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USA: FMC Technologies, Edison Chouest Offshore Team Up

FMC Technologies, Inc. announced today that it has formed a joint venture with Edison Chouest Offshore LLC. The new company will be based in Houston.

Utilizing the subsea technologies, tooling and expertise of FMC Technologies, and the vessel, port logistics and ROV operations of Edison Chouest Offshore, the new company intends to provide integrated vessel-based subsea services for offshore oil and gas fields globally. Services to be offered by the joint venture include equipment intervention, riserless light well intervention, plug and abandonment and other services. The company’s objective is to provide cost-effective solutions to enhance the customer’s ability to initiate, maintain, and increase production from subsea field developments through efficient operations, innovative technologies and a broad inventory of vessels and tools.

 ”We are pleased to be working with Edison Chouest Offshore to expand the portfolio of subsea services offered by FMC Technologies,” said Tore Halvorsen, FMC Technologies’ Senior Vice President, Subsea Technologies. “This joint venture will provide integrated subsea solutions to address the growing needs of our customers to increase production and improve field recovery rates.”

 ”We look forward to working with FMC Technologies on this new venture,” said Dino Chouest, Vice President of Operations, Edison Chouest Offshore. “Their leadership in the subsea market combined with our expertise in marine transportation will bring new integrated technologies and operations to the development of subsea fields.”

Subsea World News – USA: FMC Technologies, Edison Chouest Offshore Team Up.

Polarcus’ 2Q Revenues Up 74 Pct (UAE)

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today

Polarcus Limited, a UAE-based owner of hi-tech seismic fleet has announced second quarter 2012 financial results.

The second quarter 2012 was characterized by improved market conditions. This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a function of improved utilization.

Rolf Ronningen, CEO Polarcus, commented on the results: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway. Coupled with our continuing focus on operational performance and the efficient and timely delivery of Polarcus Amani and Polarcus Adira, Polarcus has delivered a record utilization in the quarter of 89%, up from 72% in the same quarter last year.”

 Looking ahead, Ronningen continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”

Highlights in the second quarter 2012:

Revenues of USD 114.3 million, up 74% from Q2 11

EBITDA of USD 42.9 million, up 157% from Q2 11

EBIT of USD 21.9 million, up 657% from Q2 11

Net Cash Flow from operating activities of USD 48.1 million

Polarcus Adira delivered on time and on budget

Fleet backlog extended to an estimated total value of USD 325 million

Vessel utilization at 89%, comprising Contract 81% and Multi-Client 8%

Repaid USD 55 million 13% bond and partly replaced by a USD 410 million fleet bank facility

Successful transfer of shares to the Oslo Stock exchange main list

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today.

USA: KBR 2Q Net Income Up

USA: KBR 2Q Net Income Up LNG World News.

Fincantieri, NLI to Offer New Solutions to Offshore Industry (Norway)

Fincantieri, NLI to Offer New Solutions to Offshore Industry (Norway)| Offshore Energy Today

The shipbuilding giant Fincantieri Cantieri Navali Italiani S.p.A. and NLI, a Norwegian total supplier to oil & gas business, announce today the signing of a collaboration agreement, supporting the aim to penetrating the Mobile Drilling Units construction market.

This agreement includes the development of an innovative high quality drilling tower.  For NLI the partnership is a milestone. In 1974 they delivered the first derrick to the Norwegian offshore industry. Most recently they have developed a drill tower solution new to the global market. With this Italian-Norwegian partnership NLI sees a great opportunity to reach out with their innovative solutions.

From now on the parties will include each other when approaching the market and present their projects to the various contractors and operators / oil companies.

The agreement follows the recent creation of the new Fincantieri Offshore Business Unit, dedicated to the commercialization and production of high valued offshore vessels such as Drill ships, Semisubmersibles Drilling Rigs, Pipe Layers, Construction Vessels and Non Standard Supply Vessels.

The Fincantieri Offshore value proposition is based on the offer of new generation turn-key vessels, tailor made to meet specific client requirements.

Mr. Sigve Barvik, Marketing Director of NLI commented: “We now have a yard, with financial power and world class know-how, which is prepared to support the potential of our drilling tower. Fincantieri’s European deep-water drilling initiative is unique and will allow to fully develop a drilling tower with superior performance, efficiency, eco friendliness, and safety for the personnel”.

Commenting on the agreement, Mr. Giuseppe Coronella, EVP Fincantieri Offshore Business Unit said: ”We are very motivated to start this joint development process with a company delivering quality drilling and topsides engineering solutions. this will strengthen the capability of the established Fincantieri’s drilling supply chain, the “Polo Offshore”.

Read more about NLI’s innovative “Northern Light” derrick.

Source: Fincantieri, NLI to Offer New Solutions to Offshore Industry (Norway)| Offshore Energy Today.

Baker Hughes Rig Counts: International Offshore Rigs Up by 11 (USA)

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Baker Hughes Incorporated announced today that the international rig count for February 2012 was 1,204, up 33 from the 1,171 counted in January 2012, and up 15 from the 1,189 counted in February 2011.

The international offshore rig count for February 2012 was 320, up 13 from the 307 counted in January 2012 and up 11 from the 309 counted in February 2011.

The US rig count for February 2012 was 1,981, down 27 from the 2,008 counted in January 2012 and up 282 from the 1,699 counted in February 2011. The Canadian rig count for February 2012 was 701, down 19 from the 682 counted in January 2012 and up 78 from the 623 counted in February 2011.

The worldwide rig count for February 2012 was 3,886 up 25 from the 3,861 counted in January 2012 and up 375 from the 3,511 counted in February 2011.

The Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States, Canada and international markets. Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of US and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975.

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Australia: DeepOcean Wraps Up Kipper Tuna Turrum Trenching

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CTC Marine Projects, Ltd. (“CTC” or the Company), part of DeepOcean Group Holding AS, has announced the completion of its trenching work for the Kipper Tuna Turrum Project in the KTT Field located 45 kilometres offshore Victoria, Australia.

The work was undertaken on contract for McDermott Industries (Aust) Pty Ltd. The Company performed trenching of the recently installed hydraulic and electrical umbilicals located in 100 metres of water.

Prior to going offshore in late December 2011, CTC pre-assembled the A-Frame and CMR3 remotely operated trenching vehicle in Bell Bay, Tasmania, following its transportation from the UK. The trenching spread, which when transported weighed 112 tonnes over 10 units, was then mobilised onboard the client-operated vessel DSV Emerald Sea.

Following the completion of this project, the spread has been demobilised and is ready to commence further work in the APAC region.

“This project was another well planned and executed trenching job by CTC”, says Pierre Boyde, Commercial and Business Development Director. “We currently have another trenching spread, the world’s premier ROV trencher UT-1 on our Volantis subsea construction vessel working in South Korea, and we expect to remain active in this important APAC region.”

Located off the Victorian coast in Bass Strait, ExxonMobil Australia’s Kipper Tuna Turrum Project is currently one of the largest domestic gas developments on the eastern seaboard.

The $4 billion project will develop cleaner-burning natural gas supplies to help secure Victoria’s energy future, and holds enough energy to power a city of a million people for 35 years. Over 3000 people will be involved in the project,  including engineering, project management, and fabrication and offshore construction teams. The Kipper facility construction is expected to be complete in 2012, while Turrum is expected to be completed in 2013.

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Fairstar FJELL to Carry Hercules 185 Jack-up Back to West Africa

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Fairstar Heavy Transport N.V. (FAIR) has been awarded a contract by Hercules Offshore to transport the jack-up drilling rig Hercules 185 from Pascagoula, Mississippi to West Africa in the First Quarter of 2012 on board Fairstar’s open stern, semi-submersible vessel FJELL.

The contract value is USD 2.6 million. The FJELL is currently underway to Malta where it will load the Northern Offshore rig ENERGY EXERTER in the Grand Harbour in January. After discharging the ENERGY EXERTER in Northern Europe, FJELL will sail to the Gulf of Mexico to load the Hercules 185.

Chris Muilwijk, Team Leader of Fairstar’s Client Services Group stated: “Fairstar is looking forward to work again with Jim Stevens of High Seas Maritime Services and the operations team at Hercules Offshore. The Hercules 185 was safely transported by the FJELL to Pascagoula earlier this year and our crew on board the FJELL is committed to returning the rig to West Africa in 2012 safely and securely.”

Philip Adkins, Fairstar’s CEO has updated Fairstar’s fleet utilization for 2012, stating: “Fleet utilization for 2012 continues to improve. FJORD will discharge the Oando rig RESPECT, sail to Angola to load the CLOV FPSO components for DSME and then commence its multi-voyage contract for Gorgon. FJELL is now fully booked for the First Quarter of 2012. The FJELL will still be available for work in Alaska in April through September under the terms of our agreement to transport the Agrium fertilizer plant modules to Nigeria. However, in the event we do not receive the first contract installment for FJELL in February, we intend to pursue other transportation options for the FJELL in that period. In October, FJELL will commence its multi-voyage contract for Gorgon, joining FJORD and FORTE on a series of voyages from Northern Asia to Barrow Island, Australia.”

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UK: Key Oil Majors, Plexus Team Up to Develop New Subsea Wellhead

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Plexus Holdings PLC, an oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces world leading oil and gas companies Maersk Oil , Shell, Wintershall,  and the UK entity of the world’s largest offshore drilling company, and oil and gas technology solution consultancy SafeKick Ltd have signed up as consulting partners to Plexus’ Joint Industry Project (‘JIP’) to develop and commercialise a new and safer subsea wellhead utilising Plexus’ patented POS-GRIP technology.

In addition Plexus is in advanced discussions with three further international oil and gas operators regarding joining the JIP project, and expects to provide an update on this in due course.

Overview

· JIP initiated in October 2010 in response to oil and gas industry encouragement for Plexus to develop the application of its POS-GRIP surface and platform friction-grip wellhead technology subsea

· New ‘HGSS’™ subsea wellhead will be designed to address key technical issues and requirements highlighted following the Gulf of Mexico incident in April 2010

· Key industry members of the JIP will contribute to the design and engineering process for the new subsea wellhead – Plexus’ intention is for relevant JIP partners to become end users of HGSS wellhead once fully built, tested and commercialized

· 18-24 month development programme – total project cost over a two year period estimated at £1.5m to £2m of which a substantial part will classify as R&D

· Recruiting a subsea development and engineering team for the JIP, located in a dedicated building in Aberdeen

· Intellectual property (‘IP’) generated by the project will be owned by Plexus, adding to the extensive suite of IP associated with proprietary POS-GRIP technology

Plexus’ CEO Ben Van Bilderbeek said, “Today’s announcement is a major vote of confidence for our JIP subsea wellhead project, and confirms the strong support and encouragement we continue to receive from key industry players to further develop our friction grip wellhead technology in areas beyond our organic jack-up exploration activities. I believe that there is a growing recognition by the industry of POS-GRIP technology, which reinforces the significant commercial potential in new application areas such as subsea.

“I am confident that the HGSS Subsea Wellhead will ultimately prove to be a superior subsea wellhead option in the years to come, and we look forward to working closely with all our new partners, as well as welcoming additional JIP members to the project in due course, as we continue to develop the POS-GRIP HGSS Subsea Wellhead project”.

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