Fossil Energy
Icahn Pushes Transocean for $4.00 per Share Dividend
Carl Icahn, the world’s 26th richest billionaire according to the latest Forbes billionaires list, has, for the Transocean’s 2013 Annual General Meeting of Shareholders, submitted proposal for a dividend of $4.00 per share. Also, the Funds controlled by Icahn provided a notice of nomination of 3 dir
Production Resumes from Cormorant Alpha Platform After Oil Leak (UK)
Abu Dhabi National Energy Company PJSC (TAQA) has begun the process of restoring the flow of an estimated 80,000 barrels per day (bpd) of crude oil in the Brent pipeline system following a precautionary shutdown on Saturday 2 March. The pipeline system, which is operated by TAQA and runs through the
Statoil’s Johan Sverdurp Appraisal Well Confirms 14m Oil Column (Norway)
Norway’s oil giant Statoil has, by basic wireline logging, confirmed a 14 meter oil column in well 16/5-3, located in PL 502 in the Norwegian sector of the North Sea. The well is being drilled in the southern extension of the Johan Sverdrup area. Logging in the reservoir section is still in an initi
CFO Leaves Heerema Fabrication Group
Dutch Heerema Fabrication Group (HFG) has announced that Arend Drenthe, Chief Financial Officer, and HFG have jointly decided to end their relationship with immediate effect. Arend Drenthe will continue his career outside the Heerema Group. “We want to thank Arend for his contribution to the company
Ocean Rig Records Net Loss in 4Q 2012
Ocean Rig, an international offshore drilling contractor, recorded a net loss of $71.0 million, or $0.54 basic and diluted loss per share, for the three-month period ended December 31, 2012, as compared to a net income of $36.5 million, or $0.28 basic and diluted earnings per share, for the three-mo
Lukoil Reports Record Net Income for 2012 (Russia)
LUKOIL, Russia’s largest privately-owned oil company has published consolidated US GAAP financial statements for 2012. The Company, lead by the billionaire Vagit Alekperov, said its 2012 net income rose by 6.2% and reached record $11,004 million. EBITDA (earnings before interest, taxation, depreciat
‘Normand Commander’ Stays with Technip for Another Year
Global Industries Offshore L.L.C., a company owned by Technip, has exercised their option to extend the contract for the construction vessel “Normand Commander” with one year from June 2013. Technip has an option to extend the contract with further 2 x 1 year option after the expiry of the firm cont
Shell Awards Umbilical Installation Job to Ocean Installer (UK)
Shell U.K. Ltd. has awarded Ocean Installer a contract for umbilical installation at the Bittern field in the UK sector of the North Sea. The scope of the work is to install two new static umbilicals of 20.7 km and 1.8 km. This includes pre-lay engineering, survey and confirmation of all routes and
Caterpillar Gensets for Russia’s Largest Offshore Platform
Caterpillar Oil and Gas has announce the Cat® 3500 diesel generator sets have been successfully installed on what is expected to be Russia’s largest offshore oil and gas platform, Berkut. Three Cat 3516B (HD) generator sets will provide both essential and emergency power for the fixed platform. Each
TGS Starts Barents Sea Seismic Surveys
TGS will start the Europe 2013 acquisition season with two 3D multi-client surveys in the Norwegian Barents Sea; Finnmark Platform 2013 (FP13) covering 3,500 km2 and the Hoop to Fingerdjupet 2013 (HF13) covering 8,600 km2. Both 3D seismic surveys cover areas of complex geology and are designed to ad
DeepOcean Secures €125 Million Loan
DeepOcean Group has announced it has secured a new €125 million (USD 163 Mln) senior credit facility. The agreement consists of a €95 million senior secured revolving credit facility including an ancillary feature for performance guarantees and a €30 million senior secured term loan facility. Both t
Sterling Expects Cladhan FDP Approval by March End (UK)
Sterling Rescources, a Canadian-listed international oil and gas company headquartered in Calgary, in its operational update issued Tuesday informed that a final version of the Cladhan Field Development Plan (“FDP”) was submitted to DECC at the beginning of February 2013. The Cladhan Field is locate
VIDEO: Ulstein Delivers ‘Blue Power’ PSV (Norway)
Norway’s Ulstein Verft delivered ‘Blue Power’, the third of six medium-sized platform supply vessels (PSV) of PX121 design from ULSTEIN® to Blue Ship Invest, on 6 March 2013. “The great efforts of all those involved and the experience we gained from the construction of the first two vessels in this
ICoTA Makes New Appointments (UK)
Leading oil and gas industry body, the Intervention & Coiled Tubing Association (ICoTA) European Chapter, has appointed a new chairman and vice-chairman. Former vice-chair Michael Taggart will take the helm as chairman of the organisation, while fellow committee member Kelly Murray has been appointe