVs, such as GPA 696 in April and PX105 in September. With advanced construction capabilities that are rare among global OSV manufacturers, this reflects the group’s ability to manufacture deep-water OSVs and reinforces its position as a leading manufacturer of top-quality OSVs.

SX130 is a classic representative among high-end OSVs as a PSV / IMR vessel used for the inspection, maintenance and repair of offshore facilities to ensure normal and safe working condition. It can meet operational demands with efficient solution for satisfying the general demands of the offshore industry as well. The SX130 was designed by the world-renowned Norwegian design firm Ulstein Design AS, incorporating its exclusive Ulstein X-BowTM. This design guarantees steady navigation and operations in adverse offshore environments, proving higher safety levels. Furthermore, the reduction in sailing resistance effectively reduces fuel consumption and supports the goal of energy conservation. The construction and configuration of the SX130 follows the strict European standards, thereby allowing inspections, repairs and installations to be completed at depths of 3,000 meters and even in dire environments of the North Sea where environmental protection requirements are more demanding.

While the design and construction of high-end OSV was previously concentrated in Europe and North America, Sinopacific Shipbuilding Group has “emerged from the competition” based on a forward-looking strategy of differentiated products. Building on a unique strategic positioning of “Leadership in Niche Markets”, the group ultimately won the trust of and OSV orders from European and North American companies based on its merits of excellent project management and technical capabilities, world-class OSV construction facilities and the integrated capabilities of world-class designers and suppliers.

“OSV is akin to the commercial ship in the field of offshore engineering. Its broad application means that all offshore oil and gas exploration projects need it. So I am confident about the future prospects of the OSV market. Although we are taking mostly international OSV orders at present, the local high-end OSV market demand is growing and possesses tremendous market potential.” said Sinopacific Shipbuilding Group Chairman and CEO Simon Liang, “Opportunity only favours those who are prepared. We will continue to be strategically-driven, leveraging on a business model of innovative and advanced technologies to maintain our lead in the niche shipbuilding markets.”

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