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Houston, TX: Petrobras Awards Subsea Supply Contract to Dril-Quip (Brazil)

Dril-Quip, Inc. today announced that Dril-Quip do Brasil LTDA, its wholly owned subsidiary, has been awarded a four-year contract by Petrobras, Brazil’s national oil company, for the supply of subsea wellhead systems and associated tools to be used in the drilling of deepwater wells offshore Brazil.

Based on current exchange rates and after Brazilian taxes, the contract is valued at $650 million if all of the equipment under the contract is ordered. Amounts will be included in Dril-Quip’s backlog as purchase orders are received under the contract. Dril-Quip expects to begin delivering products under the contract in the second half of 2013.

The contract is subject to customary terms and conditions for agreements of this type, including termination, extension, product inspection, local content requirements and price adjustment provisions.

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.

Subsea World News – Petrobras Awards Subsea Supply Contract to Dril-Quip (Brazil).

Swiber Incorporates New Subsidiary in Mexico

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The Board of Directors of Swiber Holdings Limited and together with its subsidiaries announces that Swiber Offshore Construction Pte Ltd and Kreuz Engineering Ltd, direct and indirect subsidiaries of the Company, have incorporated a new wholly owned subsidiary in Mexico, known as Swiber Offshore Mexico SA DE CV. The initial issued share capital of SOM is 50,000.00 Pesos.

The principle activity of SOM is to engage in engineering, procurement, construction and installation of subsea pipeline.

The above transaction is funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and its Group for the current financial year ending 31 December 2012.

Source

Singapore: Sembcorp Secures FSRU Conversion Contract with Golar LNG

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Jurong Shipyard, a wholly-owned subsidiary of Sembcorp Marine, has secured an approximately S$20 million contract from Golar LNG Energy to convert the LNG Khannur, a Liquefied Natural Gas (LNG) tanker, to a Floating Storage and Regasification Unit (FSRU) to be renamed West Java FSRU.

The 125,000-cbm LNG tanker, which arrived in Jurong Shipyard recently, will be converted into a FSRU capable of producing 500 MCFD (million cubic feet per day) of gas, with a regasification capacity of approximately 3.8 MTPA (million metric tonnes per annum).

The West Java FSRU represents Golar’s fourth FSRU project for PT Nusantara Regas, a joint venture between Pertamina and PGN. On conversion completion, the vessel will be installed 15km offshore Muara Karang, Jakarta Bay, in Indonesia, where it is contracted to operate until the end of 2022, with provision for further automatic extension options to 2025 subject to certain contract conditions.

The West Java FSRU project will be Indonesia’s first LNG regasifaction terminal and represents the first FSRU project in Asia.

The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2011.

Original Article

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