Wednesday, December 1, 2010

Tuesday, November 16, 2010

Ultra-deepwater drillship West Gemini commences operations for Total

Hamilton, Bermuda, September 22, 2010 - Seadrill's new ultra-deepwater drillship West Gemini has commenced operations for Total in Angola. West Gemini, which was delivered from the Samsung Heavy Industries in South Korea end of June 2010, arrived offshore Angola in West Africa end of August and has since arrival prepared for start-up of operations. The drillship is chartered to Total under a two-year contract and is the third deepwater newbuild from Seadrill that has been contracted by Total.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, says, "We are very pleased that West Gemini has commenced operation. West Gemini will be our fifth unit in West Africa, our third rig in Angola and will strengthen our presence in one of the most important growing oil and gas region. "

Contact:
Jim Dåtland,
Vice President Investor Relations,
Seadrill Management AS
+47 51 30 99 19

Thursday, November 4, 2010

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COSCO books more bulkers orders

COSCO books more bulkers orders


China's COSCO (Dalian) Shipyard Co. Ltd. reports it has secured contracts valued at over $87 million to build three bulk carriers of 57,000 dwt each. The contracts are effective following receipt of the initial deposits from the Asian shipowner and the ships are scheduled for deliveries from May 2012 to March 2013.

In addition two contracts for bulkers reported by the company earlier have become effective following payment of the initial deposits by the shipowners. The two were among 11 contracts and four letters of intent signed by COSCO (Dalian) Shipyard Co., Ltd. and COSCO (Guangdong) Shipyard Co., Ltd. and reported June 15.

Extract from http://www.marinelog.com/DOCS/NEWSMMIX/2010nov00010.html

Deep Sea Supply AHTS rates rise, PSV rates decline in Oct 2010

Nov 01, 2010 (NORDIC BUSINESS REPORT via COMTEX) --
1 November 2010 - Oslo-listed oil service provider Deep Sea Supply (OSL: DESSC) said today its 16 anchor-handling tug and supply (AHTS) vessels got better rates in October 2010 compared to September 2010, while its fleet of eight platform supply vessels (PSVs) got weaker rates over the period.
The average gross income per AHTS per day rose to some USD22,500 from USD18,600.

The PSV fleet had an average gross income per ship per day of around USD13,700, down from USD15,200.

(EUR1 = USD1.4)

Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com

This is an extract from http://www.tradingmarkets.com/news/stock-alert/dsspf_deep-sea-supply-ahts-rates-rise-psv-rates-decline-in-oct-2010-1271241.html

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Monday, November 1, 2010

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Sunday, October 31, 2010

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Tuesday, October 5, 2010

Colorado company makes second offer for Broome mineral rights

BINGHAMTON -- Exactly two months after an initial deal was rejected, Broome County received a new, slimmed-down $7.8 million offer for the mineral rights to some county-owned land, County Executive Barbara J. Fiala announced Monday.

The offer is from Denver-based Inflection Energy LLC, the same company that made the July offer that was rebuffed.

The deal, if approved by the legislature, would pay between $2,250 and $2,750 per acre up front -- the $7.8 million -- for the rights to 3,200 acres of county land, with a company option to extend the lease by five years for an additional bonus payment. That's down from $3,000 an acre that was offered in July for 5,610 acres, but much of Broome's most valuable and geologically favorable property near the Pennsylvania border was withheld from the current offer, Fiala said.
"I'm absolutely pleased" with the offer, Fiala said. "It opens up potential for the other acreage, which will bring possibly a larger price per acre."

Legislature Chairman Daniel Reynolds, a Democrat from Vestal, said Monday he was surprised to see a new offer come down "right on the heels of the last offer."

"My first impression is that it is very similar to the one we saw less than two months ago, but not as good of a deal," said Reynolds. "I don't know how the legislators are going to react, but I suspect that many of them will be unhappy with the proposal."

The offer will be subject to legislative committees before it is put to a vote, and Reynolds said he would provide opportunity for public input on the proposal. The offer will likely be added to October's legislative agenda, Reynolds said, since September's schedule has already been set.
The bonus payment would not be contingent upon the state Department of Environmental Conservation's ongoing review of the Supplemental Generic Environmental Impact Statement, a document that will guide the permitting process for horizontal drilling in the state's portion of the gas-rich Marcellus Shale formation. High-volume hydraulic fracturing -- a controversial drilling technique in which a mix of water, sand and chemicals is blasted deep underground to break shale and release natural gas -- is effectively on hold until the review is complete.

This is an extract from http://www.pressconnects.com/article/20100920/NEWS11/9200380/Colorado-company-makes-second-offer-for-Broome-mineral-rights

Appointment of Robert Popick as New President and CEO of Quad Energy Corp.

ORLANDO, FLORIDA, Sep 29, 2010 (MARKETWIRE via COMTEX) -- Quad Energy Corp. /quotes/comstock/11i!cdid (CDID 0.04, -0.01, -20.00%) announces, that effective September 28,2010, Robert Popick of Medicine Hat, Alberta Canada has been appointed as the new President and CEO, and Director of Quad Energy Corp.

Bruce Milroy our current CFO has also been appointed as Director effective September 28, 2010.

Effective Sep 28, 2010, Mr. Jim Can, has submitted his resignation as President, CEO and Director of Quad Energy Corp.

The Board of Directors would like to thank Mr. Jim Can for his leadership and recognizes him for his boundless efforts and dedication he continuously demonstrated for the Company.

Mr. Popick became involved with Quad Energy Corp. August 15, 2010. His contribution are extensive management skills, a proven ability to recognize and act upon opportunities with a multitude of contacts that he has developed over the years.

He was instrumental in the development and founding of AACE Environmental Services, a publicly traded company, of which Mr. Popick was Vice President and sat on the board of directors. In addition, through 1990 -1997 Mr. Popick sat on the advisory board for the Alberta Government responsible for the G-50 waste guidelines for the disposal of all drilling waste.

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Saturday, October 2, 2010

Drydocks World Dubai delivers third 3 D seismic vessels to Polarcus

Drydocks World Dubai has delivered the third 3-D seismic vessel, Polarcus Asima to its client Polarcus the leading marine geophysical company based in Dubai.


Polarcus Asima is the third in a series of 6 seismic vessels being built at the yard for Polarcus. The first 2 units, Nadia and Naila have already been delivered and deployed for operation.

Like its predecessors, the double hulled, DP2 class Polarcus Asima incorporates many features to enhance performance with improved safety and comfort elements while ensuring minimum emissions. The 12 streamer vessel has Ulstein SX134 design and is purpose built for high end 3D marine seismic operations and is one of the most advanced and environmentally friendly vessels built and the largest in the company's fleet.

Earlier this year, His Royal Highness Crown Prince Haakon of Norway visited the Dubai ship yard as part of his official trip to Dubai, Abu Dhabi and Doha and was taken on a tour aboard the vessel, Polarcus Asima.

Mr Hamed Bin Lahej executive chairman of Drydocks World and Regional CEO said that "Polarcus Asima is a state of the art vessel with the latest and most advanced technological equipment. For Drydocks World Dubai this is a significant achievement, demonstrating yet again the shipyard's sophisticated new building capabilities."

This is an extract from http://www.steelguru.com/middle_east_news/Drydocks_World_Dubai_delivers_third_3_D_seismic_vessels_to_Polarcus/166247.html

PGS scraps Newbuild 535

Norwegian seismic player Petroleum Geo-Services said today it has terminated its contract for the Newbuild 535 seismic vessel with Spain’s Factorias Vulcano shipyard due to delays in delivery.


Aleya Begum 22 September 2010 12:56 GMT

The cancellation is the third of four newbuild vessels that PGS, through its subsidiary Arrow Seismic Invest, had on order with the yard to be scrapped.

“The vessel had an adjusted delivery date of January 2010,” said PGS spokesman Tore Langballe.

“It is still far from complete.”

After a 200-day delay period from stated delivery date, PGS has a right to cancel the order said LangBalle.

The cancellation includes a call for a refund of €40.5 million ($54.3 million) with interest from the yard.

Refund claims by PGS on the previous two cancelled vessels, Newbuild 532 and Newbuild 533, reached arbitration before being settled.

“We believe it (payment of refunds) will be pretty straight forward this time,” said Langballe.

“The full amount is guaranteed by banks.”

The termination will also see PGS hit with an $80 million material impairment charge which it expects to record in the third quarter.

This is an extract from http://www.upstreamonline.com/live/article230174.ece

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Baker Hughes opens drilling waste management R&D center

Posted on 9/22/2010

Baker Hughes Inc. opened its Eco-Centre waste management plant in Peterhead, Scotland, in June. In addition to treating and recycling drilling waste, the plant includes a research and development center.

Drilling waste contains oily residues classified as hazardous waste, and its disposal must follow strict federal and local regulations, Baker Hughes said in a recent company magazine, Connexus.

“Facilities that treat hazardous waste in the UK must adhere to Scottish Environmental Protection Agency guidelines and have an Integrated Pollution Prevention and Control Directive permit that outlines operational measures to control emissions to the environment,” Baker Hughes said.

Martin Gilbert, Baker Hughes global R&D manager, said he believes no other R&D center has direct access to drill cuttings and waste fluids like the one in the Peterhead Eco-Center.

Waste disposal from oil and gas drilling and production is an issue of growing important for operators worldwide. Baker Hughes said North Sea operators have the choice of hiring waste management companies to transport cuttings and fluids for disposal onshore or else operators reinject cuttings into dedicated disposal wells.

Labels: Scotland , UK , Peterhead , offshore drilling , Baker Hughes Inc. , waste disposal , North Sea

This is an extract from http://www.ogj.com/index/blogs/health-safety-environment/blogs/OGJ/health-safety-environment-blog/post987_6039390110177366363.html

Saturday, September 11, 2010

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 Principal Particulars :

Class : Bureau Veritas

Notation : BV+A1E towing & offshore support vessel

+ fire fighting class1 + AMS + DPS-1

Length Overall : 58.70M

Length Waterline : 56.37M

Length : B.P 53.20M

Breadth Moulded : 14.60M

Depth Moulded : 5.50M

Draft Moulded : 4.75M

Deadweight : 1450tonnes
GRT/NRT : 1,450
Deck loading : 7.0tonnes/sqm

Clear deck area : 350sqm

Trial speed : 13.5 knots

Bollard Pull : 60tonnes

DP : 1 (Kongsberg)

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Tuesday, June 22, 2010

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Monday, June 21, 2010

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Friday, June 18, 2010

Wednesday, June 16, 2010

Gulf disaster demands new set of rules

The millions of gallons of oil spewing into the Gulf of Mexico each day for the past two months is like a serious wound. It’s been so long since the injury occurred, the body has stopped transmitting pain messages to the brain.

For most of the country.

Americans living along the Gulf Coast are hurting now, and will continue to hurt, as both BP and our federal government fumble toward some kind of resolution.

The horrible truth is that it now seems evident BP engineers do not have a workable solution to the problem, and the Obama administration is leaning on a president whose rhetoric and posturing are having no meaningful effect.

The paralysis that has seized the decision-makers needs to be eliminated, and the best way to do that is for someone — anyone, really — to take action.

We make no claim of expertise in these matters, but it seems logical that Congress could start a chain reaction that might spur the docile creatures frozen in the headlights to start doing something.

And since it is apparent BP can’t stop the gusher, and that a good portion of the body of water that supplies a majority of the nation’s seafood is being suffocated by clouds of oil, perhaps the best place to begin the process of fixing what’s broken may be at the offshore rigs themselves.

One possible benefit of the BP disaster — if it’s even possible to call anything associated with the ruination of a national treasure a benefit — is that the labyrinthian ownership network of offshore rigs has been revealed.

For example, the Deepwater Horizon rig that exploded and sank into the gulf two months ago was built in South Korea, operated by a Swiss company under contract to a British oil conglomerate, and the primary responsibility for safety inspections was with the minuscule Republic of the Marshall Islands, a financially challenged nation in the Pacific Ocean, whose officials have never had the capacity to inspect oil rigs in the Gulf of Mexico, and in fact outsourced many of its oil rig-related chores to private companies.

International law allows offshore oil rigs to be treated like ships, which can be registered in faraway countries, such as the Marshall Islands, or Panama, or Liberia — places where the environmental health of the Gulf of Mexico and the people who live on its shores are of little or no concern.

In other words, rigs like the Deepwater Horizon are veritable time bombs, with many of them under the supervision of tiny nations whose officials could care less about oil spills and ruined lives.

If Americans are so paranoid about acts of terrorism that they’ll willingly submit to virtual strip searches at airports, they should also be willing to entertain the notion that our federal government needs a far bigger role in the inspection of safety operations for offshore rigs.

Some members of Congress are having similar thoughts. A House subcommittee hearing is scheduled Thursday, the subject of which is the maze of ownership in the offshore oil business, and the need for new rules that will ensure tougher safety inspections, and more stringent regulation of an industry that has now demonstrated, beyond any doubt, the ability to wreak havoc on a great number of this nation’s citizens.

The job of any government is to protect those being governed. It is now painfully clear that our government has failed, miserably, with regard to ensuring the safety of offshore oil operations. The Obama administration and Congress need to collaborate — beginning immediately — on correcting that mistake.

This is an extract from http://www.lompocrecord.com/news/opinion/editorial/article_8c39406c-7901-11df-8024-001cc4c03286.html

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Crude oil prices settle overnight

Crude oil prices dropped under $77 per barrel after oil executives testified in Washington that the gulf oil spill was an anomaly.

Oil executives defended the industries' track record and called the Deepwater Horizon disaster in the Gulf of Mexico a rare event.

Attempting to ward off tighter regulations after a spill now reported to be leaking up to 60,000 gallons per day into gulf waters, Exxon Mobile Chairman Rex Tillerson told members of the House Energy and Commerce Committee Tuesday that oil spills "should not occur," under normal circumstances, The New York Times reported.

Chevron Chief Executive Officer John Watson told panel members "Chevron's deepwater drilling and well control practices are safe and environmentally sound."

This is an extract from http://www.upi.com/Business_News/2010/06/16/Crude-oil-prices-settle-overnight/UPI-56371276697762/

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Friday, April 2, 2010

Obama wants to drill for oil in the Mid-Atlantic

President Obama announced plans this morning to allow drilling off the East Coast from Delaware to Florida. That move reverses a policy put in place more than 20 years ago that prohibits offshore drilling except in the Gulf of Mexico.

Delaware Governor Jack Markell (D) says state leaders are evaluating the decision, "We've got some significant concerns not surprisingly." Markell says he's just starting to dig into the details of the plans for drilling. "We're gonna focus on that and we do have some concerns certainly from the perspective of the environment."

For Oil & Gas Jobs

Offshore Oil Rigs A Hot Topic In Delaware

President Obama's new energy plan means oil rigs could potentially be built right off some of Delaware's most popular beaches.

The president wants to open the Atlantic waters from Delaware to Florida to look for deposits of oil and natural gas. He says it's part of a comprehensive energy plan that will wean the country off foreign oil by developing alternative energy sources and increasing domestic oil production.

But the plan, which could allow oil drilling as close as three miles off Delaware and a dozen other states, is raising questions among state officials and environmentalists.

"We're opposed to any and all offshore drilling," said Mark Carter of the Delaware chapter of the Surfrider Foundation, an environmental group.

"We're looking at putting a band aid on an open wound instead of going out and looking at oil consumption and use," he says.

Carter, who lives not far from Delaware's beaches and surfs there frequently, says the risk of a spill in such a tourism driven region is not worth it. Even exploring for oil and gas causes seismic disruptions that can harm wildlife, he says.

And others don't want to look at oil rigs.

"Leave well enough alone," says Kathy Regan, who recently moved to Rehoboth Beach from New York. "The beach is beautiful, let's leave it that way."

"I don't think it's a good thing," says Nanette Cassiliano of Lewes. "I think when you open one door of things like that happening, it changes everything."

The president's announcement is just the first step of many. Drilling would only occur if enough oil and gas is found in Delaware waters to make it economically viable. And officials say they would not award the leases necessary until the public has a chance to weigh in.

Delaware congressman Mike Castle wants to make sure the state gets a say too, even though the state's jurisdiction over the ocean ends at three miles from shore.

"My initial reaction is 'It's fine'" that they begin exploring for oil and gas, he said. "But there's going to be some questions at some point in the future: How close into the shore can they come? What say will the state of Delaware and other states on the east coast have?"

Rep. Castle says he is open to new oil rigs as long as they are not visible from shore.

"I'm a great believer in developing alternative sources of energy," he said. "But I'm still cognizant of the fact that we are going to need energy until that can be done."

This is an extract from http://cbs3.com/local/President.Obama.Energy.2.1603541.html

U.S. Oil Rig Count Rises

Oil rigs working in the U.S. rose for a fourth consecutive week to an 18-year high, propelling the country’s total rig count, Baker Hughes Inc. said today.

The number of natural gas rigs rose by eight to 949 for the 14th straight weekly gain. The gas rig count is up 43 percent from the 2009 low of 665 reached in July as prices headed toward seven-year lows. Natural gas for May delivery rose 21.7 cents, or 5.6 percent, to $4.086 per million British thermal units.

The combined oil and natural-gas rig count increased by 21, or 1.5 percent, to 1,465, the highest level in 14 months. It reached a 22-year high in 2008, peaking at 2,031.

This is an extract from http://www.businessweek.com/news/2010-04-01/u-s-oil-rig-count-rises-for-fourth-week-gas-rigs-up-update2-.html

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Tuesday, March 30, 2010

MENAdrill jack up rigs on track

MENAdrill Investment Company, the inaugural venture of Bahrain-based First Energy Bank (FEB), said its jack up rigs - MENAdrill Hercules I & II - are currently under construction and will be ready for operations this year.

A Cayman Islands entity specialised in the offshore drilling industry, MENAdrill said the rig is now in its final stage of construction and will shortly be ready for testing and commissioning with delivery scheduled for September 30.

FEB, along with the other shareholders of MENAdrill, on Sunday celebrated the floating of its first “Friede & Goldman Super M2” jackup rig which represents a major construction milestone.

FEB said it had signed two contracts with Sharjah-based Maritime Industrial Services Comapny (MIS) to construct the two Super M2 jackup rigs based on a new design developed by Friede & Goldman, one of the oldest and most experienced US drilling rig design firms, in September 2008.

The two rigs, named MENAdrill Hercules I & II, are currently under construction and on schedule, and will be ready for operations worldwide including operations in the Arabian Gulf, the Indian sub-continent and South East Asia this year.

They will be able to operate in water depths of up to 300 feet with a drilling depth capability of between 20,000 to 30,000 feet.

Additionally, in December of 2009, FEB in its capacity as project sponsor and developer signed a management agreement with Hercules Offshore Arabia, a wholly owned subsidiary of Hercules Offshore, a leading provider of offshore contract drilling, liftboat and inland barge services with extensive operations throughout the world.

Headquartered in Houston, US, Hercules has a solid track record of operations in the Middle East, West Africa and the Far East.

Approved and licensed as a drilling contractor by all of the world’s leading oil and gas exploration companies, Hercules operates a fleet of jackup rigs across three continents and is the fourth largest in the world and the largest in the US Gulf of Mexico.

They have a current fleet of 30 jackup rigs operating in various parts of the world including two of them being deployed on long term contracts with Saudi Aramco.

“MENAdrill, which closed its books at the end of last year, was launched directly before the global financial crisis came to a head. Like many industry sectors, it underwent restructuring to ensure its viability in the new global environment," said Esam Janahi, chairman of FEB.

"We are very proud of how efficient and effective that restructuring was, and the fruits of those initial labours by the MENAdrill team can be seen with the Hercules I, and Hercules II, which is set to follow later on this year,” he added.

Kevin Hudson, MIS managing director said, “This milestone is significant both to MENAdrill and to MIS. Having delivered three offshore jack-up drilling rigs to our clients over the past year, we are pleased to be progressing with the construction work on MENAdrill’s first jackup rig."

"With this, we also look forward to building on the strong relationship with First Energy Bank and its partners," he remarked.

John Rynd, chief executive officer and president of Hercules Offshore, said, "Achieving this milestone on schedule after one of the most challenging years the industry and the financial markets have experienced in a generation is a testament to the dedication, skill and patience of the entire MENAdrill and MIS project teams."

"We are proud of our relationship with MENAdrill and we are pleased to have the opportunity to market and operate these new and highly capable rigs," he stated.

Vahan Zanoyan, CEO of First Energy Bank, pointed out that finding the right partners and forming the right partnerships was key to growth and development in this industry.

"It therefore made absolute sense to partner with both Hercules and MIS, as they have proven themselves time and again to be solid performers committed to helping develop and grow the offshore drilling industry, which has typically lagged behind onshore drilling throughout the region."

"The two new MENAdrill rigs will help meet the rising demand, and need, for solutions to tap the region’s more difficult to reach oil and gas fields, most of which have yet to be fully explored," he added.-TradeArabia News Service

This is an extract from http://www.tradearabia.com/news/newsdetails.asp?Sn=CM&artid=177159

For Oil & Gas Jobs

Ensco International sells drilling rigs

Offshore oil driller Ensco International said Friday its subsidiaries have sold about $95 million worth of equipment.

Ensco said the equipment, two jackup drilling rigs that were built in the 1980s, had a book value around $63 million. They will be reclassified as discontinued operations in company financial reports for the first quarter.

An extract from http://www.businessweek.com/ap/financialnews/D9EHV09G0.htm

Oil & Gas Equipment Marketplace

Monday, February 15, 2010