Technip Takes 20% Stake in Vallourec Pipe Weld Unit
French oil services company Technip and Serimax, a welding subsidiary of steel pipe maker Vallourec have reached an agreement in which Technip will take a minority 20 percent stake in Serimax, the companies said. The firms did not disclose the value of the deal, but said it would offer integrated solutions to oil company clients who are facing financial constraints due to the oil price collapse and have to tighten capital expenditure. "This partnership is part of Technip's strategic focus on technology…
JIP Launched to Examine Polymer Lined Pipes
A joint industry project (JIP) has been launched between Swagelining Limited, Saudi Aramco and The Welding Institute (TWI) to conduct investigations into the use of polymer lining in carbon steel pipelines. The JIP will examine the extent of corrosion incurred in a polymer lined pipeline when subjected to a sour hydrocarbon fluid environment. Between the three parties, a total of £330,000 has been invested into the project, which commenced in October 2014 and is expected to last 30 months. Dr.
US Energy Companies Fume over Rejected Steel Tariff Exemptions
The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S. steelmakers objected to Borusan's application, arguing they could supply the product, according to the department. Chevron drew no such objections.When U.S.
Enseda Shipbuilding & Surviving the Petrobras Crisis
Enseada Shipbuilding was established to build deepwater drillships for Petrobras. Seventy percent of the company is owned by a consortium composed of Brazilian companies, Odebrecht (50 percent), OAS (25 percent), UTC (25 percent), with the remaining 30 percent belonging to Japanese shipbuilding giant, Kawasaki Heavy Industry (KHI). With all the Brazilian shareholders involved in the Car Wash “Lava Jato” operation, investigating corruption and embezzlement schemes with Petrobras, Kawasaki is a key partner…
Vallourec Cuts Investments Further After 2015 Net Loss
French steel pipe maker Vallourec , which supplies oil and gas companies, reported a 2015 net loss, cut investments for the second consecutive year and said on Thursday that it expected adverse market conditions to persist throughout 2016. Vallourec said it slashed 3,500 jobs in 2015 as revenue from its core oil, gas and petrochemicals business tumbled nearly 38 percent. A sustained fall in oil prices, down around 70 percent since 2014, has forced oil and gas companies to make drastic cuts to project budgets, putting a squeeze on suppliers like Vallourec.
Nord Stream 2 Awards Steel Pipe Contracts to Three Firms
The consortium of companies planning to build the Nord Stream 2 subsea pipeline to bring Russian gas to Europe from 2019 said on Friday it has awarded steel pipe delivery contracts for 2,500 kilometers to three firms, completing a tender. The steel pipes with a total weight of 2.2 million tonnes will be supplied by Europipe GmbH, a consortium which includes Salzgitter, with 40 percent of the contract and Russian companies OMK (33 percent) and Chelpipe (27 percent). Contracts are still being negotiated and are due to be signed within the next few weeks, the Zug-Based consortium said in a statement.
3 firms get Steel pipe Nord Stream 2 contract
The consortium of companies planning to build the Nord Stream 2 sub-sea pipeline to bring Russian gas to Europe said on Friday it has awarded steel pipe delivery contracts for 2,500 km (1,550 miles) to three firms, completing a tender. The steel pipes with a total weight of 2.2 million tonnes will be supplied by Europipe GmbH, a joint venture between German steelmakers Salzgitter and Dillinger Huette, with 40 percent of the contract, and Russian companies OMK (33 percent) and Chelpipe (27 percent).
Higher Production by Petrobras in March
Petrobras production of oil and natural gas in Brazil and abroad, in March 2015, was 2 million 764 thousand barrels of oil equivalent per day (boe). Of these, 2 million 574 thousand boe were produced in Brazil and 189,900 boe abroad. The production of 2 million 764 thousand barrels of oil equivalent per day (boe) is 8.3% higher than the volume produced in March 2014 2,000,000 551,000 boed. Total production of oil and natural gas in Brazil, in March, was 2 million 574 thousand boed, 1.4% below the level recorded in February (2 million 612 thousand boe)…
Vallourec Says Volumes Hit Record Low in Q1
French steel pipe maker Vallourec said on Tuesday results in the first quarter had suffered from a drop in volumes to record lows, mainly in the oil and gas business, but stuck to previously announced targets for the full year. The group said in a statement it expected earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter to be slightly better than the 77 million eur loss recorded in the fourth quarter of 2015. (Reporting by Michel Rose; Editing by Greg Mahlich)
Record Low O&G Volumes Hurt Vallourec in Q1
French steel pipe maker Vallourec on Tuesday reported a net loss and fall in revenues in the first quarter as volumes plummeted to record lows mainly in the oil and gas businesses, but it said results will be better in the next quarter. The company, which supplies the oil and gas industry, said revenues in the quarter fell 36.2 percent to 671 million euros ($771.99 million) compared with the same quarter in 2015, while its net loss was 284 million euros. Oil, gas and petrochemicals contribute to about a third of Vallourec's business. "As expected, the first quarter of 2016 was marked by a decrease in volumes.
Technip Awarded Subsea Contract in the Gulf of Mexico
Technip was awarded by Deep Gulf Energy II LLC a lump sum contract for the development of the Kodiak field, located in Mississippi Canyon Blocks 727 and 771, in the Gulf of Mexico, at water depths ranging from 1,472 meters to 1,710 meters. The project consists of a subsea tie-back to the Devils Tower Truss Spar located in Mississippi Canyon Block 773. To withstand Kodiak field’s high temperature and pressure as well as extremely corrosive production fluids, the pipeline will be of a bi-metallic construction, lined with corrosion resistant alloy(1).
Vallourec Warns of Further Deterioration in Second Half
French steel pipe-maker Vallourec said its net loss deepened in the second quarter and warned of further deterioration in margins in the second half of the year in the face of falling demand from its oil and gas customers. Vallourec now expects earnings before interests, taxes, depreciation and amortisation (EBITDA) to be negative over the full year. Analysts on average had expected 171 million euros of EBITDA in 2015, according to Thomson Reuters I/B/E/S. For the second quarter the company posted a net loss of 199 million euros ($217 million), worse than the 76 million euros of the first quarter.
S.Korea Scores Partial Win in WTO Ruling on US Steel Pipe Duties
South Korea won a partial victory on Tuesday when a World Trade Organization panel ruled on its legal challenge to U.S. anti-dumping duties on steel pipe used in the oil industry, but Seoul lost most of the arguments it had made. In a ruling that can be appealed by either side, the WTO panel faulted the U.S. Department of Commerce for the way it calculated the tariffs applied to the South Korean pipes, known as oil country tubular goods (OCTG). Reporting by Tom Miles
Offshore Wind Industry Races to Cut Costs as Subsidies Drop
As European governments start to curb offshore renewable power subsidies, utilities, wind turbine makers and installers are racing to cut costs to help the industry survive. Britain, Germany and the Netherlands, wary of committing billions of euros when budgets are tight, have announced subsidy cuts in the past 18 months - a blow to the European offshore wind industry which employs nearly 60,000 people. This has led the European Wind Energy Association (EWEA) to slash its forecasts for installed offshore capacity in Europe to about 25 gigawatts (GW) by 2020…
TMK Sees Steel Pipe Sales Rising in 2018
TMK, Russia's largest maker of steel pipes for the oil and gas industry, sees its steel pipe sales rising to 4.3 million tonnes in 2018 from 3.8 million tonnes this year due to stronger demand, TMK Deputy Chief Executive Vyacheslav Popkov told reporters on Tuesday. Last year, TMK, controlled by businessman Dmitry Pumpyansky, sold 3.4 million tonnes of its steel pipes. TMK also said it plans to increase its share in the Russian market of large-diameter pipes slightly from the current 15 percent. Reporting by Diana Asonova; writing by Katya Golubkova and Polina Devitt
Russia's TMK Says Shipments Down
TMK, Russia's largest maker of steel pipes for the oil and gas industry, said on Wednesday it had shipped 2.9 million tonnes of steel pipe to consumers in the first nine months of 2015, down 7.1 percent year-on-year. The decrease was caused mainly by lower sales at its American Division, which was partially offset by increased shipments in Russia, it added in a statement. TMK added that it expected to keep 2015 shipments flat year-on-year. (Reporting by Svetlana Burmistrova; writing by Polina Devitt)
Vallourec Drilling Products Cuts Roughly 150 Jobs in Texas
Vallourec Drilling Products, a subsidiary of Paris, France-based steel pipe maker Vallourec , will lay off roughly 150 employees in Texas, according to a regulatory filing. Vallourec specializes in making tubular products for the energy and other industrial sectors. It has about 19,000 employees worldwide. The layoffs come as companies that supply equipment and services to the oilfield are still recovering from a three-year rout in oil prices. Although benchmark crude futures have traded above $60 a barrel for much of the year, they have fallen recently amid concerns of growing supply.
Russia Stuck with Abandoned Gas Pipes Worth Billions
Gas pipes worth 1.8 billion euros ($1.95 billion) are to be left stranded on the shores of the Black Sea after Russia's decision to suspend work on the Turkish Stream pipeline, a potent symbol of Moscow's falling out with Ankara. Russia has set out to punish Turkey after it shot down a Russian warplane in Syria last week, imposing trade sanctions and releasing data it claims proves Turkish President Tayyip Erdogan is involved in illegal oil deals with Islamic State. Russian Energy Minister Alexander Novak told reporters on Thursday work on Turkish Stream…
Highest OTC Award for Petrobras
For the third time, Petrobras is set to receive the highest award that an oil company can be given, bestowed by the Offshore Technology Conference (OTC) committee, based in Houston, USA. The OTC Distinguished Achievement Award for Companies, Organizations, and Institutions provides recognition for the set of technologies developed for oil and gas production in the pre-salt layer off the Brazilian coast, where the company achieved a new daily production record on December 21, 2014, extracting 713,000 barrels of oil. The awards ceremony will take place in May in Houston.
DNV GL Aims to Unlock Pipeline Cost Savings
The design requirements of concrete coated pipelines are based on simple and general criteria created more than 20 years ago. As this does not meet the complex demands of today’s larger diameter pipelines operating in deeper and more challenging environments, DNV GL is launching the second phase of a joint industry project (JIP) to develop a design guideline that complements current pipeline codes and standards.Phase 1 of the project has now completed and involved ShawCor LLC, McDermott, PAPE Engineering, Saipem, SVAP, Wasco, and Technip FMC.