Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.
Sapura Energy Secures New Order
Malaysian oil and gas services firm Sapura Energy has secured several new contracts and contract extensions for its engineering and construction (E&C) as well as drilling segments.The contracts, valued at approximately RM615 million (USD 148 million), brings the total order book year-to-date to RM15.1 billion, which will increase work volume and utilization of assets.Building on its long-term relationship, Sapura Fabrication Sdn Bhd has won a contract from Hess Exploration and Production Malaysia B.V under the PETRONAS frame agreement…
Rever Completes North Sea Decom Project
Subsea services provider Rever Offshore has successfully completed a North Sea infrastructure decommissioning project of the Greater Dunlin Area for Fairfield Energy.The subsea project delivery and execution provider to the offshore energy industry said that the assignment – in the East Shetland basin – was “one of the largest scale decommissioning projects undertaken by the company.”The project used diving support vessels Rever Sapphire and Rever Polaris…
KCA Deutag Wins UK North Sea Contract Extension
Canadian Natural Resources International (CNRI) has awarded KCA Deutag a five-year extension to a drilling operations and maintenance services contract.The UK-based international oil and gas services company said that multi-million pound contract is for the provision of drilling operations and maintenance services on CNRI’s three platforms - Ninian South, Ninian Central and Tiffany platforms.The two companies have a long history of working together, and over recent years have won various collaboration awards…
Former China Energy Chief Jailed for Life
Former head of China's National Energy Administration Nur Bekri has been sentenced to life in prison for accepting bribes, China's Supreme People's Court said on Monday.The court said in a statement published on Chinese social media platform Weibo that Bekri confessed his crimes while on trial.Bekri, once one of the highest-ranking ethnic Uighur officials in China, was accused by the anti-corruption body of receiving bribes and demanding provision of luxury sedans and chauffeur services for his family members.(Reporting by Se Young Lee and Lusha Zhang; Editing by
K Line, FueLNG Team-up on LNG Bunker
Japanese shipping firm Kawasaki Kisen Kaisha (K Line) has announced that it has concluded a ship management agreement with FueLNG Pte Ltd for a 7500 m3 LNG bunkering vessel (LBV).FueLNG will own and operate the vessel, as well as carry out all commercial operations, said K Line press statement.The partnership will combine K Line’s extensive ship management and LNG transportation experience with FueLNG’s LNG bunkering expertise, which includes more than 160 truck-to-ship LNG bunkering operations conducted to-date.
Tekmar Wins OWP in Taiwan from Seaway 7
Tekmar Energy, a provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, has secured an award in Taiwan from a repeat client Seaway 7 for wpd’s 640MW Yunlin project.The developer and manufacturer of sub-sea cable protection systems for the renewable energy industry said that under the contract, it will be supplying 150 of their patented CPSs (cable protection systems) which protect the subsea power cables as they transition from the offshore structures into burial.Russell Edmondson…
Oil Edges Lower on U.S. Crude, Gasoline Build
Oil eased on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but losses were limited by optimism that a U.S.-China trade deal would be reached soon.Brent crude futures fell 34 cents, or 0.5%, to $63.93 a barrel by 1:14 p.m. EST (1814 GMT). U.S. West Texas Intermediate crude fell 34 cents, or 0.8%, to $57.93 a barrel.WTI trade volumes were also on track to be lower for the week ahead of the U.S. U.S. Thanksgiving holiday.U.S.
U.S. Drillers Cut Rigs for 12th straight Month
U.S. energy firms reduced the number of oil rigs operating for a record 12th month in a row after this week cutting rigs for a sixth consecutive week as producers slash spending on new drilling.Drillers cut three oil rigs in the week to Nov. 27, bringing the total count down to 668, the lowest since April 2017, energy services firm Baker Hughes Co said on Wednesday in a report released two days early due to the U.S. Thanksgiving holiday. <RIG-OL-USA-BHI>In the same week a year ago…
US Nearing Energy Independence
In just a few months, the U.S. will be fully energy independent and by 2030, the country's total primary energy production will outpace primary energy demand by 30 percent.According to the Norwegian market research consultancy Rystad Energy, this milestone follows a strong period of growth in both hydrocarbon and renewable resources."We forecast that the US will have primary energy surplus – and not a deficit – by February or March 2020, depending on the intensity of the winter season…
Honeywell Builds ICSS for BP Offshore Platform
The U.S. engineering and automation conglomerate Honeywell International said that it has been chosen to design and deliver an integrated control and safety system (ICSS) to remotely support BP’s Cassia compression platform located offshore Trinidad and Tobago.The Cassia compression project involves the installation of a new platform, Cassia C, for compressing the gas produced by the nearby existing fields in the Greater Cassia Area.BP Trinidad and Tobago (BPTT), held by BP (70%) and Repsol (30%), is the owner and operator for the Cassia C platform.
Danos Leverages VR for Training and Assessment
Services company Danos said it is tapping virtual reality (VR) technology to assess and train its employees, in an effort to drive down costs for customers while increasing safety and minimizing exposure.“It’s critical that employees be assessed for competency, and the costs and risks of doing this on site are tremendous,” said the company's owner Eric Danos. “By eliminating the need to send employees offshore or to a remote job site, we can provide savings to our customers in time…
ROVCO Completes Galloper Offshore Wind Farm Project
Rovco completed a ROV inspection contract, a $1 million contract that resulted in completion of the baseline asset integrity survey at the newly constructed Galloper Offshore Wind Farm, a 353MW installed capacity wind farm which lies 30km off the coast of Suffolk, UK.“This project demonstrates the future of offshore inspection,” said Brian Allen, CEO and founder of Rovco. “innogy is the first of our customers to complete a whole field 3D inspection, the…
Partners Bring AI to Energy
Baker Hughes, C3.ai, and Microsoft Corp. announced an alliance to bring enterprise artificial intelligence (AI) solutions to the energy industry on the Microsoft Azure cloud computing platform.This alliance will enable customers to streamline the adoption of scalable AI solutions for the energy industry that help promote safety, reliability, and sustainability. It leverages the energy technology expertise of Baker Hughes, C3.ai’s AI platform and applications, and the Microsoft Azure cloud computing platform.
SAExploration Wins $130Mln of New Projects
Houston-based global seismic services company SAExploration announced a combined $130 million of new projects in Alaska, Canada and the Middle East.According to the geophysical services provider the largest contract is valued at approximately $112 million for onshore data acquisition services to be performed on the North Slope of Alaska.The data acquisition services will be conducted over the next three winter seasons, beginning in Q1 2020.In association with this multi-year project award…
Kim Heng Enters Taiwan’s OWP
Kim Heng Shipbuilding & Engineering (KHSE), wholly owned subsidiary of Kim Heng Offshore & Marine (KHOM), has entered into a Memorandum of Understanding (MoU) for offshore wind farm projects (OWP) in Taiwan.KHSE did not disclose the name of the other signatory.Singapore headquartered integrated offshore and marine value chain services provider said that its subsidiary and the unnamed subsea cable installer will collaborate with each other targeting the…
San Diego Port Buys Eco-Friendly Fleet
The Port of San Diego in the US is planning to purchase seven vehicles for its work fleet that will run on renewable diesel fuel, in its efforts to act as an environmental champion of San Diego Bay.The Board of Port Commissioners approved a $700,000 agreement with 72 Hour LLC, DBA National Auto Fleet Group at its November 5, 2019 Board meeting.The emissions produced from renewable diesel do not result in a net increase of CO2 emissions because renewable…
Oil Prices Gain 2%
Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.Benchmark Brent crude gained $1.13, or 1.8%, to $63.41 a barrel, while West Texas Intermediate crude rose 93 cents, or 1.6%, to $57.70 a barrel.Brent and WTI were both on track to post their second straight weekly gain. Brent was due to rise 1.4%, and WTI was set to gain 0.8%.U.S.
Weatherford CFO Steps Down
Oilfield services company Weatherford International announced on Thursday that Christoph Bausch will step down as Executive Vice President and Chief Financial Officer effective November 14, 2019 to pursue other opportunities. He will remain with the Company through November 30, 2019 to transition his responsibilities.Stuart Fraser, Vice President and Chief Accounting Officer, will serve as the interim Chief Financial Officer from November 14, 2019 until January 6, 2020, when the new Chief Financial Officer will begin.
ADNOC to Buy Dozens of Rigs
The Abu Dhabi National Oil Company (ADNOC) said its drilling subsidiary will acquire dozens of rigs to support that national oil company’s upstream growth plans.In the first phase of the wider fleet expansion program, ADNOC acquired, in November 2019, four technologically advanced and UAE-built land rigs with a total value of over AED 350 million ($100 million). Following the integration of the four rigs, which will join the fleet in the first quarter of 2020…