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Major Oil

UK Oil Firm Charters Two NAO Vessels

Nordic American Offshore Ltd (NAO) has entered into two new contracts with a major oil company in the U.K. for one year with a one year option. This will secure employment for two NAO vessels up to the end of 2015


TEN Takes Delivery of Panamax Tanker Aztec

Tsakos Energy Navigation Limited (TEN) has entered into a new medium-term charter arrangement with PMI, the state owned oil company of Mexico. Under the terms of the agreement, TEN has chartered its newly delivered coated double-hulled Panamax, the Aztec, to PMI. The contract is for 30 months at an accretive rate. TEN currently has the Handysize product carrier Libra chartered to PMI until 2005. "We are pleased to furnish PMI with another high-quality vessel to serve their growing


SapuraCrest, Ramunia Awarded Contracts

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC.


Wärtsilä Acquires Power and Automation Systems from Aker Kvaerner

Wärtsilä has acquired Aker Kvaerner Power and Automation Systems AS (AKPAS) from Aker Kvaerner. AKPAS supplies power and automation systems for the oil and gas, marine and industrial markets. The company operates mainly in the North Sea region with major oil and gas companies and Norwegian shipyards. AKPAS has annual net sales of EUR 28 million and 135 employees in Stord, Norway. The acquisition price is approximately EUR 12 million.


Wärtsilä Automation in Norway

The Norwegian automation company AKPAS, acquired by Wärtsilä in February, has been renamed Wärtsilä Automation Norway AS. The company becomes part of Wärtsilä from March 1. The company supplements Wärtsilä's product offering in electric propulsion systems, power distribution and automation for the oil & gas and marine sectors. It also strengthens Wärtsilä's capabilities for further development of automation systems.


Norsk Hydro Strikes Oil, Natural Gas Reserves off Norway

Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that


Jackson Offshore Receives Minority Certification

Lee Jackson, President and CEO of Jackson Offshore LLC, a provider of high specification crewboat services in the U.S. Gulf of Mexico, announced the company’s recent certification as a minority business in the state of Louisiana. Jackson Offshore was formed in part to provide dedicated crewboat services to major oil and offshore service companies wishing to contract with companies involved in the reinvestment and rejuvenation of southern Louisiana and especially New Orleans


TOP Announces Delivery of Sixth in Series of Ten

TOP Tankers Inc, announced that it took delivery of M/T Restless, a 47,084 Dwt, ice-classed, double-hull Handymax tanker, built in 1991 by Halla Engineering & Heavy Industries Limited of the Republic of Korea. As with all the Company's Handymax tankers, the vessel commenced its 2-year profit-sharing employment contract with a major oil trader. The delivery of the M/T Restless represents the sixth of 10 double-hull tankers the Company is acquiring using the proceeds of its initial public


INS is Key Focus at Sonardyne Workshop

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Sonardyne Inc.’s recent ‘Life of Field’ two day workshop was well attended by over 40 industry professionals, ranging from major oil representatives through to vessel Captains.   Held at the 4 Points Sheraton Hotel, Houston, day 1 focused on acoustic positioning techniques whilst day 2 looked at advances in Metrology, Autonomous Monitoring and Inertial Navigation Systems (INS).   With sessions delivered by members of Sonardyne’s Survey Support Group (SSG)


First Steel Cut for Liftboat ‘Seajacks Hydra’

Photo by Seajacks

A ceremony marked the event at Lamprell’s Hamriyah Dubai facility. The self-elevating, ‘Seajacks Hydra’ has been specifically designed for installation and maintenance services in the offshore wind and oil and gas sectors. The vessel will be equipped with a high speed jacking system, a 400t crane and able to operate in water depths up to 48m. Lamprell Energy has built all three of Seajacks’ current vessels; ‘Kraken’


Two-month Global LNG Rally Ends, Weak Oil Tempts Buyers

Asian spot liquefied natural gas prices ended their 2-month rally this week, interrupted by weak demand in Japan and South Korea as falling crude oil prices push importers to turn to oil-linked long-term LNG supplies. Spot LNG prices for November delivery lost ground to $14


Early Contract Termination for Loke Viking

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As previously communicated, Viking Supply Ships has entered into an agreement with a major oil company for the charter of four AHTS vessels. The contract applies to the drilling seasons 2014 and 2015, with options for the drilling seasons 2016 and 2017


Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a


Oversupply, Ebola Fears Drive Oil Below $86

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 * Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters poll * Commerzbank cuts price forecast on bearish OPEC signals (Updates prices, adds Middle East supply)    


Chariot Oil & Gas Get Licences for 3 Blocks in Namibia

Oil Blocks in Namibia

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announced securing new licences for Blocks 2312 & 2412A (the Central Blocks) and Southern Block 2714A, Namibia and Update on Namibian Portfolio


N-KOM Lays Keel for Qatar’s First Liftboat

N-KOM & Gulf Drilling International senior management and project teams at keel laying ceremony of liftboat Al Safliya (H101) held at the N-KOM Shipyard in Qatar

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time client Gulf Drilling International (GDI). The project marks the shipyard’s first foray into the offshore jack-up newbuild


30 Rosneft Subsidiaries in All-Russian Environmental Cleanup Day

All-Russian Environmental Cleanup

  Thirty Rosneft subsidiaries in most of the regions of the Company presence, from Sakhalin in the east to the Arkhangelsk Region in the west, took part in the All-Russian Environmental Cleanup Day ‘Green Russia’. As part of the event


Two Mexican Oil Ports Reopen after Dolly Downgraded

Two of Mexico's three main oil exporting ports in the Gulf of Mexico, Dos Bocas and Cayo Arcas, were reopened on Wednesday after major storm Dolly was downgraded, the country's communications and transport ministry said in a statement. Dolly, which was previously a tropical storm


Raytheon Anschütz Bags SMARTBLUE Order

Example of a SMARTBLUE “Command and Control” display.

Raytheon Anschütz announced the recent contract award for its SMARTBLUE maritime situational awareness system on board two vessels being built in South Korea for a major oil and gas company. The two vessels will operate on the Norwegian Continental Shelf


BAE Systems Ship Repair: Leveraging Location, Infrastructure & Workforce

BAE Systems_Mobile Yard WEB.jpg

BAE Systems launches the first of four platform supply vessels it’s building for Jackson Offshore Operators, LLC., January 29, 2014. The vessels, being built in Jacksonville, Fla., will support drilling operations in the Gulf of Mexico and reflects the company’s continued growth in U.S


Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse. But the acquisition that may best symbolize its evolution is one the company didn't tout to


LQT Delivers Accommodation Facility and Helideck in Gulf of Mexico

LQT Industries , a full-service provider of accommodation facilities, design-build construction services, and support services to the oil and gas industry, has engineered and built a new series of aluminum accommodation buildings that will be utilized by a major oil and gas operator on a platform


New Recommendations to Avoid Jacking System Failure

A joint industry project on jacking system maintenance and inspection has resulted in a new DNV GL Recommended Practice. This provides guidance to ensure the correct and safe functioning of rack and pinion style jacking systems. The objective is to reduce the risk of gear failure


Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer group could compete to defend their market share amid ample supplies and tepid demand.


TEN Extends Charters for Three Product Tankers

Photo courtesy of TEN

Three new charters to generate total revenues of $40 million; spot rates increase in Q4 Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd. (TEN) announced the charter extension for three product tankers, including two Panamaxes and one MR






 
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