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Offshore Exploration

Gulf Capital Acquires Stake in Maritime Industrial Services Co.

According to Rigzone, Gulf Capital has acquired, as part of a large investment consortium, a 21% stake in Maritime Industrial Services Co. (MIS) was acquired as part of a larger private placement that raised $80 million for MIS on the Norwegian over the counter (OTC) market. The private placement will enable MIS, which provides a fully integrated onshore and offshore engineering, procurement, fabrication, construction and shipyard service, to capitalize on the current boom in offshore oil explorations and allow it to enter in a major way into the rig manufacturing business. The current high demand for oil and gas has resulted in an unprecedented amount of offshore exploration activities and boosted worldwide offshore rig utilization to 86%, one of the highest levels ever. This high utilization rate has put pressure on average rig daily rental rates which have peaked at record levels of up to US $180,000 - $200,000 per day. Middle Eastern jack up drilling rigs are working at close to 100% utilization rates and the GCC market for jack up rigs is the fastest growing in the world. MIS, with its extensive offshore construction and fabrication experience and with yards and operations in the UAE, Saudi Arabia and Kuwait, is ideally positioned to meet the large demand for offshore rigs. MIS has already secured an order to build two Friede & Goldman designed Super M2 Jack up rigs for MOSVOLD Jackup Ltd


LR Wins Deal with Maersk Oil

Lloyd's Register (LR) won a contract to provide Maersk Oil with a comprehensive suite of risk-management services to support the offshore operator’s commitment to meet global demand for energy in an efficient, safe and environmentally responsible manner. The agreement requires Lloyd’s Register to support Maersk Oil’s global management of four key areas of operational risk -- hazard identification and risk assessment (HIRA), accident and incident investigation


Petrotin Moves Ahead With Offshore Exploration Joint Venture

Venezuela has given the state-owned Petroleum Company of Trinidad and Tobago, also known as Petrotrin, approval to enter a joint venture to explore an offshore oil field near the maritime border of the South American nation with Trinidad. Petrotrin reportedly would take a 50 percent interest in the Gulf of Paria East block, a stake that was previously held by Enron Corp., the Number one U.S. natural gas and electricity marketer. No financial details of the deal were immediately available


Crowley Christens Barge Gunderson

Crowley Maritime Corporation Saturday christened and launched barge 455-2, the second of three Heavy Lift 455 Series flat-deck barges that will be built and delivered to Crowley this year by Gunderson Marine in Portland, Oregon. The three 400-foot by 105-foot-wide deck barges are being built to handle project work for the offshore energy industry - primarily in the Gulf of Mexico. The addition of these vessels helps to expand and keep current Crowley's fleet for customers of the company's


Crowley Orders Heavy Lift 455 Series Deck Barges

Crowley Maritime Corporation's technical services group has awarded a construction contract to Gunderson Marine of Portland, Oregon to build two additional Heavy Lift Series 400 x 105-ft. deck barges. Once complete, these barges will handle project work for the offshore energy industry in the Gulf of Mexico and elsewhere and will expand Crowley's fleet of this type barge to five. Gunderson is the same company that built the first three barges in the series - the Marty J


Sinwa Establishes First Subsidiary in Thailand

Sinwa logo

  Listed on the SGX Mainboard and Asia Pacific’s leading marine, offshore supply and logistics player, Sinwa Limited (“Sinwa” or “the Group”), announced that the Group received confirmation yesterday that its wholly-owned subsidiary, Sinwa Offshore Pte. Ltd. (“SOPL”) has incorporated Sinwa (Thailand) Ltd. (“STL”) in Thailand on 18 June 2014. Commenting on the Group’s successful venture into Thailand, Mr


Profitable Year for Shipbuilding Companies

Increased spending on offshore exploration & production (E&P) of oil and gas has increased order-book positions of Indian shipbuilders. ABG Shipyard has an order backlog of Rs 1,300 crore, while Bharati Shipyard has pending orders worth Rs 676 crore on its books. The jump in order books is getting reflected in stock prices of these companies as well. BSL has seen its market cap soar to almost Rs 900 crore from Rs 309 crore at the beginning of 2005


CSB Still Investigating Deepwater Horizon Spill

The following statement was released from U.S. Chemical Safety Board Chairman Dr. Rafael Moure-Eraso on April 20, the one-year anniversary of the Deepwater Horizon accident:   On the one-year anniversary of the Deepwater Horizon oil rig accident I would like to take this opportunity to remember the 11 workers who were killed as a result of this catastrophic explosion and fire. We also wish to express our condolences to the families and coworkers whose lives will be forever impacted


Subsea Operators 'Deep Down' Posts Profit in Q2 2012

Modified EBITDA increases 86% to $1.4 million
 in latest Deep Down Inc. financial report. Deep Down, Inc., an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, report net income of $639 thousand for the second quarter of 2012, an improvement of $685 thousand over the same period in 2011.    Ronald E. Smith, Chief Executive Officer stated


Inchcape Opens New North American Office

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has expanded its network in North America with the opening of a new office in Dutch Harbor, Alaska.    “The opening of this office will give ISS a much needed presence in this area of Alaska,” said Tod Gannett, VP US & Canada West Coast & Hawaii. “This will allow us to better serve our current client base as well as explore new business opportunities in the region


Drum Cussac Trains O&G Supply Entrepreneurs

Photo courtesy of VETA

Drum Cussac said it is helping Tanzania's budding entrepreneurs cater to the requirements of the international oil and gas companies operating in the country, as part of its own Corporate Social Responsibility (CSR) initiative and a Tanzanian government vocational scheme.


Prosafe Q2 Earnings Below Expectations

Offshore accommodation rig provider Prosafe reported second-quarter earnings below expectations on Thursday and said that its short-term market outlook is weaker as oil firms cut back on exploration spending. Prosafe's operating profit fell 20 percent to $55 million


East and South China Sea Disputes Need Creative Diplomacy

China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that China has become the world's largest importer of oil, and energy more generally


A Boost for UK Offshore Drilling? DW Monday Muses

North Sea operations: File photo

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report – the “Wood Review” – to maximise UK offshore oil & gas recovery advises Douglas Westwood's


Eni, PetroVietnam Ink Offshore Exploration Contract

Eni said on Thursday it had signed a new offshore exploration contract with PetroVietnam as the Italian oil and gas group moves to strengthen its presence in Vietnam. Eni said it had signed a Product Sharing Contract with state-owned PetroVietnam for exploration in the Phu Khanh Basin which


Drydocks World Refurbishes NDC Rig

Photo courtesy of Drydocks World

Drydocks World, the international service provider to the shipping, maritime, offshore, oil, gas and energy sectors, announced the completion of a major refurbishment carried out on National Drilling Company’s (NDC) Offshore Drilling Rig Al Ghallan


Drydocks World Completes Refurbishment of NDC’s Rig Al Ghallan

Rig alghallan picture

  Drydocks World, the international service provider to the shipping, maritime, offshore, oil, gas and energy sectors, announced the completion of a  major refurbishment carried out on National Drilling Company’s (NDC) Offshore Drilling Rig Al Ghallan


Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Image: Statoil

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil. Statoil said it will hold 33.33% in the license, while Repsol will be the operator of the license and will


Statoil Awarded Licence Offshore Colombia

Nick Maden, senior vice president for Statoils exploration activities in the Western Hemisphere.

  Statoil has been awarded interest in the COL4 licence offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round. Statoil will hold 33,33% in the licence. Repsol will be the operator of the licence and will hold 33,34%. ExxonMobil Exploration Colombia will hold 33,33%.


UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Osborne (L) & Woodcock: Photo courtesy of Bibby Offshore

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop, storage and maintenance facility in Aberdeenshire, Scotland.


Total Sells ts Coal Mining Assets to Exxaro

Total Logo

  Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa. The consideration for the transaction is $472 million, with completion of the sale subject to approval by the relevant


Voith to Exhibit High Efficiency and DP Systems at SMM

Voith Inline Thruster

At this year’s SMM in Hamburg, Voith will showcase propulsion systems and vessel concepts focusing on high efficiency and dynamic positioning even under challenging conditions. In hall A4, booth 203, a Voith Schneider Propeller as well as the Voith Inline Thruster 850


Frank Inouye Appointed MD of AZIPAC

Logo

  The Board of Directors of AziPac Ltd. have appointed Mr Frank Inouye as Managing Director, with immediate effect. Frank brings over 34 years of industry experience to AziPac and the wider Azimuth and Seacrest Group. He has worked extensively in Australia, Asia, North Africa


Roc Oil Starts Drilling on Block 09/05 & FARM-OUT OF 40%

EXPLORATION DRILLING COMMENCED ON BLOCK 0905 & FARM-OUT OF 40%

  Roc Oil (Bohai) Company, a wholly owned subsidiary of Roc Oil Company Limited (ASX:ROC), as operator of Block 09/05, Bohai Bay, Offshore China advises that drilling has commenced on the first exploration well QK11-1-1. Drilling from CPOE Rig 33 commenced at 11:00 China Standard Time on


Honghua Group Wins Rig Contract from Orion

Zhang Mi, Chairman & President of Honghua Group

  Chinese rig builder Honghua Group has been awarded a contract by Orion Engineering and Management Ltd  to build a semi-submersible drilling rig, with options to build three more. According to a statement released by Honghua, the rig deal worth US$320 million was signed by its offshore






 
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