The article discusses the high level of term activity in the first quarter of 2012, noting that term chartering has absorbed several more vessels than expected. It highlights several term fixtures secured in January and February, including vessels fixed for pipehaul work at daily rates over GBP 20,000. The increased term activity has helped alleviate concerns around absorbing all the new PSV tonnage entering the market.
The proposed merger between Teekay Tankers Ltd. (TNK) and Tanker Investments Ltd. (TIL) will create the largest publicly-listed mid-sized tanker company. The merger is expected to be accretive to TNK's earnings per share, strengthen its balance sheet and liquidity position, reduce its average fleet age, and lower its cash breakeven rates. The combined fleet will total 62 vessels consisting of tankers from both companies operating under the Teekay brand.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
Gassco - Future Gas Export from the Norwegian Continental Shelf - Thor Otto L...Innovation Norway
This document discusses future gas export from Norway's continental shelf and provides context on the Norwegian gas transportation system. It notes that while production from existing fields is expected to decline after 2020, new discoveries have been made that could extend gas resources. However, developing these new resources located further north will require new gas transportation infrastructure due to the long distances from existing infrastructure. Norway has started evaluating potential transportation solutions through the Barents Sea Gas Infrastructure Forum to enable monetization of gas resources in the Barents Sea.
Teekay Offshore Partners held an earnings presentation to discuss their Q2 2017 results and provide an outlook for Q3 2017. Some of the key points included:
- They announced a comprehensive financial transaction with Brookfield that will significantly strengthen their financial position and fully finance existing growth projects.
- They are focused on delivering existing projects including the Libra FPSO, Randgrid FSO, Petrojarl I FPSO, and East Coast Canada shuttle tankers.
- Distributable cash flow for Q2 2017 was $27.2 million compared to $30.6 million in Q1 2017 mainly due to lower utilization and higher expenses. The outlook for Q3 2017 was for higher revenues partially offset by
The document is the Q2 2018 earnings presentation for Teekay Offshore Partners.
The summary is:
- Teekay Offshore Partners generated $162 million in cash flow from vessel operations and $25 million in distributable cash flow in Q2 2018.
- They secured contract extensions for the Voyageur Spirit and Ostras FPSO units through 2020 and 2018 respectively.
- They ordered two new shuttle tankers to service the growing North Sea market, bringing their total newbuild orderbook to 6 shuttle tankers.
- They refinanced $700 million in debt maturities through 2023 with a private placement of 8.5% senior notes, improving their maturity
Teekay Corporation provides a Q3 2017 outlook for its consolidated financial results, expecting a net revenue increase of $2-4 million across its segments. Operating expenses are expected to increase $10-6 million primarily due to planned maintenance. Recent transactions have strengthened Teekay's financial position by fully financing growth projects and reducing debt. The outlook expects each daughter company to benefit from market recoveries in their respective sectors.
L & M Energy- Resources & Energy Symposium 2012Symposium
The document summarizes LMEnergy's portfolio of oil and gas exploration assets in New Zealand. LMEnergy holds conventional permits in the proven Taranaki Basin, with near-term drilling planned. It also has unconventional permits prospective for coal seam gas, shale gas, and underground coal gasification. LMEnergy has a diversified portfolio with conventional and unconventional assets offering different risk and reward profiles. Exploration programs are ongoing across the portfolio to assess the significant hydrocarbon potential.
Teekay Corporation Second Quarter 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its second quarter 2013 earnings. The presentation provided an overview of recent highlights and operational issues for Teekay and its subsidiaries Teekay Offshore, Teekay LNG, and Teekay Tankers. It noted temporary operational issues on the Voyageur Spirit and Foinaven FPSO units that negatively impacted results. Looking ahead, it outlined its continued focus on project execution and provided an outlook for the third quarter of 2013, expecting challenges from the FPSO issues to be resolved in the second half of the year.
Teekay Corporation - Second Quarter 2012 Earnings Results PresentationTeekay Corporation
Teekay Corporation reported its financial results for the second quarter of 2012. It generated $208 million in cash flow from vessel operations but reported a consolidated adjusted net loss of $17 million compared to a loss of $51 million in the same period last year. Some of the key events in the quarter included the sale of 13 conventional tankers to Teekay Tankers and an offer to sell the Voyageur Spirit FPSO to Teekay Offshore. For the third quarter, Teekay expects a decrease in revenues from its fixed-rate fleet and spot rates to be flat to higher compared to the previous quarter.
- Teekay LNG Partners generated $43.2 million in distributable cash flow and $109.2 million in cash flow from vessel operations in Q1 2017.
- They took delivery of their third MEGI LNG carrier and a 50% owned mid-size gas carrier. They also recently acquired two additional mid-size gas carriers.
- Financing is on track for their remaining growth projects, with $1.3 billion in debt financing already secured or in process for projects delivering through 2018.
Teekay Tankers reported its Q4-2016 earnings. Key highlights included generating adjusted income of $5.1 million and free cash flow of $34.2 million. The dividend was maintained at $0.03 per share. Net debt to capitalization was reduced from 50% to 47%. Spot tanker rates increased in Q4-2016 due to seasonal factors and increased oil exports, though have since softened. Teekay Tankers expects revenues to decrease in Q1-2017 due to fewer spot revenue days from vessel sales and employment changes, while expenses are also expected to decrease from timing of repairs and maintenance.
Teekay Corporation reported financial results for the fourth quarter and full year of 2011. Recent highlights included generating $189.9 million in cash flow from vessel operations in Q4-2011. Q4-2011 adjusted net income was $1.6 million, or $0.02 per share, compared to an adjusted net loss of $0.58 per share in Q3-2011. Teekay completed the acquisition of FPSO units and ownership interests from Sevan Marine, which will enhance fixed-rate cash flows. Teekay LNG's pending acquisition of six LNG carriers from Maersk is fully financed and expected to close on February 28, 2012.
Teekay Corporation reported its first quarter 2012 earnings. While net revenues were similar to Q4 2011, adjusted net loss was $20.8 million compared to a $1.6 million adjusted net income in Q4 2011. Key factors negatively impacting results were lower fixed-rate revenues from tanker and LNG fleet changes and fewer spot tanker days. However, Teekay expects to sell 13 tankers to Teekay Tankers which will simplify its structure and reduce debt. Spot tanker rates were also higher in Q1 than previous quarter.
Teekay Offshore (NYSE: TOO) Investor Day Presentation September 30 2014Altera Infrastructure
This document provides an overview of Teekay Offshore Partners' investor day presentation on September 30, 2014. It discusses Teekay Offshore's business segments of floating production and offshore logistics. Teekay Offshore is well positioned for growth with $3.2 billion in known growth projects delivering through 2017, driven by strong industry fundamentals as offshore oil production, especially deepwater production, is expected to significantly increase in coming years. The presentation outlines Teekay Offshore's growth opportunities across segments like FPSOs, shuttle tankers and floating accommodation units.
Opening Global Markets to Booming U.S. Shale Gas and NGL ProductionICF
The document summarizes a presentation given by Vinson & Elkins and ICF International on opening global markets to booming U.S. shale gas and natural gas liquid (NGL) production. It discusses trends in U.S. production of natural gas, NGLs, and oil. It also examines infrastructure needs and investments to transport these commodities through pipelines and export terminals to domestic and international markets. Regulatory and contractual considerations for gathering, processing, transporting, and exporting natural gas and NGLs are reviewed.
The document summarizes the response to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico and contrasts it with the limited response capabilities that would be available for a similar spill off Alaska's Arctic coast. The massive response to the Gulf spill involved over 47,000 responders and cost billions, despite the region having extensive infrastructure like ports, airports, roads and pre-positioned response equipment. In contrast, there is little infrastructure in the Arctic and few response assets, which would severely hamper any spill response.
Teekay Offshore Partners reported its Q1-2016 earnings. Key highlights included generating $62 million in distributable cash flow and $166.1 million in cash flow from vessel operations. The company is nearing completion of financing initiatives to address its 2016-2017 funding requirements and fully finance $1.6 billion in growth projects through 2018. This includes refinancing debt, issuing equity, and potentially deferring deliveries of two new units. The company expects these initiatives to extend its debt maturity runway to late-2018 and significantly delever its balance sheet over time.
Teekay Offshore Partners and Teekay LNG Partners are MLPs owned by Teekay Corporation. Teekay Offshore focuses on deepwater offshore oil production and transportation projects, with a portfolio of 40 shuttle tankers, 7 FPSO units, 5 FSO units, and 10 conventional tankers. Teekay LNG focuses on LNG and LPG shipping, with a portfolio of 27 LNG carriers and 5 LPG carriers operating under long-term fixed-rate contracts. Both MLPs have strong growth opportunities through acquisitions from Teekay Corporation and new offshore oil and gas project developments.
- Teekay LNG Partners presented its Q4-2016 earnings and provided an outlook for 2017.
- In Q4-2016, Teekay LNG generated distributable cash flow of $50.2 million and cash flow from vessel operations of $114.5 million.
- Teekay LNG completed $1.7 billion in debt and equity financings in Q4-2016 to fund its growth projects, increasing its pro forma liquidity to $446 million.
The Brazilian oil market report summarizes recent vessel charters and developments. Petrobras awarded long term 4+4 year contracts to several Platform Supply Vessels at rates between $27,822 to $29,610 per day. BP contracted the Maersk Fetcher PSV for 3 years for an undisclosed rate. The AHTS Maersk Lancer may be targeted by Petrobras after its contract ends in January. The report also notes short term charter fixtures and vessel replacements.
The document provides an update on newbuilding announcements and deliveries in the offshore vessel market. In the past couple months, new PSV orders have slowed, but several orders from the last boom are nearing delivery. The only new North Sea PSV orders this month came from Gulf Offshore for 3 vessels. Rem Offshore will take delivery of 2 new PSVs in October, and Skandi Saigon has delivered from Vietnam and is en route to the North Sea. Island Offshore's new series of PSVs will see the first vessel, Island Centurion, deliver in October as well.
The document provides an overview of the November 2011 issue of The Navigator monthly report from Westshore Shipbrokers. It includes the following key points:
- The spot market for AHTS vessels reached near-record rates this month, with the highest fixture going to Siem Opal. Rates were boosted by adverse weather delaying operations.
- There has been little news of newbuilding orders this month, though rumors are circulating about a potential new wave of AHTS newbuilds. Only Farstad has announced plans to build new vessels so far.
- A number of vessel movements and newbuild deliveries are noted for November, with many new PSVs set to be delivered to Norwegian owners next
The document summarizes key developments in Brazil's oil and gas industry:
1) Petrobras has appointed Maria das Graças Foster as its new CEO, making her one of the most powerful women in the world given Petrobras' $220 billion investment budget.
2) Graça aims to accelerate Brazil's oil production by heavily investing in employees and improving operations while maintaining affordable consumer fuel prices set by the government.
3) However, Graça has occasionally disagreed with President Dilma on issues like a proposed refinery project with Venezuela, arguing against it on technical grounds due to rising costs and Venezuela's failure to invest.
The North Sea spot market for vessels has seen rates fall sharply in November after peaking above £100,000 in previous months. However, the drop was steep but rates have stabilized and are not at rock bottom levels. Some owners have secured short term contracts starting in mid-January which will help utilization. A few older vessels have entered lay up status while some owners from other regions are considering mobilizing vessels to try the North Sea spot market. The winter months generally see lower rates until activity picks up again in the spring.
The document provides a monthly report and market forecast from Westshore Shipbrokers, highlighting that the UK awarded new offshore blocks in the 26th licensing round, there are high hopes for increased offshore exploration in Ireland following licensing awards, and details various rig moves and vessel entries and exits in the North Sea spot market during January.
This short note is saying goodbye to people who are leaving and reminds them of the good times they shared. It expresses that the author and Lisa will miss everyone so much but want them to remember they can always call. They send their love and encourage seizing each day because tomorrow is too late.
The document is a newsletter from Seabrokers Group providing updates on the offshore support vessel (OSV) market. Key points from the document include:
- Spot rates for OSVs in the North Sea increased slightly in August but some fixtures dropped below £3,000, suggesting the tough market is not over yet.
- Vessel owners have mixed views on whether the market has bottomed out, with one calling bottom in Q1/Q2 2016 but another disagreeing.
- Contract awards and extensions were announced for OSVs in various regions including the North Sea, Brazil, Nigeria, and East Africa.
- Average spot rates and utilisation rates for August 2016 are shown for various vessel
BP is investing in a new gas sweetening plant at Sullom Voe Terminal to treat higher volumes of gas expected from fields west of Shetland. The plant will remove hydrogen sulfide from the gas and is scheduled to be completed in 2017. Valhall and Skarv became the first new generation oil fields in 2013, using BP's digital technologies to improve efficiency and recovery. The Kinnoull field, tied back to the existing Andrew platform, was one of BP's most challenging projects and extended production at Andrew by a decade. In 2011, BP announced a £10 billion investment program for existing North Sea assets including three major developments, and the Magnus life extension project began in 2013 to improve reliability and capacity at
The document summarizes opportunities for Finnish suppliers in the Norwegian maritime and offshore market. It describes Norway's world-leading offshore and maritime clusters. The Norwegian offshore sector remains strong despite lower investment levels in recent years, while the maritime sector includes large shipyards, engineering companies and offshore vessel operators. The document outlines opportunities for Finnish companies in supplying shipyards, engineering services, equipment and turnkey systems. Specific Norwegian companies and projects are mentioned as potential customers or partners.
Dragados Offshore is a leading offshore fabrication company based in Spain. It has successfully completed many large and complex offshore oil and gas projects over its 35-year history, including the Snøhvit LNG plant project in Norway. This project involved building a 35,000 ton LNG plant on a barge, then transporting it over 5,000 km to its destination. Dragados is seeking to expand its operations globally and has opened new yards in Mexico and the US to pursue opportunities in those markets. The company attributes its success to its highly skilled workforce and integrated management systems.
Open-hole sand-control completions using expandable sand screens (ESS) offer advantages over traditional cased-hole completions including improved production rates and lower installation costs. The documents discusses several case studies where formate brines and ESS were used together, setting world records for longest, hottest, and deepest ESS installations. This included projects by Shell in the Brigantine field in the UK North Sea and by Saudi Aramco in the K-field in Saudi Arabia, improving well economics in both cases.
Sevan Marine ASA presented their third quarter results for 2012. They provided updates on their ongoing FPSO projects including the Sevan 1000 FPSO for the Goliat field in the Barents Sea, the Voyageur upgrade project for the Huntington field, and a concept study for the Sevan 400 FPSO for the Western Isles field. They also discussed the status of Hulls No. 4 and 5 in their fleet. Finally, they commented on the market outlook, noting they are currently involved in various tenders for FEED studies on potential redeployment and new lease applications.
Objective Capital's Global Resources Investment Conference 2011
Stationers' Hall, City of London
27-28 September 2011
Day 1- Session 3: Strategic metals – the resources everybody wants
Speaker: Gary Billingsley, Great Western Minerals Group
Aker BP Fourth Quarter Financial Results Q4 2016 - PresentationOILWIRE
Aker BP ASA reported total income of USD 656 (255) million in the fourth quarter of 2016. Production in the period was 126.5 (54.0) thousand barrels of oil equivalent per day (“mboepd”), realising an average oil price of USD 52 (45) per barrel and a gas price of USD 0.19 (0.22) per standard cubic metre (scm).
Santos operates three producing gas assets in Indonesia and is developing a fourth. It produces gas from the Oyong, Wortel and Maleo fields offshore East Java, which is piped to shore. It also produces oil from the Oyong field, which is exported via an offshore facility. Santos is working to develop the Ande-Ande Lumut oil field in the Northwest Natuna PSC, with plans for a wellhead platform and FPSO to produce an estimated 40,000 barrels of oil per day. The company employs over 200 people in its Indonesian operations.
Northern Norway is experiencing significant investment and growth, totaling an estimated NOK 300 billion between 2014-2022 across various sectors such as offshore, energy, and infrastructure. The offshore industry in particular is booming, with planned investments of NOK 65 billion, driven by new oil and gas discoveries. Opportunities exist for Finnish companies to supply the Norwegian offshore industry, as they have expertise in technical work, equipment, engineering, shipbuilding, and other supporting industries needed for the development of fields in the Norwegian Sea and Barents Sea.
TOO Q4 2011: Teekay Offshore Partners Fourth Quarter 2011 Earnings Presentation Altera Infrastructure
December 31, 2011 September 30, 2011
1) Teekay Offshore reported higher distributable cash flow and net income in Q4 2011 compared to Q3 2011. Voyage revenues $ 93,200 $ 89,100
2) Recent acquisitions like the Piranema Spirit FPSO helped increase cash flow. Teekay Offshore intends to recommend a distribution increase for Q1 2012. Voyage expenses (11,700) (11,400)
3) Teekay Offshore has secured growth opportunities in the North Sea through the Sevan transaction and exploration successes are yielding large oil discoveries in Norway.
This document lists numerous projects that Eboroil has worked on over the years, including:
- Developing logistical programs and contingency plans for offshore oil developments with Mobil Exploration Norway Inc. and negotiating tax depreciations and platform requirements with the Norwegian government.
- Assisting Multi Operational Service Tankers Inc. with developing patents for offshore drilling technologies and plans to list on the Oslo stock market.
- Planning mining and infrastructure developments for Northern Resources Ltd. in harsh Arctic and sub-Arctic environments.
- Evaluating oil and gas development potential offshore Denmark for Odin Energi AS.
- Advising Petraco S.P.A. on financing Russian oil and gas projects and crude oil
Poyry - UK Shale Gas - where are we now? - Point of ViewPöyry
Exploratory drilling activity on the part of shale gas developers remains low despite widespread coverage in the media and announcements that the UK is to “go all
out for shale”. Although regulation must remain thorough and robust, there is a risk that the complex approvals process will hinder production. Industry, government
and regulatory authorities should ensure that the institutional capacity is in place to make the approvals process efficient so that the potential benefits of shale gas can be realised.
Y&V specializes in oil and gas projects including oil production, processing, upgrading, refining, transportation, and storage. They also specialize in gas processing including dehydration, extraction, sweetening, compression, transportation, storage, and liquefaction. Some example projects include an ethane plant refurbishment in San Joaquin, Venezuela from 2008-2011 and a LNG re-gasification terminal and plant in Colombia from 2012-2012.
This document analyzes potential maintenance and supply opportunities from major oil and gas projects in Northern Australia centered around Darwin. It summarizes upcoming and existing LNG projects that will utilize Darwin as an operations hub by 2016, including the Ichthys LNG and Prelude FLNG projects. The analysis identifies capability gaps in the local supply sector that represent opportunities for companies, and provides an overview of exploration activity in key onshore basins in the Northern Territory. The goal is to help industry and government capitalize on the growth of Darwin as a major oil and gas hub.
The presentation gives an excellent overview of the LNG Bunkering infrastructure around the world. The data comes from public available sources and has been compiled and presented by DNV GL.
Please note that the presentation is dated January 2014.
- Production of 15,073 ounces of gold in Q3 2012. The L62 Zone has been accessed on three levels and production from this zone is scheduled for Q4 2012.
- Occupancy of the newly upgraded Seabee camp facilities occurred in Q3. Exploration at Santoy Gap extended the mineralized system.
- Claude recorded a net profit of $3.0 million in Q3 2012, with cash flow from operations of $8.6 million. Gold sales were 14,088 ounces at an average price of $1,663 per ounce.
- The outlook is to continue increasing production and reducing costs at Seabee, sustain reserves through exploration, and advance the Madsen and Am
The maritime sector in Japan is undergoing restructuring as the shipbuilding industry consolidates. Japanese shipbuilders are acquiring companies abroad, entering into joint ventures, and establishing new foreign operations to focus on new markets and technologies. This restructuring may have implications for Norwegian maritime companies seeking to engage with Japanese partners and access new technologies and expertise in areas like LNG, offshore wind, recycling, and Arctic maritime operations.
The document provides an overview of the Norwegian shipbuilding industry, including key statistics on the number of shipyards and employees, current market challenges due to low oil prices, and case studies of three major shipbuilding companies - NYMO, Aker Solutions, and Fjellstrand - outlining their procurement needs and opportunities for Finnish suppliers to enter the Norwegian market.
Kvaerner has extensive experience providing engineering, procurement, and construction (EPC) services for complex offshore oil and gas projects. Some key projects discussed include:
1) Troll A platform (1995), which held the title of largest object ever moved by man at 481 meters tall, for which Kvaerner performed full EPC of the gravity base and engineering and construction of the large topsides.
2) Hibernia platform (1995) offshore Canada, where Kvaerner was involved in all phases of the project for both the topsides and substructure designed to withstand arctic conditions and ice.
3) Grane platform (date not provided), where Kvaerner delivered full EPC
9 Lessons From Jeff Bezos’ ONLY Podcast AppearanceLevership
If you lead an organization (CEO or management), this podcast is a much-watch.
Lex Fridman did a brilliant job getting the best out of Jeff Bezos.
It is a masterclass in strategic decision-making, business strategy, and execution.
Follow Levership/Symplicity CEO and founder Matt Symes on LinkedIn for more: https://www.linkedin.com/in/matt-symes-8328a765/
A Complete Guide of Dubai Freelance Visa and Permit in 2024Dubiz
Dubai warmly welcomes professionals from every field, including freelancers. The city’s strong economy provides a fertile ground for freelancers to thrive and succeed. With the rise of digitalization and changes in employment trends, many people are choosing freelance careers for the independence and flexibility they offer. And where better to start your freelancing journey than in Dubai? However, to begin your journey, you will first need to get a freelance permit and a freelance visa Dubai.
Let’s begin by exploring the opportunities for freelancers in Dubai and learn how to obtain the necessary visa and permit, including associated requirements and costs.
Initial Resource Estimate:
74.9Moz at 980 G/T AgEq
Focused on Discovering High-grade, Quality Ounces.
The initial resource estimate on the high-grade silver “Waterpump Creek” zone of our 100% owned carbonate replacement deposit (CRD) was published in February 2024.
Our intact mineral system encompasses the past producing Illinois Creek gold-silver mine, the Waterpump Creek deposit, and the Honker gold prospect, which make up the CRD system in focus. 25 kilometers northeast of the Illinois Creek CRD are the Round Top copper and the TG North CRD prospects. All prospects were originally discovered by Anaconda Minerals Co. in the 1980's. Since 2010, WAM reassembled the Anaconda land package and has been actively exploring the district. WAM’s 100% owned claims cover 73,120 acres (114.25 square miles).
WAM brings together a team of seasoned professionals. Our strategic approach is underpinned by innovative exploration techniques and a deep understanding of the geological intricacies of the region.
Patrick Dwyer resides in Miami, Florida where he proudly founded the Dwyer Family Foundation. Formerly with Merrill Lynch, Patrick has a long, successful career as a wealth advisor for high-net-worth clients. He currently works for Boston Private, and he gives his time to a number of charitable organizations including Telluride Science Research Center and Key Biscayne Community Foundation. He received his MBA at the University of Miami.
In today's competitive business environment, a well-defined marketing strategy is essential for
any organization aiming to achieve long-term success. A marketing strategy serves as a
comprehensive plan that outlines an organization's overall game plan for reaching prospective
consumers and turning them into loyal customers. It encompasses a company's value
proposition, key brand messaging, data on target customer demographics, and other highlevel elements. A robust marketing strategy is grounded in understanding the market,
analyzing consumer behavior, and identifying the most effective ways to communicate the
value of the company's products or services.
Organisational success today hinges on effectively understanding and responding to customer needs across diverse segments with varying expectations and preferences. Indeed, with consumers becoming increasingly demanding, it is more important than ever to prioritise customer experience excellence at every touchpoint.
Ensuring exceptional customer experiences at every level of your organisation is crucial. While customer needs might be different, you must build deep customer experience skills and knowledge to accurately identify, address, and enhance the various grey areas in your customer value journey.
Failing to do this can lead to customer attrition and lost opportunities. A few key considerations can ensure your organisation is on the right track to deliver outstanding experiences.
In this deck, you'll learn the secrets to improving your organisation's customer experience.
You'll also learn:
• How you can measure Customer Experience
• What is means to manage your Customer Experience (CX) and the key components for effective implementation
• Tested strategies to elevate your Customer Experience
• And lastly, the difference between Customer Experience and Customer Service.
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vander...kevinkariuki227
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vanderbeck Chapters 1 - 10, Complete
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vanderbeck Chapters 1 - 10, Complete
Test Bank For Principles Of Cost Accounting, 17th Edition Edward J. Vander...
Navigator 6
1. THE february 2012
ISSUE 6
THE MONTHLY REPORT FROM WESTSHORE SHIPBROKERS AS
INSIDE THIS ISSUE:
NEWBUILDING NEWS 3
DRILLING & PRODUCTION 4
IN & OUT 5
MARKET FORECAST 6
THE INSIDE STORY 7
THE LAST WORD 8
2. 02 HEADLINE News
Norway’s hopes for further nds
Results are in the the Pre-defined areas scheme and submissions
for the 22nd licensing round – with interest at record levels.
Headlines of declining production rates and more expected licenses it currently acts as operator for. Spring Energy say it is
have long been the unfortunate concensus for oil and gas focusing on activities in the Norwegian continental shelf and has
production in the North Sea. That is until the latter part of 2011 interests stretching from the North Sea to the Norwegian Sea
when amongst others Statoil announced nds of and up into the Barents Sea.
game-changing signi cance. The renewed con dence was
echoed in the interest expressed in the 60 new production Next on the agenda for the Norwegian sector is the 22nd
licenses o ered up in the Ministry of Petroleum and Energy’s licensing round which may cover areas of the Barents Sea.
Pre-de ned Areas (APA) Scheme. The success at Johan Sverdrup Following the initial phase of oil companies being invited to
(former Aldous/Avaldsnes) where vast reserves were announced propose areas of interest to them commercially, The Ministry of
in an area where much exploration activity had been carried out Petroleum and Energy said that a record number of 181 blocks
already has spurred on operators to bid in what became the had been nominated in the Barents Sea area alone. The current
biggest ever award for acreage in mature areas. Unsurprisingly intention is to announce the 22nd licensing round before the
Statoil emerged at the forefront of the list of companies taking summer of 2012 with production licenses being nally awarded
on operatorship with 11 licenses awarded – all of which in areas in the spring of 2013.
classed as ‘mature’.
Other successful applicants include; UK independent Valiant
Petroleum which will take on operatorship in the Norwegian 1000 App users!
sector for the rst time. Statoil’s partner in the Johan Sverdrup
discovery – Lundin Petroleum was awarded ten exploration The rst and only o shore support
licenses, four of which as operator. ENI Norge will take a further vessel App for iPhone has just
license in the Barents Sea close to the Goliat eld. Wintershall reached 1000 users! The success of
secured interests in seven new licenses, four as operator, which the iPhone version will no doubt
sees the German oil company further climb up the list of soon be replicated with the launch
important players in the Norwegian sector. Another one to keep of the version for Android which is
an eye out for is a small Norwegian independent by the name of being worked on in-house and
Spring Energy which picked up interests in eight licenses hoped to be launched soon.
including one as operator which will add to the two other
3. 03 newbuilding News
newbuild deliveries Is there a secret to a successful start?
next six months With so many newbuild PSVs entering the market the degree of success each individual vessel
has met on delivery can vary greatly – we take a look at the reasons behind achieving close to
march 2012 100% utilisation compared to those that sit and wait patiently for the illusive rst job.
Brage Trader
Olympic Energy
Skandi Kvitsøy
Skandi Hawk
Bourbon Clear
april 2012
Viking Prince
OOC Leopard
Skandi Atlantic
may 2012
Sjoborg
Bourbon Calm
june 2012
Far Scotsman The divided market in the North Sea that has been oh so evident over the past couple of
FD Incomparable years has been played quite e ectively to some owners advantage. While rates available on
Olympic Orion the UK-side may be lower, chartering activity is higher and owners taking vessels over to
Aberdeen have in some cases been able to x that rst job, albeit at a lower rate than what
may have been achievable had it been a ‘Norwegian xture’, quickly. Once the rst job is
july 2012 under your belt the hard part is often done – assuming the job is carried out well and all
Bourbon rainbow parties are satis ed at the end of course. Prime example of this scenario is recently delivered
Island Crusader Solvik Supplier. The Vestland O shore managed PSV picked up three jobs two UK charterers
Viking Fighter before securing 45 days work with Total. Similarly the January-delivered Blue Fighter
Simek UT755 TBN secured her rst job with E-On on the UK side and may be on the brink of announcing a term
Vestland Mistral requirement shortly afterwards.
august 2012 But the playing eld has changed somewhat in the rst quarter of 2012 as the term activity
Blue Ship Invest TBN has surpassed the expectations of many, leading to the absorption of much of the new and
existing tonnage. It is safe to assume that the challenges faced by owners with new PSVs will
have been alleviated slightly as more opportunities present themselves.
newbuild announcements this month
Allseas xed up a three new vessels for pipehaul work namely Bourbon front, Ocean Pride and Brage
Supplier. The contracts are for 40 days.
Brage Viking, the new AHTS for now named Viking Supply Ships has delivered and is prompt in
Stavanger awaiting its rst job.
Several naming ceremonies were held this month including Olympic Commander, Rem Supporter,
Blue Fighter and Ocean Pride’s ceremony will be held start of February.
Fosnavåg based World Wide Supply has added a further two Damen PSVs to the current order of four
to be built at the Dutch yard Damen Shipyards. The two last PSVs will be delivered in November and
4. 04 drilling & production
On the move in february.....
• Songa Trym (Statoil) Rig shortage
• Rowan Norway (ADTI)
• Deep Sea Bergen (Statoil)
• Bideford Dolphin (Statoil)
throws a spanner
• Songa Delta (DNO to Suncor)
• Stena Spey (Warm Stacked to EnQuest)
in the works
• Ocean Nomad (BG)
Upcoming & ongoing
Statoil has commenced the 166 day (estimated) The fundamentals are all looking As we reported in December’s
drilling campaign at the King Lear prospect north so good, major nds reported, Navigator one company is
of Eko sk. Jackup Maersk Gallant is drilling the well increased con dence, majors choosing to approach the
in the highly anticipated location for Statoil increasing their spending problem from a di erent angle –
described as ‘high impact’. budgets but the number of wells Statoil. In an attempt to curb the
to be drilled in 2012 will be increasing challenges brought
ConocoPhillips has secured the jackup Maersk hindered by one major factor – by lack of suitable drilling units
Resolve for a two well job starting in May on the UK lack of suitable drilling rigs. Statoil has started a programme
sector. O shore drilling in the whereby is seeks to build and
Norwegian sector is heavily contract units of particular
Seadrill’s 2000-built drillship West Navigator has governed, as units seeking to relevance to the elds it operates
been extended on its contract with Shell working drill in Norwegian waters must and the challenges faced there.
at Ormen lange. The contract extension is for 18 comply with strict regulation and In tandem with some of the
months . achieve SUT certi cation industry’s main drilling
showing the unit meets the companies, Statoil is redesigning
Bad weather in the UK sector caused the Ban required technical and safety the standard for semis and
FPSO to lose its anchors this month causing some standards for drilling. For months jackups for use in the Norwegian
damage to risers. As a result the unit had to be now it has been seen that there is sector. However his project will
removed from the eld for a damage assessment virtually zero available oating take some time, not least the
to be carried out. rigs with existing SUT construction phase which has
classi cation that could not yet started.
Troubles at the YME platform continue with new undertake additional contractual
problems adding to the di cult weather obligations for the remainder of In the meantime insistence from
conditions resulting in serious cost escalations. The 2012 and that is now beginning NPD’s director Bente Nyland to
last project completion date of second quarter to stretch into 2013. concentrate e orts on existing
2012 has now been extended and legal action elds where unrealised
between suppliers and project partners now looks 2011 saw a total of 52 wells opportunity may lie, will have to
on the cards. spudded in the Norwegian wait as rig capacity at least on
sector, up from 41 in 2010. But a the Norwegian side, is stretched
The search for drilling units in the North Sea shortage of drilling units to its limit.
continues as BP issues a tender for a heavy duty coupled with increased costs
jack up to cover work in the central North Sea in have led many to expect the tally
2013. In addition RWE-Dea seek a jack up for a six for 2012 to remain at on last
well programme commencing April 2013. year.
5. 05 in and out
Vessel Design Manager ENTRY From
Island Captain UT 776 CD Island Offshore Mid – Feb Newbuild – Norway
Stril Polar PSV 09L CD Møkster Mid – Feb Newbuild – Norway
Vessel Design Manager ENTRY To
Rem Supplier PSV Rem Offshore Mid – Feb SPD
FD Reliable PSV Gulf Offshore End – Feb Petersons
Maersk Launcher AHTS Maersk Supply End – Feb BP
Havila Commander PSV Havila Start – Feb MOUK
Normand Draupne AHTS Solstad End – Feb Gaz de France
Stril Orion PSV Møkster End – Feb Maersk Oil
Siem Topaz AHTS Siem Offshore Mid – Feb Statoil
Northern Wave PSV Trico End – Feb Providence
Skandi Emerald AHTS DOF End – Feb OGX – Brazil
Vessel Design Manager EXIT To
Skandi Skansen AHTS DOF Mid – Feb Subsea 7
Siem Sailor PSV Siem Offshore Mid - Feb Statoil
Havila Fortress PSV Havila Mid – Feb ADTI
Blue Fighter PSV Remøy Shipping Mid – Feb Apache
North Stream PSV Gulf Offshore Start – Feb DNO
SBS Typhoon PSV SBS Marine Mid – Jan RWE Dea
Siem Danis PSV Siem Offshore Mid – Feb Sold to Nigerian interests
Edda Freya PSV Østensjø Start – Feb Allseas
Ocean Pride PSV Sartor Start – Feb Allseas
Bourbon Front PSV Bourbon Start – Feb Allseas
Edda Frigg PSV Østensjø Start – Feb Allseas
Brage Supplier PSV Møkster Start – Feb Allseas
Rem Fortress PSV Rem Offshore End – Feb ADTI
Solvik Supplier PSV Vestland Offshore Start – Feb Total
Subhadra AHTS Varun Start – Feb TBA Caspian
Suchandra AHTS Varun Start – Feb TBA Caspian
Rem Fortune PSV Rem Mid – Feb Sold – Nigerian interests
6. 06 market forecast
Term Activity in the
first quarter
The deliveries of new PSVs continues unabated
but term chartering has soaked up several
more vessels than some thought…
With so many new vessels entering service this year it was di cult to see some time but draft restrictions for entering the Caspian will exclude
how all the new tonnage could have been absorbed leading to some many vessels from being considered for this work. And of course Brazil
potentially di cult situations for PSV owners. But 2012 has kicked o in will likely take a handful of vessels although this will rest on the AHTS
spectacular fashion when it concerns term chartering activity with news side where little global competition for superior tonnage can be found.
of arrangements being made for term work either in the North Sea or in Petrobras et al will likely nd cheaper PSVs readily available elsewhere
other regions coming in thick and fast these past couple of weeks. without having to pay the North Sea prices.
Moreover there are still several outstanding term requirements for
North Sea work and more announced recently. As one might expect, More announcements of term xtures is expected through this quarter
with each vessel secured the availability goes down and the rates paid and they concern activity in the UK sector, the Faeroe Island and also
for subsequent xtures creeps up. work in the Norwegian sector for which we believe further term
requirements will be issued.
As Westshore discussed in last month’s edition of the Navigator, pipe Fixture date Vessel Charterer Work Scope Day rate
haul has already lead to some signi cant absorption of PSV tonnage as 01.02.2012 E.R.KRISTIANSAN… Enquest Supply duties, 9 months firm + 2x3months o… GBP 12000
01.02.2012 FD REMARKABLE Enquest Supply duties, 9 months firm + 2x3months o… GBP 13000
Allseas secured no less than ve vessels for a 40-day programme at rates 01.02.2012 STRIL ORION Marathon N Supply duties, 6 months firm+2 wells opt. RNR
in excess of GBP 20K per day. Notably three out of ve xtures were for 31.01.2012 TROMS CASTOR MOG Supply duties.60 days firm + 30x1day NOK 155000
vessels less than six months old. More xtures can be expected from this 31.01.2012 ESVAGT CONNECTO… Statoil Supply duties, 1 well, Faroe Islands, ca. … RNR
31.01.2012 KL BROFJORD Statoil Supply duties, 1 well, Faroe Islands, ca. … NOK 165000
charterer as projects on the cards for 2012 have yet to be allocated 31.01.2012 EDDA FREYA Noreco Support Maersk Resolve, 1 well + D/D 14 RNR
speci c tonnage. What may have started as several oil companies 25.01.2012 REM FORTRESS ADTI Supply duties, 1well firm (Est 6 months) RNR
20.01.2012 BOURBON FRONT Allseas Pipehaul, ca 40 days GBP 23000
positioning themselves to take advantage of an excess of PSV tonnage 20.01.2012 OCEAN PRIDE Allseas Pipehaul, ca. 40 days GBP 22750
has slowly started a trend of higher and higher rates being set for term 20.01.2012 BRAGE SUPPLIER Allseas Pipehaul, ca. 40 days GBP 22750
20.01.2012 EDDA FRIGG Allseas Pipehaul, ca. 40 days GBP 22750
work. 20.01.2012 SOLVIK SUPPLIER Total E&P Supply dutiers. 45 days firm + 4x1 week GBP 15000
20.01.2012 EDDA FREYA Allseas Pipehaul, ca. 40 days GBP 23000
18.01.2012 SKANDI WAVENEY Peterson Supply duties, 1 year firm + 2 year option RNR
Furthering this is the handful of announcements of vessel sales and 09.01.2012 BB TROLL Saipem Assist Scarabeo 8, 50 days RNR
vessels leaving the North Sea for work in other regions – most notably 03.01.2012 SOPHIE SIEM ENI Ghana Supply duties 180 days RNR
03.01.2012 SIEM LOUISA ENI Ghana Supply duties 100 days RNR
West Africa. In this category we nd the 1000m2 deck Rem Fortune and
VS 470 Siem Danis which have been sold to parties outside the North
Sea. Rumors regarding Caspian Sea work have been in the market for term fixture announcements in 2012. Source: westshore
7. 09 the inside story
A rising tide lifts all boats?
Reporting season is quickly approaching for the supply vessel
WRITTEN BY
owners listed on the Oslo Stock Exchange. The nance
departments of the eight listed owners will be busying themselves
for the scrutiny of the presentations given at set dates throughout Inger Louise Molver
O shore Analyst
February, be that by conference call or at the traditional locations
in Oslo.
After a tough couple of years for support vessel owners the behind them. An increase in demand for support vessels in
news from the fourth quarter is hoped to show some most of the basins around the world is thought to continue
improvement from what has been announced in the previous despite global economic challenges. This will keep demand for
reports. Havila, Eidesvik, Siem, Farstad, Deep Sea Supply, Rem, their services high and continue to be the case as the high
Solstad and DOF all report fourth quarter 2011 earnings in number of orders for new rigs starts to result in delivered units
February with Havila already having come out with preliminary from 2012 and stepping up signi cantly in 2013.
accounts. On the spot market in the North Sea conditions in the
fourth quarter proved particularly volatile with spectacular New projects
highs and lows which will impact owners to a greater or lesser We may start to see indications of new projects on the horizon
extent depending on their spot market exposure. Whilst the for owners but nancing remains a key factor in prohibiting
accounts may not entirely be out of the red and into the black, another newbuild cycle, much to the dismay of the shipyards.
an improvement is still widely anticipated for most of the The balance sheets are in general still very leveraged owing to
owners. the signi cant growth most of the owners went through over
the last two to three years. This, coupled with the ongoing
Outlook challenges in the nance markets leaves few owners in a good
In addition to the gures reported in the accounts what’s also of position to be considering further growth. It has been said that
interest is the management comments. What’s expected here is as soon as owners begin to see the light at the end of the tunnel
a general consensus that the market is improving, the tough they promptly lengthen the tunnel but this time that
times that owners have gone through as a result of a dip in temptation may not be an option.
demand and a deluge of new vessel deliveries will be largely be
8. 08 the last word
Westshore Asks:
what will the average spot xture
rate for PSVs be for February?
And the winner is.. alex aapostolou
offshore shipbrokers
In last month’s Navigator we asked the panelists what the
average utilisation rate for AHTS vessels would be on the spot
answer - GBP 10,500
market – the answer coming in a few points short of 70% overall
not the worst the market has fared so early in the year.
Average xture rate for large AHTS vessels came in at around
GBP 17,000 in January, up from last year’s level of just below
GBP 10,000. In general the spot market has not experienced a
great deal of activity this month – it has really been the term
market that has kept the brokers busy. And of the two jan lothe
segments it has been the AHTS market that has fared worse ocean going
than the PSV.
answer - GBP 7,700
This month the question we asked our panelists was what will
the average spot xture rate for PSVs be for February? Given
then interest in the term market, the rates on the spot market
will potentially be a ected – but what do our panelists think?
john haugstad (on behalf of atle holgersen)
Atle Holgersen came in closest with his answer last month so simon møkster
gets to stay on to answer in this edition. Joining Atle is Jan
Lothe responsible for the chartering of NSO Fortune and Alex answer - gbp 9,750
Aapostolou from O shore Shipbrokers in Aberdeen