RigNet signs long-term agreement with Northern Offshore – Oil & Gas Technology

Under this agreement,RigNetwill provide several solutions including VSAT Managed Communications Services, CrewFlix Video on Demand, CrewHotspot internet, and Enhanced Cyber Services (ECS).

RigNet has demonstrated their ability to meet our expectations of rapid deployment and alignment with Northern Offshores plans, saidTony Beebe, SVP Project Management & Engineering. We expect these solutions and technologies will allow us to optimize our operations for greater efficiency and increased financial performance.

RigNetis providing an advanced VSAT solution with voice and high-speed data communications as well as 24/7 remote network monitoring and technical support. This will be combined with RigNets ECS offering, an improved data and system security solution with real-time threat detection, as well as an advanced conditional access system tailored for 3rd-party partners on offshore rigs.

In addition,RigNetis also providing crew information and entertainment services from its CrewConnect portfolio, including CrewFlix, RigNets video-on-demand service and Crew Hotspot, a dedicated crew internet access point. The CrewConnect portfolio provides services for improved crew morale in remote locations, enhancing operational efficiency through reduced employee turnover and increased productivity.

We are very pleased that Northern Offshore recognizes the value ofRigNetas we enable their success across these vessels in the region, saidSteven Picket, President and Chief Executive Officer ofRigNet. Our goal is to deliver comprehensive managed communications services to meet the needs of customers like Northern Offshore as they improve efficiency, productivity, and safety while lowering overall cost.

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RigNet signs long-term agreement with Northern Offshore - Oil & Gas Technology

Do you have to invest offshore to get a proper return? – Moneyweb.co.za

Not necessarily, but we believe that diversification and asset allocation are the only two free lunches in the investment world.

We all know that Consumer Price Inflation (CPI) as measured by Statistics South Africa aims to track the change in the price of a basket of goods (deemed to be the average goods and services consumed by South Africans). We also know that individual CPI can be a lot higher than headline CPI if your personal basket of goods differs from the average basket.

Two big costs for middle class South African families are the cost of medical scheme membership and the cost of education. The prices of these services/products have increased at or near double-digit inflation for years. This is a worldwide phenomenon and attributable to the fact that these sectors are both labour intensive and employ people with scarce skills. An article The Great Affordability Crisis Breaking America published by The Atlantic, describes the hollowing out of the US middle class due to the increasing cost of healthcare, education and childcare.

The graph and tables below show that to keep up with inflation on medical insurance premiums and the cost of primary and secondary education, an after-tax return of between about 7.5% and 11.3% is required.

Medical scheme premium increases between 2012 and 2018

Graph A. Source: CMS

Between 2012 and 2018 contribution increases ranged between 7.2% and 11.3% while inflation, as measured by CPI, ranged between 4.6% and 6.4%. Despite the fact that annual salary adjustments have not kept up with contribution increases, the number of medical scheme members has grown, showing that middle-class South Africans consider medical scheme membership a necessity.

Table A below shows the increase in the cost of education at selected schools around the country over the last two years. For the purposes of this article, we looked at a range of government and private primary and high schools in middle/ upper areas. Costs exclude uniforms, deposits, discounts for upfront discount payments, compulsory foundation contributions, E-learning devices, school lunches, registration fees, school outings and school transport. The important thing in the table below is not the absolute cost of education, but the rate of increase in the fees.

The table shows that between 2018 and 2019 fee increases ranged between 7.79% and 9.9% and between 2019 and 2020 increases ranged between 6.08% and 10.38%.

2018

2019

Increase

2020

Increase

Spark Schools (Primary)

R23 100

R25 500

10.38%

St Johns College (Gr 3 to 7)

R113 784

R122 659

7.79%

R131 122

6.89%

King Edward VII, Jhb

R47 500

R51 800

9%

R56 400

8.8%

Wynberg Boys High, CT

R42 800

R46 500

8.6%

R50 400

8.38%

Victoria Park High, PE

R22 341

R24 224

8.4%

R26 400

8.98%

Jeppe Boys High, Jhb

R43 450

R47 150

8.5%

R50 700

7.52%

Spark Schools (High)

R30 000

R33 000

10%

Marist Brothers Linmeyer, Jhb Gr 10 -11

R80 690

R88 700

9.9%

R94 100

6.08%

Ashton International College, Ballito Grade 12

R91 380

R99 900

9.32%

R108 900

9.00%

Table A. Source: School websites.

These figures are broadly in line with those of February 2018 statistics from Statistics South Africa which reported CPI of 3.8%, inflation at primary and secondary schools of 7.6%, inflation at tertiary institutions of 6.2% and the inflation of boarding expenses at universities at 8.5%. In February 2019, when CPI was 3.9%, primary and secondary education had increased by 7.7%, tertiary education costs had increased by 5.3% and the cost of boarding at universities was up by 8.3%.

Table B below shows the average, annualised performance of selected South African unit trusts in rands over different time periods and the performance of the JSE All Share over the same period. It shows that South Africans invested in the Multi-Asset class of unit trusts have had returns lower than the desired 8% over the last five years.

3 years (%)

5 years (%)

10 years (%)

15 years (%)

MA Low

5.83

5.64

7.85

8.64

MA Medium

5.08

4.73

8.21

9.31

MA High

4.75

4.56

8.59

9.95

MA Flex

3.01

3.44

8.21

9.87

JSE All Share

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Do you have to invest offshore to get a proper return? - Moneyweb.co.za

Another drenching on the way for Sydney as Cyclone Uesi stays offshore – The Sydney Morning Herald

Cordeaux Reservoir near Wollongong topped 70 per cent of capacity, an increase of three-quarters since Friday, when the most intense four-day rain event to hit Greater Sydney since 1990 moved in.

Rains should ease in coming days. Any wild weather is likely to be generated from the remnant low formed from tropical Cyclone Uesi. The tempest, however, will remain well offshore.

As of Wednesday afternoon, Uesi was still a category 2 cyclone, located to the west of New Caledonia, about 1000 kilometres from Australia, Diana Eadie, a bureau forecaster said.

Even once no longer a tropical cyclone, this system will bring strong winds and gales are forecast to develop around Lord Howe Island," she said.

Tropical cyclone will weaken on Thursday as it moves southwards. It is forecast to move directly over Lord Howe Island.Credit:Fiji Meteorological Service

"The cyclone also has the potential to bring large waves and heavy rain with its passage," Ms Eadie said, adding south-east Queensland and eastern NSW would have an increased risk of flooding.

NSW beaches will likely be hammered again. Fresh southerly winds and strong waves could cause coastal erosion, Ms Eadie said.

Beach erosion at Collaroy on February 10.Credit:Getty Images

The recent rains have finally started to reach the very dry regions of inland NSW. Wyangala dam on the Lachlan River has seen its level rise from 1.8 per cent about a week ago to 13 per cent capacity, WaterNSW said. Keepit all but dry since January 2019 has risen to 4.9 per cent capacity.

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Water Minister Melinda Pavey has defended her department's decision to temporarily lift embargoes on pumping water for "a small number" of farmers, allowing them to draw from the Barwon-Darling system.

Embargoes were placed on the North West for pumping and, for the first time in the history of the Murray Darling Basin, flood plain harvesting - to get the water as far down the system as possible, Mrs Pavey said.

However, big rains topping more than 250 millimetres in some locations across the Namoi and Lower Gwydir had resulted in large volumes of overland flow on the floodplains, threatening to cause property damage.

"These suspensions are only temporary and restrictions are expected to be put back in place [on Friday]," she said.

It is a relief to see naturally occurring flows running all the way down the Barwon River from Mungindi to Walgett, likely to replenish town supply weirs at Brewarrina and Bourke and were hopeful even down to Menindee Lakes, Ms Pavey said.

Ms Pavey's office expects flows of 10-30 billion litres will reach the Menindee Lakes system out of the current flows.

Peter Hannam writes on environment issues for The Sydney Morning Herald and The Age.

Matt Bungard is a journalist at The Sydney Morning Herald.

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Another drenching on the way for Sydney as Cyclone Uesi stays offshore - The Sydney Morning Herald

EDPR and Engie Join Forces With Aim to Rank Among Top 5 Offshore Wind Developers – Greentech Media News

European utility giants EDP and Engie have finalized their 50-50 offshore wind collaboration amid a race for scale in the global offshore wind market.

The pair revealedthe planin May last year after agreeing on a memorandum of understanding. EDP Renewables' and Engie's existing offshore wind projects, in various stages of construction and development, will be folded into the new entity. The aim is for the new company to be a top-five developer of offshore wind globally.

The deal remains subject to regulatory approval by the European Commission but is expected to close during the first quarter of 2020.

The as-yet-unnamed JV will have 1.5 gigawatts under construction including the 950-megawatt Moray East project in the U.K. and the 487-megawatt SeaMade venture in Belgium. The combined development portfolio is 3.7 gigawatts, of which around half is located in Europe and half in the U.S.

Engie andEDPR are not corporate minnows in their own right. That they feel they need to reach for even more scale says a lot about existing and future entrants in the offshore wind sector.

According to its Q3 results, industry leader rsted has 9.9 gigawatts of offshore wind installed or with the final investment decision in place.

Equinor and Shell have already made a splash, and BP and Total are likely to follow. Shell and EDPR are partners in the Mayflower consortium that won804 megawattsof offshore wind capacity in Massachusetts.

In first announcing the JV back in May 2019, Engie and EDPR said joining forces would allow them to "grow their asset base more rapidly and to operate more efficiently.

A spokesperson for EDPR told GTM more details on the joint venture would be released at the end of Q1.

It is not currently known if there is a financial component to the deal to level out the portfolio at 50-50. There are no details on any potential job losses as a result of the merging of capabilities.

EDPR has being selling down its stake in the 950-megawatt Moray East project, with Engie taking a 23.3 percent stake before adding another 10 percent. China Three Gorges has another 10 percent, and Mitsubishi holds a 33.4 percent stake. Moray East won a contract for difference in 2017 at a strike price of57.50($75.30) per megawatt-hour.

The announcement of the new joint venture also made the point of stating that the deal included both fixed bottom and floating offshore wind.

The pair represent a 79.4 percent holding in the Windplus consortium together with Spanish oil firm Repsol and minority partner Principle Power. Earlier this year they connected theworlds largest floating turbineto the Portuguese grid.

EDPR, WindPower Korea and oil engineering firm Aker plan to use Principle Powers WindFloat technology to build a 500-megawatt floating project in South Korea. The KFWind consortium plans to use shipyards in Ulsan to deliver the potential project. South Korea is aiming for 13 gigawatts of offshore wind by 2030. EDPRs stake in the consortium is included in the agreement with Engie.

Floating offshore wind unlocks huge swathes of potential seabed where deeper waters or soil conditions rule out fixed foundations.

Equinor has approved an88-megawatt floating projectto power two of its drilling platforms. Shell acquired the offshore wind developerEolfilast year.

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EDPR and Engie Join Forces With Aim to Rank Among Top 5 Offshore Wind Developers - Greentech Media News

Visiongain has Forecasted That the Global Offshore Oil & Gas Decommissioning Market will See a Capital Expenditure (CAPEX) of $8,279 Million -…

Offshore Oil & Gas Decommissioning Market Report Forecasts 2020-2030

Capex Forecasts & Analysis by Type (Well Plugging and Abandonment, Jacket and Topsides Removal and Others), Including Forecasts by Major Regions and Countries, Plus Profiles of Leading Companies in the Oil & Gas Decommissioning Market

LONDON, Jan. 24, 2020 /PRNewswire/ -- Visiongain has forecasted that the global Offshore Oil & Gas Decommissioning market will see a capital expenditure (CAPEX) of $8,279 million in 2020. Decommissioning of ageing offshore oil and gas projects has increased substantially over the past few years. Moreover, over 600 projects along the Gulf of Mexico, the North Sea and Asia Pacific are likely to be disposed of over the next five to six years. This, in turn, is projected to drive the global offshore oil and gas decommissioning market over the forecast period. Increasing stringent decommissioning regulation are projected to play a crucial role to promote the growth in this market over the next 10 years. Offshore decommissioning is highly complex and potentially has a vast environmental impact. It is also a global industry, and therefore understanding regulations worldwide are essential for companies operating within the market. Crucially, the development of regulation in the offshore decommissioning market has the ability to impact the rate at which the market grows and also how much-decommissioning processes are going to cost.

Read on to discover the potential business opportunities available.

With such established global offshore oil and gas fields, decommissioning becomes increasingly pertinent. As global offshore oil and gas fields mature, ageing structures must be removed. With the average lifetime of an offshore oil and gas field in the region of 25 to 40 years, this leaves many global structures in need of decommissioning. The cost involved in the decommissioning varies from project to project and coast to coast. The majority of costs are associated with the jacket, topside and subsea structure removal phases and well P&A. Decommissioning projects are highly complex, lengthy and expensive; the process involves many different stages and can take more than a decade to complete. With such environmental, economic and social pressures, the offshore decommissioning market is set to drastically increase, creating substantial business opportunities along the way.

There are hundreds of companies who either possess offshore oil and gas assets that will need to be decommissioned over the next decade, or who provide consultancy, engineering and other services to the decommissioning industry. Therefore, the following list of companies is by no means exhaustive. Companies have been broken down into three groups: oil and gas companies with offshore assets; decommissioning contractors; and decommissioning consultancies.

To request sample pages from this report please contact Sara Peerun at sara.peerun@visiongain.com or refer to our website: https://www.visiongain.com/report/offshore-oil-gas-decommissioning-market-report-forecasts-2020-2030/#download_sampe_div

Leading Companies in the Offshore Oil & Gas Decommissioning MarketOil and Gas Companies with Offshore Assets: Apache Corporation BP Canadian Natural Resources (CNR) Chevron Corporation ConocoPhillips Eni ExxonMobil Corporation Petronas PTTEP Australasia Royal Dutch Shell Statoil Total S.A.

Story continues

Visiongain's global Offshore Oil & Gas Decommissioning market report can keep you informed and up to date with the developments in the market, across four different regions: The Gulf of Mexico and North America, the North Sea, Asia Pacific and Rest of the World.

With reference to this report, it details the key investments trend in the global market, subdivided by regions, capital and operational expenditure and project type. Through extensive secondary research and interviews with industry experts, Visiongain has identified a series of market trends that will impact the Offshore Oil & Gas Decommissioning market over the forecast timeframe.

The report will answer questions such as: How is the offshore oil & gas decommissioning market evolving? What is driving and restraining the offshore oil & gas decommissioning market? How will each offshore oil & gas decommissioning submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2029? How will the market shares for each offshore oil & gas Decommissioning submarket develop from 2019 to 2029? What will be the main driver for the overall market from 2019 to 2029? Will leading offshore oil & gas decommissioning markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others? How will the market shares of the national markets change by 2029 and which geographical region will lead the market in 2029? Who are the leading players and what are their prospects over the forecast period? What are the decommissioning projects for these leading companies? How will the industry evolve during the period between 2019 and 2029?

Five Reasons Why You Must Order and Read This Report Today:

1) The report provides forecasts for the Global Offshore Oil & Gas Decommissioning market, by TYPE, for the period 2020-2030 Well P&A CAPEX 2020-2030 Jackside & Topside Removal CAPEX 2020-2030 Others CAPEX 2020-2030

2) The report also forecasts and analyses the global Offshore Oil & Gas Decommissioning market by Regions from 2020-2030 Gulf of Mexico and North America CAPEX 2020-2030 North Sea CAPEX 2020-2030 Asia-Pacific CAPEX 2020-2030 Rest of the World CAPEX 2020-2030

Among the regions, the North Sea region is estimated to account for 48.65% of the world offshore oil and gas decommissioning market in 2020 while the Gulf of Mexico and North America region is projected to be a second largest region for the decommissioning of offshore oil and gas platforms. The Gulf of Mexico is anticipated to experience a large number of oil and gas platforms being decommissioned over the next 10 years. The North Sea region is projected to be the largest region, and it is expected to grow at a CAGR of 5.5% over the period of 2020 to 2025 and 2.95% over the period of 2025 to 2030.

3) The report reveals global regulations and agreements affecting the Offshore Oil and Gas Decommissioning Industry:

4) The report includes Leading Companies analysis in the Offshore Oil & Gas Decommissioning Market Companies Companies with Offshore Assets Decommissioning Contractors Decommissioning Consultancies

5) The report provides detailed profiles of the leading companies operating within the Offshore Oil & Gas Decommissioning market: BP Plc Canadian Natural Resources Chevron Corporation ConocoPhillips ExxonMobil Corporation Total S.A. Royal Dutch Shell Plc ENI

To request a report overview of this report please contact Sara Peerun at sara.peerun@visiongain.com or refer to our website: https://www.visiongain.com/report/offshore-oil-gas-decommissioning-market-report-forecasts-2020-2030/

Did you know that we also offer a report add-on service? Email sara.peerun@visiongain.comto discuss any customized research needs you may have.

Companies covered in the report include:

Able UKAF GruppenAker SolutionsAllseasAP MllerAtotechBaker HughesBayernoilBibby Offshore LimitedBMT CordahBPBrasil Petroleo LtdaCal Dive InternationalCanadian Natural ResourcesChevron Brasil Oleo & Gas LtdaChevron CorporationConocoPhillipsCutting Underwater Solutions (CUT)DaewooENIEric Faulds Associates LtdExxonMobilGenesis Oil and Gas Consultants LtdHalliburtonHeerema Marine Contractors (HMC)JX Nippon Oil and Gas Exploration CorporationLinch-Pin Offshore Management SolutionsMaamoet SalvageMactech Inc.Maersk DecomMauritania Deepwater Ltd.Oceaneering (Norse Cutting and Abandonment)OptimusPB ConsultantsPerencoPetrobrasPetrofacPetronasPipeline Services InternationalProservRambollReverse Engineering Services Ltd (RESL)Royal Dutch ShellSaipemSapura AcergySchlumbergerStork Technical ServicesSubsea 7TechnipTetra TechnologiesTotal ErgTotal S.A.TSB OffshoreVersabarWeatherford InternationalWild Well ControlWood GroupWorley ParsonsZhejiang

To see a report overview please e-mail Sara Peerun on sara.peerun@visiongain.com

Related reports:

Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market Report 2019-2029

Multi-Well Drilling Market Forecast 2017-2027

Deepwater Drilling Market Report 2018-2028

Subsea Production & Processing Systems Market Outlook 2018-2028

Marine Seismic Equipment & Acquisition Market Forecast 2019-2029

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Visiongain has Forecasted That the Global Offshore Oil & Gas Decommissioning Market will See a Capital Expenditure (CAPEX) of $8,279 Million -...

Is Germany’s offshore sector about to hit the buffers too? – Windpower Monthly

All last year's 160 new turbines were installed in the North Sea, which now boasts 6,440MW of capacity, with a further 1,076MW in the Baltic Sea.

Another 16 turbines for 112MW were installed but not commissioned by the end of 2019, according to Deutsche WindGuard data.

German offshore wind generation reached 26TWh in 2019, up 25% on 2018, and accounted for 4% of overall German electricity generation and around 10% of the 243TWh from renewables last year.

But with more wind generation in the wholesale market, German offshore winds market value averaged just 34/MWh in 2019, nearly 7/MWh lower than in 2018.

Germany has now over-achieved its 2020, 6.5GW offshore wind target, and is close to the 7.7GW cap set on offshore wind to the end of this year.

On top of the 112MW that was not yet connected, nearly 17MW of pilot turbines are under construction while another 19.3MW of pilot projects have grid connection pledges. This would take Germanys offshore wind total to 7.66GW.

Offshore wind auctions in April 2017 and 2018 allocated 3.1GW of capacity for installation in 2021-2025, which means an average of just 620MW being added each year.

Permitting procedures for the projects is now under way and should lead to 10.8GW generating by the end of 2025.

Auctions for another 4.5GW for installation in 2026-2030 begin in 2021.

Five wind organisations BWE (Bundesverband Wind-Energie), BWO (Bundesverband derWindparkbetreiber Offshore), Stiftung Offshore-Windenergie, VDMA Power Systems and WAB called for lawmakers to swiftly allocate 2GW of idling German offshore transmission capacity to new projects in order to counter the upcoming lull in expansion, and to raise the 2030 offshore target to 20GW, from 15GW.

They said Germany needs to aim for 30-35GW in 2035 and over 50GW in 2050 to help fill the generation gap left by Germanys nuclear phase-out, completed in 2022, and the coal and lignite phase-out, scheduled for 2038.

But with zero-subsidy bids from the previous round of offshore tenders setting the highest price for all upcoming offshore tenders, policy changes are needed; offshore wind parameters like distance to shore set differing economic requirements, the groups urged.

They also argued for higher CO2 prices to encourage a market for green hydrogen generated from offshore wind and other renewables, stressing offshore wind energy should support the government's hydrogen strategy.

Germanys onshore transmission network expansion needs to continue apace to enable offshore generated electricity in the North and Baltic Seas to reach consumers throughout Germany, they said.

Further, Germanys electricity taxes and levies must be altered to promote sector coupling, where renewables-generated electricity surplus to immediate demand can be used economically for generating synthetic gas or chemicals or heat or used in transport or other uses, instead of being curtailed, the organisations pointed out.

Germany shoulders the EU Council Presidency in the second half of 2020 and should use these positions to push towards the European Union target of 450GW of offshore wind to 2050, as deemed necessary to ensure climate neutrality within the EU by that date, said the wind organisations.

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Is Germany's offshore sector about to hit the buffers too? - Windpower Monthly

2020 Expected to Transform the Offshore Supply Chain – The Maritime Executive

The Transocean Spitsbergen drilling rig. (Photo: Kenneth Engelsvold)

By The Maritime Executive 01-22-2020 07:01:43

The offshore supply chain started 2019 with the momentum of strong award levels of subsea equipment and FPSO hulls as well as improved floating rig rates. However, uneasiness has been building around the financial health of the offshore supply chain, and 2020 is likely to see a transformation, says Hoang Lu, from Wood Mackenzies upstream supply chain team.

Margins are razor thin and cost pressures continue to bear down. Meanwhile, the energy transition and threat of oversupply compete for attention. Ultimately, the offshore supply chain may take on a whole new look through 2020.

Wood Mackenzie forecasts that oil demand will peak in 2036, and the energy transition continues to accelerate towards that point.

Hybrid batteries have been a conduit of transformation, says Lu, noting Transoceans first-of-its-kind hybrid energy storage system deployed on the Spitsbergen semi-submersible in the North Sea. Transoceans patented hybrid power technology, developed in partnership with Aspin Kemp and Associates, reduces fuel consumption and increases a dynamically positioned rigs station-keeping reliability by capturing energy generated during normal rig operations that would otherwise be wasted, and storing it in batteries. This energy is then used to power the rigs thrusters.

Seadrill has made similar strides with the West Mira, another hybrid-powered floating rig employing a similar battery energy storage system. We expect any orders of newbuilds will require a renewable element, like Awilcos two green newbuilds currently on order.

Environmental, social and governance (ESG) criteria are increasingly important, and, as a result, are shaping offshore supply chain brands. TechnipFMC announced it will now be known as Technip Energies to highlight its ambition to be a global energy transition player. BHGE has become the Baker Hughes Company in a similar pivot towards energy-focused technology. Look out for much more of this rebranding in the near future, says Lu.

A lower margin supply chain is a reality for the near term, he said. Contractors will likely seek ways to broaden their scope of services to balance portfolios with the growth of renewables. Offshore wind projects are increasing in complexity, with larger developments being installed ever further offshore. This presents new opportunities for the supply chain. The next phase of offshore will ultimately be highly competitive; adapting early is vital.

The Majors

Meanwhile, the exploration sector heads into 2020 facing increasing pressure from the energy transition, says Alana Tischuk from Wood Mackenzie's global exploration team. While capital discipline and portfolio high-grading remain key, the shift to a low-carbon world poses a fundamental challenge, and this year is likely to show the sectors direction of travel in the years ahead.

Some investors are questioning the need to explore at all given the vast discovered resource base yet to be developed," says Tischuk. However, lower-carbon opportunities very often have lower costs and better economics. The challenge is to achieve success at scale. Companies will drill in the hope of finding better resources than those they already have lower cost barrels with a higher margin.

She said that while new opportunities exist, these large, valuable prospects lie mostly in new and emerging plays. The Majors are likely to remain prominent participants in high-impact exploration plays. National oil companies (NOCs), which are less exposed to investor concerns, may also be able to step up their exploration game.

Some companies may announce a strategic move towards acquisition-led growth or new energy businesses. Others are boosting their gas portfolios, viewing it as the fuel that will power the energy transition.

Tischuk said the move towards gas shows that exploration is not mutually exclusive with a low-carbon future. A diverse inventory of low-breakeven opportunities will be key as the energy transition unfolds. Those prospects with a clear route to commercialisation are likeliest to be drilled. One of the characteristics of successful, independent explorers is quickly exiting plays where they have limited early success, she said.

Traditionally, Majors have held their acreage to the end of term, but we expect them to adopt the swift turnaround approach of their smaller, nimbler cousins. Many of the areas the Majors have added are ultra-frontier, giant blocks, added for minimal commitments. This trend of fast turnover of new acreage may not become apparent in 2020, but instead materialise in the next three years or so.

Globally, Wood Mackenzie expects 500-600 wildcats to be completed during 2020, adding around 15 billion barrels of oil equivalent resources, in line with industry performance since 2014. Investment should hold steady at between $25 billion-$30 billion, similar to that spent in 2019. However, spend could slip by as much as five -15 percentas cost efficiencies continue.

Tischuk said the Americas will continue to see increased levels of exploration this year, particularly Brazil and Mexico, as will sub-Saharan Africa. Total has high hopes for South Africa after making the giant Brulpadda gas condensate discovery in 2019. The company plans to drill up to four exploration wells in the country in 2020, three targeting oil in the deepwater Outeniqua Basin. The company will also drill its giant (twobillion barrel) Venus oil prospect in deepwater Namibia. Shell and Kosmos are also among the companies hunting giants offshore Namibia in 2020.

Original post:

2020 Expected to Transform the Offshore Supply Chain - The Maritime Executive

Wind power could be dominant offshore energy focus within 5 years – Houston Chronicle

The United States will likely spend more money developing offshore wind capacity than offshore oil and gas within the next five years, according to a new study.

Installed offshore wind capacity off the coast of the United States could reach 20 gigawatts by 2030, generating annual investments of $15 billion in another five years, according to Rystad Energy,the Norwegian based energy research firm.Onegigawattprovides enoughpowerfor about 700,000 homes.

Annual spending on U.S. offshore oil and gas projects is expected to average $14.8 billion between now and 2025, according to Rystad.

RELATED:Next year will be tipping point for wind in Texas

Six gigawatts of offshore wind projects in U.S. waters are already slated for development and are expected to cost more than $20 billion over the next five years. By the middle of the decade -- if regulators continue to give the green light to offshore wind projects -- annual investment is expected to top $15 billion, according to Rystad.

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Wind power could be dominant offshore energy focus within 5 years - Houston Chronicle

Acoustic survey to study right whales, fish around offshore wind projects – WorkBoat

Acoustic sensors on buoys and an undersea drone will be used to map out the movements of endangered northern right whales, marine mammals and fish around offshore wind energy sites, in a joint project with wind developer rsted and marine science institutions.

rstedon Wednesday announced the Ecosystem and Passive Acoustic Monitoring project is launching in cooperation with Rutgers University, the University of Rhode Island and Woods Hole Oceanographic Institution, in addition to the companys 2019 agreement to support Rutgers research related to wind energy development.

Rutgers will supply a Slocum electric glider, an undersea probe that can operate autonomously for weeks at a time, periodically surfacing to transmit its data back via satellite link. Now widely used in oceanography, the glider technology will be a first for rsted, one of the pioneer companies in European offshore wind.

Gliders generate forward motion using battery-powered ballast water pumps and lift from their wings. AUVAC image.

Findings from the study will be used to better protect the North Atlantic right whale during survey, construction and operation phases of their U.S. offshore wind farm portfolio, the company said in a statement. The ECO-PAM project will ensure the company can act to solve the global climate crisis, while preserving local ecosystems.

With only about 450 animals now surviving, northern right whales can be harmed in ship strikes and fishing gear entanglement, and NOAA is intently focused on protection. The risks were underlined this month when one of four newborn whale calves was struck and gravely injured by a vessel off Georgia.

The whales migrate past offshore energy sites leased by rstedand other developers, and the potential for them to be affected by construction and operation of turbine arrays is a concern for wind power advocates and critics alike.

The whales are already a consideration for designers and shipbuilders working on the first generation of crew transfer vessels for servicing turbines. NOAA rules for dynamic management areas shifting speed limit zones that track the whale movements limit vessels over 65 feet to 10 knots or less.

The main goal of the study is to understand the whales habitat, their numbers, distribution and seasonal movements within rsteds lease areas, from southern New England down to New Jersey and off the Delmarva coast.

Oceanographic data from the project could help with weather forecasting and severe storm prediction, the company says.

During the three-year project, two acoustic buoys deployed by WHOI and one from URI will collect data, with the institutions advancing localizing and detection methods.

The technology exists now to acoustically detect and track marine mammals such as the North Atlantic right whale with fixed and mobile systems and this project will demonstrate this technology, said James H. Miller, Professor of Ocean Engineering and Oceanography, University of Rhode Island.

Gliders can carry instrument packages and sensors in an internal bay or externally. Kirk Moore photo.

The Rutgers glider will operate for long missions in and around rsted lease areas off New Jersey. Along with supplying data for the whales study, the environmental variables collected on these glider missions will be fed directly into national data systems that provide vital ocean information for improving the prediction of marine-driven weather, such as coastal storms, said Joseph F. Brodie, director of atmospheric research at the Rutgers University Center for Ocean Observing Leadership.

The glider and buoys will carry acoustic receivers, and the signals will be shared with existing networks including the Mid-Atlantic Acoustic Telemetry Observation System. The system regularly tracks acoustic tags, or pingers, that ocean scientists use to monitor fish moving through the region.

Some of those movements include commercial fishing species, so the acoustic study could further that understanding, according to rsted. The company has a working relationship with the fishing advocacy coalition Responsible Offshore Development Alliance, agreeing to work cooperatively on research of mutual interest.

Our project will help to minimize the impact of wind farm construction and operation on whales so that both we and the whales can reap the long-term benefits of clean energy, said Mark Baumgartner, a senior scientist at Woods Hole.

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Acoustic survey to study right whales, fish around offshore wind projects - WorkBoat

Why 36One lost its appeal over offshore funds – Business Day

The Financial Services Tribunal has upheld a ruling against asset manager 36One Asset Management that it solicited investments into unapproved offshore funds in contravention of the law.

The tribunal also upheld the fine of R350,000 imposed on the manager for the contravention.

Investing offshore gives you a chance to diversify your portfolio to include investments in different economies, geographic regions and a wider selection of companies. It also increases your potential to earn returns under different conditions.

However, to help you invest in safe, familiar, offshore investments with providers that are easy to contact, the Financial Sector Conduct Authority (FSCA) only allows offshore funds that are registered with it to be marketed to you.

To register, funds must comply with certain requirements such as having a local representative and conform to similar regulation to that which governs South African funds in order to protect investors. Funds may choose not to register with the local regulator and this does not prevent you from investing in them if you want to, but providers cannot actively market them to you.

36One had two offshore hedge funds based in the Cayman Islands that it did not register with the FSCA and between August 2015 and March 2018 it included details about these funds on its website, in newsletters sent to clients, and presentations made to clients.

In April last year, the FSCA said that by publishing and marketing the funds, 36One effectively solicited investment into the unapproved funds in contravention of the Collective Investment Schemes Control Act (CISCA).

In terms of the CISCA, managers may only solicit investment into offshore funds that have been approved by the FSCA. The act criminalises soliciting of investment in unapproved offshore funds.

Hedge funds were required to register as collective investment schemes with effect from April 2015.

36One appealed to the tribunal to have the FSCAs ruling set aside, arguing in its defence that the word solicit in CISCA means an intentional and earnest request to the public to invest, and the inclusion of the unapproved funds in its publications did not mean there was intent to promote investment into the funds.

The tribunal rejected this argument as improbable and agreed with the FSCA that promoting the unapproved funds in its publications amounted to soliciting investments.

Disingenuous disclaimer

The tribunals judgment was also clear that by including the unregistered funds in the companys portfolio on its website the company was marketing those funds.

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Why 36One lost its appeal over offshore funds - Business Day

After Years Of Slow Action On Climate Change, What Sets Offshore Wind Apart For N.H.? – New Hampshire Public Radio

Most New England states have been investing in alternative energy sources for years. But New Hampshire has been slower to act in response to climate change.

Now, the Granite State is looking to be a leader in a major new source of renewable energy: offshore wind.

Listen to the broadcast version of this story.

Turnout exceeded all expectations at the first meeting, last month, of a federal task force on wind development in the Gulf of Maine. One state legislator was heard saying the line to get in rivaled the line for the women's bathroom at Fenway Park.

Governor Chris Sununu welcomed hundreds of people who filled up a huge meeting hall and overflow rooms at UNH.

"Good morning, he said, to a mild response, then: Come on! Look what we're kicking off, this is exciting!"

When it comes to energy reform, Sununu has always focused on minimizing costs to consumers. At the task force meeting, he had a message: the way to get there is with huge amounts of power from high-tech wind turbines floating in the ocean.

"We're not talking about benchtop models, we're not talking about theory, we're not writing papers we want to build something here, he said. Right? We want those electrons to be zipped over back into New England in one way or the other, and we want people to benefit from it."

This big meeting came just under a year after Sununu asked the Trump administration to open up the possibility of offshore wind in the Gulf of Maine.

They formed this task force with stakeholders in New Hampshire, Maine and Massachusetts, to see how wind would work with fisheries, transmission systems, aesthetics and more.

New Hampshire business commissioner Taylor Caswell, whos on the task force, says offshore wind would be a game-changer for business in the state and for displacing the greenhouse gas-emitting fuels that cause climate change. "Part of the complexity of the policy issue has been the sheer size of what we need to be able to accomplish to displace fossil fuels...if, in fact, that's the direction we're going, which I do think it is, Caswell says.

And here we have an opportunity to start talking about renewable energy in gigawatts, he says, as opposed to five megawatts here and four megawatts there."

For scale just a dozen or so of these wind turbines can produce as much electricity as a nuclear power plant.

Short-term shortfalls

But these wind farms are probably 10 years off from reality. Climate activists like Griffin Sinclair-Wingate of 350 New Hampshire say there are lots of other steps the Sununu administration could take now, like supporting solar, hydropower or energy efficiency.

Instead, Sinclair-Wingate says, Sununu has vetoed countless numbers of bills that would have a tremendous impact in developing renewable energy in the state."

Those include expansions of net energy metering that would let towns and businesses save more on their energy costs by building more solar and hydropower.

This legislative session, Sununu has proposed an alternate plan to ones hes blocked in the past but advocates say it wouldnt have enough of an impact.

Sununu often cites economics in opposing state incentives for smaller-scale technologies like solar. But advocates argue that these sectors have major untapped potential to lower costs for consumers and create jobs.

Still, a growing wind industry does provide some unique opportunities like on New Hampshire's Seacoast, which many say could be perfectly positioned as a hub for wind construction offshore.

A source of hope

Key to that vision is the Port of New Hampshire on the Piscataqua River in Portsmouth. It's got deep water, a ready workforce and easy access to highways the wind industry wouldn't have to build a whole new facility here, advocates say, at least not to meet some of its many needs.

State port authority director Geno Marconi says Portsmouth has had a taste of what wind business could be like. Last summer, huge components for land-based turbines were shipped in to this port before they were trucked out to Antrim.

"All that open area where we walked through, we had a lot of the tower sections and everything staged out there, he says, pointing to large, flat sections of the dock between piles of road salt.

These onshore turbines were far smaller than the ones officials hope to install offshore and still, Marconi says, the project took a year to plan.

Michael Behrmann, the business development director for Clean Energy New Hampshire and one of the state's top wind evangelists, has spent a lot of time at the port imagining the future. He even took state and industry leaders to see wind farms in Denmark in 2018.

"We're looking at, by 2040, a trillion-dollar global industry, Behrmann says, citing a recent report from the International Energy Agency. If we could even grab a small part of that for New Hampshire, it would be transformative for our economy."

Behrmann says he's dedicated his career to tackling climate change, and that wind is the best option New England has ever had to make a difference.

"For me, and for a lot of people, the reality of being able to tap into such a large energy resource gives us hope that we can achieve the changes in our energy generation resources that we really need and need to do in a very quick timeframe, he says.

Until that happens, he hopes the state's enthusiasm for wind will spread to the rest of its climate change response, too.

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After Years Of Slow Action On Climate Change, What Sets Offshore Wind Apart For N.H.? - New Hampshire Public Radio

Research project to test zero emission technology on Viking Energy – Offshore Oil and Gas Magazine

The ammonia-driven fuel cell system will be installed on the Viking Energy in 2024.

(Courtesy Eidesvik Offshore)

Offshore staff

STAVANGER, Norway Equinor and Eidesvik Offshore have agreed to modify the supply vessel Viking Energy to make it capable of covering long distances fueled by ammonia.

Earlier this week Equinor awarded Eidesvik a five-year contract with effect from April 2020, when the current contract expires. In the contract period, the Viking Energy will be part of a research project developing, installing, and testing long-distance sailing fueled by ammonia fuel cells. The technology will be tested on the vessel in 2024.

Cecilie Rnning, senior vice president for Equinors joint operations support, said: Equinor aims to reduce the emissions in our supply chain, and regards the use of ammonia as a promising solution. Viking Energy may become the first supply vessel in the world covering long distances fueled by pure carbon-free ammonia.

Equinor is part of the ShipFC project, a consortium of 14 European companies and institutions coordinated by NCE Maritime Cleantech. The main partners of the five-year research project are NCE Maritime Cleantech, Eidesvik, Wrtsil, Prototech, and Equinor. Wrtsil will deliver the power technology and ammonia storage and distribution systems. Prototech will deliver the fuel cell system.

The project will test whether the technology can deliver 100% carbon-free power over long distances.

Vermund Hjelland, vice president of technology and development at Eidesvik Offshore, said: As part of the testing, the vessel will use ammonia in transit between harbor and offshore installations for one year. In addition, we envisage that ammonia will be used to power the vessel when alongside quay.

Our ambition is that 60 to 70% of the energy consumption will come from ammonia during the test period. In addition, we want to demonstrate that the technology can supply up to 90% of the total power demand.

The Viking Energy will still be able to use LNG as fuel, and the remaining power requirement will be met by battery.

Ammonia research on the Viking Energy has a total budget of NOK 230 million ($26 million), a substantial part of which is EU funded. According to Equinor, the partners also have a good dialogue with Innovasjon Norge and Enova about potential additional funding of the project.

Since the early 2000s, the company said it has proactively addressed ways of cutting emissions from supply vessels on the Norwegian continental shelf. The Viking Energy was the first LNG-fueled vessel in Equinors fleet in 2003, and the first vessel with hybrid battery power in 2016.

During 2020 all the 19 supply vessels on long-term contracts with Equinor will feature battery power and power from shore.

Earlier this year, Equinor and the Konkraft partners launched a joint ambition to reduce the greenhouse gas emissions from oil and gas operations in Norway by 40% by 2030, and to near zero by 2050.

01/23/2020

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Research project to test zero emission technology on Viking Energy - Offshore Oil and Gas Magazine

01/20/2020 | Hundreds Attend Offshore Wind Hearing In Ocean City | News Ocean City – The Dispatch

Boardwalk Tram Ad Content Concerns Reviewed

OCEAN CITY Resort officials this week to send out a request for proposal (RFP) for municipal bus and Boardwalk tram advertising, but there appears to be a reluctance to consider the latter.Last week, the Transportation Committee forwarded a favorable recommendation to the Mayor and Council to send out an RFP outlining the terms of Read more

OCEAN CITY The summer fireworks schedule and potential big-name concerts were part of a larger package of enhanced special events approved this week at City Hall.During Tuesdays meeting, Bob Rothermel of TEAM Productions presented a line-up of special event enhancements for the summer of 2020 including fireworks at the beach downtown and at Northside Read more

SNOW HILL While there are some opportunities ahead, a consultant advised officials this week that bringing high speed internet to rural portions of Worcester County could be a decade-long effort.Joanne Hovis, president of CTC Technology & Energy, presented the results of a six-month broadband feasibility study to the Worcester County Commissioners on Tuesday.We recommend Read more

OCEAN CITY Motorists accessing Ocean City via the Route 50 Bridge can expect headaches for the next month seven days a week as the State Highway Administration (SHA) embarks on the next phase of rehabilitation of the Harry Kelley Bridge.SHA crews on Thursday morning began shifting traffic lanes on the bridge in order to Read more

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01/20/2020 | Hundreds Attend Offshore Wind Hearing In Ocean City | News Ocean City - The Dispatch

RPS to Conduct Star of the South Environmental Studies – Offshore WIND

RPS Group has been appointed to carry out environmental studies for Start of the South, Australias first offshore wind project.

RPS will undertake marine mammal and bird surveys to support the projects offshore planning approvals.

The deal was signed by Star of the South Chief Executive Casper Frost Thorhauge and RPS Executive General ManagerforPlace and Environment Susan Farr.

RPS is excited to be able to drive success for Australias first offshore wind project by combining the expertise we have gained on other offshore wind projects overseas including the Hornsea Projects in the UKthe largest currently under construction globallywith our experience managing Australias most complex environmental studies, plans and approvals, said Farr.

Were pleased to be working on an iconic project like the Star of the South, which has the potential to transform our energy supply, while delivering positive environmental, community and economic outcomes for Gippsland, Victoria and Australia.

Eight subsea passive acoustic monitoring recorders will be deployed at the Star of the South site from mid-February as part of a passive acoustic monitoring program for vocalizing marine mammals.

Also, a bathymetric and geophysical site survey will commence at the site offshore Gippsland on 28 February.

Star of the Southcould comprise up to 250 turbines with a combined capacity of up to 2GW. The project is a joint development by AustraliasOffshore Energy and Copenhagen Infrastructure Partners (CIP).

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RPS to Conduct Star of the South Environmental Studies - Offshore WIND

World’s Largest Offshore Wind Farm Will Power 4.5 Million Homes – Singularity Hub

Renewable energy statistics just keep topping each other. Solar power is getting cheaper. Battery storage capacity is getting better. And wind farms are getting bigger.

2019 saw the worlds biggest (at the time) offshore wind farm come online, as well as construction of the biggest offshore wind farm in the US off the coast of Atlantic City.

But a new figure blows all of these out of the water. Last week, British renewable energy developer SSE announced construction of Dogger Bank Wind Farm off the eastern coast of England in the North Sea.

With a capacity of 3.6 gigawatts (GW), Dogger Bank will be three times bigger than the worlds biggest existing wind farm, the nearby 1.2 GW Hornsea One.

Located near a seaside town called Ulrome, which is 195 miles north of London, Dogger Bank will have three separate sitesCreyke Beck A, Creyke Beck B, and Teesside Aeach with a 1.2 GW capacity, and construction is slated to take two years.

The project is a collaboration between SSE and Equinor, a Norwegian energy company.

Hornsea One, which is still under construction and estimated to be done later this year, will power up to a million homes. That seems small in comparison to the figure SSE has estimated for Dogger Bank: its three sites together will allegedly be able to power up to 4.5 million homes.

Its important to note that 4.5 million U.K. homes is equivalent to far fewer homes in the US, as we Americans use embarrassingly more energy than the British; our annual average electricity consumption per household in 2018 was 10,972 kWhalmost triple the U.K.s 2017 household average of 3,760 kWh. Makes you wonder if we couldnt scale back on our giant appliances, around-the-clock air conditioning, and ever-ready hot water.

Besides being the biggest wind farm in the world (unless an even bigger one is announced before its done? At the rate these things are popping up, that wouldnt be surprising), Dogger Bank will also be one of the first to use the worlds biggest turbine. GE Renewable Energys Haliade-X was tested in the Port of Rotterdam last summer; its 260 meters (853 feet) tall (almost the same height as the GE building in Rockefeller Center) and its blades are 107 meters long (351 feet, just a tad shorter than an American football field).

Once those blades are twirling in the North Seas winds (and twirl they willwind speeds in this area average 16-22 miles per hour; the top 3 windiest cities in the US seem breezy in comparison with speeds from 13.1-13.9 mph), each Haliade-X will be able to produce 12 megawatts of power.

Offshore wind has taken off over the past few years, and will continue to grow as the technology it requires becomes steadily better, cheaper, and more efficient. The new turbines being built now already generate three times as much energy as turbines from just five years ago; thats an impressive pace, and means the expense of building wind farms are much more worth companies while.

Theyre worth our while, too. Given the ecological and climate disasters increasingly filling our news feeds, its safe to say we cant increase our renewable energy development fast enough.

Image Credit: Image courtesy of GE Renewable Energy

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World's Largest Offshore Wind Farm Will Power 4.5 Million Homes - Singularity Hub

Offshore wind giant Orsted favors small deals over big M&A: CEO – Reuters

BERLIN (Reuters) - Denmarks Orsted (ORSTED.CO), the worlds largest operator of offshore wind parks, plans to steer clear of super-sized takeovers, its chief executive said on Tuesday, preferring small deals to keep the group among the biggest renewable players.

Im fundamentally convinced that you de-risk your M&A strategy by not overstretching it, Henrik Poulsen told Reuters during the annual energy summit hosted by Handelsblatt newspaper in Berlin.

Id rather make a series of small acquisitions than one big bang where we could stumble, Poulsen said, adding any deals would rather be in the hundreds of millions, similar to recent acquisitions in the United States.

He said any deals would focus on projects in new markets.

Poulsen, Orsteds CEO since 2012, oversaw the groups transformation from a diversified utility with oil and gas activities into the worlds No.1 developer of offshore wind farms.

He said he expected the global green energy sector to be dominated by traditional utilities as well as big oil groups, which have been increasingly moving into the power sector as a way to diversify away from fossil fuels.

Poulsen said that scale was vital and that not all of the groups active in the industry would gain scale quickly enough to remain in the race, which would be a trigger for consolidation.

Well be a lot smarter in probably less than 5 years but when you see the landscape today you can begin to see the future global green energy majors emerge, he added.

Globally, Orsted ranks 10th in terms of installed renewable capacity, behind peers including Spains Iberdrola (IBE.MC), U.S.-based NextEra (NEE.N), Italys Enel (ENEI.MI), Portugals EDP (EDP.LS) and Germanys RWE (RWEG.DE).

Goldman Sachs estimates that the worlds top 10 renewables groups capture only about 15% of the worlds total portfolio, leaving sufficient space for newcomers, including oil majors Shell (RDSa.L), BP (BP.L) and Total (TOTF.PA), to muscle in.

Poulsen said it was his goal to keep Orsted, whose shares have nearly tripled since a 2016 listing, among the worlds leaders in the segment. Currently, the group has a market valuation of 297 billion Danish crowns ($44.1 billion).

Orsted is majority-owned by the Danish government, which holds 50.1% following a 2016 listing, and while Poulsen could not say whether that share could change in the future it was his view that Denmark was quite happy with its position.

Additional reporting by Stine Jacobsen in Copenhagen; Editing by Thomas Seythal, Michelle Martin and Alexandra Hudson

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Offshore wind giant Orsted favors small deals over big M&A: CEO - Reuters

Teekay Offshore Partners Announces Completion of Its Acquisition by Brookfield, Changes to Board of Directors and Plan to Rebrand as Altera…

HAMILTON, Bermuda, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) announced that, effective January 22, 2020, Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners (collectively, the Brookfield Consortium), has completed its acquisition by merger (the Merger) of all of the outstanding publicly held and listed common units representing limited partner interests of the Partnership (common units) held by parties other than the Brookfield Consortium (unaffiliated unitholders) pursuant to the agreement and plan of merger (the Merger Agreement) among the Partnership, Teekay Offshore GP L.L.C. (TOO GP), the general partner of the Partnership, and certain members of the Brookfield Consortium.

The Partnership also announced today certain changes to the Board of Directors and that following the closing of the Merger and the completion of the Partnerships separation from Teekay Corporation, the Partnership plans to change its name to Altera Infrastructure L.P. and to rebrand its consolidated group of companies under the new umbrella of Altera Infrastructure.

Completion of Acquisition by Merger

Under the terms of the Merger Agreement, common units held by unaffiliated unitholders were converted into the right to receive $1.55 in cash per common unit (the cash consideration), other than common units held by unaffiliated unitholders who elected to receive the equity consideration (as defined below). As an alternative to receiving the cash consideration, each unaffiliated unitholder had the option to elect to forego the cash consideration and instead receive one newly designated unlisted Class A Common Unit of the Partnership per common unit (the equity consideration). The Class A Common Units are economically equivalent to the common units held by the Brookfield Consortium following the Merger, but have limited voting rights and limited transferability.

As a result of the Merger, the Brookfield Consortium owns 100% of the Class B Common Units, representing approximately 98.7% of the outstanding common units of the Partnership. 100% of the Class A Common Units, representing approximately 1.3% of the outstanding common units of the Partnership as of the closing of the Merger, are held by the unaffiliated unitholders who elected to receive the equity consideration in respect of their common units.

Pursuant to the terms of the Merger Agreement, the Partnerships outstanding preferred units were unchanged and remain outstanding following the Merger.

Unaffiliated unitholders of record as of immediately prior to the effective time of the Merger who are entitled to the cash consideration will receive from the exchange agent, for each common unit held by them, the cash consideration, without interest and net of any applicable withholding taxes, in exchange for the cancellation of such common units. Unaffiliated unitholders who hold their common units in street name through their broker, bank or other nominee will not be required to take any action to receive the cash consideration for their common units, as the exchange agent will arrange for the remittance of the cash consideration with The Depository Trust Company for distribution to the applicable broker, bank or nominee on behalf of such beneficial owners. Any questions concerning the receipt of the cash consideration from unaffiliated unitholders who hold common units in street name should be directed by such holders to their applicable broker, bank or nominee.

Unaffiliated unitholders of record as of immediately prior to the effective time of the Merger who are entitled to the equity consideration will receive from the exchange agent, upon receipt of any documents required by the instructions to Election Form and Letter of Transmittal delivered to such unaffiliated unitholder in connection with the Merger, the equity consideration, in exchange for the cancellation of such common units.

The Partnership also announced today that it requested that trading of its common units on the New York Stock Exchange (the NYSE) be suspended before the beginning of trading on January 23, 2020. The Partnership requested that the NYSE file a Form 25 with the United States Securities and Exchange Commission (the SEC) notifying the SEC of the delisting of its common units on the NYSE and the deregistration of the common units. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to suspend its reporting obligations with respect to the common units under the United States Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in approximately 10 days. Reporting obligations in respect of the outstanding preferred units remain unchanged.

Changes to Board of Directors

The Partnership also announced today the following changes to the Board of Directors of TOO GP:

Bill Utt, Chairman of the Board of Directors of TOO GP, commented On behalf of the entire Teekay Offshore Board, I wish to recognize David for his service as a Teekay Offshore Director since our initial public offering 14 years ago and thank him for the significant contributions he has made to the Partnership during his tenure. Whilst Kenneth will not leave the Board immediately, I also wish to thank him at this time for his input to Teekay Offshore and in particular for his support in the important transition from Teekay Corporation to Brookfield ownership.

Plan to Rebrand as Altera Infrastructure

Following the closing of the Merger, the Partnership also announced that it intends to change its name to Altera Infrastructure L.P. and to rebrand the consolidated group of companies under the new umbrella of Altera Infrastructure. The intention is to start going live with this branding transition from March 24, 2020 and additional details on the effective date of the Partnerships change of name will be communicated in due course.

Ingvild Sther, Group CEO, commented This combination of corporate actions marks a new, exciting chapter for the Partnership. We are establishing a global energy infrastructure services company that will create long term value for its stakeholders. Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions. The innovation of the E-shuttle tankers is evidence of the Partnerships ability and willingness to take a leading role as the industry is moving towards a more sustainable future.

Forward Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Although the Partnership believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the Partnerships expectations and may adversely affect the Partnerships business and results of operations are disclosed in Item 3 of the Partnerships Annual Report on Form 20-F for the year ended December 31, 2018, filed with the SEC on February 28, 2019, as updated and supplemented by subsequent filings with the SEC. The forward-looking statements speak only as of the date made, and, other than as may be required by law, the Partnership undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

About Teekay Offshore Partners L.P.

Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 56 offshore assets, including floating production, storage and offloading units, shuttle tankers (including six new buildings), floating storage and offtake units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety. The majority of Teekay Offshores fleet is employed on medium-term, stable contracts.

Teekay Offshores preferred units continue to trade on the New York Stock Exchange under the symbols TOO PR A, TOO PR B and TOO PR E, respectively.

For Investor Relations enquires contact:

Jan Rune Steinsland, Chief Financial OfficerTel: +47 97052533Website: http://www.teekayoffshore.com

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Teekay Offshore Partners Announces Completion of Its Acquisition by Brookfield, Changes to Board of Directors and Plan to Rebrand as Altera...

Offshore drilling ban, veterans in nursing, and medical marijuana on State House minds this week – WLTX.com

COLUMBIA, S.C. It's another busy week at the South Carolina State House as lawmakers consider a variety of bills like offshore drilling bans, distracted driving, and medical marijuana.

Offshore drilling ban

Momentum continues to build for a ban on offshore drilling and related infrastructure in South Carolina's waters and coastal regions.

This week, S.870 made it out of a Senate subcommittee with approval.

S.870 would 'prohibit' the approval of a plan, license, or permit application for infrastructure used to transport crude oil or natural gas from the Atlantic ocean into the state or for oil and gas exploration in the state's waters, according to the bill's language.

You can read it here.

The movement has bipartisan support for a variety of different reasons.

Senator Goldfinch: "The primary reason behind that, the impetus behind that is that there's just really not the available land to provide for those port/refinery activities in South Carolina. If you look at my district alone, from Murrells Inlet to Isle of Palms, 90 percent of that land on the coast is protected in some way, shape or form," said Senator Stephen Goldfinch, (R) Georgetown.

"God put incredible beauty and natural splendor in South Carolina and we've got an obligation to preserve it and maintain it for our kids and our grandkids. That's just how I approach our wonderful, beautiful state and the world that we live in. And then I look at the economics of it. And I say, you know, does it make sense to drill for oil offshore from some of the most beautiful and used beaches in America? Where, tourism is one of our biggest industries," said Senator Vincent Sheheen, (D) Kershaw.

The Governor's office said Governor Henry McMaster continues to be against offshore drilling, saying South Carolina's 'beautiful coastline' is not suitable for the infrastructure required.

Distracted Driving

Also this week, a proposed distracted driving ban made it out of subcommittee with favorable approval.

The bill would make it illegal to drive with a handheld electronic device in hand or use it while operating a vehicle, with few exceptions.

You can read the bill here.

"Spent hours on the phone with mothers who have lost children because of distracted driving and so, through those conversations, I became pretty well acquainted with the human toll of this behavior," said Senator Wes Climer, (R) York.

Climer sent the proposed bill from his subcommittee to the full Transportation Committee, which is expected to begin debate on it next week.

The subcommittee changed some penalties, making it $150 and 0 license points for a first offense and two license points and $300 for a second offense

Medical Marijuana

In a press conference Wednesday, a group of patients, doctors, and others asked the state to pass the Compassionate Care Act.

The act would legalize medical cannabis in South Carolina. Supporters of the bill call it one of the most conservative in the country and say it's not a pathway to legalization of marijuana.

Margaret Richardson has a chronic pain condition and said the new treatments would help.

"Please give us a chance to treat our specific needs, legally. And let us, I repeat, have an opportunity to live life," Richardson said at the press conference.

The Compassionate Care Act remains in Senate committee.

More veterans in nursing

Members of the House are a step closer to making it easier for veterans to become nurses in the state.

They passed a bill Tuesday which would create associate and bachelor-degree veteran nursing programs at higher education facilities across the state.

The measure urges stakeholders to allow veterans to apply relevant military medic education and training towards a degree.

Representative Tommy Stringer said the idea came to him after a doctor's appointment.

"Well we have a significant nurse shortage in the state and it occurred to me we have a lot of military people retiring here, so it made sense that we would take advantage of the training they already had paid for by taxpayer dollars and integrate it into a nursing program," Stringer said.

The bill would still need Senate approval and the Governor's signature to become law.

Continued here:

Offshore drilling ban, veterans in nursing, and medical marijuana on State House minds this week - WLTX.com

Day #4 Morning Report: Start of Doublehanded Offshore Event, Weather and Conditions – US SAILING

Sailors should expect tricky conditions on Thursday, especially in the afternoon on Day #4 of 2020 Hempel World Cup Series Miami.

Patchy fog early and partly to mostly cloudy throughout the day including a slight chance of showers is forecasted. Warmer temperatures than Wednesday and Tuesday are expected with the high near 76 degrees.

Most of the day will be a ENE-E gradient wind. Wind speeds may increase with the ENE wind to 10-15 knots this morning. Afternoon breeze will average 7-12 knots and perhaps lower.

2020 Hempel World Cup Series Miami is partnering with the Fort Lauderdale to Key West Race this year. Thursday is the start of this new Doublehanded Offshore Event. Doublehanded offshore teams will start south of Port Everglades and the boats will race to Key West, with an expected course length of approximately 160 miles.

Tune in on the SORC Sailing Facebook page for live video from the signal boat. Spectators on shore can view of the start from the Dania Beach Fishing Pier. The finish is off of Mallory Square in Key West.

QUICK LINKS TO COVERAGE:

SOCIAL MEDIAFollow the event on World Sailings social networks and get involved in the conversation using #hwcsmiami

Facebook https://www.facebook.com/worldsailingofficial/Instagram https://www.instagram.com/worldsailingofficial/Twitter @worldsailing

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Day #4 Morning Report: Start of Doublehanded Offshore Event, Weather and Conditions - US SAILING

Star of the South Subsea Surveys to Begin in February – Offshore WIND

A bathymetric and geophysical site survey is scheduled to commence at Star of the South, Australias first offshore wind project, at the end of February.

According to the projects latest Notice to Mariners, the MV Silver Star survey vessel will carry out the work from 28 February to 13 March at the site offshore Gippsland to inform the projects feasibility.

Survey activities will comprise geophysical data acquisition using a side-scan sonar, single and multi-beam echo-sounders, sub-bottom profiler, magnetometer/gradiometer and underwater video.

Operations will be conducted on a 24-hour basis and will be undertaken out of Lakes Entrance Port.

Star of the South is also preparing for a passive acoustic monitoring program for vocalizing marine mammals, which will involve the placement of underwater acoustic recorders on the seabed.

The loggers will be deployed from 10 to 11 February, with maintenance scheduled from 8 to 11 July.

Eight subsea passive acoustic monitoring recorders, and their associated moorings, will sit on the seabed until the recovery planned in mid-December.

Survey activities will include placing a tracking grid of acoustic instruments with hydrophones and the use of a once a day ping sequence from an acoustic release in the triangle center.

Star of the Southcould comprise up to 250 turbines with a combined capacity of up to 2GW. If given the go-ahead, construction could start in 2020.

The project is a joint development by AustraliasOffshore Energy and Copenhagen Infrastructure Partners (CIP).

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Star of the South Subsea Surveys to Begin in February - Offshore WIND