Business & Finance
Argentina: Damen ASD 2810 Tug Arrives in Buenos Aires
Argentinian towage and harbour company Remolcadores Unidos Argentinos (RUA) has just taken delivery of the ‘RUA Cap. Lucio R’, a Damen ASD 2810 tug. Although Damen’s tugs have operated in Argentina before, this vessel is the first time a Damen tug is owned by an Argentinian company. Established in 1
UK: Hydratight Launches Updated Emergency Pipeline Repair System
Hydratight has launched an updated Emergency Pipeline Repair System to offer better disaster planning and contingency services to operators and contractors. Following the dramatic reaction to the Gulf disaster in early 2011, ever-increasing demands are being placed on oil and gas operators to provid
Indian Consortium to Offer USD 2 bln for Cove Energy?
Two bids have been placed so far for Cove Energy’s all issued or to be issued shares. Shell’s subsidiary, Shell Bidco, recently offered USD 1.56 billion for Cove, but Thai energy company PTTEP lifted the bar and offered USD 1.77 billion. Still, the bidding process seems to be far from over. The Time
Brazil: Odebrecht Takes Delivery of Delba III Rig
Tug Fairmount Summit has delivered the new build drilling rig ODN Delba III safely from the Persian Gulf to a location offshore Rio de Janeiro, Brazil. The total voyage over a distance of 10,625 miles was performed with an average speed of 6.0 knots. ODN Delba III is a semi submersible drilling rig
Denmark: SVITZER Gets New CEO
Mr Robert Uggla has been appointed new CEO of SVITZER with effect from 1 May 2012. Robert Uggla has until now held the position as Managing Director of Broström, which is part of Maersk Tankers. He replaces Jesper T. Lok, who was recently appointed new CEO of DSB, the national Danish train operator.
Cyprus: SeaBird Publishes Fourth Quarter Results
SeaBird published results for the fourth quarter of 2011 with the following highlights: · A Letter of Intent entered into between SeaBird and Fugro Norway on 3 October 2011 for the sale of the OBN business, completed on 8 December 2011. The transaction also includes two SeaBird vessels on time chart
Norway: Lundin Extends Bredford Dolphin Contract
Swedish Lundin Norway AS has exercised the option for an additional well with Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, for use of the semi-submersible drilling unit Bredford Dolphin. The well will be in direct continuation with current contract with Lundin Norway AS. The contract
USA: Endeavour Reports Net Loss in Fourth Quarter 2011
Endeavour International Corporation reported fourth quarter 2011 net income (loss), as adjusted of $(5.8) million compared to $81.1 million for 2010, when it reported an $87 million gain on the sale of its North Sea asset Cygnus. On a GAAP basis, net loss for the fourth quarter of 2011 was $44.6 mil
Spain: Repsol Reports Drop in 2011 Net Income
Spanish oil company, Repsol, posted a net income of EUR 2.193 billion in 2011, 53.3% lower than that recorded in 2010 and which included the one-time gain from the agreement between Repsol and China’s Sinopec in Brazil. Earnings were negatively affected by external factors such as the armed conflict
DP World Chairman Visits UK Projects
HE Sultan Ahmed Bin Sulayem, Chairman, DP World, has welcomed a new productivity record set for vessel handling operations at DP World Southampton, and expressed his pleasure with the progress of construction at London Gateway, the new global shipping port and logistics centre project. Mr Bin Sulaye
Divex’s Deep-Sea Diving System for Russian Rescue Ship Igor Belousov
Deep-sea diving system produced by Divex (Scotland) for Russian rescue ship Igor Belousov will be delivered, mounted, and tested by specialists of Russian company Tetis Pro which is going to provide 5-year long aftersales service and train operators. The contract with Tetis Pro will be signed in the
UAE’s Dragon Oil No Longer Interested in Bowleven
Dubai based Dragon Oil, an independent oil and gas exploration, development and production company with producing assets offshore Turkmenistan, today announced it was no longer interested in Bowleven takeover. Two weeks ago, Dragon Oil released a statement which said that the company was exploring o
Denmark: Maersk Announces Sale Completion of Maersk LNG
Maersk of Denmark said it has completed the sale of its wholly owned subsidiary Maersk LNG to Teekay LNG and Marubeni Corporation. “The agreement was subject to a regulatory approval and consents from Maersk LNG’s customers. These conditions have now been fulfilled. Accordingly, A.P. Møller – Mærsk
Norway: Statoil Awards Technip with Two Subsea Contracts
French based, international oilfield services provider, Technip, has secured two subsea contracts under the Diving Frame Contract with Statoil, for the Åsgard and Gudrun & Valemon projects. The total value of the contracts is around €45 million. The Åsgard contract includes deep water testing of the