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Bank run in Greece

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We got ourselves a new twist on an old-fashioned bank run! By gum, it’s been a while.

Spiegel is reporting that Greeks, anxious over their financial crisis and the possibility of being booted from the European Union, are raiding their savings accounts.

The story notes that since the start of 2010, Greek banks lost nearly 30 percent of their total savings amounts, with September and October seeing a combined loss of 14 billion euros.

Greeks are either living off those savings or sending it out of country.

-Chris Quinn

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Cyprus: Deep Sea Supply Provides October Fleet Status Update

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In October 2011 Deep Sea Supply`s AHTS fleet (all 12 AHTS Vessels) had an average gross income of approx. USD 19,600 per ship per day compared to USD 15,800 in September.

The PSV fleet (all 8 PSVs) had an average gross income of approx. USD 20,000 per ship per day compared to USD 20,200 in September.

The AHTS Sea Tiger has been approx 50% off hire in October due to scheduled maintenance program.

Sea Vixen, which was delivered from the yard in October, is not included in the figures.

Deep Sea Supply ship owner and operator of a substantial number of Anchor Handling Tug Supply vessels (AHTS vessels) and Platform Supply Vessel (PSV) with extensive newbuild program.

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Drilling Offshore Cuba to Begin in October

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Construction of the Scarabeo 9 platform in Singapore will be completed by the end of June, Saipem SpA, the oil services company that owns the deep-sea drilling rig, said in its first-quarter report.

Assuming the semi-submersible leaves July 1 and an anticipated 60- to 80-day transit, it should arrive in Cuban waters by September. Scarabeo 9 could then begin drilling for a consortium led by Repsol YPF “sometime in October, worst-case and no weather- or other related delays,” said Jorge Piñón, a Miami-based oil industry expert.

Scarabeo 9 is currently under construction at the Keppel Fels Shipyard in Singapore. Arrival had originally been expected for early this year. Saipem cited “modifications requested by clients and a delay in the construction schedule” in its quarterly report. Construction of Scarabeo 9 is complicated by U.S. content restrictions.

“Everybody is anxious,” Basic Industries Ministry official Rafael Tenreyro told reporters during a recent oil conference in Havana.Ninety-nine percent of the platforms are late. It’s normal, it’s not extraordinary.”

Once the Repsol assignment is done, the Scarabeo 9 is scheduled to perform at least four more exploratory drills through 2013 for other oil companies in Cuban waters. The drills will be in water depths between 400 meters (0.25 miles) and 1,500 meters (1.6 miles). Six companies and consortia have contracted offshore 22 blocks in Cuba.

Cuban officials are hopeful to tap big oil and gas reserves in the Gulf, saying that foreign oil companies have identified more than 20 prospects for commercially viable finds.

Cuba Standard

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