Daily Archives: November 2, 2023

NOV NOV delivered solid third-quarter results, almost entirely driven by its offshore operations, which represent a bit under half of the firms overall business. This offsets adverse impacts from comparatively sluggish North American land markets, which we expect will remain subdued into early 2024. Revenue and adjusted EBITDA margin each expanded sequentially by 4% and 50 basis points, respectively. We maintain our no-moat rating and $23 fair value estimate following the results.

Offshore activity continues to gain momentum globally, and a robust pipeline of projects slated for final investment decisions over the next two years implies conditions will remain favorable for the next several years. Sales from NOVs offshore drilling and completions businesses followed up last quarters strong top-line growth (up 18% versus the first quarter) with another 10% sequential expansion.

The rig technologies segment has by far the largest offshore exposure which, in addition to delivering the highest top-line growth, also drove the largest profitability expansion of NOVs three segments. Adjusted EBITDA margin reached 14.5%, up nearly 300 basis points versus last quarter and more than 400 basis points year over year. Management guidance indicates further margin accretion is likely, and the segment will exit the year with a 15% margin, by our estimate. We foresee similar offshore-related tailwinds for the completion and production solutions segment in the future. This business has decent offshore exposure, about 35% to 40% of sales on average, which we expect will yield solid margin accretion in the future. Management indicated the segment is on track to deliver a double-digit EBITDA margin in the fourth quarter, a level not seen since 2020.

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NOV Earnings: Offshore Remains Central Performance Driver as ... - Morningstar

Houston-based oil and gas company Murphy Oilhassanctioned an oilfield development project in the Cuu Long Basin offshore Vietnam, Southeast Asia.

Murphy received a stamp of approval from the Vietnamese government to advance a field development plan at the Lac Da Vang oilfield several weeks before sanctioning the project in 3Q 2023. Located in Block 15-1/05 of theCuu Long Basin, this project is expected to achieve first oil in 2026, with development phased through 2029.

Murphy is the operator of the block and has a 40% working interest while its partners, PetroVietnam Exploration Production and SK Earthon, hold the remaining 35% and 25%, respectively. Overall, the Lac Da Vang field has an estimated ultimate recovery of 100 million barrels of oil equivalent (mmboe) gross resources, with peak gross production of 30 to 40 mboepd and 10 15 mboepd net peak production.

Within Block 15-1/05 in the Cuu Long Basin, Murphy is advancing plans for the Lac Da Hong exploration well in 2024 with a mean to upward gross resource potential of 65 135 mmboe. In addition, the company is progressing plans in Block 15-2/17 within the same basin for the Hai Su Vang exploration well also in 2024 with a mean to upward gross resource potential of 170 430 mmboe.

The U.S. player maintains its 2023 accrued CAPEX range of $950 million to $1.025 billion, which excludes $49 million in acquisition-related CAPEX for Cte dIvoire and Vietnam. However, Murphy is raising its full-year 2023 production range to 185 to 187 mboepd, consisting of approximately 53% oil and 59% liquids volumes. This represents a 3 mboepd increase in the midpoint from the previous range.

The companys production for the fourth quarter of 2023 is estimated to be in the range of 181.5 to 189.5 mboepd with 95 mbopd, or 51%, oil volumes. This range includes planned downtime of 500 boepd in the Gulf of Mexico and 1.5 mboepd onshore. Additionally, the production is impacted by mechanical issues in two operated Gulf of Mexico wells, with plans in place for workovers in 2024.

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Murphy eyes first oil in 2026 from offshore project in Southeast Asia - Offshore Energy

Swedish company CorPower Ocean has successfully verified the survival mode of its C4 wave energy device, weathering through two major storms along the Portuguese coast which unleashed waves of up to 13 meters.

The storms marked the most energetic period at the Aguadoura site in northern Portugal since CorPower Ocean deployed its first commercial-scale device in August.

With major depressions building up over the Atlantic, Storm Babet and Aline unleashed waves up to 13 meters, providing an ideal opportunity to test the C4s design principle for robust operation in extreme weather.

The storms were widely reported, leaving a trail of destruction across Portugal resulting in strong winds, torrential rain, flooding and building collapses.

Patrik Mller, CorPower Oceans CEO, said: This was our most robust test so far in terms of storm survivability. We are happy to report that the device operated as intended with minimum motion and loads, despite being battered by waves up to 13 meters. The C4 was fully submersed under wave peaks on a regular basis. Last weeks operation has provided solid verification of the C4s ability to endure extreme ocean conditions.

The C4s unique survival mode feature is enabled by a frequency detuning principle. In big storm waves, the C4 exhibits almost no response to the incoming wave power. This limits the loading on the structure to a similar level to regular operation in moderate ocean conditions. The survival mode is the natural state of the machine, making it a passive fault tolerant protection feature.

With the wave energy device operating as intended in survival mode, the loads recorded were slightly lower than predicted by advanced simulation models.

The models have been calibrated in several steps since 2012, by prototype testing in wave tanks and by the previous CorPower C3 scale 1:2 device that was operated at the European Marine Energy Centre (EMEC) in the Orkney islands in 2018.

Offshore Energy Marine Energy LinkedIn

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CorPower Ocean's wave energy device weathers through two major ... - Offshore Energy

A PROPOSED TRANSMISSION cable manufacturing plant in Somerset to serve the US offshore wind industry cleared a major hurdle on Thursday when the towns Zoning Board of Appeals voted unanimously to revise one of the conditions that had become a sticking point with the company.

The board in mid-September voted unanimously to require Prysmian to only use vessels capable of running on electricity when in port picking up cable. The shore-to-ship electricity condition was designed to prevent vessels from pulling into Brayton Point, the site of the proposed factory, and running their dirty diesel engines during the lengthy loading process, which can require the ship to operate 24 hours a day for 10 to 14 days.

Prysmian had already agreed to electrify its own fleet, a rare occurrence in the industry, but it wanted some leeway to bring in replacement ships if its own vessels required maintenance or were delayed at sea. The company said it couldnt guarantee that these replacement ships would be able to operate on shore-to-ship power.

After the initial zoning board vote against Prysmian, the company promised to use at most only one replacement ship a year until 2041, when all ships would be required to run on electricity when loading. Federal, state, and local officials urged the zoning board to reconsider its earlier vote, pointing to the many benefits of the $250 million plant, including its 300 jobs and its nearly $9 million in annual tax revenue.

After a hearing on Thursday that dragged on for 5 hours, the zoning board changed course, accepting Prysmians pledge to use only one non-Prysmian vessel a year. The board also attached a number of other conditions, requiring Prysmian to give the town money to hire an outside expert to verify that any emissions from a non-Prysmian ship do not exceed levels set by the Environmental Protection Agency. If an EPA violation is discovered, or if fumes and noise from the facility seep into the neighborhood bordering Brayton Point in violation of a town bylaw, the board said the cable loading process would be halted immediately and the companys right to bring in a non-Prysmian ship in the future would be forfeited.

Prysmians plant, which wouldnt start producing transmission cable until 2027, still requires some additional town approvals. Neighbors of Brayton Point also indicated at Thursday nights hearing that they will likely go to court to block construction of the facility. One neighbor, Patrick McDonald, was joined at the hearing by his attorney.

Several Brayton Point neighbors also said without offering any proof that Joseph Fingliss, a zoning board member who had been one of their biggest champions, resigned from the board after voting against reconsideration because he was pressured to do so.

The neighborhood adjacent to Brayton Point for years has put up with soot from one of the largest coal-fired plants in New England. After that facility was torn down in 2017, the neighbors had to contend with dust and noise from a sheet metal export company before shutting that business down through the courts.

The neighbors told the zoning board that they shouldnt have to put up with diesel fumes from a ship even if it is only once a year. As if to underscore their concerns, the redeveloper of Brayton Point, a company called Commercial Development Corp., allowed a diesel-powered ship to dock Tuesday night for reasons that were unclear. Neighborhood residents said the diesel fumes were overpowering, and a harbinger of whats to come with Prysmian.

Alberto Boffelli, the chief operating officer at Prysmian, said the ship in port was nothing like the ships that Prysmian operates or the ships it would hire if that became necessary. Throughout the hearing, in response to questions from residents, he patiently explained the companys business practices, noting that bringing in a replacement ship would only be done as a last resort. He said the alternative, if no ship was available, would mean the plant would have to be shut down until the cable was loaded and removed.

Neighbors of Brayton Point were openly skeptical of his claim, asking what would happen if Prysmian needed a replacement ship more than once in a year. They questioned how a company with more than $16 billion in revenue couldnt just expand its fleet of ships capable of running on electricity when in port.

Nicole McDonald, another Brayton Point neighbor, asked the Prysmian team whether they would want their families and children to be exposed to the diesel fumes from the one replacement ship allowed each year. She noted the exposure could last as long as 336 hours if the ship loaded cable for two weeks.

Boffelli walked to the microphone and said: I drive electric. I dont drive diesel.

Steven Cadorette, the chair of the zoning board, voted in mid-September for the original condition, saying he could live with it being a Prysmian deal breaker. He said on Thursday that he changed his mind after learning that some of the information the board relied on in its original vote was inaccurate. He credited Rebecca Tepper, the governors secretary of energy and environmental affairs, for pointing out that Prysmian passed environmental muster with the state with a plan that at the time called for the use of all-diesel ships.

Kathy Souza, who helped lead the fight against the scrap metal export business at Brayton Point, said she will do the same with Prysmian if she smells diesel fumes. If I smell it or I see it, Ill see everybody in court, she said.

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Somerset offshore wind plant clears major hurdle - CommonWealth magazine

rsted says its now the worlds first offshore wind company to use autonomous giant drones to transport cargo to turbines.

rsted is trialing the 128-pound (58 kg) drones at the UKs Hornsea 1 offshore wind farm. They have a wingspan of 8.5 feet (2.6 meters) and can transport cargo weighing up to 150 pounds (68 kg).

The cargo is contained in an orange bag, and then its attached to the drone using a long cord, so the bag hangs far beneath the drone. The drone flies through the air with the cargo, places it on a wind turbines platform high in the air, and then releases the long cord along with the bag.

rsted said delivering cargo to Hornsea 1 using these drones will reduce costs and save time and also improve operational safety and efficiency. The drones minimize the need for multiple journeys by ship, reducing emissions, and it also means that wind turbines dont have to be shut down when cargo is delivered.

The drones are being operated from existing crew transfer vessels (CTVs) and service operating vessels (SOVs) that are already onsite at Hornsea 1.

While rsted doesnt explicitly name the drone company its working with in todays announcement, its Skylift, a UK-based commercial drone operator that specializes in offshore wind farms.

The 1.2-gigawatt Hornsea 1 offshore wind farm in the North Sea features 174 7-megawatt wind turbines that generate enough clean energy to power over 1 million UK homes.

Check out a drone in action at Hornsea 1 in this video that rsted posted earlier today:

Read more: In an industry first, artificial bird nests have been built near an offshore wind farm

Photo: rsted

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In a 'world first,' autonomous giant drones are flying cargo to offshore ... - Electrek

The offshore wind industry is kicking into full gear at the Port of Virginia with the arrival of eight massive wind turbine parts. A facility at Portsmouth Marine Terminal is being repurposed from handling containers to handling huge the components that are needed to build offshore wind turbines.

Eight monopiles, which will be used as the foundation of the turbines, were offloaded this past week. It took two days to transfer the monopiles, which are over 250 feet long and weigh 1,500 tons. This is the first shipment of components for Dominion Energys Coastal Virginia Offshore Wind (CVOW) project.

It was a trial of sorts for the deep-water port terminal, and port leaders are calling it a success.

We are investing in PMT to ensure it can handle this kind of cargo and it easily passed this first test, said Stephen A. Edwards, CEO and executive director of the Virginia Port Authority. There is going to be a lot activity taking place here during the next year, and The Port of Virginia is going to establish itself as the Mid-Atlantics logistics hub for offshore wind.

The Port of Baltimore is undertaking a similar effort, building a new facility at Sparrows Point to construct steel components like monopiles, as Bay Bulletin reported in April 2023. Both the Maryland and Virginia port authorities are positioned to take major roles in wind turbine construction.

Port of Virginia leaders say the Norfolk Harbor is ideal for the offshore wind industry because there are no overhead obstructions to restrict the movement of large cargo or specialized vessels, like those that will be needed to build and install the wind turbines offshore.

The CVOW project the components will be used for is eventually going to include 176 turbines on a lease site 27 miles off the coast of Virginia Beach.

As the offshore wind industry steams ahead in Virginia, the U.S. Coast Guard Mid-Atlantic is working to be ready for emergencies that may arise.

Last week, the U.S. Coast Guard conducted a search and rescue exercise with Dominion Energy at the site of the CVOW project. A rescue crew from Air Station Elizabeth City carried a rescue swimmer to the site 27 miles off the coast. Watch below:

The Coast Guard video shows the swimmer lowered directly onto the powered-down wind turbines, where the crew members rendezvoused with Dominion Energy technicians and simulated a rescue. In the video post, the Coast Guard says, The goal of the unique training was to identify challenges, understand limitations, and develop solutions to uphold our commitment to search and rescue and safety at sea.

-Meg Walburn Viviano

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Port of VA Receives First Massive Offshore Wind Components - Chesapeake Bay Magazine

HBA Future Energy has been awarded a Preferred Supplier Agreement (PSA) by Anma Offshore Wind (Anma) for the provision of an offshore substation (OSS) under an engineering, procurement, construction, and installation (EPCI) contract for the 532 MW wind farm offshore South Korea.

This award reflects the confidence Anma has in our capabilities, and we are thrilled to be part of this historic project. We are dedicated to the successful completion of ANMAs OSS and to furthering South Koreas green energy transition program, said Hassan Basma, CEO at HBA Future Energy.

Anma Offshore Wind is a 532 MW offshore wind farm located approximately 40 kilometres west of the South Korean peninsulas southwestern coastline. The project site is positioned next to Anma Island in Yeonggwang Municipality, South Jeolla Province.

This month, Anma signed two additional preferred supplier agreements for the supply of subsea cables for its offshore wind farm.

LS Cable & System and LS Marine Solution were picked as the preferred bidder for the supply of export cables while Taihan Cable and Solution were selected as the preferred supplier of inter-array cables for the South Korean project.

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According to the projects website, the 532 MW Anma offshore wind farm is expected to be one of South Koreas first utility-scale offshore wind projects.

The project is planned to start commercial operations by 2027.

Once completed, the offshore wind farm is expected to generate over 1,400 GWh of renewable electricity annually which should be enough to provide power to more than 1.4 million South Koreans every year, according to Anma.

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HBA Future Energy to Build 532 MW Anma Offshore Substation - Offshore WIND

The PGE and rsted joint venture has signed an agreement with German-based Steelwind Nordenham for the supply of foundations for Baltica 2, which is the first stage of the Baltic Offshore Wind Farm in the Polish Baltic Sea.

Under the contract, Steelwind Nordenham will deliver 34 monopile foundations with the production expected to start in the second half of 2025.

Baltica 2 will consist of 107 wind turbines and four offshore substations. Earlier, PGE and rsted had signed a contract for 77 monopiles for turbines and offshore substations with Navantia and Windar consortium.

The production of monopiles for the project, by Navantia and Windar, is expected to begin next year. Independently of the supply contract for Baltica 2, Windar plans to build a facility that will be manufacturing towers in Szczecin, in northwestern Poland, which is expected to be ready in 2026.

The contract with Steelwind Nordenham is the last contract relating to key components for the offshore part of Baltica 2, closing the so-called Tier 1 level of the investment.

The bidding process for all key components for Baltica 2 took place in 2022 and early 2023, a time of unprecedented macroeconomic challenges due to the war in Ukraine, supply chain problems, high inflation, and rising interest rates. Despite these challenges, we were able to finalize all Tier 1 contracts in the offshore scope, said Agata Staniewska, Managing Director of rsted Offshore Poland.

We are also very pleased that already contracted suppliers are declaring their willingness to cooperate with Polish sub-suppliers, which clearly resonated during the Suppliers Day organized jointly with PGE in early October. This is an important impulse to create new industries in our country.

In April, the developers signed a contract with Siemens Gamesa for the supply of 107 14 MW wind turbines for the Baltica 2 offshore wind farm.

A service and warranty agreement was also signed, which concerns the provision of maintenance services for the offshore wind turbines for a period of five years from commissioning, including scheduled inspections, repairs, delivery of maintenance, remote supervision, and other related activities.

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Semco Maritime and PTSC Mechanical & Construction (PTSC M&C) will be responsible for the design, manufacturing, and commissioning of the offshore substations while Orient Cable (NBO) will be delivering 170 kilometres of 66 kV subsea array cables that will be connecting the wind turbines to the offshore substations.

Four 375 MW substations each equipped with two transformers will collect power generated by wind turbines, transform it, and export it to land.

The marine export cables will be delivered by ZTT Submarine Cable & System and Hellenic Cables.

In September, Boskalis was awarded a contract for the transportation and installation of export and array cables for the 1.5 GW Baltica 2 offshore wind farm.

In addition to the laying of the export and array cables, Boskalis will carry out seabed preparation activities including the levelling of the seabed, pre-trenching, and the removal of boulders.

This investment of 1.5 GW capacity is the biggest energy project to date based on renewables, and we are talking about the first stage only. The entire Baltica Offshore Wind Farm of 2.5 GW capacity will be ready by the end of this decade, said Wojciech Dbrowski, President of the Management Board of PGE Polska Grupa Energetyczna.

We are also witnessing the rising interest of Polish companies that want to contribute to this project, which was also proven by high turnout at the Suppliers Day organized in October by PGE and rsted.

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PGE, rsted Gather Tier 1 Offshore Contractors for 1.5 GW Baltica 2 - Offshore WIND

Police in the Philippines have unearthed what they described as a torture chamber hidden inside a sex den masquerading as an offshore gaming firm.

Photos released by the Philippine Anti-Organised Crime Commission (PAOCC) on Thursday showed handcuffs, truncheons, baseball bats, rattan sticks, tasers, a wooden club and an airsoft gun that police said were used to torture at least two foreign workers of Smart Web Technology.

They torture those who have not paid their fees, especially if they rented a prostitution room and hired women, and also those who ran afoul of them, PAOCC executive director Gilbert Cruz said at a news briefing.

A task force formed by the Justice Ministry raided a six-storey building leased by Smart Web in the regional capital Metro Manila on Friday, detaining over 700 of the companys employees, mostly Filipinos, Chinese and Vietnamese.

The crime that was found is sex trafficking, Justice Undersecretary Nicolas Felix Ty told reporters.

He said the raiding team found at Smart Webs premises an aquarium a viewing room where women were lined up and picked by men paying for sexual services.

Then there were floors and private karaoke rooms for extra service, he said, suggesting these were places where sexual services were provided.

Theres even a menu of different sexual services, said Mr Ty.

Mr Cruz said the company also ran love and crypto scams.

Nine of Smart Webs executives were arrested. Five of them four Chinese and a Filipino underwent inquest proceedings on charges of human trafficking and torture, according to the PAOCC.

Police records showed one of the rescued Chinese said he was kidnapped and sold for 500,000 pesos (S$12,000). Another victim, also Chinese, said he was forced to work from 12 to 15 hours a day for more than a year.

Mr Ty said Smart Web which also went by the names Freego Computer Gaming OPC and Xushen Technology had secured a licence to operate as a Philippine offshore gaming operator, or Pogo.

Pogos thrived under former president Rodrigo Duterte. allowing gamblers in China to play the odds without running afoul of Chinese laws. Gambling is banned in China.

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Philippine police unearth 'torture chamber' in sex den licensed as ... - The Straits Times

Taranaki Offshore Partnership, a joint venture between Copenhagen Infrastructure Partners (CIP) and NZ Super Fund, together with New Zealand Trade and Enterprise (NZTE) and Ara Ake, has released the findings of the IndustryCapabilityMapping Study, focused on offshore wind in the Taranaki region.

According to the study, which was launched last year, offshore wind has the potential to create many new jobs in the region, as well as to develop its supply chain.

The study gathered data from various entities such as local communities, infrastructure specialists, industry leaders, iwi, and local government through workshops, surveys, interviews, and analysis of international case studies.

The report identifies the types of jobs which would be created through the planning, construction and operational phases of an offshore wind farm and highlights what skills and capabilities already exist in Taranaki and where more can be done.

Giacomo Caleffi from Taranaki Offshore Partnership says that offshore wind provides New Zealand with an opportunity to transition from oil and gas while creating new opportunities for the skilled workers previously working in that industry.

[Its key] that we support and develop the New Zealand workforce and supply chain now to enable the development of an offshore wind farm once the feasibility stages of the project are complete, said Giacomo Caleffi.

NZTE Investment Manager Hayden Mackenzie says that leveraging the international experience of offshore wind developers such as Copenhagen Infrastructure Partners has enabled NZTE to accelerate their understanding of what the industry could look like in New Zealand.

CIP and NZ Super Fund are jointly developing the 1 GW South Taranaki offshore wind project, planned to be built some 37 kilometres off the coast of Patea in the South Taranaki Bight. Earlier this year, Taranaki Offshore Partnership informed that the partners were set to deploy a floating FLiDAR at the project site.

At the beginning of this year, the joint venture also signed an agreement with Port Taranaki and BlueFloat Energy for a joint study into how the ports assets, infrastructure and land can support the growth of the offshore wind industry in Aotearoa.

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CIP & Co Release Findings of Taranaki Offshore Wind Capability ... - Offshore WIND