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Norway: Lundin to Drill 12 Wells with Island Innovator Rig

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Marine Accurate Well ASA – MARACC has signed a 12 well drilling Contract with Lundin Norway AS for the semi-submersible drilling rig Island Innovator

The contract is expected to provide Island Innovator with minimum of two years of  drilling operations offshore Norway with commencement in the 2nd  quarter of 2013 plus options for 3×4 additional wells.

The value of the initial contract period is expected to be around USD 370 million including mobilization and moving the rig to Norway. Maracc is scheduled to take delivery of its new build semisubmersible drilling and heavy well intervention rig in the 3rd quarter 2012 from the Cosco Shipyard Group in Nantong, China.

The rig will be operated by Odfjell Drilling AS.

Simen Lieungh, CEO of Odfjell Drilling said “The operation of Island Innovator will be an important contribution to Odfjell Drilling’s activity on the Norwegian continental shelf. The contract between the owner Maracc and Lundin Norway AS will mean greater predictability for Odfjell Drilling and our operations in Norway. We will need around 170 employees to operate the rig.

The construction of Island Innovator is being completed at Cosco Shipyard, Qidong in China. Odfjell Drilling has mobilised a follow-up team at the yard that will ensure progress and the quality of the remaining work. The rig will fly the Norwegian flag and will have an Acknowledgement of Compliance (AOC) for mobile installations from the Petroleum Safety Authority Norway.

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Odfjell Offshore Raising up to $500M to Develop Fleet

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by  Odfjell Offshor
Press Release
Monday, March 12, 2012

Norway’s Odfjell Offshore plans to raise up to $500 million in a private equity placing to develop further its fleet of six state-of-the-art ultra deepwater and harsh environment offshore drilling units. In addition, Odfjell Offshore may over-allot up to 10 percent of additional new shares, the firm announced Monday.

Parent company Odfjell Drilling will remain a majority shareholding in Odfjell Offshore after the private placing and will continue to provide its 40 years of operational experience, as well as its 3,000 highly skilled employees in the Odfjell Drilling organization, it said in a statement.

“Odfjell Offshore’s strategy is to expand our drilling operations in the ultra deep water and harsh environment market,” said Odfjerll Offshore Chairman Simen Lieungh. “Our fleet is uniquely positioned and we have a strong backlog. Currently, we have one newbuild ultra deep water semi under construction. In addition we have secured an option to build two similar units at Daewoo Shipbuilding & Marine Engineering in South Korea.”

Odfjell Offshore has retained DNB Markets, Pareto Securities, RS Platou Markets and Swedbank First Securities as joint lead managers and bookrunners, while Danske Markets and Nordea Markets as Co-Lead Managers to advise on and effect the private placement of new shares directed towards investors in Norway and other jurisdictions subject to applicable exemptions from registration and other requirements under applicable securities laws.

The offer price per share will be determined through a book-building process within an indicative price range of between $7 and $8 per share. The bookbuilding period commences Mar.12 2012 and will close Mar. 23 2012. Odfjell Offshore may, however, at any time resolve to shorten or extend the application period at its own discretion, it said.

Odfjell Offshore owns a fleet of highly capable and modern semisubmersible drilling units and UDW drillships currently under contracts in Norway, UK, Brazil, Angola and Tanzania:

  • Deepsea Atlantic (DW semisub) and Deepsea Stavanger (DW semisub).
  • - Two state-of-the-art ultra deepwater and harsh environment semi-submersible drilling units delivered in 2009 and 2010.
  • ‐ Deepsea Aberdeen.
  • - Ultra deepwater and harsh environment semi-submersible drilling rig currently under construction at Daweoo Shipyard in South Korea with expected delivery in May 2014.
  • - Options for two similar units with scheduled delivery in December 2014 and March 2015.
  • Deepsea Metro I (DW drillship) and Deepsea Metro II (DW drillship).
  • - Two ultra deepwater drillships delivered in 2011
  • Deepsea Bergen .
  • - Enhanced 3rd generation North Sea semisubmersible drilling rig designed and built by Odfjell in 1983 (with subsequent substantial upgrades).

Odfjell Offshore has decided to apply for listing on Oslo Stock Exchange following completion of the private placing and targets listing in end May 2012.

Source

INPEX Orders USD 2 bln FPSO from DSME (South Korea)

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The second largest shipbuilder in the world, Daewoo Shipbuilding and Marine Engineering, Co, announces that it has received an order to construct a giant Floating Production Storage and Offloading vessel (FPSO).

The order comes from a Japanese oil giant, INPEX and is a part of the company’s Ichthys project, offshore Australia.

Daewoo made the announcement on the Korea Exchange, saying that the estimated worth of the project is $2 billion.

The FPSO will serve for offshore storage and export of condensate from the Ichthys field. The condensate will be transferred from the CPF to the FPSO and, further, it will be exported from the FPSO via a floating loading hose to offtake tankers.

The vessel will also treat and dispose of produced water. It will be located approximately 2 km from the Central Processing Facilitiy and will contain liquid (condensate and water) treatment facilities, living quarters and associated utilities.

South Korea’s shipbuilders have benefited greatly from the INPEX’s Ichthys project. Samsung Heavy Industries Co Ltd has recently received a $2.71 billion order for the construction of an offshore central processing facility (CPF) for the Ichthys project.

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