Tuesday, March 28, 2017

Ocean RIG Files for Bankruptcy Protection in US

Photo: Ocean RIG

Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S.

C-Job to Provide Basic Design for DEME’s Orion

Photo courtesy of C-Job Naval Architects

Having recently supplied the concept design for DEME Group’s new offshore installation vessel Orion, C-Job Naval Architects said it will now provide COSCO OFFSHORE CO. Ltd (Qidong) with the vessel’s basic design package. Orion will be built at COSCO SHIPPING HEAVY INDUSTRY in China for delivery in 2019. The technical specs of the vessel, to be operated by DEME subsidiary GeoSea, will service offshore wind installation, oil and gas and decommissioning activities.

Statoil's Offshore Norway Project to give 248 mln boe

File Image: a typical offshore North Sea installation (Credit: Statoil)

Statoil submits plans (PDO) for Njord extension, Bauge field; Total $2.4 bln investments, recoverable resources 248 mln boe. * Statoil's project manager Torger Roed says "we are working hard to make more decisions on new projects. Two of them are Johan Castberg and the Snorre expansion.

BP Awards Gulf of Mexico Work to Subsea 7

Subsea 7 said it was awarded a contract by BP as part of the deepwater Mad Dog 2 development, located approximately 190 miles south of New Orleans. The contract scope covers engineering, procurement, construction and installation (EPCI) of the subsea umbilicals, risers and flowlines (SURF) and associated subsea architecture. Subsea 7 has worked closely with BP to deliver a lump sum integrated solution from design through to supply, installation and commissioning.

Statoil Wins Licences Off UK, 'Resets' Exploration Off U.S.

Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. Statoil bid a total of $44.5 million for 13 licences in the U.S. Gulf of Mexico, coming second only to Shell and ahead of Hess Corp, Chevron and Exxon, the latest auction results showed.

Britain Awards 25 Oil Exploration Licences in Frontier Tender

Britain has awarded 25 licences for oil and gas exploration in previously untapped waters and announced a new licensing round for mature areas to be held in late May or June, the Oil and Gas Authority (OGA) said on Thursday. Seventeen companies received exploration licences in a tender that closed in October. The tender attracted the lowest interest in 14 years as appetite for finding new oil in the North Sea has waned because of high costs and weak oil prices.

Top LNG Buyers Form Alliance to Push for Flexible Contracts

© akiyoko / Adobe Stock

The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Japan, China and South Korea are the world's biggest LNG importers, accounting for about 55 percent of global purchases, according to data from energy consultancy Wood Mackenzie. The countries' biggest respective buyers…

CNOOC Reports Worst Result Since At Least 2011

File photo: CNOOC

China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound. CNOOC reported a net profit of 637 million yuan ($92.5 million) in 2016, down nearly 97 percent from 20.2 billion yuan in profit in 2015. Total revenue from oil and gas fell to 121 billion yuan from 147 billion yuan in 2015.

Cyprus to Move Forward with More Oil Drilling Licensing

Cyprus will move ahead with further licensing for oil drilling after analyzing the results of its most recent exploration, the country's energy minister Yiorgos Lakkotrypis said on Wednesday. Cyprus announced the completion of a third round of licensing for well drilling in which Exxon Mobil, Italy’s ENI and France’s Total won additional blocks offshore. The contracts will be signed on April 5 and 6…

RigNet Names Jabbia VP, N. American Sales

RigNet, Inc., has appointed Trent J. Jabbia as Vice President of North America Sales. Jabbia brings over 18 years of professional experience with companies in the upstream oilfield services sector. During Trent’s 12-year tenure at RigNet, he has held positions as a Field Engineer, Sales Executive, Offshore Sales Team Lead, and a Global Sales Executive. Prior to joining RigNet in 2005, Jabbia worked as a Senior Technical Professional for Halliburton…

Libyan Oil Output Rises after Port Fighting Ends

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement.

US to Offer 48 Mln Acres in Next Gulf Lease Sale

The U.S. Department of Interior and the Bureau of Ocean Energy Management will conduct a lease sale on Wednesday, March 22, 2017, offering 48 million acres in federal waters offshore Louisiana, Mississippi and Alabama for oil and gas exploration and development. Lease Sale 247, which includes all unleased and non-protected areas in the Central Gulf of Mexico Planning Area, will be livestreamed to the public via the Bureau of Ocean Energy Management website.

Petrobras Raises Asset Sale Goal for 2017-2018

Petróleo Brasileiro SA raised on Wednesday a goal for asset divestitures and partnerships for this and next year to $21 billion from $19.5 billion previously, a sign Brazil's state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration. In a presentation detailing fourth-quarter results, Petrobras said cash and equivalents are expected at $19 billion by year-end, compared with about $22 billion last year.

James Fisher Acquires Wind Turbine Specialists Rotos 360

Photo courtesy of James Fisher

James Fisher and Sons plc has announced the acquisition of Rotos 360, a specialist wind turbine inspection, repair and installation company. The acquisition further enhances James Fisher’s existing offshore renewables capabilities, Rotos 360’s innovative and uniquely efficient blade curing repair techniques have been proven to significantly reduce wind turbine downtime. The expanded service offering…

BV Acquires MAC

Bureau Veritas (BV) acquired Maritime Assurance & Consulting (MAC). Based in Aberdeen, MAC was established in 2010 and now has 30 employees as well as more than 40 associates. This transaction is in line with BV’s recent developments in the North Sea offshore sector, where it has reaffirmed ambition to strengthen its local presence and increase its service provision capabilities for clients in spite of challenging market conditions.

Borr Drilling Scoops up Transocean Rigs for $1.4 Bln

Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean's fleet of shallow-water drilling rigs for $1.35 billion. The rig market deal is Borr's biggest since it was set up last year by Tor Olav Troeim and other executives who had left Seadrill, once the jewel in the crown of Norwegian-born shipping tycoon John Fredriksen but now battling with $14 billion in debt and liabilities. After years at Fredriksen's side, Troeim split with him in 2014.

The World's First Offshore Wind Farm is Retiring

Photo: DONG Energy A/S

DONG Energy has decided to retire “Vindeby”, the world’s first offshore wind farm, which 25 years ago marked the birth of the offshore wind industry. Today, offshore wind is a recognised and proven renewable energy technology, and the offshore wind turbines harvest the energy from the wind, transforming it into green power for millions of households. But it is actually only some 25 years ago that the…

Cyprus Approves Eni, Total, Exxon Offshore Block Deals

Cyprus's cabinet on Friday approved contracts with France's Total, Italy's Eni , Exxon Mobil and Qatar Petroleum to explore for oil and gas in offshore areas south of the island, officials said. Exploring the Mediterranean's Levant Basin has become more attractive since Eni discovered Egypt's offshore Zohr field in 2015, the biggest gas field in the Mediterranean and estimated to contain 850 billion cubic metres of gas.

Aker Solutions Secures Work for Njord A Upgrade

Photo: Thomas Sola / Statoil

Aker Solutions will provide design engineering for the upgrading of the semi-submersible Njord A platform in Norway. The company will as a subcontractor of Kvaerner take part in upgrading the platform after operator Statoil exercised an option in an agreement awarded in April 2016. The option is for work in the engineering, procurement and construction phase of the project. Aker Solutions' share of…

Eley to Take over as Polarcus CEO

Duncan Eley (Photo: Polarcus)

Duncan Eley has been appointed chief executive officer of Oslo listed offshore geophysical services company Polarcus Limited, replacing Rod Starr, who has resigned following a two year reorganization period. Eley has been promoted to the CEO role from his current position as chief operating officer, succeeding Starr effective immediately. Starr will continue to work with the executive management team and Polarcus' Board of Directors for a transition period during the second quarter of 2017.

Statkraft Eyes Distressed Assets After Offshore Wind Exit This Year

* Says still sees high interest for renewable energy in California and other state of the U.S. and willingness to continue putting up investment schemes, despite lack of clarify from the new U.S.

Greece, Total-led Venture to Sign Offshore Gas Deal Friday

Greece and a consortium led by France's Total will sign a deal on Friday for deep sea gas exploration in one block in western Greece, an energy ministry official said on Thursday. In October, Greece named a consortium of Total, Greece's biggest oil refiner Hellenic Petroleum, and Italy's Edison as the preferred bidder for the offshore gas drilling block in the Ionian Sea. The Total-led consortium has bid for one block in the Ionian.

EU Lawmakers Reject Call for Ban on Arctic Oil Exploration

© ggw / Adobe stock

The European Parliament rejected a call to ban Arctic oil and gas exploration on Thursday, in a symbolic vote seen as a barometer for future moves by Brussels to regulate to protect the region. Lawmakers who back the ban, which had drawn the ire of Norway, say the European Union needs a strategy for future developments in a region being transformed by climate change. Lawmakers voted 414-180 to reject…

Semco Maritime, Maersk O&G Sign North Sea Contract

Photo: Semco Maritime

Maersk Oil and Gas and Semco Maritime signed a contract for manpower to the operations in the North Sea. The contract, which has a duration of five years, include both blue collared and white collared employees. The agreement means that Semco Maritime will increase the number of offshore employees in the coming years.

BP Appoints Heads of production, Drilling

BP has reshuffled its exploration and production division as the oil company readies for the biggest jump in output in its history. The British firm is launching a record number of projects this year and plans steep growth in production through 2021. The chief of the production, exploration and development unit or upstream division, Bernard Looney, has appointed several executives including a new head of production and a new head of drilling, BP told Reuters.

Will LNG Remain a Key Energy Source?

© phonix_a / Adobe Stock

Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015. Japan is one of the largest LNG importers in the world and it is expected that gas and LNG will continue to remain a key energy source in the future.

Montenegro Inks 30-year Oil Licensing Deal with Greek Producer

Montenegro awarded Greece's sole oil producer Energean Oil & Gas a 30-year oil and gas exploration licences in two offshore blocks in the Adriatic sea on Wednesday. The contract for the blocks covering 338 square km was awarded in line with the terms of a 2014 tender. The Balkan country produces no oil but initial data indicates it could have enough resources to cover its oil and gas needs. Vladan Dubljevic…

Semco Enters Rig Cooperation with Skipavika Terminal

Semco Maritime and Skipavika signing (Photo: Semco Maritime)

Semco Maritime and Skipavika enter into strategic agreement on service preparedness for all rigs at the port facility Skipavika Terminal near Bergen. The agreement also comprises an intention to develop the submarine base Olavsvern near Tromsø as a rig service center. Semco Maritime and Skipavika have entered into a strategic agreement about a service preparedness for rigs located at the port facility Skipavika Terminal near Bergen.

Australia in Talks With Gas Majors to Avert Local Shortage

File Image: CREDIT AdobeStock Fotmart

Australian PM in crisis talks with gas majors; Australia faces gas shortage despite exports soaring. Australia's top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, agreed to boost supply to the country's domestic market to help avert an energy shortage following crisis talks with Prime Minister Malcolm Turnbull. Australia is on track to become the world's largest exporter of liquified natural gas (LNG)…

GustoMSC Debuts Self-propelled Cantilever Jack-up

Image: GustoMSC

The NG-5500X-LD is the latest design in GustoMSC’s series of self-propelled jack-up designs, the NG series. Based on the NG-2500X and NG-1800X designs, the NG-5500X-LD is a solution for light drilling and well intervention in a large number of mature fields in the Southern North Sea, Middle East and South East Asia. The conditions of these fields are characterized by water depths of up to 50 to 80 meters pending the region, traditionally the domain of classic drilling jack-ups and tender barges.

Wärtsilä to Optimize Performance for Songa Offshore Drill Rigs

Photo: Wärtsilä

The technology group Wärtsilä has signed a five-year technical management and services agreement with Songa Offshore for four Cat-D type semi-submersible drilling rigs operating in the North Sea. Through the partnership with Wärtsilä, Songa Offshore ensures optimal performance and maximum availability of the Wärtsilä engines and thrusters on board the drilling rigs, which operate in extremely harsh conditions.

Consolidation – A Path to Subsea Vessel Sustainability

Graphics: Subsea Vessel Operations expenditure by Sector – 2017-2021. Source: Douglas-Westwood, World Subsea Hardware & Vessel Operations Market Forecast

In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices, as operators defer the sanctioning of new offshore projects which could have supported vessel utilisation. As a result, the average vessel dayrates declined by an average of 35% between 2014 and 2016.

First Turbine Installed at Rampion

Photo: E.ON

The construction of Rampion Offshore Wind Farm has entered into its final phase, as the first of 116 wind turbines was installed for the project based in the English Channel off the coast of Sussex. For the installation each tower with a length of 80 meters, weighing approximately 200 metric tons, is positioned and bolted onto each turbine foundation. Next the nacelle, which houses the generator and gearbox…

Singapore’s Survivability

New business: Keppel has begun building dredgers like the Cristobal Colon, seen hear outside Rio de Janeiro. (Photo: copyright Jan de Nul Offshore)

Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn, helped by their gas-hungry Australasian backyard and renewed ties with old charterer parties and suppliers.

Offshore Wind: BOEM Fields Pair of Unsolicited Bids

Map of the unsolicited offshore New York bid. (Source: BOEM)

BOEM has received unsolicited lease requests from two companies seeking to develop offshore wind energy on the Outer Continental Shelf (OCS). These requests are for areas located offshore New York and Massachusetts and are not in response to a formal call for interest. BOEM has finished its review of the unsolicited lease requests and deemed the requests complete. Moreover, BOEM has reviewed the applicants' qualification materials and determined that the applicants are legally…

Oil Industry Renews Deepwater Quest

File Image: The Harvey Deepsea, operated by Harvey Gulf International, a firm focused on servicing the offshore oil industry. (CREDIT: Harvey Gulf)

Oil price recovery, low service cost boost offshore exploration; firms slash costs of deepwater projects by 50 pct. Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world's top energy firms are restarting their search for giant oilfields under the ocean after a two-year lull. A recovery in oil prices to about $50 a barrel from a 12-year low in 2016 is reviving oil majors' appetite for risk.

Bibby Offshore Names Nairn Diving Director

Allan Nairn (Photo: Bibby Offshore)

Subsea services provider to the oil and gas industry Bibby Offshore has promoted Allan Nairn to Director of Diving. Nairn joined Bibby Diving Services in 2010 as Offshore Project Manager with over 30 years’ experience in the subsea sector. In his new role, Nairn will be responsible for leading all diving related activity within the business. He will ensure day to day diving operations are executed safely, efficiently and continue to meet the high standards Bibby Offshore is known for.

U.S. oil production forecasts revised higher: Kemp

U.S. oil production forecasts for 2017 and 2018 have been boosted significantly as a result of rising prices as well as improved modelling techniques for predicting output down to the well level. Crude production is expected to reach 9.53 million barrels per day (bpd) in December 2017, according to the latest forecasts from the U.S. Energy Information Administration (EIA). Forecast output for December…

Exxon to Buy Offshore Mozambique Gas Stake

Exxon Mobil Corp said on Thursday it would buy a 25 percent stake in a natural gas-rich block, offshore Mozambique, from Italy's Eni for $2.8 billion in cash. The offshore gas reserves discovered by Eni in Mozambique are large enough to need a giant liquefied natural gas (LNG) export plant. The east African nation's proximity to Asian and Middle Eastern growth markets could make it a highly lucrative project.

BOURBON Reaches Deal to Reorganize Its Debt

File photo: Bourbon

French offshore vessel operator BOURBON said it has signed an agreement with its financial partners providing for the rescheduling of the maturities of a large part of its financial debt. Out of long- and medium-term debt totaling €692 million, €365 million of repayments due between 2016 and 2018 have been rescheduled and reduced to an amount of €63 million not repayable until 2018. The remainder of the debt, i.e.

McDermott to Construct Offshore Production Solutions in Saudi Arabia

McDermott International, Inc. announced plans to construct offshore production solutions in Saudi Arabia. McDermott signed a memorandum of understanding with Saudi Aramco for a long-term land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, currently being developed by Saudi Aramco. With a long-term phased approach, McDermott plans to build a new fabrication and marine complex expected to use state-of-the-art facilities…

Oil Industry Costs Will Rise as Focus Shifts to Growth

© Gino Santa Maria / Adobe Stock

Oil industry costs are notoriously pro-cyclical, which is one of the main reasons for the pattern of boom and bust that has afflicted in the industry from the beginning. The cost of everything from skilled and unskilled labour to engineering contracts, field services, raw materials, equipment, spare parts and rig hire tends to rise and fall with price of oil. During a boom, prices for labour and equipment escalate rapidly…

IKM Subsea Singapore Inks ROV Contract with Solstad

Merlin WR 200 Work class ROV

Solstad Offshore in Singapore has recently awarded IKM Subsea Singapore a service contract to provide ROV services onboard on the DLB Norce Endeavour for construction support projects offshore in Thailand (hat-trick award from 2015). The barge will be mobilized in Singapore and will be working in the Gulf of Thailand for various clients. IKM Subsea will provide the Merlin WR 200 Work class ROV together…

Subsea 7 Awarded Subsea Work Off Australia

Subsea 7 S.A. said it has been awarded a “sizeable” contract by Cooper Energy Ltd for the Sole Development Project, offshore Australia. Subsea 7 defines a sizeable contract as being between $50 million and $150 million. The Sole gas field is located in the eastern part of the Gippsland Basin, approximately 40km offshore Victoria, Australia. The contract scope consists of the subsea tie-back of the Sole well to the Orbost Gas Plant…

Shell Nigeria Shuts Bonga Oil Field For At Least A Month

Shell Nigeria Exploration and Production Company (SNEPCo) halted production at Nigeria's Bonga oil field on March 4 for maintenance that will last at least a month. SNEPCo said in a statement that Bonga, which has capacity to produce 225,000 barrels per day (bpd) of oil and 150 million standard cubic feet (scf) of gas, is expected to resume production at at some point in April, without giving further details.

FLNG Production Bows out as US Exports Roil Market

File photo : Shell

Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices. FLNG projects - mega tankers fitted with gas extraction and liquefaction facilities - allow producers to tap offshore gas wells and ship LNG without having to build costly pipelines to onshore plants.

Offshore Vessel Contractors Re-shaping for a Rebound

File photo: BOA

The announcement on the February 28 of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Harkand and Swiber have entered into administration, taking a significant number of vessels out of the active fleet. In other cases, internal restructuring measures (e.g. Siem Offshore, Boa Offshore, Deepocean etc.) were/have been in order.

OMV Eyes Further Cooperation with Gazprom

\OMV sees scope for further cooperation with Gazprom, the Austrian oil and gas group's exploration and production head said on Monday, hours after agreeing to buy into a Gazprom-majority owned gas field for $1.85 billion. OMV is also working on swapping a stake in its Norwegian holding for a stake in another Siberian field with Gazprom. "You view this the right way.

BHP Billiton, Pemex sign Trion Contract

Pedro Joaquín Coldwell, Mexican Minister of Energy,  Enrique Peña Nieto, President of Mexico, Andrew Mackenzie, BHP Billiton CEO and José Antonio González Anaya, CEO of PEMEX. Photo: BHP Billiton

BHP Billiton has advanced its exploration and production interests in the Gulf of Mexico by executing a contract with PEMEX Exploration & Production Mexico (Pemex) to complete work on the significant Trion discovery in Mexico. In December 2016, BHP Billiton successfully bid on the resource that, once fully appraised, is expected to be in the top 10 fields discovered in the Gulf of Mexico in the last decade.

US Oil Rig Count Grows for 7th Week Straight

© Ghost / Adobe Stock

U.S. drillers added oil rigs for a seventh week in a row, extending a recovery into a tenth month as energy companies, including Exxon Mobil Corp, boost spending plans to take advantage of a crude price recovery. Drillers added seven oil rigs in the week to March 3, bringing the total count up to 609, the most since October 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 392 active oil rigs.

U.S. Shale Renews Challenge to OPEC

File Image: CREDIT Edelweiss AdobeStock

U.S. crude oil production appears to be rising strongly thanks to increased shale drilling as well as rising offshore output from the Gulf of Mexico. Production averaged almost 9 million barrels per day (bpd) in the four weeks to Feb. 24, according to the latest weekly estimates published by the Energy Information Administration. Production has been on an upward trend since hitting a cyclical low of 8.5 million bpd in September ("Weekly Petroleum Status Report", EIA, March 1).

A Case for LNG-fueled Mobile Offshore Units

Image: GustoMSC

GustoMSC, a Dutch design and engineering company focused on offshore energy, says the offshore industry has much to gain from examining the feasibility of using liquefied natural gas (LNG) to fuel mobile offshore units such as construction vessels, drillships, jack-ups and semi-submersibles. GustoMSC has been monitoring the development of LNG as a marine fuel for several years, culminating in a recently finished R&D project into LNG for its design portfolio.

New Offshore Installation Vessel for GeoSea

Image: DEME

COSCO will build a new offshore installation vessel in China for DEME subsidiary GeoSea, to be used for offshore wind farm construction, oil and gas industry services and decommissioning work. The vessel, Orion, is due to be delivered in 2019. With a total installed capacity of 44,180kW Orion will be equipped with a high-tech crane with lifting capacity of 3,000t at more than 50m. The loads can be lifted to an unrivalled height of more than 170m.

Eni, Sonatrach Agree to Explore Offshore Algeria

Eni has signed a deal with Algerian state-run oil company Sonatrach to explore the North African country's offshore for new oil and gas resources, the Italian company's chief executive said on Tuesday. "Recently, Sonatrach gave us the opportunity to participate also in the offshore," Eni Chief Executive Officer Claudio Descalzi told reporters in London. "We signed (an agreement) a few days ago," he said, adding that Exxon Mobil was also involved in the deal.

Op/Ed: Offshore Energy Can Power US Growth

Randall Luthi  (Photo: NOIA)

Following President Trump’s address to the joint session of Congress, National Ocean Industries Association (NOIA) president Randall Luthi weighs in on  shifting U.S. policy and its effects on offshore energy and the American economy. As President Trump begins work on his ambitious agenda, it appears that efficiency and cost cutting are major themes throughout much of the federal government. Those of us in the energy producing industries say welcome to our world.

iSURVEY Singapore Secures Solstad Offshore Contract

DLB Norce Endeavour (Photo: iSURVEY)

iSURVEY Pte Ltd, Singapore has been awarded a marine construction survey support contract with Solstad Offshore Asia Pacific for works onboard the DLB Norce Endeavour. Due to commence in March 2017, with options for extension in 2018 and 2019, the four month contract will see iSURVEY provide positioning and survey support to Solstad Offshore Asia Pacific’s 2017 pipeline and platform installation program in Thailand.

Maersk, Danish State Agree on North Sea Taxes

File Image: An offshore Maersk oil installation (CREDIT: Maersk)

A.P. Moller-Maersk has agreed with the Danish state on terms for a new framework agreement regarding exploration and production of oil and gas in the North Sea, Berlingske daily reported on Wednesday, citing anonymous sources. Maersk Oil had asked authorities for tax relief in order to proceed with an upgrade of the maturing Tyra field, Denmark's largest gas field, or it would cease operations permanently. An anonymous source said the Tyra field would be reconstructed "fully".

Seadrill Could Be Heading for Bankruptcy

Photo: Seadrill Limited

The oil rig owner SeaDrill could be forced into bankruptcy protection soon, if it fails to reach a restructuring agreement with its lenders, reports Reuters. The rig firm, controlled by John Fredriksen, is battling with $14 billion in debt and liabilities. "In the event a consensual restructuring agreement is not concluded or an agreement to an extension is not reached, we are also preparing various contingency plans…

Emas Chiyoda Subsea Files for Bankruptcy

Photo: Emas Chiyoda Subsea Ltd

Subsea affiliate of Singapore's Ezra files for U.S. A subsea and offshore contractor affiliate of Ezra Holdings Ltd, a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil-and-gas industry. The affiliate, Emas Chiyoda Subsea Ltd, said in court papers filed in Houston that the company was suffering from weak demand for its subsea contracting work and tightening credit conditions.

Company to Pay $9.5 Mln for Actions Leading to US Gulf Explosion

Wood Group PSN Inc., a Nevada corporation headquartered in Houston, was ordered to pay $9.5 million in two separate cases involving its conduct in the Gulf of Mexico. Specifically, Wood Group PSN was ordered to pay $7 million for falsely reporting over several years that personnel had performed safety inspections on offshore facilities in the Gulf of Mexico in the Western District of Louisiana, and…