Offshore News

 

Innogy Sells Stake in $2.6 Bln Offshore Wind Project

Aug 13, 2018

German energy group Innogy will sell a 41 percent stake in its 2 billion pound ($2.6 billion) offshore wind farm Triton Knoll to Japan's Electric Power Development Co and Kansai Electric Power Co, it said on Monday.The move helps Innogy secure funding for the project…

Gulf of Mexico Lease Sale to Test Response to Trump-era Regulations

Aug 10, 2018

A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them…

De-risking the FPSO Renaissance

Aug 09, 2018

Floating production, storage and offloading vessels (FPSOs) are in the ascendancy. The total FPSO market is now expected to grow to over $117 billion by 2024. A combination of factors, such as the recovered oil price and renewed interest in deeper…

Fred. Olsen Energy edges closer to financial restructuring

Aug 07, 2018

Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said.With debt and liabilities of more than $840 million at the end of June…

Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040

Jul 31, 2018

Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator…

Novatek Spuds First Well at North-Obskiy

Jul 29, 2018

PAO Novatek announced that its subsidiary OOO Arctic LNG 3 commenced drilling of the first well at the North-Obskiy license area located in the shallow waters of the Ob Bay.The initial well is drilled using a jack-up floating drilling rig “Amazon” leased from “Gazprom flot”…

Saipem, Subsea 7 Discussed Tie Up a Few Years Ago

Jul 25, 2018

Italian oil services company Saipem was in talks with rival Subsea 7 several years ago over a possible tie up but negotiations fell through, the group's CEO said on Wednesday.'Some 3-4 years ago, before I became CEO there were contacts and talks that did not work out…

Keppel Wins FPSO, FSRU Contracts

Jul 22, 2018

In Brazil, Keppel FELS Brasil Ltda (Keppel FELS Brasil) has been engaged by MODEC Offshore Production Systems (Singapore) Pte Ltd., part of the MODEC, Inc. group, to undertake the topside module fabrication and integration of the FPSO Carioca MV30…

Tidewater and GulfMark Announce Merger

Jul 16, 2018

Tidewater Inc. and GulfMark Offshore, Inc. announced Monday that the boards of directors of both companies have unanimously approved a definitive agreement to combine the two companies, creating the industry’s largest owner of offshore support…

Brazil Charges Former Vantage Drilling Chief with Corruption

Jul 13, 2018

Brazilian federal prosecutors on Thursday charged the former chief executive of U.S. oil services company Vantage Drilling with corruption and money laundering, accusing him of offering $31 million in bribes to public officials.Federal prosecutors…

Hundreds of Oil Workers Strike in Norway

Jul 10, 2018

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds…

Oil Nears 3-1/2-year High on Middle East Sabre Rattling

Jul 05, 2018

OPEC supply cuts since 2017 have tightened market; oil has also risen on U.S. sanctions threat against Iran. Oil traded near its highest in 3-1/2 years on Thursday, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from U…

ConocoPhillips sells 16.5 pct of North Sea Asset to BP

Jul 03, 2018

U.S. oil producer ConocoPhillips said on Tuesday it would sell a 16.5 percent stake in the Clair field to oil major BP for an undisclosed price. Houston, Texas-based ConocoPhillips will retain a 7.5 percent interest in the North Sea offshore oil field through a unit while BP will hold a 45…

Seadrill Exits Chapter 11

Jul 02, 2018

Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganisation, emerging from a U.S. Chapter 11 bankruptcy process launched last September. The company, once the world's largest offshore driller by the market capitalisation…

ExxonMobil, Hess Announce Oil Discovery Offshore Guyana

Jun 21, 2018

ExxonMobil and the Hess Corporation announced an eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The companies said approximately 78 meters of high-quality…

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