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OE Activity: 2016 / June

OE Activity: 2016 / June (97)

Thursday, 30 June 2016 10:02

Stone cancels Ensco rig contract

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Stone Energy has terminated an existing long-term deepwater rig commitment with Ensco for a total consideration of US$20 million.

The agreement includes approximately $5 million that was a deposit previously provided to Ensco pursuant to the drilling services contract. 

Further, Stone agreed to provide Ensco the opportunity to perform certain drilling services commenced before31 December 2019, and Stone paid Ensco a $5 million deposit to be used as a credit against future drilling activities initiated before 31 March 2017, subject to extension in certain circumstances.  The ENSCO 8503 deepwater rig contract was at a day rate of $341,000 and was scheduled to expire in August 2017.

"The termination of the Ensco contract eliminates a long term obligation, which provides Stone with additional financial flexibility,” David Welch, Stone chairman, president, and CEO said.

Image of the Encso 8503, from Encso.

Thursday, 30 June 2016 03:27

BG Egypt inks Deep Sea Supply vessels

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Deep Sea Supply is pleased to announce that the company has been awarded three new time charter contracts for operations in Egypt by BP Egypt. 

The PSV Sea Swift has been awarded a two-year firm, plus a one-year option contract, while the PSVs Sea Spear and Sea Spark have been awarded one-year firm, plus one-year option contracts.

All three vessels are expected to start operations early Q3 2016. 

Sea Swift is owned by Deep Sea Supply through one of its 100% owned subsidiaries, while Sea Spark and Sea Spear are owned 50% by Deep Sea Supply through the joint venture DESS BTG. 

Thursday, 30 June 2016 03:19

HIPPS system for FLNG unit

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Dutch technology firm Frames has completed a high integrity pressure protection system (HIPPS) and fluid buffer system for the mooring solutions specialist SOFEC.

Both are designed and build for the external mooring system of a floating LNG (FLNG) vessel. The project is the first cooperation between Frames and SOFEC.

The FLNG vessel will be designed to produce 1.5 million metric tons of LNG each year. Frames takes responsibility for the integration testing and certification of the complete safety loop.

The HIPPS protects the FLNG vessel and its turret from over-pressurization, by shutting off the source. “Our HIPPS makes it possible to design a turret for lower pressure, which is more cost efficient and lighter than a turret dealing with high pressure. This even results in a lighter FLNG vessel," says Thomas de Wolf, Product Manager at Frames Flow Control & Safeguarding.

Although a HIPPS is not a new solution in the oil and gas industry, it is becoming more popular. Emission reduction is an important reason. “A HIPPS supports oil and gas producers to reduce emissions, because the shutoff prevents emissions. Therefore a HIPPS is a valuable solution to the stricter environmental requirements that we are dealing with these days,” says De Wolf.

A HIPPS plays a crucial role in site safety. By automatically bringing dangerous processes to a predictably safe state within a defined safety time, the system protects site personnel, the general public, and the environment, as well as valuable production assets.

The fluid buffer system is a highly specialized and critical hydraulic system for the mooring system. Frames is very experienced with these types of systems.

Thursday, 30 June 2016 03:08

Boskalis lined up for Aberdeen Offshore Wind Farm

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Dutch contractor Boskalis has been appointed the preferred Offshore Balance of Plant contractor by Vattenfall for the construction of Aberdeen Offshore Wind Farm, also known as the European Offshore Wind Deployment Centre.

The project will consist of 11 wind turbines with a consented capacity of up to 100MW. The contract includes all offshore elements of the wind farm, with the exception of the wind turbine supply.

Boskalis' strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. This project is related to the development of generating renewable energy due to climate change and increasing energy consumption.

Searcher Seismic, with project partner BGP, has completed the acquisition of two new multi-client seismic surveys offshore Norway and offshore Western Australia.

Map of Silver-Eye 3D, Bilby 2D, from Searcher. 

Phase 2 of the Silver-Eye 3D Seismic Survey in the Barents Sea, Norway expands existing Phase 1 3D coverage of the Hammerfest Basin to further highlight the potential of this highly prospective area in the Barents Sea.

Offshore Western Australia, the final phase of the Bilby 2D Seismic Survey has now been acquired bringing the completed project to 14,336km.

“The Silver-Eye 3D Seismic Survey provides 4548sq km of excellent quality new broadband 3D data covering the Snøhvit Field, the Goliat Field and the Tornerose discovery,” Rachel Masters, global sales manager for Searcher Seismic said. “In addition, the Silver-Eye 3D covers both north and south flanks of the Hammerfest Basin allowing explorers to extensively evaluate the area.”

“The Bilby 2D Seismic Survey, offshore Western Australia, includes coverage to proposed 2016 open acreage and ties both the Phoenix South-1 and Roc-1 wells, with a multi-well appraisal drilling campaign commencing soon,” Masters said. “We are very excited by the results of the Bilby survey - the data quality is excellent and has revealed not only leads associated with the Lower Triassic petroleum systems being pursued in the Roc/Phoenix South area, but new play types that were not recognised previously.”

Both datasets are being processed by DownUnder GeoSolutions (DUG), with the initial phase data now available for both projects.

Fast track data for Phase 2 of the Silver-Eye 3D Seismic Survey will be available as soon as possible and the final data volume available in Q4 2016.

Final data for the Bilby 2D Phase 3 will be available in January 2017.

Wednesday, 29 June 2016 09:30

OMS completes Ichthys pipeline fit-up

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Inspection and measurement technology specialist, Optical Metrology Services (OMS), has completed the measurement phase of pipeline fit-up work for the Ichthys LNG project, which is located 220km offshore Western Australia.

The project is the largest discovery of hydrocarbons in the region for 40 years and is being undertaken by global energy company Inpex. With production due to start in Q3 2017, Ichthys involves some of the largest offshore facilities currently operational in the industry.

Commissioned by Pipeline Technique (PTL) and Heerema Marine Contractors (HMC), the project has seen more than 7000 pipes measured during various mobilizations. With strict HiLo tolerances of less than 1mm, OMS’ precision measurement solutions and compatibility with SmartFit Software was integral to success.

“The Ichthys LNG project is the largest of its kind OMS has worked on to date and demonstrates the value of pipe measurement and fit-up for oil and gas projects,” Paul Eagle, head of client solutions at OMS said. “Process improvement across the industry is crucial and pipe fit-up is a key area demonstrating this. No two pipes will ever fit together with zero misalignment, so minimizing HiLo through precision measurement and analysis helps to increase project success.”

OMS pipe measurement and fit-up services allowed PTL and HMC to complete the pipeline construction with improved integrity leading to increased lifespan.

Image from OMS.

Wednesday, 29 June 2016 07:25

Vard terminates Rem vessel deal

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Vard Holdings has terminated a shipbuilding contract for one offshore construction and anchor handling vessel with Rem Offshore in return for compensation.

The contract with REM was struck last year in June 2014, and the vessel is already in the early stages of construction.

Delivery of the vessel was originally scheduled for Q1 2016, but delivery had previously been postponed until Q1 2018.

Vard said the agreement to terminate the shipbuilding contract is part of a restructuring plan agreed in principle between REM and its bank lenders, major bondholders, and main stakeholders.

As part of the compensation for the termination, Vard will receive shares equal to approximately 4% of the total issued shares in REM post the restructuring.

The shipbuilder is currently evaluating the financial impact which will be disclosed when the company announces the unaudited results for Q2 ending 30 June 2016.

Image of a Vard vessel, from Vard.

Wednesday, 29 June 2016 07:23

Sembcorp acquires 50% stake in Kanfa Aragon

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Singapore-based Sembcorp Marine will acquire 50% interest in Norwegian process design and engineering group KANFA Aragon, from Sevan Marine in a US$2.3 million (NOK 20 million) deal. 

Image from Kanfa Group.

Sembcorp said a joint venture agreement will be entered into with Holding KA AS, formed by the existing management and employee shareholders, who hold the other 50% of the shares in Aragon.

It is agreed with Sevan Marine ASA that Aragon will cease to use the name "KANFA" within six months after the acquisition.

Aragon is an engineering group that delivers overall process solutions to the offshore oil and gas industry with a focus on the floating production, storage and offloading market. 

This acquisition comes after Sembcorp bought additional 44% stake in Bergen-headquartered Gravifloat AS for US$38 million, bringing the firm’s interest in Gravifloat to 56%.

Under the agreement that was inked in March, Sembcorp will eventually increase its stake by a further 44% to 100% through an equity purchase at the same price.

Gravifloat designs and holds patents for a suite of re-deployable, modularized solutions based on its near-shore floating yet gravity-based liquefied natural gas (LNG) terminal solutions.

From initial design, through construction and delivery, to installation and commissioning, Gravifloat offers solutions across the LNG value chain alternatives to existing onshore and floating LNG facilities.

Wednesday, 29 June 2016 03:51

PIM IM awarded Petronas license

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PIM Integrity Management has recently been awarded a license by Petronas.

PIM IM, which was set up in Selangor, Malaysia in December 2015, is an associate company of UK-based Plant Integrity Management (PIM). Both firms specialize in integrity management for oil and gas operators and service companies.  

The Petronas license allows the company to supply goods/services to both the upstream sector of the oil and gas industry in Malaysia and downstream activities of Petronas including maritime activities.

PIM IM’s operations director, Mohd Nazmi Mohd Nageeb commented: “We hope to work closely with Petronas in the near future and look forward to developing a relationship with the company which will be mutually beneficial and will also enable PIM IM to firmly establish itself in the integrity management field in Malaysia.”

Steven Plant, managing director of PIM said: “Since PIM was set up in 2011 we have prided ourselves on providing a high quality integrity management service to the industry.  In addition, we have drawn upon our in-house expertise and developed products which meet the industry’s needs and provide added value to our clients. We are keen to share our knowledge with the Malaysian oil and gas industry and to use it to assure the integrity of their assets while also optimizing performance and maintaining safety.”

Tuesday, 28 June 2016 08:59

Intertek inks Inpex Ichthys extension

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Intertek has signed a three-year extension for the provision of quality assurance services into the operational phase of Inpex's Ichthys liquefied natural gas (LNG) project, offshore Australia.

Intertek will continue to provide local and global inspection, expediting and auditing services to the Ichthys LNG project throughout the remainder of construction activities and during operation of the facilities and pipeline. 

Ichthys LNG is expected to have a peak production of up to 8.9 million-tonne of LNG and 1.6 million-tonne of liquefied petroleum gas (LPG) per year, as well as 100,000 b/d of condensate.

“Since 2012, Intertek has been delivering local and global vendor inspection, non-destructive testing and verification support to the Ichthys LNG project," Konrad Drogemuller, Intertek regional director of Industry Services said. "We look forward to providing continued quality assurance support that will ensure safe and successful operations."

Image from Inpex.

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