Keppel renegotiates rig contracts

Singapore: Keppel FELS has been successful in its contract renegotiations with Seadrill Jack-Ups, and will continue construction of two jackup rigs worth $420m under revised terms said to be 'mutually beneficial'.

However, parent group Keppel Offshore & Marine has seen less success in its other negotiations with Scorpion Offshore and Lewek Shipping, which have decided not to go ahead with their construction contracts. Keppel FELS Limited and Scorpion Offshore are currently seeking interested third parties to take over the building of a $405 m semisubmersible rig, although the yard has stated that the outcome of these discussions is 'highly uncertain'. Keppel Singmarine and Lewek Shipping are currently working towards an amicable mutual termination of their contract for an ultra-deepwater Multi-Function Supply Vessel, which should be finalised shortly. The cancellation of the Scorpion and Lewek Shipping contracts are not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited, the parent company of Keppel O&M, for the financial year ending 2009.

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Numerous oil and gas discoveries in Saudi Arabia

The Saudi Arabian Minister for Petroleum and Mineral Resources, Ali bin Ibrhim Al-Naimi has announced that Saudi Aramco has made five discoveries in five oil fields and three gas fields.

Mr. Al-Naimi said that of the five oil discoveries, four were on land while one was located in the Persian Gulf. They are: Haouf-11, Ramthan-9, Nayashin-1, Jareed-101 and Khorsaniya-114. The gas fields have been named Arabiya-1, Rabib-1 and Hisbah-16. Meanwhile, a Western Australian gas project has been put on hold. Apache Australia-Santos announced that it would postpone its Reindeer gas project development due to the poor global economy. The project was to have started producing gas in 2010. Apache-Santos said it would either suspend or terminate engineering and construction contracts.

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COSCO President named Connecticut Maritime Association 2009 Commodore

President and CEO of the COSCO Group Captain Wei Jiafu has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2009.

Capt. Wei follows a long succession of influential maritime industry leaders as Commodore. The award will be presented to Capt. Wei on March 25, 2009 at a gala dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition. The award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry. Capt. Wei Jiafu, president and CEO of COSCO Group assumed his position in November 1998. Prior to that, he had been the senior executive in many subsidiaries of COSCO both in China and abroad. He had supervised COSCO's asset operations and management. During his tenure as the president of COSCO (Singapore), he managed to turn it into a public listed company in 1993, marking COSCO's first entrance into the international capital markets. With over ten years of seafaring experience and as a well-experienced captain, Capt. Wei has a wealth of knowledge in international shipping management and operation.

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US rigs down by 34

The number of rigs actively exploring for oil and natural gas in the US, dropped by 34 this week to total 1589.

Of the rigs running nationwide, 1239 were exploring for natural gas and 341 for oil. A total of nine were listed as miscellaneous. A year ago, the rig count stood at 1744. Of the major oil- and gas-producing states, Texas lost 34 rigs, Wyoming lost six, North Dakota lost five, Oklahoma lost four, Colorado lost two and Arkansas and California each lost one. Louisiana gained six rigs while Alaska and New Mexico stayed the same.
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