Category Archives: Offshore

Innovation Norway has granted financial support to the Deep Purple project, which is developing a green hydrogen production system powered by offshore wind, with the hydrogen being stored on the seabed.

A consortium led by TechnipFMC is working on a pilot project that will see a green hydrogen offshore energy system being constructed and tested in Norway. The scope includes the development and testing of an advanced control and advisory system and a dynamic process simulator.

The pilot project, worth EUR 9 million, will enable the development of an advanced energy system for green hydrogen production powered by offshore wind and allow the consortium partners to prepare the system for large-scale offshore commercial use.

Deploying these systems offshore is an advantage from an environmental perspective and designing them autonomously and at scale is critical to accelerating the energy transition, according to TechnipFMC.

Securing the approvals and funding to proceed with a scale pilot is a critical step in the path to commercialization, said Jonathan Landes, President Subsea at TechnipFMC. We are grateful to our partners and to Innovation Norway for collaborating with us as we advance sustainable renewables production. Deep Purple is another example of our commitment to working with clients and industry to develop transformative technologies, leveraging our industry know-how and subsea expertise to serve the Energy Transition.

The consortium behind the project also includes Vattenfall, Repsol, ABB, NEL, DNV GL, UMOE and Slttland, and is supported by academia, research companies and clusters.

In 2019, TechnipFMC hired HYON to deliver engineering consultancy services for the project, which include work related to technology qualification, development of offshore wind foundations and subsea energy storage solutions.

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Norwegian Offshore Wind-to-Hydrogen Project Gets Financial Boost - Offshore WIND

Cylindrical floater specialist Sevan SSP has unveiled a novel design for a circular moonpool foundation for use on offshore wind farms in what it calls deeper, harsher, colder and windier sea areas.

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The company said the floating wind concept is based on Sevans cylindrical hull design for floating production, storage and offloading vessels and drilling rigs.

The small waterplane area cylindrical hull known as Sevan SWACH is a cylindrical floating moonpool foundation for offshore wind turbines.

The solution is scalable up to the wind turbines as large as 14 megawatts and offers excellent motion characteristics in challenging and harsh conditions, the company said.

It is suitable for modularised fabrication and assembly, with the shallow draft enabling the structure to be fully assembled onshore with a wet tow to final location.

As the offshore wind market is moving into deeper and harsher environments with larger turbines, there is a call for cost-efficient floating foundation technologies, the company said.

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Sevan goes round for offshore wind application - Upstream Online

Baltic Power, a subsidiary of Polish energy company PKN Orlen, has appointed Offshore Wind Consultants (OWC) as technical advisor for its 1.2 GW offshore wind development in the Baltic Sea.

OWC will support PKN Orlen during the development of the projectby the assurance of comprehensive technical advisory services.

This includes the provision of technical information, analysis and recommendations regarding issues related to both the project and the market, but also engagement in revision and verification of project deliverables.

OWCs Polish office, which started operations in May 2020, will lead the companys work on the project.

This technical advisory contract with OWC in Poland is confirmation that PKN Orlen is delivering on its promise to engage local businesses. We are proud to be engaged for such a major project, said Lukasz Sikorski, head of OWC in Poland.

PKN Orlen, through Baltic Power, holds a license to build wind farms in the Baltic Sea with a maximum total capacity of up to 1.2 GW.

The proposed area covers approximately 131 km2 and is located some 22 km off Choczewo and eba. The plan is to begin constructing the wind farm in 2024.

Excerpt from:

OWC to Work on Polish Offshore Wind Project - Offshore WIND

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Global Offshore Lubricants Market 2020 Emerging Technologies, Opportunity Assessment, Projections and Future Opportunities by 2025 - KSU | The...

On December 31, 2020, the US Treasury Department and the Internal Revenue Service (the IRS) issued Notice 2021-05 (the Notice),1 which provides relief for offshore renewable energy projects and renewable projects constructed on federal land. Specifically, the Notice allows the Continuity Safe Harbor (defined below) to be satisfied for projects constructed offshore or on federal land if they are placed into service no more than 10 calendar years after the calendar year during which construction began. This relief is expected to provide additional certainty for taxpayers developing projects offshore or on federal land, given the significant construction delays often associated with such projects.

Background

Under Section 45 of the Internal Revenue Code of 1986, as amended (the Code), qualified facilities, including wind power projects, are eligible for a production tax credit (PTC) for electricity produced and sold to an unrelated person. Under Section 48 of the Code, solar power projects (and electing wind power projects) are eligible for an investment tax credit (ITC) determined as a percentage of the basis of energy property placed in service. Both the ITC and PTC are subject to phase-out based on the date that construction begins on a project.

Recently, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the Relief Act), enacted as Division EE of the Consolidated Appropriations Act, 2021,2 extended certain deadlines for beginning of construction with regard to the ITC and the PTC. In the case of the ITC, the Relief Act extended the deadline for a 26% ITC from December 31, 2020, to December 31, 2022 (with a 22% ITC available for projects that begin construction by December 31, 2023). For the PTC, the Relief Act extended the deadline for 60% of the credit (0.9 cents per kilowatt-hour) from December 31, 2020, to December 31, 2021.

Additionally, the Relief Act further relaxed these deadlines for qualified offshore wind facilities, including wind farms that are located in the inland navigable waters or the coastal waters of the United States, allowing such facilities to elect either the PTC or the ITC, with a full 30% ITC available for offshore wind farms that begin construction by December 31, 2025, with no phase-out.

Under Notice 2013-29,3 the IRS provided two methods for establishing the date that a project begins construction: the physical work test and the 5% safe harbor. Under each of these methods, IRS guidance generally requires that a wind or solar project be placed in service within four calendar years after the date on which construction of the project began (the Continuity Safe Harbor) in order to be eligible for a safe harbor for determining the start of construction date of a project.4 Absent the Continuity Safe Harbor, a taxpayer would be required to satisfy a facts-and-circumstances test to demonstrate either a continuous program of construction (in the case of the physical work test) or continuous efforts toward completion (in the case of the 5% safe harbor), a test that could be difficult to satisfy and that could make a project difficult to finance.

Notice 2021-05

In the Notice, in response to comments from Congress and stakeholders, the IRS noted that renewable projects constructed offshore or on federal lands are subject to significantly greater delays than similar projects not constructed offshore or on federal land, including those due to stricter permitting requirements, the difficulty of installing equipment offshore, heightened environmental regulation and the need to construct new transmission lines to connect the projects to the US electrical grid system. The IRS observed that these delays are ordinarily outside the control of project developers and can result in project completion times of up to twice as long as those of similar projects not constructed offshore or on federal land. Moreover, although excusable disruptions, as described in Notice 2018-59,5 would not necessarily bar a taxpayer from satisfying the continuous construction or continuous efforts tests, the excusable disruption rules do not apply to the Continuity Safe Harbor.

In light of these potential delays, the Notice allows the Continuity Safe Harbor to be satisfied for projects constructed offshore or on federal land if they are placed into service no more than 10 calendar years after the calendar year during which construction began. This relief applies to Offshore Projects and Federal Land Projects. Offshore Projects include qualified facilities or energy property construction projects that will (1) be placed in service in inland navigable waters or coastal waters of the United States and (2) require the construction of one or more high-voltage transmission lines to connect the qualified facility or energy project to the US electrical grid system. Federal Land Projects include qualified facilities or energy property construction projects that will (1) be more than 50% placed in service on federal land, as determined by relative value or relative area, and (2) require the construction of one or more high-voltage transmission lines to connect the qualified facility or energy project to the US electrical grid system.

This relief is likely to be helpful to developers and investors contemplating offshore wind projects and projects on federal land, given the higher likelihood of project delays and accordingly higher risk of failing to satisfy the general Continuity Safe Harbor.

4 The IRS guidance on the Continuity Safe Harbor established by Notice 2013-29 has been updated on several occasions, but the guidance generally retains the four-year framework for the Continuity Safe Harbor. Recently, in response to the COVID-19 pandemic, the IRS extended the Continuity Safe Harbor to five years for facilities or energy property that began construction in 2016 or 2017.

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IRS Grants Beginning of Construction Relief for Offshore Renewable Projects and Renewable Projects on Federal Land - JD Supra

Shepherd Offshore has entered into a partnership with North Tyneside Council to pursue redevelopment of the Swan Hunter Shipyard for the offshore wind sector.

Shepherd Offshore stated that it believes the site has a key role to play in supporting a transformative national industrial strategy for the energy sector in the UK.

The former shipyard is located on the North Bank of the River Tyne, with access roads, two quays, two river berths, a wet berth facility and vacant former office buildings.

The aim of the development of the Swan Hunter site is to attract investors and stakeholders, such as offshore wind companies, that can bring both value to the site and wider community.

Offshore wind farm project sites such as Dogger Bank, Hornsea and Firth of Forth can be accessed from the Swan Hunter shipyard site.

There is potential to link the Swan Hunter site to Neptune Energy Park.

The site is owned and managed by Shepherd Offshore and occupied by companies such as JDR Cables, Bridon-Bekaert, Royal IHC and Baker Hughes Energy Technology.

First opened in 1842 by Charles Sheridan Swan, the former shipyard is historic for its ship building, including the famous launch of Mauretania and construction of Ark Royal and Illustrious.

Shepherd Offshore said it is looking forward to working with the council by enhancing job creation and manufacturing capability to the Swan Hunter site.

Upon completion, Shepherd Offshore will be conducting a detailed assessment and due diligence of the present sites assets.

Councillor Bruce Pickard, deputy mayor of North Tyneside Council and cabinet member for regeneration, said: I am delighted that we have been able to secure its long-term future which I hope results in new jobs and opportunities for people here in North Tyneside and further afield.

Shepherd Offshore chairman Bruce Shepherd said: Shepherd Offshores plan is to remain supportive to the River Tyne North Bank Strategic Development Framework Plan (SDFP) by continuing to develop critical infrastructure and capacity, allowing the attraction of world class manufacturing and job creation.

The companys strategy is to attract businesses associated within the offshore, subsea, marine and energy sectors to the Swan Hunter site to continue enhancing the regions expertise.

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Shepherd Offshore to reboot Tyne shipyard - reNEWS

CHINA. The huge success of Hainan provinces offshore duty free sector is set to spawn similar zones elsewhere in China, according to a report in respected state-controlled media China Daily.

China Daily said today that Qingdao, in Chinas eastern Shandong province, is planning to set up more duty free stores.

The title quoted a 28 December report on news portal Jiemian.com citing Sun Zubin, Party Secretary of Qingdao Jiaodong Airport Economic Demonstration Zone. Sun said that the zone is planning a duty free mall for high-end international products, open to local residents to shop.

Chinese consumers are expected to shop for more overseas high-end products at domestic duty free stores, thanks to the growing demand for such products and the ongoing restrictions on outbound travel, experts said, reported China Daily.

Indications that the duty free shopping sector in the country is ready to ride the trend are evident from the duty free outlet plans of various provinces and cities.

China Daily predicts a widening of the offshore duty free net. Click on image to read the full story.

Many analysts (and The Moodie Davitt Report) believe that China will aggressively step up the development of its offshore duty free sector, both in Hainan province and in selected economic zones, to stimulate local consumption and economies and to repatriate overseas spending.

Qingdao Airport Economic Demonstration Zone, approved in October 2016, is an ambitious economic and infrastructure development project designed to create a world-class business zone anchored by aviation, hi-tech manufacturing, and high-level services. By 2025 the hi-tech, ecologically-driven smart airport will attain a throughput capacity of 35 million passengers and 500,000 tonnes of cargo.

The report said that Qingdao Cruise Terminal has also received indirect approval for duty free operations after it set up a joint venture with China Tourism Group Duty Free Corp (China Duty Free Groups parent company) for the purpose.

Quoting a recent Bain & Co and Tmall Luxury Division report, China Daily said that Chinese consumers are most likely to remain cautious about international travel even after the pandemic ends. As a result, most luxury brands believe that domestic growth will likely continue in 2021 at about 30 percent, it said. The luxury market on the mainland grew by 48 percent to around CNY346 billion last year, according to Bain & Co.

Footnote: State-controlled China Daily is a much-respected platform for official Chinese opinion and information. Established in 1981 as the national English-language newspaper, it has developed into a multi-media information platform serving more than 200 million readers worldwide. The group plays an important role as a channel for information exchanges between China and the rest of the world.

Original post:

Is offshore duty free sector set to extend beyond Hainan? China Daily report - The Moodie Davitt Report - The Moodie Davitt Report

Offshore staff

ABERDEEN, UK Preparations are under way for Allseas Pioneering Spirit to lift and remove Spirit Energys DP3 and DP4 gas platforms from the East Irish Sea offshore northwest England.

These are two of eight installations which the company uses to produce gas from Morecambe Bay.

Both platforms first produced gas in 1985 when the South Morecambe field came online. As the field has matured, the reserves they previously tapped have been produced from the larger, manned Central Morecambe platform.

The 12 wells connected to the 11,000-metric ton (12,125-ton) DP3 and DP4 platforms have already been P&Ad, using a slant rig to accommodate the angle at which the wells were drilled in the 1980s in order to access the gas reservoir.

All the gas produced in Morecambe Bay is transported by pipeline to the onshore Barrow Gas Terminals for processing before entering Britains National Transmission System.

01/07/2021

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Pioneering Spirit to remove two North Sea gas platforms - Offshore Oil and Gas Magazine

The IRS recently issued Notice 2021-05, which provides relief for offshore projects and projects located on federal land related to the beginning-of-construction requirements for the production tax credit under Section 45 of the Code (PTC) and the investment tax credit under Section 48 of the Code (ITC). The notice provides that an offshore project or a project located on federal land will be deemed to satisfy the continuity safe harbor if the project is placed in service within 10 calendar years after the calendar year during which construction of the project began. This should provide welcome relief for taxpayers developing offshore wind projects and energy projects located on federal land with longer lead times than other PTC- or ITC-qualified projects.

Both the PTC and ITC are subject to sunset provisions based on the year in which construction of an otherwise qualified project begins. The phaseouts for the ITC and PTC were recently extended by the Consolidated Appropriations Act, 2021 (the Bill), as described more fully here. In addition, the Bill added a new provision for qualified offshore wind facilities (those located in the inland navigable waters of the United States or in the coastal waters of the United States), for which taxpayers elect to claim the ITC in lieu of the PTC. Qualified offshore wind facilities are eligible for the ITC if construction begins before January 1, 2026.

Prior IRS notices provide that construction of a project is considered to have begun for PTC or ITC qualification purposes when either (i) physical work of a significant nature begins with respect to the project (the physical work test) or (ii) the taxpayer pays or incurs 5% of the total cost of energy property included in the project (the 5% safe harbor). In addition, a taxpayer must satisfy a continuity requirement. Under this continuity requirement, if beginning of construction is established using the physical work test, the taxpayer must thereafter maintain a continuous program of construction. If construction begins under the 5% safe harbor, the taxpayer must make continuous efforts to advance towards completion of the energy property. Generally, the continuity requirement must be established by showing actual continual physical work or continual efforts toward completion of a project, as applicable. Prior IRS notices provided a safe harbor, however, under which the continuity requirement would be deemed satisfied if a project is placed in service by the end of the fourth calendar year following the year in which construction began. To respond to COVID-19 related delays, Notice 2020-41 extended this continuity safe harbor to the end of the fifth calendar year following the year in which construction began if the taxpayer met the physical work test or the 5% safe harbor in 2016 or 2017.

For projects otherwise eligible for the PTC or ITC that are located offshore or on federal land, Notice 2021-05 provides that the continuity safe harbor will be satisfied if the project is placed in service by the end of the 10th calendar year following the calendar year in which construction of the project began. The IRS identified several unique development challenges relating to these projects that warranted an extension, including the applicability of significantly more stringent permitting requirements, lengthier engineering and construction timelines due, for example, to the difficulty of installing equipment offshore, heightened environmental regulation, and the need to construct new transmission lines to connect these projects to the electrical grid system of the United States. Although these issues arguably would have qualified as excusable delays under the prior notices, the clarity provided by Notice 2021-05 should provide comfort to developers and investors in offshore projects and projects located on federal land.

The additional time for completing offshore projects and projects located on federal land is a welcome relief to developers of these projects, and is expected to help with the development and financing of a number of large projects.

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IRS Provides Beginning-of-Construction Relief for Offshore Projects and Projects on Federal Land - JD Supra

The drillship Stena IceMAX is drilling the Perseverance #1 exploration well offshore the Bahamas.

(Courtesy Stena Drilling)

Offshore staff

NASSAU, the Bahamas A Bahamian justice official has declined to grant orders requested by environmental groups that would impact the offshore Perseverance #1 well.

According to operator Bahamas Petroleum Co. (BPC), this means that the present drilling operation will continue.

However, an application against the government of the Bahamas to institute judicial review proceedings in respect of decisions taken by the government in relation to BPCs offshore licenses has been granted.

A hearing to determine whether BPC should be added as a party to the action will be held onJan. 14, followed by a further eight days later to consider the governments request for security for costs against the applicants.

Drilling of Perseverance #1 started on Dec. 20, 2020, and the well remains on track to take 45-60 days to complete.

BPC CEO Simon Potter said: It is thus clear now that the applicants have failed in their last-minute attempt to interrupt the drilling of Perseverance #1 and the governments legitimate assessment of hydrocarbon resource potential in its southern seas.

This is a very positive outcome for the completion of the Perseverance #1 well.

01/06/2021

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Offshore Bahamas exploration well continues following judicial review | Offshore - Offshore Oil and Gas Magazine