Norway: StatoilHydro completed the drilling of an exploration well on the Nucula discovery in the Barents Sea offshore Norway.
The well confirmed a small oil column in sandstone of the Triassic age. The oil-bearing layers were thin, but showed good production properties. The exploration well was not formation tested, but data has been gathered to be able to evaluate the size and extent of the find. StatoilHydro said that it is too early to reach a conclusion on the size of Nucula. Preliminary calculations would suggest that the resource basis lies in the lower region of the original estimation, which was 211.88 MMcfe to 423.76 MMcfe. "We will now evaluate the size of the find and further development opportunities for Nucula," said StatoilHydro's Head of exploration activities in the far north Geir Richardsen. Transocean semisubmersible Polar Pioneer drilled the exploration well, 7125/4-2, in StatoilHydro-operated production license (PL) 393 approximately 68 miles (110 km) east-northeast of the Goliat discovery in the Barents Sea. Drilled in 965 feet (294 m) of water, the well was concluded in early Triassic rocks at a vertical depth of 5,666 feet (1,727 m). The well has been permanently plugged and abandoned. This is the second well in PL 393, which was awarded in the 19th licensing round in 2006.
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Saturday, December 6, 2008
Drydocks may invest in more rigs, vessels
Drydocks World may consider investing in more rigs and vessels on order from its shipyards in Singapore and Indonesia in anticipation of an upswing in newbuild demand after the current economic downturn.
Drydocks' Graha yard in Batam, Indonesia, is planning to build two jackup rigs on speculative orders. The shipbuilder has ordered the drilling equipment and expects to start work on the new units in next March and June. Deliveries are scheduled for the end of 2010 and the first quarter of 2011, according to Managing Director of Drydocks - Graha and Nanindah Mark Biggs. Biggs said the yards have received expressions of interest for newbuild jackups from clients based in Mexico, northern Europe and the Middle East. The final contracts however, may have been slow in materializing due to the current financial crisis. Prior to the investment in these jackup rigs, Drydocks has also invested directly or indirectly in offshore support vessels, according to Biggs. Drydocks holds stakes in Polarcus' seismic vessels now undergoing construction at its Dubai facility. The shipbuilder also owns indirect interests in two 260-man jackup accommodation units under construction at its Graha facility through equity holding in Norwegian Master Marine ASA.
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Drydocks' Graha yard in Batam, Indonesia, is planning to build two jackup rigs on speculative orders. The shipbuilder has ordered the drilling equipment and expects to start work on the new units in next March and June. Deliveries are scheduled for the end of 2010 and the first quarter of 2011, according to Managing Director of Drydocks - Graha and Nanindah Mark Biggs. Biggs said the yards have received expressions of interest for newbuild jackups from clients based in Mexico, northern Europe and the Middle East. The final contracts however, may have been slow in materializing due to the current financial crisis. Prior to the investment in these jackup rigs, Drydocks has also invested directly or indirectly in offshore support vessels, according to Biggs. Drydocks holds stakes in Polarcus' seismic vessels now undergoing construction at its Dubai facility. The shipbuilder also owns indirect interests in two 260-man jackup accommodation units under construction at its Graha facility through equity holding in Norwegian Master Marine ASA.
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Fortescue Metals axes long-term shipping contracts
Sydney: Fortescue Metals is suspending all its long term ore shipments to switch to contracts that require the buyer to freight the product.
The Pilbara-based miner said the change in contracts was because of “unforeseen circumstances”. Shares in Fortescue dropped 11.4 per cent in the first 15 minutes of trading this morning, to $2.18 in an Australian market down 1.2 per cent. Fortescue’s stock had surged as much as 42 per cent earlier in the week on speculation of a takeover play by BHP or a deal with Chinese investors. In a statement to the Australian Securities Exchange, the iron ore miner said the changed arrangements as a result of the suspensions should not affect its marketing program in regards to volumes of product shipped. Fortescue said the only change would be the split between CFR, or cost including freight, and FOB, free on board, contracts.
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The Pilbara-based miner said the change in contracts was because of “unforeseen circumstances”. Shares in Fortescue dropped 11.4 per cent in the first 15 minutes of trading this morning, to $2.18 in an Australian market down 1.2 per cent. Fortescue’s stock had surged as much as 42 per cent earlier in the week on speculation of a takeover play by BHP or a deal with Chinese investors. In a statement to the Australian Securities Exchange, the iron ore miner said the changed arrangements as a result of the suspensions should not affect its marketing program in regards to volumes of product shipped. Fortescue said the only change would be the split between CFR, or cost including freight, and FOB, free on board, contracts.
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Nico Middle East wins Lloyd’s List award
Nico Middle East has won the Lloyd’s “Innovation and Safety award”.
The offshore services arm of Topaz Energy and Marine was nominated for three categories under Lloyds List Middle East & India Shipping Awards, and has also won the Seatrade’s “Workboats” award this year. The “Innovation & Safety Award” was presented to Ronald Clark, the General Manager of Nico Middle East. “The award for Innovation and Safety is important for several reasons. It shows our clients and our stakeholders that we are committed to safety and to continually evolving the way we operate, to ensure a safe workplace,” said, Mr Clark at the ceremony. Based in Jebel Ali, Nico Middle East is a leading offshore vessel owner and operator in Dubai.
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The offshore services arm of Topaz Energy and Marine was nominated for three categories under Lloyds List Middle East & India Shipping Awards, and has also won the Seatrade’s “Workboats” award this year. The “Innovation & Safety Award” was presented to Ronald Clark, the General Manager of Nico Middle East. “The award for Innovation and Safety is important for several reasons. It shows our clients and our stakeholders that we are committed to safety and to continually evolving the way we operate, to ensure a safe workplace,” said, Mr Clark at the ceremony. Based in Jebel Ali, Nico Middle East is a leading offshore vessel owner and operator in Dubai.
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Friday, December 5, 2008
DP World sees crisis as chance to expand into US
The world economic crisis is likely to force US ports to open up investment to foreign groups and DP World might consider this a timely opportunity, said a senior DP World official.
Dave Sanborn, Senior Vice-President and Managing Director for the Americas at DP World, said independent operators, such as the former Maher Terminals, operator of port terminal facilities at Port Elizabeth, New Jersey, and Port of Prince Rupert, British Columbia, which was bought last year by RREEF Infrastructure, part of Deutsche Bank's Deutsche Asset Management, could be up for sale soon. Sanborn added that the investment fund that bought the terminals was reeling from the credit crisis. "There are rumors that repeat sales may be on the cards. Some of these highly leveraged deals are reportedly in trouble, and others appear to have pulled back sharply from major investments," he said. Sanborn cited Hutchison Port Holdings and PSA International of Singapore as two of the interested parties, but did not rule out his own firm. Sanborn also highlighted the fallout from restricted finance.
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Dave Sanborn, Senior Vice-President and Managing Director for the Americas at DP World, said independent operators, such as the former Maher Terminals, operator of port terminal facilities at Port Elizabeth, New Jersey, and Port of Prince Rupert, British Columbia, which was bought last year by RREEF Infrastructure, part of Deutsche Bank's Deutsche Asset Management, could be up for sale soon. Sanborn added that the investment fund that bought the terminals was reeling from the credit crisis. "There are rumors that repeat sales may be on the cards. Some of these highly leveraged deals are reportedly in trouble, and others appear to have pulled back sharply from major investments," he said. Sanborn cited Hutchison Port Holdings and PSA International of Singapore as two of the interested parties, but did not rule out his own firm. Sanborn also highlighted the fallout from restricted finance.
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Middle East owners gather in Dubai to deal with 'intolerable' levels of piracy
Dubai: With piracy off the Horn of Africa and the Gulf of Aden reaching "intolerable" levels, senior executives of the Middle East maritime sector are to debate the challenges for ship operators at a special industry seminar this month.
"There have been nearly 100 hijackings, attempted or successful, and around 300 seamen are being held by pirates, making the waters off Somalia the most dangerous in the world," said Christopher Hayman, Chairman of Seatrade, organisers of Seatrade Middle East Maritime 2008 - the region's leading maritime event (14-16 December 2008). "The level of hijackings has clearly reached an intolerable level and we have introduced the special seminar on the second day of this year's event to examine the enormous challenge which piracy now represents for ship operators in the region. In particular, we will be addressing the risk of injury to crew, the damage or loss of vessels or cargo as well as loss of earnings," Hayman added. Seatrade Middle East Maritime at Dubai International Convention and Exhibition Centre is under the patronage of HH Sheikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. Among the estimated 300 seamen currently being held by Somali pirates are the 25 crew of the Saudi Arabian-owned supertanker Sirius Star, the largest ship taken by pirates. The Seatrade Middle East Maritime exhibition and conference, held every two years in Dubai, has evolved into one of the world's fastest-growing maritime events and now ranks among the industry's top 10 largest.
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"There have been nearly 100 hijackings, attempted or successful, and around 300 seamen are being held by pirates, making the waters off Somalia the most dangerous in the world," said Christopher Hayman, Chairman of Seatrade, organisers of Seatrade Middle East Maritime 2008 - the region's leading maritime event (14-16 December 2008). "The level of hijackings has clearly reached an intolerable level and we have introduced the special seminar on the second day of this year's event to examine the enormous challenge which piracy now represents for ship operators in the region. In particular, we will be addressing the risk of injury to crew, the damage or loss of vessels or cargo as well as loss of earnings," Hayman added. Seatrade Middle East Maritime at Dubai International Convention and Exhibition Centre is under the patronage of HH Sheikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. Among the estimated 300 seamen currently being held by Somali pirates are the 25 crew of the Saudi Arabian-owned supertanker Sirius Star, the largest ship taken by pirates. The Seatrade Middle East Maritime exhibition and conference, held every two years in Dubai, has evolved into one of the world's fastest-growing maritime events and now ranks among the industry's top 10 largest.
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Drydocks wins Middle East Shipyard of the Year Award
Dubai: Drydocks World has won a prestigious shipbuilding award recognizing its quality in ship repair, conversion and building.
Drydocks World was recently presented the “Lloyd’s List Middle East Shipyard of the Year” for 2008. This is the fourth consecutive win for the company. “Recognition by the industry is an incentive to further improve our performance in the years to come, in line with our slogan: “One Team, One Vision” Nawal Saigal Managing Director of Drydocks World Dubai was quoted as saying.
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Drydocks World was recently presented the “Lloyd’s List Middle East Shipyard of the Year” for 2008. This is the fourth consecutive win for the company. “Recognition by the industry is an incentive to further improve our performance in the years to come, in line with our slogan: “One Team, One Vision” Nawal Saigal Managing Director of Drydocks World Dubai was quoted as saying.
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