Delta Marine Unveils New ROV Business

Delta Marine Technologies, Inc. (DMTI) announced the formation of Delta SubSea, LLC.  Delta SubSea was formed through the contribution of the pre-existing DMTI business into the newly-formed Delta SubSea, which was then re-capitalized with significant new equity capital from CSL Capital Management, LLC. 

DMTI was founded by Scott Dingman in 2004 and is a leading provider of engineering and personnel contracting services for the global offshore oil and gas industry.  Going forward, the Company will continue to offer these services while also making a major expansion into ROV services for offshore operators and contractors. The Company expects to enter into a multi-year framework agreement with a major manufacturer of ROV systems. Delta SubSea's fleet will be focused on work class ROV solutions for customers in the inspection, repair and maintenance, construction, drilling and decommissioning market segments. Dingman will continue to lead the Company as its Chief Executive Officer and is a co-owner of the Company.

"We are very pleased to partner with CSL Capital to form a leading integrated independent provider of ROV services and solutions. We at Delta SubSea strive to be best-in-class in all we do and this is the core philosophy of our new ROV business. We look forward to serving our customers with rapid deployment customized solutions for the challenges of the offshore oil and gas industry," Dingman said.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sembcorp Marine Bags $208M Jackup Deal with Perisai

Sembcorp Marine disclosed late Thursday that its subsidiary, PPL Shipyard, has won a $208 million contract to build a second Pacific Class 400 jackup for Perisai.

Scheduled for delivery in 2Q 2015, the jackup is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. The jackup will be able to accommodate 150 people on board.

Sembcorp Marine delivered its first Pacific Class 400 jackup to Perisai in May last year.

"We are very pleased that Perisai has chosen to order the second Pacific Class jackup with us. This repeat order is a reflection of the optimism that the owner has in the jackup market," PPL Shipyard's Managing Director Douglas Tan said in a statement.

Analysts said this week that the outlook for Sembcorp Marine this year is optimistic.

"We see compounded annual growth rate earnings of 16 percent for Sembcorp Marine over the next three years, supported by its $11 billion orderbook," Maybank Kim Eng said in a research note Wednesday.

DBS Group Research noted Thursday that Sembcorp Marine's performance this year will offset an anticipated performance slack of parent company Sembcorp Industries.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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Ezion's Marine Supply Base in NW Australia Operational End-2013

Singapore-listed Ezion Holdings announced Friday that its marine supply base in North Western Australia will be operational by the end of this year, with basic load out and lay down services to be made available.

The company said in a disclosure that several oil and gas services companies have expressed their interest in using the supply base's facilities.

The supply base is built on a plot of land leased by Ezion, from North West Australia, in July 2010. The sea front land, located in close proximity to oil and gas projects in Northwest Australia, Papua New Guinea and Timor-Leste, is leased to Ezion for an initial period of five years, with a 30-year extension option at monthly rental rates.Ezion noted in 2010 that it has plans to develop marine bases in other areas, based on a similar concept.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sembcorp Marine Sees Profit Dip, Admits 2012 Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD 148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD 538 million) and an operating profit of $448 million (SGD 554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400' ILC jackup) tilted during a jacking system test Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD 13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine's $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst Jason Saw said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sembcorp Marine Sees Profit Dip, Admits 2012 Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD 148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD 538 million) and an operating profit of $448 million (SGD 554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400' ILC jackup) tilted during a jacking system test Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD 13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine's $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst Jason Saw said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Sembcorp Marine Sees Profit Dip, Admits 2012 Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD 148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD 538 million) and an operating profit of $448 million (SGD 554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400' ILC jackup) tilted during a jacking system test Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD 13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine's $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst Jason Saw said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sembcorp Marine Sees Profit Dip, Admits 2012 is a Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD538 million) and an operating profit of $448 million (SGD554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400’ILC jackup) tilted during a jacking system test on Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine’s $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst, Jason Saw, said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Sembcorp Marine Sees Profit Dip, Admits 2012 is a Challenging Year

Sembcorp Marine posted late Thursday a net profit for the final quarter of 2012 at $135 million (SGD167 million), down 27 percent from the same period last year. In 4Q 2011, Sembcorp Marine booked a net profit of $185 million (SGD229 million).

Operating profit for the quarter was $120 million (SGD148 million), down 26 percent from one year ago.

Sembcorp Marine also saw its net and operating profits slide on a full year basis. For the year ended Dec. 31, 2012, the company posted a net profit of $435 million (SGD538 million) and an operating profit of $448 million (SGD554 million), down 28 percent and 25 percent respectively.

Sembcorp Marine noted in its earnings release that it was operating in a challenging environment last year. The company ended last year having to grapple with the aftermath of an offshore accident; the Noble Regina Allen (400’ILC jackup) tilted during a jacking system test on Dec. 3, 2012. The incident led to some 89 workers being injured.

Sembcorp Marine revealed in its earnings report that the company has a net order book of $11 billion (SGD13.6 billion) with completion and deliveries stretching into 2019.

"Amid the fragile global environment, the long-term industry fundamentals for the Offshore Oil and Gas sector remain sound underpinned by high oil prices and projected increases in offshore exploration and production spending," Sembcorp Marine said in a statement.

"Yard activity level will remain high over the next two years, supported by Sembcorp Marine’s $11 billion net order book. However, margins may continue to normalize. In this rig order cycle, price increase is slower and we believe this is attributed to rising competition for offshore orders," OSK Research's analyst, Jason Saw, said in an opinion statement.

"The jackup rig replacement theme is still intact but this market segment will see competition from Chinese and Middle East yards," Saw noted.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Eni Awards Neptune Marine Services Blacktip Gas Field IRM Contract

Neptune Marine Services said Thursday that it has been awarded a contract from Italian major Eni to perform an inspection, repair and maintenance (IRM) scope in the Blacktip gas field, in the Bonaparte Basin offshore Australia in the Timor Sea on permit WA-279-P.

The Crest Odyssey 2, a saturation dive support vessel, will be used for the IRM scope, Neptune said in a statement.

The contract, expected to deliver $6 million, is due to start in March this year.

In 2001, Blacktip was discovered by the Blacktip-1 well, which flowed at a rate of 89 million cubic feet pre day principally from the Permian interval. The Transocean Sedco Forex jackup drilled the discovery well in 164 feet (50 meters) of water. Shortly after the discovery, the Eni-operated field was further explored and deemed commercially viable.

Blacktip holds an estimated 933 billion standard cubic feet of raw gas and 5.7 million barrels of condensate.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit http://www.riglogix.com/.

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Sembcorp Marine to Build $725M Topside for Ivar Aasen Project

Sembcorp Marine disclosed late Thursday that it build a $725 million (SGD900 million) offshore platform integrated topside, which will be bound for the Ivar Aasen development in the North Sea.

The floating productions unit of Sembcorp Marine, SMOE, inked a letter of intent with Det Norske Oljeselskap (DNO) - a Norwegian exploration and production company - to undertake the engineering, procurement and construction (EPC) work of the topside.

The 13,700 tonne topside, which is designed to house 70 people and to be installed at a water depth of 367 feet (112 meters), will be equipped with a living quarters module and a helideck. It will also include modules for process, gas compression, separation, water injection, flare boom, metering and utilities.

SMOE will start construction in December this year, with sail-away scheduled in March 2016.

The Ivar Aasen project is situated west of the Johan Sverdrup field in the Norwegian Continental Shelf, 112 miles (180 kilometers) west of Stavanger, containing approximately 150 million barrels of oil equivalents. First oil from the project is expected to start in the fourth quarter of 2016. The anticipated life span of Ivar Aasen can reach 20 years.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Goodrich Petroleum to Spud Well in Tuscaloosa Marine Shale

Goodrich Petroleum Corporation (GDP) Wednesday announced the completion of its Crosby 12H-1 (50 percent working interest) well in Wilkinson County, Mississippi. The well is continuing to improve with a current production rate of 1,250 barrels of oil equivalent per day (boepd) and a 24 hour average rate of 1,130 boepd comprised of 1,050 barrels of oil and 469 million cubic feet (Mcf) of gas, on a 15/64" choke with 2,700 psi. The well, which has approximately 6,700 feet of usable lateral and was fracked with 25 stages, is in the early stage of flowback, with approximately 1 percent of the frac fluid recovered to date.

The Company is also participating in the Anderson 17H-2 well, which is currently drilling, with a 7 percent non-operated working interest. The Company plans to spud its next operated Tuscaloosa Marine Shale well, the Smith 5-29H-1, during the second quarter. The Ash 31H-1 and Ash 31H-2 wells, in which the Company has a 12 percent non-operated working interest, are currently expected to be completed in February.

The Company currently has approximately 135,000 net acres in the play, and now expects to spend the higher end of its previously announced 2013 capital expenditure budget in the TMS of approximately $50 million.

Encana and Contango Oil & Gas Company each own a 25 percent working interest in the Crosby 12H-1 well.

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Retired Marine who gives holiday toys to kids is sex offender

Font ResizeLocal NewsBy Kieran Nicholson
The Denver Postdenverpost.comPosted: 12/21/2012 01:21:38 PM MSTDecember 21, 2012 10:55 PM GMTUpdated: 12/21/2012 03:55:40 PM MST


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