Professional Documents
Culture Documents
2005-Os June 05
2005-Os June 05
Oil Patch Headlines • Exploration & Drilling • GOM Activity • Supplier News • Offshore-at-a-Glance
Discoveries • Ships & Rigs • Alternative Energy • Stock Watch • World News • Technology Report
OS_June 05final 5/24/05 4:25 PM Page 2
OS_June 05final 5/24/05 4:30 PM Page 3
Table of Contents
www.OffshoreSource.com
www.OffshoreSourceJobs.com Headlines 1 Subsea Intervention 16
May, 2005 List of Advertisers 3 Technology 17
Volume 8, No. 5
Dan G. White World News 4 Communications 18
Publisher & Editor
Gulf of Mexico News 6 Shipyards & Equipment 19
Kevin Peterson
Financial Editor
Exploration & Drilling 10 Supplier News 20
Mj McDuffee
V.P. Sales & Marketing Company Spotlights 21, 25
Alternative Energy 11
Inger Peterson
Editorial Assistant OTC Report 22
Construction & Salvage 12
Sharon White
Circulation Events Calendar 23
Musings from the Oil Patch 13
Stef Russell
Graphic Design Company News 24
Offshore At-A-Glance 14
Marketplace 26
Stock Watch 15
ADVERTISING SALES
Mj McDuffee
Phone (772) 221 7720
Fax (772) 221 7715
E-mail: info@offshoresource.com
Advertisers
Bright Light Foundation 26
Cns Subsea Limited 24
ETS 9
Federal Flange 5
Gulf Engine 26
Headhunter Inc. 26
IMES/Water Weights 25
ICOM America 7
Kongsberg Maritime 28
Mako Technologies 24
Marine Resources 26
Oceanology 23
Ocean Fiber Corporation 17
Ocean Specialists, Inc. 24
Ocean Works International 16
Offshore Communications 2005 27
Offshore Europe 11
OPE 1
Petrocom 2
Quest Offshore Resources 3
SeaCatalog 26
Skeets 26
VFL Energy Technologies 26
Kent Introl Valves has been awarded two contracts, with a total
Chevron Steps Up value of almost £700,000, for the supply of control valves for oil and
gas projects off West Africa and in the UK sector of the North Sea.
World News Pace Off Angola An order has been placed by AMEC for valves for use in a project by a
major North Sea operator at a cost £350,000. With 150 valves delivered
Chevron has announced intentions to engineer tower construction. which will ultimately be to the original development in the 1990s, the latest contract will main-
and procure a second compliant tower for its deep- installed in about 380 meters of water. Production tain consistency of product and will bring to over £1 million the value
water Tombua and Landana fields in block 14 off from the development is estimated at just under of valves supplied directly. In addition, Kent Introl valves have been
Angola. Mustang Engineering has already begun 200,00 barrels per day. provided by contractors and package suppliers. The company has also
the design of a compliant tower similar the the pre- At the same time Chevron is also starting the been awarded a contract, valued at £320,000, by Vetco Aibel for valves
vious Benguela-Belize. KBR is doing the front end process for two new platforms for the Banzala field for installation on Bergesen’s FPSO (floating production, storage and
design work on the topsides. EPIC awards for the in block 0 off Cabinda, angola. The contract calls offloading) vessel, Berge Helene. The ship will operate for Woodside
build is expected in April 2006. for two 550-ton jackets and 1,100-ton topsides, three Petroleum on the Chinguetti field, offshore Mauretania. Valves for the
Technip’s Gulf Marine Fabricators and Kiewit pipelines and a power umbilical. The terms state two latest orders are being manufactured at the Brighouse, Yorkshire,
Offshore Services are expected to compete for the that the jackets must be built in Angola. facility of Kent Introl, a division of Vetco Gray. For technical / project
related: Tel: + 44 (0) 1484 710311
GX Technology Corporation (GXT), Based in Port Harcourt, Bulwark is an a two-berth extension to the export jetty.
a leading seismic imaging service indigenous Nigerian company that pro- The project is expected to be completed by
World News
provider and a subsidiary of vides oil and gas companies with special- the end of the first quarter 2008. For more
Input/Output, Inc. (NYSE:IO), ized in-country services for exploration, information see www.fwc.com
announced the opening of an advanced development, and production. Bulwark has Shell Looks at
imaging center in Port Harcourt,
Nigeria. The Port Harcourt center is the
forged relationships with leading oil and
gas companies and has operated a seismic
Clough has entered into an agree-
ment with Norwegian company, Solstad
GOM-Style TLP for
second of three advanced imaging centers services center for local and international Cable UK Limited, for the long term Malaysia
scheduled to be opened this year by GXT. clients. charter of the ex. cablelay ship
The first one was opened last month in “Normand Clipper”. The “Normand Shell is looking at a TLP development
Caracas, Venezuela.. "The opening of the Foster Wheeler Ltd reported its sub- Clipper” will be converted to an offshore concept for the Gumusut project offshore
Port Harcourt center is a key milestone in sidiary Foster Wheeler International construction service vessel at the Ulstein Sabah, East Malaysia, in 1,000 meters of
the global expansion of our business," stat- Corporation has been awarded a proj- Verft AS yard in Norway and will be ready water. The development is rumored to be big-
ed Mick Lambert, President, GX ect management consultancy (PMC) for service from 1st June, 2005. The con- ger than Murphy Oil’s 400 million barrel plus
Technology. "Our state-of-the-art Nigerian contract by Abu Dhabi Gas Industries version will equip the vessel with a spe- Kikeh field located near Gumusut.
facility will provide oil and gas customers Ltd. (GASCO) for the engineering, pro- cialist deep water and subsea construction Shell has used many TLPs in the past
with the resources, technology and cus- curement and construction (EPC) phase capability. Clough has an opportunity to including Auger, Brutus, Mars, Ram-
tomer services required to solve their most of the third Natural Gas Liquids (NGL) regain a presence in the subsea construc- Powell and Ursa. First oil for Gumusut is
challenging imaging problems in both train project at Ruwais, Abu Dhabi, tion market once held through its 50% planned for 2008.
marine and land environments. Oil compa- United Arab Emirates. The project, which ownership of the “MSV Maxita”.
ny interest in West Africa continues to
increase. This center reinforces our com-
will be carried out by Foster Wheeler's UK
office, is one of three GASCO projects (the
Together, the “Normand Clipper” and
Clough’s pipelay crane barge “Java Shell Discovery in
mitment to closely align our resources with
the needs of our customers and deliver
other two being the AGD-II and OGD-III
facilities) in a suite of five integrated proj-
Constructor” provide complementary
capabilities servicing full field develop-
Norwegian Sea
high quality seismic images in shorter peri- ects being undertaken in conjunction with ment projects. The SURF (subsea, umbil- A/S Norske Shell reported that it has made
ods of time." The Port Harcourt center will GASCO's sister companies, ADCO (for ical, riser & flowline) market is expanding a significant discovery of gas in sandstones of
provide advanced seismic imaging servic- gas gathering and reinjection), and on a global basis. The signing of this Jurassic age in the Onyx South West prospect
es, including pre-stack time migration TAKREER (for condensate storage and agreement will re-energize Clough’s sub- in Block 6406/9 of Production License (PL)
(PreSTM), pre-stack depth migration shipping). The whole suite of projects is sea construction business and effectively 255 in the Norwegian Sea offshore mid-
(PreSDM), advanced velocity model build- being undertaken on behalf of the Abu position the Company to capture a larger Norway. Shell holds a 30% shareholding in
ing and a full suite of time processing serv- Dhabi National Oil Company (ADNOC). percentage of the SURF market the com- PL255 and is the operator of the block.
ices. GXT's advanced imaging centers also The third NGL train will process NGL pany reported. Following conversion, the The company said the well was drilled to
provide customers with local access to the transported via a new pipeline from OGD- M/S "Normand Clipper will have an over- a total depth of 5,052 meters below sea level,
complete range of full-wave imaging prod- III and AGD-II, supplemented by a new all length of 127.5 meters and width of 27 in 308 meters of water, using the semi-sub-
ucts and services offered by GXT and I/O. LPG stream from the adjacent refinery, meters. It will be equipped with a 250 mersible mobile drilling rig Transocean
The company's imaging solutions are owned by TAKREER. The NGL will be tonne deep water crane, 60 tonne A-Frame, Leader. A comprehensive logging, sampling
designed to help oil and gas companies processed in a 24,400 tonnes per day frac- 140 tonne traction winch for ploughing and testing program has now been completed.
better visualize and evaluate their subsur- tionation and treatment train to produce operations, diving moonpool, ROV launch Two zones were tested, each flowed at a max-
face reservoirs and well locations, both ethane, liquefied propane and butane and system and accommodation for 102 per- imum rate of about 1.4 million cubic meters
onshore and offshore. The Port Harcourt pentane and heavier hydrocarbons. In addi- sons. The vessel will be dynamically posi- per day.
center opening is part of a broader joint tion, the project includes four 83,600m3 tioned to DP2 class. For more information PL255 was awarded in the 16th
venture agreement between GXT and liquefied petroleum gas storage tanks, a see http://www.clough.com.au Norwegian licensing round in 2000. Shell's
Bulwark Services Limited (Bulwark). single 76,000m3 pentane storage tank and partners in this license are Petoro (30%),
Statoil (20%) and Total (20%).
GOM News
2005 Hurricane Season Outlook
Below is the forecast for the 2005 Hurricane Season. 1942—Category 3 hurricane made landfall in Central
The table not only gives the OCSI percent risk of land- Texas in August.
falling storms along the North American Coast but also 1985—Hurricane Gloria, a Category 3 storm, made land-
gives the percent risk, based on the average number of fall along the EastCoast of the U.S.
landfalls years for a particular section using the entire 1995—Hurricane Opal became a Category 5 storm in the
record 1871 to 1995. eastern Gulf of Mexico but weakened to a Category 3
storm before making landfall on the west coast of
2005 OCSI FORECAST FOR THE ATLANTIC Florida.
The OCSI is also indicating a long season with 3
COAST OCSI CLIMATOLOGY years out of the 11 years in this Phase of the OCSI hav-
Mexico 40% 40% ing storms as early as May and 2 years out of the 11
Texas 70% 51% years having storms in December. Four out of the 11
Louisiana to Alabama 50% 59% years had 5 or more storms make landfall somewhere on
West Florida 70% 71% the United States coast. Five out of the 11 years had hur-
East Florida 30% 41% ricanes that were category 3 or higher on the
Georgia to N. Carolina 60% 56% Saffir/Simpson Damage Potential Scale.
East Coast of US 20% 36% During the 20 year period 1985 to 2004, there have
Gulf Oil Blocks 81% 88% only been three years 1987, 1992 and 1999 when a storm
Bahamas 70% or hurricane did not make landfall in the section of the
U.S. coast that had the highest risk. In all three of these
In order to compare WRC’s Annual Hurricane years, cyclones made landfall in the section of the coast
Outlook to other seasonal forecasts, WRC meteorolo- with the second highest risk. This gives the OCSI an
It is hard to believe after the grueling hurricane sea- gists issue secondary predictors as shown in the table 85% accuracy rate.
son of 2004 that it is time again to start and prepare for below. The OCSI model is based on the premise that there
the 2005 hurricane season. Meteorologists at Weather are orbital influences that are reflected in the global cir-
Research Center - Houston felt that the 2004 Hurricane Secondary 2005 Predictors from the OCSI: culation pattern on the sun and subsequently the global
season would be a busy season for the Gulf of Mexico circulation pattern of the earth. The sun’s orbit influences
and it was, with Hurricane Ivan moving over the eastern Number of Storms: 10 the sun spot cycle. Using this solar cycle to make an
oil leases, causing severe damage to offshore equipment. Number of Hurricanes: 5 index, hurricane climatology has been summarized into
WRC’s Orbital Cyclone Strike Index [OCSI®] gives Number of Hurricane Days: 21 an index called the OCSI.
the Gulf of Mexico oil leases an 81% chance of experi- US Landfalls: 4 This index has been used since 1985 to make annual
encing a tropical storm or hurricane this year. There Cat 3 or Higher Storms: 50% forecasts of which section of North America has the
were two years in this phase of the OCSI which had at highest risk of experiencing a tropical storm or hurri-
least 5 storms move over the oil leases, 1932 when a The OCSI has been used by WRC meteorologists Jill cane. In addition to its ongoing research, the Center also
strong hurricane made landfall along the northern Texas F. Hasling and Dr. John C. Freeman since 1985 to make provides storm and hurricane information via the
coast and 1985 when Hurricane Juan and Hurricane Kate an annual outlook for the section of the US coast which Internet through Storm Navigator®. This service helps
caused many hours downtime for the offshore industry. has the highest risk of storm landfall. The years which people navigate weather information on the Internet as
The sections of the United States coastlines with the make up this phase of the OCSI are 1876, 1887, 1898, well as providing detailed storm updates and related
highest probability of a land falling tropical storm or hur- 1910, 1922, 1932, 1942, 1953, 1963, 1973, 1985 and information.
ricane in 2005 are the Texas Coast and the west coast of 1995. Some significant tropical events in those years All of the Center’s projections, including past predic-
Florida which both have a 70% chance of experiencing a were: tions, can be found at http://www.wxresearch.com/out-
tropical system this year. The section of the coast from 1910—Category 3 hurricane made landfall over the look.
Georgia to North Carolina has the second highest risk southwest Florida coast in October.
with a 60% chance of experiencing a land falling tropi- 1932—Category 4 hurricane made landfall south of
cal storm or hurricane. Galveston, Texas in August.
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Vetco Gray has delivered 20 horizontal
subsea trees to Kerr-McGee. Vetco Gray
won the contract in competitive tender.
GOM News
Gulfmark Offshore Phoenix International, Inc. has announced
the opening of new offices in Houston, TX and
Reports Revenue and in Norfolk, VA. The new facilities are in
response to the diversification of Phoenix busi-
Vessel Acquisition ness in the Gulf of Mexico (GOM), and the
increasing demand for its underwater ship repair
GulfMark Offshore, Inc. Americas and Southeast Asia markets will support strong demand for vessels. business in the Hampton Roads area. The
(Nasdaq:GMRK) announced a new remained consistent over the sequential These factors, when combined with an Houston office is home to Phoenix’s Subsea
record in quarterly net income of $8.9 periods from the fourth quarter of 2004 increasing demand for equipment in Projects Group whose business will be to support
million, or $0.43 per share (diluted) for through the first quarter of 2005. other exploration and production espe- GOM deepwater oilfield construction activities.
the quarter ended March 31, 2005, on Mr. Bruce Streeter, President and cially deepwater units, afford some vis- The office is directed by Mr. Karl Witherow, a
the highest quarterly revenue ever COO of the Company, commented on ibility for the future of the offshore sup- manager with 24-years of experience in subsea
achieved, $48.1 million. This compares the record results for the quarter: “We port vessel market. We anticipate that and staffed by personnel with more than 100
to a net loss of ($4.9) million, or ($0.25) are now seeing the benefits of the new- this will result in a continuing strong years of collective subsea construction experi-
per share (diluted) on revenue of $31.6 build vessel program we began four market throughout the balance of 2005 ence in the offshore oil and gas industry. The
million for the first quarter of 2004, and a half years ago. The addition of and into 2006.” Subsea Projects Group will primarily focus on
before the change in accounting for dry the new vessels, the acquisition of the "We are currently in the process of light to medium subsea construction support
dock expenditures. In addition, operat- Highland Citadel in December of 2004 mobilizing two vessels, which have just projects using large DP construction vessels for
ing income of $15.1 million for the first and the repositioning of certain vessels been completed in Singapore, to the expansion of Phoenix’s existing ROV, diving,
quarter of 2005 surpassed the previous over the last several years all were crit- Mexico where they will begin five-year services. The Norfolk operations office opened
record of $11.6 million set in the third ical factors in generating the significant contracts at the end of the second quar- to better serve the underwater ship husbandry
quarter of 2001, was more than double turnaround in our earnings. The signif- ter. In addition, we have recently signed needs of our Navy and commercial clients in the
the $7.3 million for the fourth quarter of icant increase in day rates and utiliza- a purchase agreement for a new 5,150 Hampton Roads area. This office will be under
2004 and was a vast improvement over tion in the North Sea are a reflection of BHP, 60 Ton Bollard Pull AHTS the direction of Mr. Chris Klentzman, P.E. who
the operating loss of ($0.1) million for the increase in oil and gas exploration (anchor handling towing supply vessel) has over 23-years experience in marine opera-
the first quarter of 2004. expenditures by our customers in that currently being constructed in China at tions and ship repair. Personnel; including diving
The significant improvement in the region and across the other major oil a cost below $10.0 million. This vessel superintendents, diver-tenders; and underwater
first quarter of 2005, compared to the and gas basins worldwide. We have is due to deliver in the second half of husbandry equipment has been positioned in
same period in 2004, was due primari- noted and are pleased to see growing
2005 and will be deployed to the Norfolk to provide a mobile, rapid, and cost effi-
ly to the continued strengthening of interest in deepwater projects and harsh
Southeast Asia market where there is a cient response to ship repair needs. This office
dayrates in the North Sea, the addition environment areas around the world.
of two vessels and improved utilization Our strategic positioning of our vessels newer, more technologically advanced will also concentrate on expanding support to the
in the North Sea and Southeast Asia. in these regions will allow us to take vessels. The Company also has a first marine construction and marine structure repair
When compared to the preceding advantage of this markedly improved right of refusal on an identical vessel markets. For further information: Houston –
quarter (the strongest quarter in 2004), oil service market. The outlook for the which is due to deliver late in 2005 or Karl Witherow: 713.467.4200, Phoenix’s Subsea
average dayrate in the North Sea remainder of 2005 is encouraging as early in 2006. of the evolution of our Projects Office, Houston
increased 14.9% from $14,134 to we see increasing contracts, some now Southeast Asia fleet. This vessel, in
$16,251 while utilization in the region extending well into the period 2006 -- addition to the units previously trans- Offshore Logistics, Inc. (NYSE:OLG) has
improved from 83% in the fourth quar- 2007. In addition, the number of North ferred to the region, will enhance and announced that Drury A. Milke, its Executive
ter of 2004 to 90% in the first quarter of Sea construction projects slated for the expand our capacity to meet customer Vice President - North America and President
2005. Day rates and utilization in the 2005 and 2006 construction seasons needs in Southeast Asia." of its affiliate, Air Logistics, LLC, has been
terminated and that H. Eddy Dupuis, its Vice
President, Chief Financial Officer, Secretary, and
Petrobras to Invest $1.9 Chevron Treasurer, has resigned from the Company.
These actions arose in connection with the previ-
Billion in Gulf of Mexico Orders Two ously-announced Audit Committee review of
Petrobras SA (PBR) will invest $1.9 Petrobras plans to drill seven wells in LNG Carriers certain payments made in a foreign country. The
review of these payments, which is being con-
billion in Gulf of Mexico oil and gas the Gulf of Mexico in 2005, four as a ducted with the assistance of outside counsel,
exploration and development over the partner and three as an operator. The ChevronTexaco Corp. reported it has has been expanded to cover other arrangements
next five years, Petrobras America Inc. company plans to drill four or five wells ordered two liquefied natural gas (LNG) in foreign countries. To date, the Company has
President Renato Bertani said at a con- in 2006 - if it finds the necessary equip- carriers from Samsung Heavy Industries not identified any material adjustments to its his-
ference recently. ment, according to Bertani. of South Korea to support the planned torical financial statements in connection with
The Brazilian state oil giant, which was "Availability of rigs, especially in growth in the company's LNG business. the Audit Committee's review, and the Company
the leading bidder at an eastern Gulf of deepwater, is very tight," said Bertani. The new LNG carriers will have a does not believe, based on information devel-
Mexico lease sale held March 16, will "There's an element of uncertainty capacity of 154,800 cubic meters each. oped to date, that any such adjustments are like-
concentrate in three areas - ultra-deepwa- there." Both carriers will be of membrane-type ly to be required. The Company has started a
ter, deep shelf, and the western Gulf of Petrobras is also interested in the design and equipped with dual fuel search for a replacement chief financial officer
Mexico, Bertani said. Mexican part of the Gulf of Mexico - diesel-electric propulsion. The two carri- and anticipates that the filing of its Annual
"It is important for us to focus," currently off-limits to stake ownership by ers are planned for delivery in 2009. Report on Form 10-K for its fiscal year ended
Bertani said. "The Gulf is huge." foreign oil companies. ChevronTexaco Shipping President March 31, 2005 may be delayed. As previously
The company plans to spend $400 "We want to be around for the day Mike Carthew said: "ChevronTexaco is disclosed in the Company's Form 10-Q for the
million in exploration and $1.5 billion in when it will eventually become open," committed to bringing its strong record of quarter ended December 31, 2004, the Company
development, Bertani said. said Bertani.—Dow Jones Newswires. safety, reliability and environmental per- voluntarily advised the staff of the U.S.
formance to the operation of this newest Securities and Exchange Commission (SEC) of
generation of LNG carriers. The order for the Audit Committee's review (which is ongoing)
two LNG carriers marks a milestone for
Ohmsett—The National Oil Spill ChevronTexaco by complementing the
and the SEC has initiated an investigation.
Additional information is included in the Form
Response Test Facility various LNG export and import terminals
the company is developing worldwide."
10-Q regarding these matters and potential out-
comes. Offshore Logistics, Inc. is a major
Ohmsett (New Jersey) is an integral equipment in waves, up to 3 feet in height The two LNG carriers will be operat- provider of helicopter transportation services to
part of the Minerals Management that can be generated by the artificial ed by ChevronTexaco. The company cur- the oil and gas industry worldwide.
Service (MMS) oil spill response wave maker at Ohmsett. Ohmsett has rently operates a fleet of approximately
research program. The facility directly also been used to evaluate sensors that 30 oil and gas tankers. Energy Partners, Ltd announced that the
supports the MMS goal of ensuring that detect floating oil and measure the slick's For more information see chevrontex- Board of Directors voted to authorize an
the best available oil spill detection, con- thickness, to calculate optimum timing aco.com increase in the capital budget for 2005 to $265
tainment and removal technologies are for the emptying of temporary storage million and appointed Phillip A. Gobe as
available to protect the U.S. coastal and devices, and to evaluate the operational President in addition to his current role as Chief
ocean environment from spills. Ohmsett efficiency of sorbent materials that Torch Assets Operating Officer. The new 2005 capital budget
is a large, above ground test tank which is
unique in the world in it's ability to tow
adsorb or absorb spilled oil. Ohmsett rep-
resents a necessary intermediate step on the Block of $265 million represents a 10 per cent increase
over the previous 2005 capital budget of $240
full sized oil spill containment and clean between small scale "bench testing" and million and a 39 per cent increase over the 2004
up equipment, such as booms and skim- open water testing of equipment in The fleet of now bankrupt Torch
capital budget of $190 million. The Company
mers, in the presence of a variety of crude uncontrollable, highly variable and Offshore, will be auctioned off on June 2,
said that the increase in the budget will fund
oils and refined petroleum products. The always expensive conditions. in New Orleans. Cal dive International
additional exploratory activity as well as the
Ohmsett tank is over two football fields The U.S. Coast Guard (USCG) and and creditor GE Capital have already
development of early 2005 exploratory success-
long at 667 feet, it is 65 feet wide and 11 USN, both use the facility for training placed bids that must be beat in order to
es. EPL said that it expects the expanded budg-
feet deep. The length of this gigantic tank their emergency response personnel. be valid. Cal Dive offered $92 million for
et will be funded entirely from internally gener-
can seem short as you move down the Ohmsett is the only facility that can actu- the majority of Torch’s fleet which
ated cash flow.
tank towing equipment at speeds up to ally train with oil. includes the Midnight Express, their
6.5 knots. It's especially exciting to tow deepwater pipelay vessel.
Silvertip La Femme
Newfield Exploration
ChevronTexaco Mississippi Canyon 427
Alaminos Canyon 815 5,800 ft
9,226 ft
Thunder Hawk
Tiger Murphy Exploration
ChevronTexaco Mississippi Canyon 734
Alaminos Canyon 818 5,724 ft
9,004 ft
Goldfinger
Cheyenne Dominion Exploration
Mississippi Canyon 771
Anadarko Petroleum 5,423 ft
Lloyd Ridge 399
8,987 ft Ticonderoga
Kerr-McGee
Atlas NW Green Canyon 768
Anadarko Petroleum 5,250 ft
Lloyd Ridge 5
8,810 ft Puma
BP Exp. & Prod., Inc.
South Dachshund/ Mondo Northwest Green Canyon 823
4,130 ft
Anadarko Petroleum
Lloyd Ridge 2 Dawson Deep
8,340 ft Kerr-McGee
Garden Banks 625
San Jacinto 2,900 ft
Dominion Exploration
Desoto Canyon 618 Crested Butte
7,850 ft Nexen Petroleum
Green Canyon 242
2,846 ft
Alternative Energy
Inform,
Filed with USACE
The potential for offshore wind energy environmental, consumer and faith-based
developments in the United States has organizations across Long Island, have
revolved around approval for the Cape long supported the effort to develop a proj-
Innovate,
Wind development off of Nantucket, ect that would produce a significant
Massachusetts for a few years now. amount of wind-generated power for Long
But the chances for an offshore devel- Island.
opment were doubled when the Long According to information contained in
Island Power Authority (LIPA) and FPL the permit application, the wind park is
Energy filed an application with the U.S. expected to result in an annual emission
Inspire
Army Corps of Engineers (USACE) for savings of 235,000 tons of carbon dioxide
authorization to install a wind energy park (CO2), 489 tons of sulfur dioxide (Sox),
off the South Shore of Long Island. and 211 tons of nitrogen oxides (NOx). To
Filing the application with the USACE minimize the potential impacts of bringing
initiates an extensive Federal and State reg- the wind generated power to the Island via
ulatory and environmental review process a 138kV marine cable the proposed devel-
that will include ample opportunity for opment will use directional drilling to go
public review and comment. under the barrier island that separates the
“We’ve reached an important milestone
in our effort to bring a major renewable
ocean from the Great South Bay. Then the
cable will use the path of an existing navi- Meet the World of E&P at OE2005
energy resource to Long Island so we can gation channel to reach landfall in East
begin to break the stranglehold that OPEC Massapequa, and every attempt will be
has on our economy and environment,” made to install the cable in conjunction
said LIPA Chairman Richard M. Kessel. with future maintenance dredging that is
“Today we draw a symbolic line in the planned for the channel.
sand and say we’re tired of being held Pending the outcome of the regulatory
hostage to OPEC and other foreign oil pro- review process, the LIPA/FPL Energy off-
ducers, and we’re going to do something shore wind project could be operating by
positive to develop an alternative energy 2008. Kessel plans to join environmental
resource that will heal, not hurt the envi- leaders in launching an Energy
ronment.” Independence campaign aimed at Long
The proposed offshore wind project is Island’s major political, business and civic
comprised of 40 wind turbines that are leaders.
rated at 3.6 MW installed capacity, and “The worldwide strain on available fos-
will be clustered in an eight-square-mile sil fuel supplies and ever-increasing prices
area approximately 4.1 miles due south of makes this situation a ticking economic
Cedar Beach. The turbines would be capa- time bomb for Long Island,” Kessel said.
ble of 140 MW of electricity at peak pro- “It means we have to conserve more and
duction, which is enough to serve approxi- use alternative energy technologies that
mately 44,000 average-sized Long Island use renewable resources to produce ener-
homes. gy. Otherwise, our regional economy will
Members of the Long Island Offshore be held hostage to foreign oil supplies.”
Wind Initiative, a coalition of about 30 —RenewableEnergyAccess.com
McDermott Wins Indonesian umbilicals for the Jubarte field offshore for the Benguela–Belize integrated Inc. for an umbilical installation in the
Fabrication Contract Brazil in 2,500 meters water depth. The drilling and production platform, which is Green Canyon region of the Gulf of
P.T. McDermott Indonesia (PTMI), a umbilical will supply integrated power supported by a compliant-piled tower and Mexico. The contract is for the installa-
subsidiary of J. Ray McDermott, S.A., and control for a specially developed is located in Block 14 offshore Angola. tion of a subsea control umbilical from
was recently awarded a contract by electric submersible pump (ESP) “This is a milestone contract for the Shell’s GC 158 “A” (Brutus) platform to
Saipem Asia Sdn. Bhd. for fabrication of installed inside a hollow pile on the company,” said UWG managing director LLOG’s GC 157 (J. Bellis Field) subsea
a jacket and associated tripods and seabed. The order is for a hybrid, multi- Kevin Burton “It’s the largest single order wells. The 9.1 km umbilical will be
bridges. The contract is valued at approx- phase, mud line, pump umbilical, includ- for conductor centralizers we have ever installed in water depths ranging between
imately US$12 million, and constitutes ing electrical conductors measuring four received; more importantly, the work 900 and 1,000 meters. The installation
part of the Offshore Platform System for kilometers. The umbilical will be manu- reinforces our position in the significant phase of the operation, utilizing Subsea
the Third Transmission Pipeline Project factured at the Oceaneering Multiflex West African offshore market.” UWG, 7’s premier umbilical lay/deepwater con-
of PTT Public Company Ltd. (PTT PLC), facility in Niteroi, Brazil, where it will which currently provides CABGOC with struction vessel Toisa Perseus, is due to
which was awarded to a consortium com- undergo extensive qualification testing tieback engineering services, will deliver commence in early May and will be
prising of Saipem Asia Sdn. Bhd. and prior to delivery in early 2006. the equipment in mid-2005. Installation scheduled to conjunction with the current
SMOE Pte Ltd. Under the contract, PTMI Philip Gardner, Senior Vice President of the centralizers will begin in August, Gulf of Mexico work program for the
will perform the fabrication of one eight of Manufacturing, stated, “Pump umbili- coinciding with tie-back operations. Toisa Perseus. The challenges involved
pile jacket and piles weighing approxi- cals represent a growing sector of the InterMoor Inc, a sister Acteon company, with this project makes it ideally suited
mately 4,500ST, two tripods and piles global umbilical market. This contract will fabricate the 112 main conductor for the Toisa Perseus which has complet-
each weighing 590ST and two bridges, helps solidify Oceaneering’s position as a centralizers at its facilities in Amelia, La. ed a large portion of the difficult umbili-
weighing 210ST and 310ST. Work on the primary pump umbilical supplier.” The 112 stop collars and 28 commis- cal projects around the world.
project has already begun at the PTMI’s sioned cellar-deck centralizers, which Subsea 7’s Vice President, Gulf of
Indonesian fabrication facility on Batam UWG Signs Record Centralizer double as hole covers, will be manufac- Mexico, Craig Broussard said, “We are
Island, and is scheduled for completion Contract for Offshore W. Africa tured in the United Kingdom. pleased that we were able to work with
early 2006. UWG Limited, an Acteon company, This is not UWG’s first involvement LLOG and other customers in the region
will fulfill its largest single order to date in the Benguela–Belize project – the to optimize the Toisa Perseus schedule,
Oceaneering Announces Jubarte Field for ChevronTexaco’s Angolan subsidiary, company assisted CABGOC with the which is full for 2005. The award of this
Pump Umbilical Contract Cabinda Gulf Oil Company Limited drilling template installation in 2004. project continues to highlight Subsea 7’s
Oceaneering International, Inc. (CABGOC), in a contract valued at consistent presence in the Gulf of Mexico
announced that Oceaneering Multiflex approximately US $1.5 million. Gulf of Mexico Award for Subsea 7 and further establishes us the premier
has been awarded a contract by Petroleo UWG will provide conductor central- Subsea 7 has announced a contract contractor for challenging projects
Brasileiro S.A. (Petrobras) to supply izers, stop collars and cellar-deck items award by LLOG Exploration Offshore around the world.”
Excerpts from
MUSINGS FROM THE OIL PATCH
By Allen Brooks, Managing Director, Parks Paton Hoepfl and Brown
Offshore At-A-Glance
Forecast Subsea Awards 2003 - 2006
Offshore Source’s
Stock Watch
STOCK WATCH
Energy Stocks Monthly Stock Figur es & Composite Index
By Allen Brooks, Managing Director, Diversified, Production Support and Equipment Companies
Parks Paton Hoepfl and Brown Baker Hughes, Inc. BHI 44.30 43.06 1.24 2.9% 48.25 33.45
BJ Services BJS 47.94 49.92 -1.98 -4.0% 54.65 39.71
Cooper Cameron Corp. CAM 58.55 53.73 4.82 9.0% 58.89 42.68
According to Ablin, health care is attractive while telecom Drill-Quip, Inc. DRQ 25.97 32.05 -6.08 -19.0% 31.98 14.75
Halliburton Company HAL 41.30 40.60 0.70 1.7% 43.58 26.45
in moving up, but according to his models, it is time to take Maverick Tube Corp. MVK 27.29 29.00 -1.71 -5.9% 34.83 19.04
profits in energy. Newpark Resources, Inc. NR 6.03 6.00 0.30 0.5% 6.80 4.64
Crude oil futures prices have been falling over the past six Smith International, Inc. SII 57.38 57.60 -0.22 -0.4% 64.12 47.12
weeks since J.P. Morgan’s oil analyst predicted that a super Schlumberger Ltd. SLB 67.00 66.92 0.08 0.1% 74.43 54.75
Superior Energy Services, Inc. SPN 14.87 15.11 -0.24 -1.6% 17.49 8.65
spike environment could lift oil prices to $105 per barrel at Weatherford International, Inc. WFT 50.31 53.71 -3.40 -6.3% 59.20 39.68
some point in the future. With crude oil futures prices having
fallen from $57.27 to $48.67, or 15%, between April 1 and
May 13, energy stock prices have dived. The Philadelphia Oil Total Diversified, Production,
Service Index (OSX) has fallen 10.3% during this time period. Support and Equip......................... 440.94 447.70 -6.76 -1.5% 494.22 330.92
In the current issue of Barron’s, an article authored by Jack
Ablin, the chief investment officer of Harris Private Bank in Geophysical / Reservoir Management
Chicago, suggests it is time for investors to adjust their invest-
ment portfolio sector allocations. According to Ablin, health Dawson Geophysical Company DWSN 19.80 20.35 -0.55 -2.7% 27.66 9.98
Mitcham Industries, Inc. MIND 6.75 7.12 -0.37 -5.2% 8.94 3.10
care is attractive while telecom is moving up, but according to Veritas DGC, Inc. VTS 26.17 27.24 -1.07 -3.9% 27.79 13.41
his models, it is time to take profits in energy and to steer clear
of technology. While Musings From the Oil Patch is not a Total Geophysical /
stock market newsletter, we did find two points Ablin made in Reservoir Management..………… 52.72 54.71 -1.99 -3.6% 64.39 26.49
his article quite interesting.
Ablin said, “Technology, an unexciting sector six months Offshore Drilling Companies
ago, remains hopelessly unattractive. Among the S&P’s 10
economic sectors, it is the most disadvantaged by rising ener- Atwood Oceanics, Inc ATW 51.90 59.87 -7.97 -13.0% 68.90 31.01
gy prices.” He goes on to discuss how economically sensitive Diamond Offshore Drilling, Inc. DO 41.61 45.20 -3.59 -7.9% 49.25 21.19
ENSCO International Inc. ESV 31.60 33.08 -1.48 -4.5% 39.94 24.95
the tech sector is and that it is facing declining industrial pro- Global Santa Fe GSF 34.54 33.83 0.71 2.1% 38.09 24.03
duction in the future. These conclusions are fascinating for Nabors Industries Inc. NBR 52.00 55.21 -3.21 -5.8% 57.50 40.02
their starkness against the views at the turn of the century when Noble Drilling Corp. NE 52.44 51.68 0.76 1.5% 57.33 33.53
technology represented a new investment paradigm. Based on Pride International, Inc. PDE 21.30 22.57 -1.27 -5.6% 24.80 15.08
these views, however, it appears that Ablin may still be antici- Parker Drilling Company PKD 5.31 5.10 0.21 4.1% 5.82 2.65
Rowan Companies, Inc. RDC 26.30 26.92 -0.62 -2.3% 31.65 20.44
pating higher, not lower, future energy prices such as we have Transocean Offshore Inc. RIG 45.90 47.45 -1.55 -3.3% 49.40 24.49
experienced by the recent movement of crude oil futures in
response to building domestic petroleum inventories. If this Total Offshore Drilling Companies…. 362.90 380.91 -18.01 -4.7% 422.68 239.39
conclusion is correct, then maybe bailing out of energy stocks
right now is premature. On the other hand, we recall that for Offshore Contractors, Services and Support Companies
most of this decade, investors loved to jump back and forth
between technology and energy stocks, entranced by the CalDive International CDIS 44.66 44.27 0.39 0.9% 49.41 23.63
volatility of the stocks in both sectors. Friede Goldman International Inc. FGHLQ 0.0002 0.0002 0.00 0.0% 0.01 0.00
Ablin’s view would suggest that this love-hate view of tech Gulf Island Frabrication GIFI 20.68 21.93 -1.25 -5.7% 25.49 17.65
Global Industries, Ltd. GLBL 8.40 10.10 -1.70 -16.8% 9.31 4.12
and energy stocks might be breaking down. Horizon Offshore Inc. HOFF 0.35 0.29 0.06 20.7% 3.99 0.21
The other point we found interesting was Ablin’s view McDermott International Inc. MDR 19.76 21.11 -1.35 -6.4% 23.39 6.72
about why investors should take profits in energy stocks. Oceaneering International OII 35.05 33.57 1.48 4.4% 41.47 27.95
Driven by the powerful surge in crude oil prices, energy stocks Stolt Offshore SOSA 7.37 7.74 -0.37 -4.8% 8.63 2.25
Torch Offshore, Inc. TORC 42.95 41.48 1.47 3.5% 46.73 30.40
have significantly outperformed the overall stock market. He Tetra Technologies, Inc. TTI 26.92 26.27 0.65 2.5% 32.57 20.75
believes that investors should take profits and reduce their port-
folio exposure to a market-weight. He believes that if the Total Offshore Contractors,
Federal Reserve raises the federal-funds rate to 3.5%, which Service and Support..……….….... 206.14 206.76 -0.62 -0.3% 241.00 133.68
would exceed the current rate of inflation, commodities,
including oil, likely will retreat. Historically, energy stocks
trade at a 20% discount to the overall market based on a for- Offshore Transportation and Boat Companies
ward price to earnings (P/E) ratio. Ablin believes that should
energy company earnings growth slow (likely if commodity Seacor Smit Inc. CKH 56.18 58.90 -2.72 1.1% 60.42 37.35
Gulfmark Offshore, Inc. GMRK 23.85 24.17 -0.32 -1.3% 26.52 13.08
prices fall), then forward P/Es would become relatively expen- Offshore Logistics, Inc OLG 29.02 30.39 -1.37 -4.5% 38.90 21.40
sive unless stock prices retreat. With two potentially negative Petroleum Helecopters PHEL 29.00 29.85 -0.85 -2.8% 30.46 18.03
forces impacting energy stock valuations, Ablin believes it is Seabulk International SBLK 19.20 19.67 -0.47 -2.4% 18.41 6.10
prudent for investors to reduce their exposure. Tidewater Inc. TDW 33.36 35.16 -1.80 -5.1% 41.91 25.73
What strikes us about Ablin’s conclusions is that they Trico Marine Services, Inc. TMAR 0.24 0.24 0.00 0.0% 2.09 0.10
reflect the present conventional investment wisdom. Our view Total Offshore Transportation
is that energy stocks are shifting from the sprint mode that they and Boat Co. .………….………… 190.85 198.38 -7.53 -3.8% 218.71 121.79
have been demonstrating for most of 2005, into a marathon
pace for the next several years. Long-term crude oil futures
Total Diversified, Production,
prices remain higher than near-term futures. This suggests that Support and Equipment 440.94 447.70 -6.76 -1.5% 494.22 330.92
the energy market is more concerned about the ability of the
global oil industry to supply all the crude oil the world might Total Geophysical /
require this winter and in 2006. The absence of a substantial Reservoir Management 52.72 54.71 -1.99 -3.6% 64.39 26.49
cushion of surplus global oil productive capacity is contribut- Total Offshore Drilling Companies 362.90 380.91 -18.01 -4.7% 422.68 239.39
ing to this concern. If global economic activity falters and/or
oil production capability can grow meaningfully, then oil Total Offshore Contractors,
prices will weaken. This is the debate underway in the stock Service and Support 206.14 206.76 -0.62 -0.3% 241.00 133.68
market.
Total Offshore Transportation
Unless, and until, we see a significant ramp up in oil indus- and Boat Co. 190.85 198.38 -7.53 -3.8% 218.71 121.79
try capital spending, growth of oil production capability is
likely to be slow. Therefore, the outlook, and energy stock Total Offshore Source Index … 1,253.55 1,288.46 -34.91 -2.7% 1,441.00 852.27
prices, will remain volatile depending upon the tone of the lat-
est economic, financial and/or political statistic. For investors
seeking direction to confirm their outlooks, the next few DISCLAIMER
The information on this page is provided for information and comparison purposes only and should not be used to make
months may be extremely frustrating. financial and business decisions and is accurate to the best of our knowledge for the period indicated.
Subsea 7’s IRT (Integrated Remote Technologies) the Amethyst three years ago. Since mobilization
System Integrated
division today announced two contract extensions from
Petrobras for the continued provision of Remotely
onboard the Amethyst, the vehicle has had 99.9% opera-
tional uptime in water depths down to 1200 meters. The
with ROV
Operated Vehicle (ROV) services onboard Petrobras Diablo 2 ROV onboard the Atlantic Star was initially
chartered drill rigs Amethyst and Atlantic Star. The con- mobilized in June 2004 to support the drilling activities
tract for the Amethyst has been extended to the first quar- on two well programs but the contract has now been
ter of 2007 whilst the Atlantic Star contract will run until extended until the end of 2005. Diablo 2 began its activ-
the end of this year. Contracts are valued at approxi- ities in 1997 as a support ROV for the maintenance and
mately $2 million and $900,000 respectively. repair of fibre optic cables, before spending five years on
Located in the Campos Basin, Brazil, the drilling rig the drill rig Louisiana and four months on the drill rig
Amethyst has a Diablo 3 ROV onboard. This ROV has Ocean Yorktown in the Campos Basin in Brazil. Since
now accumulated more than seven years of continuous being mobilized onboard the Atlantic Star, the vehicle
work. The vehicle’s initial mobilization was onboard the has had an operational uptime of 99.6% in water depths
drill rig Peregrine 1 in December 1997 and transferred to to 400 meters.
Integrator on USCG New-Build In particular, the Vessel Response Plan must identify the
location at which the specified vessel plans and associated
data necessary to perform salvage, stability and hull stress
assessments are maintained. The NVIC recognizes the ves-
Kongsberg Maritime was a lead systems integrator DP Operator training at the Kongsberg Maritime Inc, sel’s classification society as being a suitable location.
during production of the sophisticated new U.S. Coast Training Centre in Houston, Texas. Once commissioned, ABS, through its affiliate ABS Marine Casualty
Guard Icebreaker, MACKINAW (WLBB-30), which an onboard training program will increase the crew’s Response, Inc. (ABS MRC), provides a comprehensive
was launched at the Marinette Marine Corporation, in skills. This room will have both the ship’s simulator and Rapid Response Damage Assessment (RRDA) service and
Marinette, Wisconsin on April 2, 2005. DP trainer console. offers owners a range of services to meet the NVIC require-
Kongsberg Maritime was chosen as the Single The POLARIS simulator and DP trainer console are ments, from compiling and storing the necessary informa-
Source Bridge Integrator (SSBI) by builders, Marinette currently at the Pre-Commissioning Office located next tion to full damage assessment modeling of the vessel. ABS
Marine, a job that included responsibility for the overall to the shipyard while the ship is being completed by MRC suggests that operators of vessels that routinely carry
bridge layout and integration with other on-board sys- Marinette Marine. This arrangement enables the crew to significant quantities of bunkers, such as large container-
tems. The vessel’s bridge is designed in accordance with train on the navigational equipment and maintain crew ships, would benefit from enrolling such vessels in the
DnV’s Watch One (DnV W-1). proficiency in ship handling, DP operational and naviga- RRDA service so that the necessary stability model can be
The onboard systems provided by Kongsberg tional skills. Actual transits have already been set up on developed in advance so that an immediate assessment and
Maritime included Dynamic Positioning System (SDP) the simulator and watch teams stand ‘real-time’ watches response strategy can be determined in the event of an inci-
with SDP/SJS Operator Terminals (OT) for remote use with realistic scenarios specific to Great Lakes transits. dent.
and the Integrated Ship’s Control System (ISCS), which “For Kongsberg Maritime, this project represents the Contact Bob Vienneau at 281.877.6126 or by email:
included: SEAMAP 10 Electronic Chart Display and first time we have been a lead system integrator on a rvienneau@eagle.org
Information System (ECDIS), DGPS, LORAN-C and USCG vessel. Kongsberg Maritime was praised for its
Automatic Radar Plotting Aid (ARPA). advanced technologies and dedication of staff. We are
For training, the Coast Guard chose Kongsberg now well poised with the U.S. Coast Guard.” states Olav New Version of Hull
Maritime Simulation to interface its POLARIS Stein Liavaag, Kongsberg Maritime’s Overall Project
Simulator System with the onboard equipment. The Manager during the systems integration onboard Cleaning System
bridge watch standers of the MACKINAW also received MACKINAW.
Offshore Source
OTC Report
OTC 2005 Focuses on Sustaining the Success of Offshore Industry
June 7-9, 2005: July 17-21, 2005: September 20-23, 2005: October 25-27, 2005:
GO-EXPO Coastal Zone 05 Subsea Houston 2005 LAGCOE
Biennial Calgary Oil & Gas Show New Orleans, LA The Woodlands, TX Lafayette, LA
Calgary, Alberta +1 (888) 799 2545 www.csc.noaa.gov/cz/ www.SubseaHouston.com
November 1-4, 2005
June 8-10, 2005: August 21-24, 2005: September 27-28, 2005: Offshore Communications
Subsea Rio 2005 UUST Dynamic Positioning Conference 05 Houston, TX
Rio de Janeiro, Brazil Durham, New Hampshire Houston, TX www.offshorecoms.com
www.SubseaRio.com www.ausi.org/uust/uust.html www.dynamic-positioning.com
November 6-9, 2005:
June 15-17, 2005: September 6-9, 2005: October 4-7, 2005: PACON 2005
Offshore Brazil Offshore Europe 2005 DEMA Changhua, Taiwan
Rio de Janeiro Aberdeen, Scotland Las Vegas, NV www.hawaii.edu/pacon
www.offshore-europe.co.uk
June 20-23,2005: October 19-21, 2005: Jan, 30-Feb 1, 2006:
IEEE Oceans 05 September 19-23, 2005: SMTC&E (SNAME) Underwater Intervention
Brest, France Oceans 2005 MTS/IEEE Houston, TX New Orleans, LA
www.oceans05europe.org Washington D.C. www.maritimeexpo.com www.underwaterintervention.com
info@oceans2005.org
2005
January
Marine Construction Houston-Feb 7-9
March
U.S. Hydrographic Conf-Mar 29-31 21-23 MARCH 2006 LONDON ExCeL
April
EnergyOcean 2005-April 26-28
THE WORLD'S LARGEST MEETING
May
OTC-May 2-5
PLACE FOR MARINE SCIENCE AND
OCEAN TECHNOLOGY
June
Brazil Offshore-June 15-17
July www.oi06.com
To Be Announced
CONTACT:
SPEARHEAD EXHIBITIONS LTD
August
To Be Announced TEL +44 (0) 20 8439 8892
EMAIL enquiries@oi06.com
September
Offshore Europe-Sep 6-9
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October
SPE/ATCE-Oct 9-12
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