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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).

USA: Vantage Drilling Reports Record Revenues

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Offshore drilling contractor, Vantage Drilling Company, reports a net loss of $9.3 million for the 4th quarter, 2011 as compared to a net loss of $13.0 million for the 4th quarter, 2010.

Net loss for the full year, 2011 was $54.8 million, excluding approximately $25.2 million of charges for the early retirement of debt as compared to a loss of $19.8 million in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, Vantage reported a net loss $80.0 million for the full year 2011 as compared to a net loss of $47.6 million in 2010.

The company reported record revenues of $485 million for full year 2011 compared to $278 million in 2010.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are very pleased to announce record annual revenues and income from operations. Vantage continues to deliver operational excellence. Our jackup fleet had outstanding productive time for the year in excess of 99% and the Platinum Explorer completed its initial year of operations with productive time in excess of 92%. Market conditions are improving, particularly for new, modern rigs like ours.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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Singapore: EMAS Achieves Record Order Book with New Contracts

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EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry and operating brand for Ezra Holdings Limited announces two further contract awards worth a total of approximately US$131.5 million.

EMAS’s fabrication division, recently rebranded as TRIYARDS, has been awarded a US$76.5 million contract to fabricate and deliver a self-elevating mobile offshore platform/unit for a client based in Asia Pacific. The unit will be manufactured by the Group’s fabrication division’s yard in Vung Tau, Vietnam, the Group’s second yard facility in country. The fabrication division provides fabrication and vessel design as well as engineering services and has previously built one of the world’s largest self propelled jack-up rigs of its kind.

In a separate announcement EMAS reported its subsea division, EMAS AMC, has been awarded a US$55 million contract for SURF (subsea umbilicals, risers and flowlines) installation and pipe lay from Statoil for work in the North Sea.

Mr Lionel Lee, EMAS’s Managing Director, said: “Our continued stream of new contract wins across the globe by our various divisions validates our internationalisation strategy. We had identified subsea services for our next phase of growth, and since our strategic acquisition of Aker Marine Contractors last year to form EMAS AMC, we have been able to push our Group orderbook to almost US$2 billion in a short span of a year.

“The offshore energy industry is increasingly recognising EMAS as a trusted global player. Our contracts now come from beyond Asia Pacific, and include the challenging environments of the Gulf of Mexico and the North Sea. I am extremely delighted with the momentum and track record we have achieved, and I am confident we will be able to sustain this growth with all our divisions competing for projects around the world.”

EMAS recently announced the award of a US$70 million contract (with options valued at US$30 million) from Apache Energy Limited, allowing EMAS AMC to achieve its US$1 billion subsea orderbook target ahead of time.

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Australia: Woodside’s First CWD Well Breaks Record with AGR’s RMR

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An ambitious exploratory well project has entered the record books – with AGR’s Riserless Mud Recovery (RMR™) system from their Enhanced Drilling Solutions division helping to make it possible.

Woodside called a total section depth of 1,905m (6,250ft) on the Tidepole East-1 exploration well off Western Australia. It was the first time that Woodside had used the Casing While Drilling (CWD) method on one of its wells and the depth reached sets a new world record for the technique.

RMR™ enabled Woodside to use the type of drilling mud needed to maximize the wellbore smearing effect that CWD provides, which helps keep the wellbore stable.

The system allows top-holes to be drilled using weighted mud, with fluid and cuttings returned to the rig and no discharge. It is also able to supply the low pump rates and good hole-cleaning capability required to drill efficiently, despite the relatively narrow annulus that was a feature of this project.

Thanks to RMR™ and the casing being run during the drilling process, there were no losses to the formation during that stage – an all-too-common occurrence with conventional drilling method.

AGR’s ingenuity solves the challenge

Standard internal or external wellhead adapters could not be used on this project for the RMR’s™ Suction Module (SMO) without extensive modification to the Permanent Guide Base, or without causing difficulties when it came to landing the High Pressure Well Head (HPWH) on the Low Pressure Well Head (LPWH) later on in the operation.

AGR’s ingenuity provided the solution, with an internal adapter being devised that could be split. This meant that the casing could be drilled down with the SMO in place.

General Manager EDS Asia Pacific, Bernt Eikemo, said: “When it was time for the HPWH to be landed on the LPWH, the SMO could simply be lifted off the LPWH using two ‘tugger’ winches on the rig, with an ROV performing the split.

“This of course has never been done before but, with a simple design and good communication with the ROV Company, it proved to be a great solution and it took next to no time for the ROV to release the locking pins and split the adapter.”

The operation went smoothly, with an impressive Rate of Penetration (ROP) achieved of some 60m (197ft) per hour. Bernt added: “This would have been impressive even with conventional drilling. To be able to drill these kinds of wells and others in a quick, simple way like this can potentially create great savings for operators.

“Working within areas with challenging geotechnical conditions, a proper mud system and the ability to have full returns are vital for success. RMR™ is perfect for this application.”

AGR recently surpassed the 500-well landmark for its Cutting Transportation System (CTSTM) and RMR™. Next year will see the first deployment of the company’s EC-Drill™ Managed Pressure Drilling system.

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