China: BP, ENN Sign 300,000t a Year Gas Supply Deal
British oil major BP has signed a gas supply agreement with China's ENN Group (ENN) for the supply of 300,000 tonnes per year of pipeline gas re-gasified from LNG for two years from January 1, 2021, in Guangdong, China. The LNG will be received and re-gasified through the LNG receiving terminal of Guangdong Dapeng LNG Company Limited (GDLNG) where BP holds regasification capacity. Dev Sanyal, executive vice president of BP gas & low carbon energy, said: “Our strategy is to integrate energy value chains and…
China's Sinopec Starts Hiring for New Risk Management Unit
China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company's official wechat account on Sunday.Formally known as Sinopec Chaoyang Risk Management Co and with a registered capital of 300 million yuan ($42.40 million), the new firm will provide financial services for the oil and chemical sector including hedging and inventory management…
KBR to Move Away from LNG, Energy Business
Engineering and construction firm KBR Inc will exit most of its liquefied natural gas (LNG) construction and other energy projects, it told investors and employees, as customers pull back on energy investments.The company will refocus on government contracts and technology businesses, Chief Executive Stuart Bradie wrote to employees on Monday. It will "no longer engage in lump sum, blue collar construction services," saying the COVID-19 pandemic accelerated…
New Report Outlines Big Potential for Offshore Wind
Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever before as new and existing players look to tap the huge resource potential—and market opportunities—being unlocked by shrinking costs and technological advances, as outlined in a recent comprehensive market report.In the coming two decades, the rapidly maturing offshore wind market is expected to become a trillion-dollar business as the pace of installed capacity growth accelerates…
Oil Gains, with Brent above $40
Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53, the highest since March 6, after gaining 3.3% on Tuesday.U.S. West Texas Intermediate (WTI) crude futures gained $1.06, or 2.9%, at $37.87 a barrel. It rose to as much as $38.18, also the highest since March 6.
Seafox Drops Takeover Pursuit of GMS
Dutch jack-up services company Seafox has ended its pursuit to acquire rival Gulf Marine Services.After it in April floated an idea about the possible takeover of GMS, the GMS board rejected the plan deeming the move opportunistic, valuing the company's equity "at only US$32 million," and urging its shareholders not to accept it.Seafox has previously said that its offer, if made firm, would be 10 pence per GMS share (or $0.09 per share if higher).GMS said…
Northern Offshore Services, SEA O.G Form CTV JV for U.S. Offshore Wind Space
Northern Offshore Services (N-O-S) and SEA O.G have entered into an agreement to provide marine services and CTV operations to the offshore wind industry in the United States.The partnership will combine the forces of N-O-S, the crew transfer vessel operator in Europe, and the offshore services provider, SEA O.G. Offshore.Northern Offshore Group, based in Sweden operates about 65 vessels in which most are crew transfer vessels.“SEA O.G Offshore is a highly skilled marine supplier with a distinguished reputation for excellence…
Atlantic Wind Transfers' CTV for Dominion's U.S. Offshore Wind Farm
Quonset Point, Rhode Island-based Atlantic Wind Transfers has secured its second long-term O&M Crew Transfer Vessel contract in the U.S.Under the contract Atlantic Wind Transfers will provide offshore marine support services for the Siemens Gamesa offshore wind turbines to be installed for the first offshore wind project in U.S. federal waters. The project is being developed by Richmond, Va.-based Dominion Energy. Atlantic Wind Transfers was selected by Dominion Energy through a competitive bid process.
Petrofac Starts Rubie and Renee P&A Work
UK oilfield services firm Petrofac has kicked off the plugging and abandonment work on the Rubie and Renee fields in the North Sea using Awilco's WilPhoenix rig.Petrofac won the Rubie and Renee P&A contract with Hess in August 2019.Over the next three months, Petrofac will provide Well Operator, Well Engineering, and Project Management services to decommission four wells within the Rubie and Renee fields, 200km northeast of Aberdeen.Petrofac is responsible for detailed planning…
GMS Fleet Utilization at 2015 High as More Middle East Work Secured
Gulf Marine Services PLC (GMS), a UAE-bases supplier of offshore jack-up service units, has won a seven-month contract for one of its E-Class (large) vessels, and an extension for a smaller unit.Under the 7-month contract which also includes extension options, GMS will provide support for offshore activities on behalf of a Middle East client, the company said Tuesday.The vessel will be mobilized for the start of operations during the summer of 2020. GMS has also secured a two-month contract extension of a K Class (small) vessel…
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash, which has left U.S. crude prices down 50% since January, put him and tens of thousands of oil service veterans out of work.
Oil Prices Up as Faith in Supply Cuts Grows
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT.U.S. West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday."The current recovery in oil prices has primarily been driven by supply considerations.
Vattenfall Taps NGI for Kriegers Flak Wind Farm Monitoring
Swedish wind farm development company Vattenfall has hired Norwegian Geotechnical Institute (NGI) to provide monitoring services for the Kriegers Flak offshore wind farm being built in the Baltic Sea, offshore Denmark.NGI will provide design, production, and installation of instrumentation for two offshore wind turbines, monitoring the Mono Pile (MP) foundation and Transition Piece (TP). "The instrumentation system supplied by NGI will provide data to fully monitor the structures during operation after installation.
LOC to Provide MWS Services for Ørsted Taiwan Offshore Wind Farms
Danish offshore wind developer Ørsted has contracted LOC for the provision of Marine Warranty Survey services (MWS) for the Greater Changhua 1 & 2a offshore wind farms in Taiwan.Under the agreement, LOC will provide MWS services for the transportation & installation of the export and array cables. The cables, including 95 inter-array cables and 16 platform connector cables, will be fabricated in South Korea and transported to Taiwan.The Greater Changhua 1 & 2a offshore wind farms will be located 35-60 kilometers off the coast of Changhua County…
Work Partially Resumes at Moray East OWF after Covid-19 Demobilization
Work has partially resumed on the Moray East Offshore Windfarm project in Scotland following the demobilization of the project’s onshore sites announced in March due to the Covid-19 pandemic.Following the updated guidance from the Scottish Government, Public Health Scotland, and Construction Scotland, a limited amount of work has restarted on the Moray East project on May 11, 2020. "Work will only go ahead where the guidance can be achieved, and several changes have been made to our sites to ensure the safety of the workforce and the public.
Oil Steadies as Demand Uncertainty Tempers Supply Cuts
Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel. Both are down around 45% so far this year."Uncertainty around the current travel patterns in the U.S. is so great that the American Automobile Association did not release its Memorial Day travel forecast…
Tekmar Boosts U.S. Offshore Wind Presence
Tekmar Group, a UK-based offshore services provider, has announced the involvement of its operating companies; Ryder Geotechnical, Agiletek Engineering, Tekmar Energy, and Pipeshield International in the Coastal Virginia Offshore Wind Project (CVOW) on the East Coast of the US.The 12 MW CVOW project is the first offshore wind project in US federal waters. It includes the deployment of two 6MW commercial-scale offshore wind turbines that will help to determine the best practices for future offshore wind projects located on the East Coast.Ryder Geotechnical…
LR’s Nick Brown: Climate Emergency is “same magnitude, different time domain" to COVID-19
As the maritime industry settles in on a COVID-19 induced ‘new norm,’ and long-range planning is dramatically shortened,, Nick Brown, Marine and Offshore Director, Lloyd’s Register, said that while much deserved focus must be paid to the current crisis, the industry cannot lose sight of another one looming just as large: climate change. “We strongly maintain that the climate emergency is an event of the same magnitude, just with a different time domain to COVID-19," Brown told Maritime Reporter & Engineering News recently.
Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst
Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in its analysis released on Friday."It is widely acknowledged that the oilfield services sector (OFS) is the energy world’s worst-hit market from the Covid-19 pandemic. What is staggering is the extent that the capitalization of listed OFS companies has fallen…
EXIM Bank Amends Mozambique LNG Loan. Earmarks $1.8B for Offshore Work
The U.S. EXIM Bank has amended its previously approved September 2019 direct loan supporting U.S. exports for the development and construction of the Total-operated LNG project located on the Afungi Peninsula in northern Mozambique.The original scope of the $4.7 billion loan for the project has been amended from exclusively the onshore portion of the LNG plant and related facilities to also allocate an estimated $1.8 billion to support the project’s offshore production.