Hands off our fish was one of the Brexiteers strongest rallying cries during their referendum campaign to quit the European Union. They sailed a flotilla of fishing vessels up the Thames to make their point in a noisy protest, and the sight of foreign boats casting their nets in British waters while the British domestic fleet was cut back angered many.

Now leading Brexiteer and Environment Minister Michael Gove says Britain is to tear up a fishing deal with five nations agreed 10 years before Britain even joined the EU.

Fishing in the immediate area around our waters, 6 to 12 miles, yes, we will be saying that were taking back control, and we will in due course said Gove.

So no French, no Spanish boats at all? interrupted TV show host Andrew Marr.

We will have control, insisted Gove. We can decide the terms of access, and that means that we can extend control of our waters up to 200 miles, or the median line between Britain and France, or Britain and Ireland.

The 1964 agreement will take two years to deactivate starting with the official announcement on Monday, which will lead to no foreign ships being allowed to do close offshore fishing around Britain. British ships will also lose their reciprocal access.

See the original post:

Britain to go back on 1964 offshore fishing deal with five nations - euronews

Theres plenty of energy off our coasts. Too bad the Trump Administration is looking the wrong way.

Yesterday was a momentous one for offshore energy, but maybe not in the way that some folks think. Sure, the administration opened up for public comment its plan to offer new offshore oil/gas leases (even if industry might say, Meh). But much more important for our future economyand our planetwas what happened to move US offshore wind forward, the latest in a line of notable recent happenings at home and abroad.

Massachusetts took an important step forward in having the states utilities askwind developers to bid to supply some 400 megawatts of offshore wind capacity, enough to power almost 200,000 Bay State homes. The move, required under the states 2016 energy diversity law, is aimed at bringing in the first tranche of what will eventually be at least 1600 megawatts of offshore wind for those utilities customers.

Its easy to be excited about another step toward adding such a powerful technology to our nations clean energy toolbox. For Massachusetts, getting the state out there looking for solid offshore wind projects and prices in a competitive way is a vital next step.

Economic development means grabbing hold of good, new areas for business and jobs. Were already seeing US industry step up to the plateincluding by readying the type of specialized ships that well need to get those wind turbines where they need to be.

Tackling climate change and protecting our environment means investing in expanding low-carbon energy options in responsible ways. Its telling that yesterdays move has garnered very positive reactions from environmental groups like the National Wildlife Federation and the Conservation Law Foundation (who also produced this great infographic laying out the strong case for offshore wind in New England).

Leadership means not waiting for others to go first.

Yesterdays step keeps Massachusetts firmly in contention when it comes to building a new industry on our shores, making a new carbon-free electricity source a reality, and leading on US offshore wind.

The Massachusetts move is just the latest in all kinds of noteworthy steps for this exciting technology. Heres a sampling:

So, wheres our offshore energy scene headed? Theres a good bet that offshore wind is going to grow to be an important piece of our energy mix. Even the Trump Administration seems to recognize the importance of this powerful new (new to the US) technology.

If were smart, well make sure that happens, and quickly. Our countrys energy future does include offshore. But its wind, not oil.

Posted in: Energy Tags: Clean Energy Momentum, Offshore wind

Support from UCS members make work like this possible. Will you join us? Help UCS advance independent science for a healthy environment and a safer world.

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Offshore Oil vs. Offshore Wind: Guess Where the Action Really Is ... - Union of Concerned Scientists (blog)

Norwegian owner banks small profit by offloading defence company Consub Defesa e Tecnologia.

Siem Offshore has made a small profit from selling a South American defence subsidiary.

The Kristian Siem-controlled owner said there would also be a minimal cash effect from the disposal of Consub Defesa e Tecnologia.

US group Bravo Industries said last year it had completed negotiations for the transaction, which has now been completed.

Consub is a leader in naval military combat management and command and control systems in South America, Bravo added.

It has developed Siconta, a tactical control

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By Robert Borlick By Robert Borlick June 30

In May, the Maryland Public Service Commission approved electricity-rate increases to fund two wind projects off the Ocean City shoreline. Over their 20-year life spans, these projects will cost Maryland electricity consumers more than $2 billion. Will they deliver economic benefits that justify their costs? Almost certainly not.

The Maryland Offshore Wind Energy Act of 2013 created a 2.5 percent set-aside in the states renewable energy portfolio for offshore wind energy. The Offshore Wind Energy Act also authorized the Maryland Public Service Commission to raise electric rates to support offshore wind projects but exempted large industrial and agricultural customers from such rate increases. Consequently, Marylands residential and smaller business electricity customers will be forced to subsidize these offshore wind projects.

The Offshore Wind Energy Act includes two important consumer protections. One prohibits the commission from approving any project that does not demonstrate positive net economic, environmental and health benefits to the State based on a cost-benefit analysis that includes any impact on residential, commercial, and industrial ratepayers over the life of the offshore wind project. The other protection caps the combined costs imposed by all approved projects at a maximum of $1.50 per month (in 2012 dollars) for residential customers and at a maximum of a 1.5 percent increase for business customers bills.

The commissions outside consultant estimated that the two approved projects, on average, will raise residential customers bills by about$1.40 per month and raise business customers bills by about 1.4 percent, starting in 2020. Although these increases appear small when viewed on a per-customer basis, their total cost over 20 years will exceed $2 billion (in todays dollars).

The consultant also estimated that these projects would create about 9,700 one-year full-time-equivalent jobs over 25 years. Thats $200,000 per job. Yes, these projects will stimulate economic activity and create jobs in the state, but Maryland residents money could be better spent on other projects producing greater economic benefits and creating more jobs at lower costs.

Despite the Offshore Wind Energy Acts clear language requiring each project to pass a cost-benefit test, the commission never compared the ratepayers costs to support either project with the monetary value of the benefits that project is expected to deliver. Instead, the four commissioners interpreted the language as allowing them to consider only the economic, environmental and health benefits without comparing these benefits with the ratepayers costs.

Because these offshore wind projects will produce energy costing three to four times as much as renewable energy produced by onshore wind or large-scale solar, it is inconceivable that either project would pass a bona fide cost-benefit test. Interestingly, the Maryland Public Service Commission staff did not recommend approval of either project, stating only that: The issue of cost should be of paramount consideration in the determination the Commission must make in this proceeding.

The commission appears to have telegraphed its agenda when it said, the State has already made the policy decision to authorize OSW development and the ratepayer impacts that may result from it. Then why did the Offshore Wind Energy Act include the cost-benefit analysis requirement?

The commissions decision is appalling. Marylanders deserve better.

Continued here:

Offshore wind energy is wrong for Maryland - The Washington Post - Washington Post

Saturday, July 1, 2017 at 8:26 a.m.

As we become more conscientious about the proteins we eat, how they were raised and where they come from, the question of sustainable seafood has come more into focus. Which species and whether wild caught or farmed are regular considerations in mindful seafood consumption.

When it comes to farming finfish, for instance, the feed conversion ratio the poundage of feed per pound of weight gain in the fish is a commonly used indicator of sustainability. Though FCRs vary across the different finfish species, averages range between 1:1 and 3:1. All finfish, with the exception of bluefin tuna (15:1), tend to fare better, in terms of efficiency, than their land animal counterparts, especially cattle.

Even more efficient than finfish are shellfish, which act as natural filters for our lakes, rivers and oceans. Since shellfish feed on phytoplankton, the question of feed is taken out of the equation, making them some of the most sustainable and perhaps delicious seafoods around.

Addressing this demand for not only shellfish, but locally sourced shellfish, is a particular operation stationed in the waters off Long Beach and first permitted (the first of its kind domestically) for construction in 2012. Catalina Sea Ranch is the first offshore shellfish ranch in U.S. federal waters and is a 100-acre aquaculture farm, currently equipped to grow Mediterranean mussels. The ranchs first harvest is scheduled for mid-July and is only available wholesale, which means youll have to find them on menus at restaurants in the Los Angeles and Long Beach areas.

The mussels are grown on suspended ropes, away from predators (typically starfish and snails) and in open, upwelling waters atop the San Pedro shell, which plateaus at 150 feet. This means that the mussels grow plump (2.5-3 inches) from standing up to strong currents created by nearby oil rigs. They feed on microorganisms suspended in clean, turbulent water while avoiding the sludge and bacteria typically brought up from the bottom dredges of the ocean. From feed to market, these mussels achieve full size in 10 months as opposed to the typical 12-14 months.

A solar-powered NOMAD buoy constantly monitors the ranchs wave and current measurement, nearby marine mammals, water quality, weather and more, facilitating research in shellfish farming and environmental studies. Scientists have access to this information through a cloud server so they can analyze the findings.

At 100 acres, the sea ranch has a capacity of a total 2.5 million pounds of mussels with the ability to supply restaurants with over 200,000 pounds of fresh mussels every month. In August, theyre expanding to a full 1,000 acres. Do the math and youll count a lot of California-grown mussels, which positions the ranch as a major player in locally sourced seafood. The ranch also has plans to harvest scallops, oysters and kelp in the future. Since the U.S. imports 80% of the seafood we consume, this is a small but needed step in the right direction for not only conscientiously sourced meals, but the California economy.

The sea ranch is currently providing tours to distributors, chefs and educational groups to view the offshore operation and consider sourcing from Catalina Sea Ranch. Given that were starved for locally sourced, quality seafood, we have a lot to look forward to in the shellfish being harvested at the ranch.

Go here to read the rest:

The First Offshore Shellfish Ranch Opens in the US, on the LA County Coastline - L.A. Weekly

The Interior Department announced Thursday that it is beginning the first step in redoing the Obama administration's five-year offshore energy leasing plan to open up more of the nation's coastline to oil and natural gas drilling as part of President Trump's America First energy plan.

"The new program is going to replace the current 2017-2022 five-year program," said Vincent DeVito, counselor to Interior Secretary Ryan Zinke on a call with reporters, explaining that the Obama administration left out many areas for development and in many cases excluded energy development.

The five-year program is required by law and outlines the areas where oil and natural gas companies can buy leases that allow them to drill. The Obama administration excluded the Atlantic and Arctic from the drilling program after it said it would consider opening those areas.

The Trump administration has said it will seek to open up those areas in line with what states and coastal communities see as beneficial.

"Many of the offshore programs with significant oil and gas resources were left out of the Obama administration's program, and we are going to be examining all of the outer-continental shelf planning areas with a fresh set of eyes to see where we can expand access to oil and gas development," DeVito said.

The Interior Department's Bureau of Ocean Energy Management will be publishing a Request for Information in Monday's Federal Register to begin the process of redoing the five-year plan. The request "seeks public comment and suggestions on what the expanded program should include and how it should operate," DeVito said.

The announcement came as Trump was addressing a Energy Department conference as part of the administration's Energy Week, where the Interior Department said he will announce the restart of the offshore energy leasing program's review process.

The current Obama five-year plan will remain in place as Interior begins the "initial step" in reassessing the five-year energy plan.

Read the rest here:

Interior starts process to expand offshore drilling plan - Washington Examiner

The same day that President Donald Trump touted new energy policies during a speech at the U.S. Department of Energy that he said were part of a golden era of American energy, Rep. John Rutherfords office released a letter signed by him more and than 100 other members of Congress that voiced opposition to the use of a controversial oil and gas exploration technique off the Atlantic Coast.

We are writing in strong opposition to your recent secretarial order to move forward with offshore oil and gas exploration in the Atlantic Ocean, the letter, signed by members of both parties and addressed to Department of Interior Secretary Ryan Zinke, began.

Offshore oil and gas exploration, the first step of which is seismic air gun testing, puts at risk coastal economies based on fishing, tourism, and recreation, it said before asking Zinke not to issue any permits for the surveys.

Rutherford, a Republican, represents Floridas 4th District that includes parts of Nassau, Duval and St. Johns counties. Republican Ron DeSantis, who represents the southern portion of St. Johns County, also signed the letter.

Seismic air gun testing is used to map potential drilling sites, but many say the air guns, which blast intense pulses of compressed air at the ocean floor, are so loud they can disturb or injure endangered right whales and other marine mammals.

Rutherford had voiced opposition to the testing earlier this month when the Trump administration, through the National Marine Fisheries Service, made its first move toward oil exploration by requesting permits under the Marine Mammal Protection Act for five companies to use air guns for seismic surveys in the mid-Atlantic, from Delaware to Central Florida.

Rutherfords office released a brief statement at the time saying that he was working to build a coalition in Congress opposed to opening up the Atlantic to drilling activities and share with the administration how offshore oil and gas exploration threatens our coastal economies based on fishing businesses, restaurants, and the visitors that flock to Northeast Florida.

The letter dated June 28, but released Thursday said that those who signed have heard from countless business owners, elected officials and residents along our coasts who recognize and reject the risks of offshore oil and gas development.

The Interior Department, though, is rewriting a five-year drilling plan established by the Obama administration, with an eye toward opening areas in the Arctic and Atlantic oceans that now are off-limits to drilling. Its one of six initiatives that the president unveiled Thursday in hopes of generating more energy exports and jobs.

Trump and other officials say they are confident the country can pave the path toward energy dominance by exporting oil, gas and coal to markets around the world, and promoting nuclear energy and even renewables such as wind and solar power.

Zinke says increased offshore drilling could provide more than enough revenue to offset an $11.5 billion maintenance backlog in national parks.

Theres a consequence when you put 94 percent of our offshore off limits, Zinke said in a speech this week. Theres a consequence of not harvesting trees. Theres a consequence of not using some of our public lands for creation of wealth and jobs.

Oceana, an environmental group that has been at the forefront of the opposition to seismic testing, issued a news release Thursday about the letter.

In it, Oceana campaign director Nancy Pyne praised Rutherford and Democratic Rep. Don Beyer of Virginias 8th District who helped form the coalition of lawmakers that signed the letter.

The groundswell of opposition to these dirty and dangerous activities continues to grow every day, she continued. Currently, 126 East Coast municipalities, more than 1,200 local, state and federal officials, and an alliance representing over 41,000 businesses and 500,200 fishing families from Florida to Maine, publicly oppose seismic air gun blasting and/or offshore drilling. The risk to marine life, coastal communities and economies is just too great.

This story contains reporting from The Associated Press.

View original post here:

Rutherford, others sign letter opposing seismic testing offshore | St ... - St. Augustine Record

The federal government has announced its intention to launch an offensive cyber capability to fight cyber criminals and thwart attacks against Australia.

Anticipating cybercrime to cost the Australian economy at least AU$1 billion per year, Prime Minister Malcolm Turnbull has directed the Australian Signals Directorate (ASD) to use its offensive cyber capabilities to "disrupt, degrade, deny, and deter" organised offshore cyber criminals.

By using the intelligence agency's cyber capability, which Turnbull said is currently used to help target, disrupt, and defeat terrorist organisations such as Daesh, Australia is expected to have a stronger arsenal to prevent and shut-down safe-havens for offshore cyber criminals.

"The recent WannaCry and Petya ransomware attacks have affected governments, businesses, and individuals around the world," Turnbull said on Friday.

"Cyber criminals continue to adapt and evolve their methods and tactics, increasingly employing new methods to gain access to a victim and extort funds. As their level of sophistication has improved, cyber criminals are increasingly targeting businesses directly.

"Our response to criminal cyber threats should not just be defensive. We must take the fight to the criminals."

It is expected the ASD will be tasked with defending Australian military targets from cyber attacks and preparing to launch its own assaults on foreign forces, and that it will comprise of specialists staff with a mixture of defence personnel and public service employees, the ABC reported.

"We are using the offensive cyber capabilities against terrorists, and what we are announcing today is that this now will also be used against cyber criminal networks operating offshore," Australian Minister Assisting the Prime Minister for Cyber Security Dan Tehan said on Friday.

"We have to make sure that we are keeping the mums and dads, the small businesses, large businesses, government departments and agencies secure, and that is why we've made this direction to the ASD."

Addressing the National Press Club in November, Tehan warned of the devastation a "cyberstorm" could have.

"All of us must be on notice -- it is not a case of if but when government, businesses, or individuals will be hit," he said.

"When it comes to cybersecurity, being prepared isn't just having a wall that will block and protect from attacks. Instead, being prepared means minimising risk and having the ability to recover, to remediate, and to respond.

"No police force can guarantee that they will eradicate crime completely. But we can make it a lot harder if the windows aren't open, the doors are locked, and there is a strong cop on the beat."

Turnbull launched the country's AU$240 million cybersecurity strategy in April last year, which is aimed at defending the nation's cyber networks from organised criminals and state-sponsored attackers, and sits alongside the AU$400 million provided in the Defence White Paper for cyber activities.

Since its inception at the end of 2014, there have been over 114,000 reports of cybercrime registered with the Australian Cybercrime Online Reporting Network (ACORN), and, according to Turnbull, 23,700 incidents have been reported over the last six months.

"The government will target criminals wherever they seek to hurt Australian citizens but every Australian has a role to play in ensuring our cybersecurity," the prime minister added. "We must work together to share threat information and learn from each other about the online threats that seek to do us harm."

Also announced on Friday was the transition of the Australian Internet Security Initiative (AISI) from the Australian Communications and Media Authority (ACMA) to the Computer Emergency Response Team (CERT) Australia, which sits within the Attorney-General's Department.

The move comes in response to a recommendation made last month by the Department of Communications after it probed the functions under the ACMA.

The transition will take effect on Saturday, with the ACMA noting it has been working closely with the CERT for a number of months on transferring select cybersecurity functions over.

Read more here:

Australian military cyber warriors authorised to target offshore criminals - ZDNet

By Dave Forest - Jun 29, 2017, 10:30 AM CDT

Oil prices have been a big item lately with crude plunging below $45 per barrel in recent weeks.

But quiet reports across the industry show costs for oil and gas drillers may be falling even faster than that. With recent studies showing that offshore oil projects may actually be feasible at or near current prices.

That sentiment appears to be trickling through to project activity on the ground. With one first-of-a-kind exploration project announced this week showing that E&Ps are once again going big for offshore targets.

That project is in the Caspian Sea of central Asia. Where an international consortium of companies signed a historic deal this week to drill the deepest exploration well ever attempted by the global petroleum industry.

The so-called Eurasia project will be attempted by Chinas CNPC along with Italys Agip, Americas NEOS GeoSolutions, Azerbaijans state oil firm SOCAR, and Kazakhstans RN-Exploration and KazMunayGas-Eurasia. With those partners having been cooperating for several years already in compiling data and geophysical studies on the play.

Heres the plan: the partners will now prepare to drill an exploratory well up to 15 kilometers depth targeting oil under the Caspian depression. A feat that would eclipse the previous-deepest well ever drilled, the 12.3 kilometer Kola Bore Hole at Murmansk, Russia.

This will obviously be a massive technical challenge. But the consortium says the prize could be worth it with estimates suggesting the deep basin here could hold up to 60 billion tonnes (429 billion barrels) of crude. Related:Goldman Sachs: Oil Crash Unlikely To Continue

Interestingly, the consortium is moving ahead with this target without the aid of any major names in the Western international E&P business. Meaning that a success here could mean a major shift in power away from the big names in the industry to rising players like CNPC.

No timeline was given for the drilling watch for further announcements from the consortium on when exactly this record-breaker will come down. It wont be immediate, but this is a potential gamechanger worth keeping an eye on.

Heres to going deep.

By Dave Forest

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Originally posted here:

The Deepest Exploration Well Ever Signals A Return For Offshore ... - OilPrice.com

DONG Energy has announced the inauguration of the Gode Wind 1 and 2 offshore wind farms. The wind farms are situated 45 kilometers off the coast of Germany, and construction on the project began in 2015.

The announcement was made earlier this week, with DONG Energy saying that the wind farms with 97 turbines and a total capacity of 582 megawatts are set to produce enough power to supply around 600,000 German households every year. DONG Energy said that it owns half of both Gode Wind 1 and 2.

"The wind turbines at Gode Wind 1 and 2 are already generating clean power off the coast of Norddeich, and our next German offshore wind farm, Borkum Riffgrund 2, is well underway," DONG Energy's Samuel Leupold said in a statement.

"These large-scale projects are testament that offshore wind has become a reliable, predictable and cost effective technology which will contribute significantly to Germany's energy transition."

Europe is something of a world leader when it comes to offshore wind. According to the Global Wind Energy Council (GWEC), at the end of 2016 almost 88 percent of all offshore wind installations were in "waters off the coast of ten European countries." The GWEC adds that the U.K. is home to the world's largest offshore wind market, followed by Germany.

"Through technological progress, system services and efficiency, the offshore wind industry has become a driver in the energy industry and focuses on strengthening competitiveness in export, innovation and digitisation," Uwe Beckmeyer, parliamentary state secretary at Germany's Federal Ministry for Economic Affairs and Energy, said. "A strong home market is a crucial factor in this regard."

Read the original:

DONG Energy inaugurates two offshore wind farms - CNBC.com - CNBC

When it comes to offshore rig companies lately, you really need to grade on a curve, because the entire industry is suffering. With that in mind, Diamond Offshore Drilling's (NYSE:DO) results lately have been surprisingly positive. It has been able to keep its earnings afloat with some steep cost-cutting, but it has also been able to find work for rigs. That's something we haven't seen much in this industry lately.

On the company's most recent conference call, management tooted its own horn a bit thanks to those new contracts, but it also provided some interesting insights into what the market for offshore rigs will look like in the coming years. Here's a selection of quotes from Diamond CEO Marc Edwards that will help investors better understand the offshore industry today.

Image source: Getty Images.

Probably the hardest thing for offshore rig companies right now is finding new work for their respective rigs. While some companies have been able to tout a few small and short-term contracts, Diamond has been able to secure several long-term contracts. Using this conference call to take a victory lap, Edwards highlighted the contracts Diamond secured in the first quarter of the year:

[W]e commenced two new contracts for our sixth-generation assets, the Ocean GreatWhite and the Ocean BlackRhino, and additionally, we secured a new term contract for our third generation asset, the Ocean Patriot, as well as securing 2 new short-term contracts for the Ocean Monarch. Overall, I'm pleased with these results as it demonstrates our ability to employ all of our sixth-gen assets and find new work for a variety of asset classes while at the same time maintaining a relentless focus on cost management and increased operating efficiency.

Some of these contracts won't be showing up in current results because they are either extensions for rigs already working, or they are in the yard for maintenance work. What is more important is that it extends the time that Diamond's current revenue is protected by long-term contracts. That in and of itself is something few rig companies have today.

The woes of deepwater drilling have been almost exclusively been blamed on the advent of shale drilling and how quickly the latter has moved down the cost curve. Some financial pundits have declared offshore drilling is dead. While the evidence seems to support this idea -- shale drilling in North America has been going like gangbusters, while deepwater drilling has ground to a near-standstill -- Edwards gave a more nuanced approach that should give investors some comfort:

[F]ull life cycle project [net present values] can in many circumstances deliver better returns offshore than onshore, and the real issue here is the timing of the cash flows. While oil prices languish at their current levels, we spend direct investments onshore. However, we are now seeing many [integrated oil companies] rehabilitating their deepwater portfolios and options with a view as to when to bring sanctioning back over the horizon. Nonetheless, it is important express caution here due to the time lag from project sanctions to the actual commencement of drilling activity. But when current industry investment is at such unsustainable levels, we are finally starting to see discussions in relation to deepwater portfolios. It is clear that deepwater economics continue to improve through project standardization and simplification while competing [shale] costs are now trending back up.

For cash-strapped producers, the choice today is pretty obvious. A 10% return you can get three weeks from now is much more attractive than a 30% return you won't get for another three years. Once their balance sheets are in better shape, though, chances are they will start to swing for those greater returns that can be found in the offshore environment.

Up until a few years ago, the drilling industry in general suffered mightily from an old-school, heuristic approach to the entire business -- from rig design and construction to repair and maintenance schedules. Thankfully, though, this trend is starting to come to an end. By now, just about every company has started using a more standardized design for rigs that makes replacement parts that much easier. According to Edwards, Diamond is taking the next logical step and updating the way in which it handles maintenance and replacing parts through data analysis:

[W]e began implementing our new risk-based asset management system, which enables predictive maintenance. This system has been under development for over 18 months, and we are now ready to implement it fleetwide. And with this solution, Diamond Offshore will utilize data analytics to manage rig maintenance across our entire fleet for improved reliability and lower operating costs. This approach moves away from the drilling industry's traditional reliance on time-based rig maintenance and embraces leading practices often found in high-reliability industries such as aerospace and power generation.

This isn't the first stab at new thinking for Diamond when it comes to a more advanced approach to equipment maintenance. Last year, Diamond signed a deal with General Electric (NYSE:GE) where Diamond sold its blow-out preventors back to GE and now leases them back from General Electric with incentive bonuses for less maintenance downtime. The idea is that it puts more skin in the game for General Electric, which motivates it to use a more data-driven approach to repair and maintenance. Diamond benefits because a rig works more days within the duration of a contract, and makes it more likely to receive performance bonuses from the producer. Hopefully, it will be able to do something similar with this new asset management system.

Diamond has been one of the companies that aggressively scrapped or sold older rigs that were less relevant in today's offshore drilling market. As a result, it has one of the more capable fleets -- which explains why it is getting work while others struggle to get contracts. Even after all of the rig scrapping that has gone on in recent years, Edwards thinks that a lot more will be done:

So there's generally a reluctance, I think, to actually grasp the nettle and start scrapping some of the early generations sixth-[generation] rigs, the ones that came out in '08, '09, '10, for example that are sitting at the back of the deli line in terms of desirability and many of our peers simply just can't afford to take the impairment of those rigs due to, as I mentioned, breaking their debt covenants and as a result they're just sitting out there. I think ultimately, however, if we truly take a look forward to this recovery, which will be somewhat drawn-out, I think that many of those sixth-generation rigs that are cold-stacked today, that are of the early generation of the sixth-gen category will not see the light of day again simply because as each year passes, your activation costs come up too high and therefore, they will effectively be de facto scrapped.

This is bad news for companies with lots of these sixth-generation rigs that were made in the past 10 years, but can't find work. One of the reasons they have been hesitant to scrap these newer rigs is many of them are still held for a high value on balance sheets, and to scrap them would involve even more asset impairments that could make some rig companies violate their debt covenants. Eventually, these rigs will either go away, or the market will eventually rebound enough that even these rigs will find work. Whatever the case, those companies with these kinds of rigs in their fleets are likely to suffer for a while.

Tyler Crowe owns shares of General Electric. The Motley Fool owns shares of General Electric. The Motley Fool has a disclosure policy.

Read more from the original source:

4 Things Diamond Offshore's Management Thinks You Should Know - Motley Fool

Beaufort Mayor Billy Keyserling and other state municipal leaders were successful in their first effort to oppose offshore drilling, but now they are preparing for another fight.

President Donald Trump on April 28 instructed the Department of the Interior to lift offshore drilling restrictions that former President Barack Obama put in place for the Arctic and Atlantic oceans.

Trumps executive order calls for the administration to fast-track permitting to test for oil and natural gas deposits using seismic air guns off the Atlantic Coast.

We won the first battle to stop offshore drilling along our coast, but dont know what the new battle is just yet, Keyserling said last week.

We havent seen anything specific yet from the new administration under President Trump, but the number of businesses in opposition of offshore drilling is now in the thousands and we also have been informed that Gov. Henry McMaster is opposed to the drilling.

While things are changing under the new administration, the resolution against offshore drilling that multiple municipalities passed during the Obama administration would only require some updating for another round of opposition, Keyserling said..

At this point, we need to see where the current administration is coming from in terms of the new developments about this issue, Keyserling said. Everyone who worked with us before is ready to get back on it.

Keyserling said it is important to wait and see what happens next.

Lets wait and see the cards we are dealt, he said. We all have learned to work together and have a strong grassroots impact when it comes to opposing the drilling.

Keyserling said there are many reasons Beaufort County would not be an appropriate location for offshore drilling.

One reason is because so much of our economy depends upon tourism and the quality of life is what the coast is about, he said. If they were to drill, where you do have a port or community? Who wants to become an oil town?

Keyserling also said testing or drilling for oil could disturb marine life.

We dont have the infrastructure here in Beaufort County for offshore drilling, he said. Weve spent hundreds of millions of dollars to refurbish beaches, and to rebuild bridges and communities all along the coast. That tourism could be wiped out if the drilling should move forward.

No matter what, we have to be aware of whats happening and you always want to keep your guard up to protect what you have.

While Keyserling and others wait to see what their next move will be, he said citizens can contact their representatives to voice their concerns.

NOAA Fisheries is accepting public comment through July 6 on incidental harassment authorizations that allow companies that propose seismic testing to incidentally, but not intentionally, harass marine mammals by using the air guns.

They can write their senators, Sen. (Lindsey) Graham or Sen. (Tim) Scott, and simply state they are opposed to seismic testing and drilling, Keyserling said. We are going to continue to work on this issue, and wait and see what comes next in our battle.

Read more:

Beaufort mayor ready for another offshore drilling fight - Bluffton Today

While all eyes are riveted on how much U.S. shale output is undermining OPECs production cuts and any oil price gains, other non-OPEC producers are also increasing crude production, and most importantlyexports. Rising supply from non-OPEC countries other than the U.S. adds yet another headache to the cartel as it continues to try (with little success so far) to kill the glut and lift the price of oil.

One of those non-OPEC deal producers is Brazil, which is not only growing its production, but is also seeing a surge in crude oil exports.

South Americas biggest economy is trying to emerge from a two-year recessionthe worst in its history. Falling commodity prices and a series of corruption and political scandalsincluding a scandal at state oil firm Petrobrashas crippled the economy and undermined investor confidence in the past few years.

Brazils worst recession on record has led to a slump in domestic oil and fuel demand, and a rise in crude oil exports. Moreover, the country is trying to lure international oil companies to its offshore pre-salt fields with amended legislation, and is launching new projects and tenders. Analysts and international agenciesas well as OPEC itselfsee Brazil as one of the biggest contributors to growing non-OPEC supply this year, albeit at a distant second or third behind U.S. shale.

Brazils oil exports jumped by 94 percent on the year in February this year, beating the previous record from January. In the first quarter of 2017, oil exports jumped by 56 percent compared to the same period last year.

The Q1 2017 surge in Brazils oil exports came after state-controlled Petrobras reported a 6 percent rise in exports and a 30 percent decline in imports for 2016, moving it into net exporter territory. In Q4 2016, Petrobras oil product production in Brazil dropped 3 percent to 1.8 million bpd. Domestic oil product sales decreased 4 percent to 2.0 million bpd, while oil and oil product exports jumped by 13 percent to 634,000 bpd, Petrobras said. Related:Shale Rebound Runs Out Of Steam At $40 Oil

In Q1 2017, Petrobras oil and oil product exports soared 72 percent compared to Q1 2016.

Wood Mackenzie has estimated that Brazilian exports this year will rise to almost 1 million bpd, compared to 798,000 bpd last year.

While exports could improve Brazils foreign trade balance, this is bad news for OPEC, which is trying desperately, and so far not very efficiently, to draw down the global oversupply and prop up oil prices.

Brazil becoming a relevant exporter is complicating OPECs efforts to control prices through supply cuts, former oil regulator Helder Queiroz, a scholar at Rio de Janeiro Federal University, told Bloomberg by telephone.

OPECs latest Monthly Oil Market Report estimated that non-OPEC oil supply in the second half of this year will increase by 500,000 bpd compared to the first half, to average 58.4 million bpd. The U.S. is the main driver behind this higher growth, contributing 760,000 bpd, followed by Brazil and Canada with 120,000 bpd and 60,000 bpd, respectively. On a country-by-country basis, the main contributors to growth in 2017 are expected to be the U.S. with 0.80 mb/d, Canada with 0.26 mb/d, Brazil with 0.21 mb/d and Kazakhstan with 0.13 mb/d, OPEC said.

The June Oil Market Report by the IEA said that Non-OPEC output is seen rising by 660 kb/d this year, a slight upward revision from last month's Report. In 2018, growth will accelerate to 1.5 mb/d, driven by strong U.S. crude production and further gains from Brazil and Canada.

In projections for oil supply until 2022, the IEA expects the countries other than the U.S. with significant growth to be Brazil, Canada, and Kazakhstan, which will see their cumulative output rising 2.2 mb/d by 2022, reaping the rewards of investment decisions taken before oil prices declined. Related:$30 Oil Could Spark Contagion In Energy Markets

Moreover, Brazils pre-salt basin is adding new production, with international oil and gas majors participating in the consortia developing the fields.

The hot oil plays will be U.S. tight oil (the Permian Basin again to the fore) and Brazil pre-salt, both of which have materiality and among the lowest development breakevens globally, Wood Mackenzie said at the beginning of this year in its 2017 global upstream outlook.

Analysts concur that Brazils crude oil production will increase over the next few years. In the short term, Brazilian exports and outputcoupled with U.S. shale and Canada gainsis offsetting a large part of the OPEC cuts.

By Tsvetana Paraskova for Oilprice.com

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The Offshore Boom To Break The OPEC Deal - OilPrice.com

The sixth month of this year ends in a few days and I feel its high time to look at the results of the offshore drilling sector and where it is headed. Heres what I believe are major highlights of the first half together with my thoughts on the future.

Oil prices drop and postpone recovery

It is now a fact OPEC failed to lift oil prices, at least in the short term. Both Brent (BNO) and WTI (USO) trade at about the same levels where they traded before the first announcement of the OPEC decision to cut production. The prolongation of the deal did not inspire the market and led to a downtrend in oil prices.

In my view, oil prices continue to trend in a wide range, which is roughly $44-58 for Brent and $42-55 for WTI. To get out of this range, oil prices will need strong upside catalysts. So far, the effect of the OPEC/non-OPEC deal was not sufficient enough to push oil prices to the desired $60+ range, which will create a meaningful uptick in the contract activity in the offshore drilling space.

The effect of the recent drop is really negative for the potential recovery. There is little reason to rush into offshore drilling spending for most oil companies. In all likelihood, they will continue to prioritize short-cycle investments like shale over offshore drilling in the second half of this year.

Day rates reach bottom and wont recover in H2 2017

As those who follow the industry regularly know well, many contracts now come at undisclosed day rates. Its not hard to decipher what undisclosed means the rate is so low that a company does not want to show it to both investors and competitors.

For day rates to increase, utilization should increase significantly. I do not see it happening in the near term. New contracts are scarce while many rigs roll off their previous contracts. Scrapping could have helped, but accounting consequences of scrapping (the necessity to take impairments which could lead to problems with credit covenants) prevent many drillers from retiring their rigs.

Offshore drilling is getting more competitive? Too early to celebrate

Here and there we can read that offshore drilling is getting more competitive and that the sole obstacle in its competition with shale is the necessity to make big upfront investments. There is no surprise that offshore drilling becomes more attractive as offshore drillers agree to contracts at cash breakeven rates! This is not sustainable and everyone understands it. Offshore drilling will be competitive with shale when it will be able to operate with same costs while all companies involved get rational rates, allowing them to profit and invest for the future.

M&A begins

Two major deals were announced (and one already executed) in the first half of this year. Transocean (RIG) sold its entire jack-up fleet to Borr Drilling. Ensco (ESV) announced a merger with Atwood Oceanics (ATW). It is not yet clear whether Ensco shareholders will vote for the merger with Atwood.

The necessity for consolidation in the industry has been discussed many times. Currently, it looks like smaller companies dont have a good place in the future of the industry as clients prefer stable companies with solid finances. However, potential acquirers themselves are not in their best shape. First, companies like Ocean Rig (ORIG) and Pacific Drilling (PACD) have to go through restructurings and get rid of debt, and only then deals similar to Ensco Atwood could be considered.

Among U.S.listed stocks, its difficult to find a company which looks ready to grab another driller right now. Frankly, Enscos move was a surprise to me. Nevertheless, I do not anticipate that other companies will immediately follow Ensco's steps. Neither Rowan (RDC), Diamond Offshore Drilling (DO), Noble Corp. (NE) nor Transocean looks ready for a deal, especially now, when the more obvious target has been approached by Ensco.

In my view, the EnscoAtwood deal will be positive for the industry if it goes through shareholder votes as it will likely lead to rationalization of Ensco's fleet. At the same time, the recent Transocean sale led to an increase in competition. The net result of these two deals is hardly positive as Borr Drilling emerged as a new competitor with a significant fleet.

Offshore drilling stocks trade near yearly lows

The direct consequence of the recent drop in oil prices is the price action in nearly all offshore drilling stocks. In case oil is really in a range and it will rebound from current levels, offshore drilling stocks will also experience a rebound. However, I do not think they can reach highs of the beginning of this year unless oil breaks out of this range and trades above $60. Current range has already proved insufficient for meaningful recovery, so each month oil stays in $50 whereabouts the fundamental situation gets a bit worse for the industry. Thus, its hard to expect that drilling stocks will react to oil upside with the same enthusiasm as at the beginning of this year, when the market implied that OPEC/non-OPEC deal will provide big support for oil prices.

In my view, the safest play from the long-term perspective is Rowan. However, it does not mean that this stock will be the best from the trading perspective in the shorter term should oil prices rebound from current levels.

H2 2017 will be very interesting and volatile

Im expecting that more contracts will surface in the second half of this year as oil companies will prepare for their drilling programs in 2018. Despite all the current attractiveness of shale and all the fuss about the end of the oil age, offshore drilling is a huge part of the world oil supply and oil companies will start locking cheap day rates after a few years of hiatus.

However, until the real, tangible signs of offshore drilling recovery materialize, offshore drilling stocks will remain more suited for trading than to be longer-term holdings. Timing of the recovery is uncertain and drilling stocks may experience many local up and down cycles before establishing an upside trend in case of oil price recovery.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I may trade any of the abovementioned stocks.

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.

Original post:

Offshore Drilling: Discussing First-Half Results - Seeking Alpha

Published on June 27th, 2017 | by Joshua S Hill

June 27th, 2017 by Joshua S Hill

DONG Energy, one of the worlds leading offshore wind developers, announced Monday that it had officially inaugurated the German Gode Wind 1 and 2 offshore wind farms, together amounting to 582 megawatts of capacity.

The Gode Wind farms have been under development since the final investment decision for the 582 megawatt (MW) projects was made back in 2013. Not long after,Siemens was awarded the contract to supply 6 MW wind turbines, with construction expected to be completed in 2016. Along the way, DONG Energy divested 50% ownership of Gode Wind 1 to Global Infrastructure Partners. DONG Energy still remains 50% owner of both Gode Wind 1 and 2, while four Danish pension funds own a total of 50% of Gode Wind 2.

Situated 45 kilometers off the German coast in the North Sea, Gode Wind 1 and 2 consists of 97 of Siemens 6 MW wind turbines, with the last turbine installation completed nearly a year ago. Together, the two wind farms will provide the equivalent electricity to supply 600,000 German households.

Were proud to officially inaugurate our latest German offshore wind farms today, said Samuel Leupold, member of DONG Energys Executive Committee and CEO of Wind Power, at the inauguration of the projects. The wind turbines at Gode Wind 1 and 2 are already generating clean power off the coast of Norddeich, and our next German offshore wind farm, Borkum Riffgrund 2, is well underway. These large-scale projects are testament that offshore wind has become a reliable, predictable and cost effective technology which will contribute significantly to Germanys energy transition.

DONG Energy isnt done in the German North Sea, however, having recently been awarded the right to build three new offshore wind projects under Germanys most recent and historic competitive auction for offshore wind projects. DONG Energy will aim to build the240 MW OWP West, the 240 MW Borkum Riffgrund West 2, and the 110 MW Gode Wind 3. All three projects are expected to be commissioned in 2024, awaiting confirmation of final investment decision by DONG Energy.

The historic nature of the auction was due to the fact that three of the projects awarded includingOWP West and Borkum Riffgrund West 2 for DONG Energy will be built with no subsidy, the first time this has ever happened in the world.

Price levels are dropping quicker than anyone thought, said Giles Dickson, the CEO of the European wind energy trade body WindEurope, in the wake of the auction announcements. These deals have completely changed the picture for offshore wind. Now they should also change the perception of policy makers. Offshore wind is no longer an expensive niche technology. It is a strategic industrial sector for Europe that can deliver competitive energy for its citizens and businesses.

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Tags: dong energy, german, Germany, Germany Wind, Gode Wind, Gode Wind 1, Gode Wind 2, Gode Wind 3, north sea

Joshua S Hill I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Link:

DONG Energy Inaugurates 582 Megawatt Gode Wind I & 2 Offshore ... - CleanTechnica

Houston Business Journal

Offshore drilling company to cut more jobs Houston Business Journal The Reliance originally was supposed to continue working at the North Platte field in the Gulf of Mexico offshore from Morgan City, Louisiana, until February 2018. However, Cobalt and Rowan amended the contract for an early termination that allowed ...

Link:

Offshore drilling company to cut more jobs - Houston Business Journal

DEME will install all of the monopile foundations for the turbines and the foundations for the transformer module on the Albatros windfarm

DEMEs subsidiary GeoSea is to install the foundations for EnBW's Albatros offshore windfarm.

Having completed the design of the foundations for the project, GeoSea has now received a notice to proceed for fabrication and installation of 16 foundations and the offshore transformer module for the offshore windfarm, for which GeoSea is Siemens enginering, procurement, construction and installation partner. Thepartnership enables Siemens to provide a full-scope project (offshore wind turbines and offshore transformer module includingfoundations) to EnBW.

The Albatros offshore windfarm is in the North Seain the immediate vicinity of EnBW's Hohe See and He Dreiht windfamrs, approximately 90km north of the island of Borkum. The windfarm will be built in water depths of up to 40mand will have 16 Siemens SWT-7.0-154 turbines with a total installed capacity of 112 megawatts.

The project will make usse of monopiles. Fabrication of the foundations is expected to take place in 2017/2018;offshore installation will take place in 2018 together with the installation of the Hohe See offshore windfarm.

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DEME subsidiary to install foundations on Albatross offshore windfarm - Offshore Wind Journal

Suriname's oil agency Staatsolie has agreed to award a production sharing contract for offshore Block 59 to a consortium consisting of ExxonMobil, Hess and Statoil under the country's "Open Door Policy."

Staatsolie has also reached an agreement with Statoil over Block 60.

Both the consortium and Statoil are expected to sign the PSCs no later than the second week of July 2017.

Activity has been ramping up in Suriname, which neighbours Guyana, where ExxonMobil made the massive Liza discovery in 2015.

Earlier this year, Tullow Oil contracted US-driller Noble Corp. for an exploration well on its "game changer" Araku prospect offshore Suriname. Tullow contracted the Noble Bob Douglas drillship from early October to early November, this year.

Tullow's probe will follow efforts by Apache Corp., which in April said it had failed to hit commercial hydrocarbons at its Kolibrie-1 well, offshore Suriname.

Kolibrie was in Block 53, about 80mi offshore. Block 53 covers 3509sq km, and is in 500-1800m water depth.

See original here:

Exxon, Statoil, Hess, agree Suriname offshore PSCs - OE Digital

Aker Solutions has secured a contract to deliver three umbilicals and associated equipment to ENI's Coral South project, an offshore field development in Mozambique.

The scope of work covers three steel tube umbilicals that will total over 19km in length and link the Coral South floating liquefied natural gas (FLNG) facility to the field's subsea production system.

The umbilicalswill be made at Aker Solutions' plant in Moss, Norway, and delivered at the end of 2019.

Aker Solutions CEO Luis Araujo said: "This contract is an important milestone for Aker Solutions as we continue to demonstrate our capability as a partner of choice for products and services across Africa.

"It is a privilege to be involved in the first offshore development in Mozambique and to play a part in developing the country's energy industry."

"This field is estimated to contain around 450 billion cubic metres of natural gas."

Discovered in 2012, the Coral South developmentis the first energy project offshore Mozambique.

This field is estimated to contain around 450 billion cubic metres of natural gas.

The two firms have not disclosed the financial value of the contract.

Aker Solutions is a provider of products, systems and services to the oil and gas industry. The company employs approximately 14,000 people in about 20 countries.

Image: The umbilicals will be delivered at the end of 2019. Photo: courtesy of Aker Solutions.

Read more here:

Aker Solutions to supply umbilicals to ENI's Coral South project, offshore Mozambique - Offshore Technology

Foreign investment flowing into India is primarily pooled and managed in offshore jurisdictions. This is because our regulatory framework discourages asset managers based out of India from managing offshore pools of capital. As a result, several offshore funds which target investing in India have fund managers of Indian origin who have relocated to offshore locations. It is high time we enable offshore fund activity to shift to India, giving a boost to the domestic fund management industry.

Of the $43 billion of foreign direct investment (FDI) inflows which India received in FY17, $24 billion was invested via Mauritius and Singapore. Both these jurisdictions have emerged as the preferred destination for fund managers to set up their operations. Compared to this, the domestic pool of capital managed by India-based asset managers under the Securities and Exchange Board of Indias (Sebi) alternative investment fund (AIF) guidelines is only $7 billion. A significant chunk of the offshore capital flowing into India can be managed by fund managers based out of India if regulatory changes are carried out. Unless that happens, fund managers in India who want to attract foreign capital will keep shifting offshore, leading to loss of employment and tax revenue for India.

There are two ways in which regulations can enable fund managers based in India to manage offshore pools of capitalallow them to manage offshore funds from India without taxing the offshore fund as an Indian entity, and permit foreign investors to directly invest in funds set up in India. For both these cases, regulatory changes need to be carried out.

The most important regulatory change required is to ensure that an offshore fund will not be taxed as an Indian entity just because it is being managed by a fund manager located in India. A beginning was made in Finance Bill 2015. Under the newly introduced Section 9A of the Income-tax Act, 1961 (ITA), it was clarified that the income of an eligible offshore fund would not be taxed in India merely because the fund is being managed by a fund manager located in India.

The objective of Section 9A was to allay fears that the presence of a fund manager in India would lead to the offshore fund being taxed in India at domestic tax rates, rather than lower rates specified under various double taxation avoidance agreements (DTAAs). Unfortunately, the conditions specified under the Section are so strenuous that for all practical purposes, they remain unachievable.

For instance, one of the conditions specifies that an investors share in the fund, directly or indirectly, should not exceed 10%. This is a very restrictive condition when it is common for funds to have a sponsor or anchor investor whose share in the fund generally exceeds 25%. Also, most funds are targeted at a specific group of investors, which does not exceed 10. Further, fund managers may consciously want to cater to a small set of investors who can make large investments.

Regulators should relax this condition by looking beyond the investor and also including the investors beneficiaries. This is because an investor in a fund could be a pool of several other investors. Thus look through provisions will enable several offshore funds to be classified as eligible funds under Section 9A. Also, given that Sebi-registered foreign portfolio investors (FPIs) already meet broad-based requirements of being diversified in terms of investor participation, they should automatically be regarded as an eligible investment fund.

Another debilitating condition specified under Section 9A is that offshore funds should not control or manage any business in India. Offshore private equity funds, during the course of the fund tenure, may be required to acquire a controlling stake in the investee companies to protect their initial investment. Further, even in cases where the fund has only a minority stake, exercising any minority interest protection rights could be classified under existing law as resulting in control over the investee company in India.

Furthermore, the benefits of Section 9A are available only to PMS (portfolio management services) asset managers and investment advisers registered with Sebi. Investment managers of AIFs and mutual funds are not covered under the list of eligible investment managers that can make use of Section 9A. This limits the number of fund managers who can make use of the regulatory relaxation.

Given these difficulties, the alternative is to have foreign investors directly invest in funds registered in India. Changes in regulations to permit this have been more encouraging. In November 2015, the Reserve Bank of India permitted automatic approval for foreign investors to invest in AIFs, real estate infrastructure trusts and infrastructure investment trusts. Previously, investment in these vehicles required specific approvals from the foreign investment promotion board. Further, in the Finance Bill 2016, it was clarified that foreign investors investing in India-based funds would be taxed at rates mentioned under the various DTAAs.

However, given that not all foreign investors are comfortable directly investing in India, there is still a need to enable fund managers in India to manage offshore funds. Regulatory changes to permit this can midwife a truly multinational asset management industry in India.

Ravi Saraogi is investment strategist, IFMR Investment Managers Pvt. Ltd, Chennai.

Comments are welcome at theirview@livemint.com

First Published: Tue, Jun 27 2017. 12 13 AM IST

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On-shoring offshore funds to India - Livemint