Category Archives: Offshore

CHICAGO -- The brother of Chicago Bears Hall of Fame linebacker Brian Urlacher and nine others, including a police officer, have been charged with operating an offshore sports gambling business, federal prosecutors announced Thursday.

Casey Urlacher, the mayor of the Illinois village of Mettawa, is accused in U.S. District Court of conspiracy and running an illegal gambling business.

Prosecutors allege that Casey Urlacher and the others ran a ring that raked in millions of dollars. Prosecutors said the Urlacher, 40, acted as an agent for the gambling ring. He is accused of recruiting bettors in exchange for a cut of their eventual losses.

Brian Urlacher wasn't named in the indictment.

"I don't know nothing about it,'' Casey Urlacher told the Chicago Sun-Times when asked about the charges.

Casey Urlacher played football at Lake Forest College and the Arena Football League before entering politics. He was elected mayor of Mettawa, a village of about 550 people, in 2013.

The indictment also accuses Nicholas Stella, 42, an 18-year veteran of the Chicago Police Department, of acting as an agent. Stella has been stripped of his police powers.

"Those who enforce the law should understand more than anyone the importance of following the law,'' police superintendent Charlie Beck said Thursday. "The allegations against suspended police officer Nicholas Stella are very serious and if proven, they undermine everything the men and women of the Chicago Police Department represent.''

The indictment alleges the ring was headed by Vincent DelGiudice, 54, of Orland Park, who paid a Costa Rica-based sportsbook a service fee to use its online platform and recruited gamblers to place wagers on the website. DelGiudice hired people to act as agents and enlist gamblers.

Prosecutors say federal agents searched DelGiudice's home in April 2019 and turned up more than $1.06 million in cash, $347,895 in silver bars and jewelry, and $92,623 in gold coins.

Prosecutors are seeking an $8 million judgment against DelGiudice, who is charged with conspiracy to conduct an illegal gambling business, conspiracy to commit money laundering and money laundering.

It wasn't immediately known if DelGiudice, Stella or the others charged have obtained legal representation.

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Casey Urlacher among 10 alleged to have run offshore gambling ring - ESPN

The Gimi FLNG vessel under conversion at Keppel Shipyard in Singapore.

(Courtesy Kosmos Energy)

Offshore staff

OSLO, Norway More than 1,500 Keppel personnel are currently working in Singapore on conversion of the Gimi to a floating LNG vessel, according to Golar LNG.

The vessel recently entered the third of five planned dry-dockings.

While the spread of the Covid-19 virus could impact the supply chain, yard operations in Singapore are managing the situation, Golar LNG added, and construction remains on target.

The vessel will start a 20-year contract with BP for the Greater Tortue Ahmeyim project offshore Mauritania and Senegal in 4Q 2022.

Golar is in discussion on further projects with other oil majors and national oil companies, but due to the long lead time to a final investment decision, followed by a four-year construction and commissioning period, the quickest a new FLNG could deliver new LNG to market is around five years from now, the company said.

02/25/2020

Read the rest here:

Gimi FLNG conversion on track in Singapore - Offshore Oil and Gas Magazine

An international research team has claimed that thin-film modules are an ideal solution for floating PV projects in offshore locations, mainly due to their superior hydrodynamic properties. The scientists have also said that direct contact between installations and the water provides additional self-cooling opportunities, while keeping the waterproof modules clean. Such arrays could potentially withstand higher waves and the difficult environmental conditions of the open sea.

Scientists from Italys University of Naples Federico II and Indias M.Kumarasamy College of Engineering have recommended thin-film solar module technologies for floating PV projects at offshore sites and onshore remote ares. Lightweight thin-film panels are indicated as an efficient alternative for projects with highly complex logistical requirements in terms of transport, installation time frames, and the need for infrastructure.

The researchers have also claimed that projects based on thin-film panels have the advantage of being in direct contact with water, which can provide additional opportunities for self-cooling and the self-cleaning of panels. However, the main disadvantage of thin-film arrays, compared to projects built on pontoons, is the lower light absorption they offer, they said.

A floating PV system that relies on thin-film PV can be described as a single scalable array of panels linked by connectors, either in series or parallel to each other, based on a projects capacity. The thin-film panels used in floating projects are usually laminated with a highly transparent waterproof polymer. Air pockets and ducts are embedded in panels during the lamination process in order to reduce rigidity and buoyancy.

Such arrays could be ideal solutions for offshore projects, which are subject to harsh external environmental forces such as strong winds and high waves, the researchers said. Analyses based on the flexural rigidity have proved that the thin film technology-based FPV on offshore will tend to have low wave energy interaction, they said in their new paper, Floating Photovoltaic Thin Film TechnologyA Review, which was recently published in Intelligent Manufacturing and Energy Sustainability.

The researchers explained that the hydrodynamic properties of thin-film panels can reduce mechanical stress on mooring systems. This means that less infrastructure is required, so the logistics of projects are simpler than those of projects that are based on conventional crystalline silicon panels and pontoons, which require aluminum frames and structures to resist saltwater corrosion.

The researchers have also complied a detailed review of existing thin-film technologies that could be adopted in floating PV installations. They include amorphous silicon (a-Si), cadmium telluride (CdTe), copper, indium, gallium and selenium (CIGS), and gallium arsenide (GaAs).

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Is thin-film module technology the best solution for offshore PV? - pv magazine International

UCaaS can be implemented in all kinds of businesses from anywhere in the world.

February20, 20205 min read

Opinions expressed by Entrepreneur contributors are their own.

As we continue to experience constant digital transformation, we realize how diverse technology has become and how much more it canexpand. In the last decade, we have successfully moved from working behind desks and on telephones to more flexible models. All you need now is the right device and a cloud connection, and you can easily embrace and explore as many opportunities as possible.

The growth of technology has played a vital role in countlessorganizations, manyof which have experienced a surge in growth and productivity. The Global tech-research firm Gartner reported more than 23 percentgrowth in the use of Unified Communications as a Service (UCaaS) in 2017 and 21 percentin 2018. The same report also shows that users spent nearly $2 million on UCaaSin 2018 and just over $2 million in 2019.

Organizations have been able to make the best of newly invented technology tools by also encouraging offshore-staff leasing. However, communication is vital in any form of teamwork and would be needed even more in offshore staffing. With UCaaS, companies such as Ring Central, Twillo, Telavox andDialpad have taken the frontier lead in ensuring organizations collaborate effectively with their offshore staff by providing effective unified communication and tracking tools.

Related: Unified Communications Will Make Your Remote Workforce More Productive

Moreso, as the workplace is evolving into the gig economy, UCaaS will become the greatest form of communication, thus giving room for people to work remotely. While most organizations have started imbibing this culture, some are still on the verge of setting up a company that has all its staff located across different locations around the world. However, the only way to ensure that remote/offshore employees can deliver effectively is by integrating good UcaaScommunication tools for seamless reporting.

To ensure an effective communication flow, the staff needs to understand how UCaaS works and how it can be integrated into the companys culture. The environment requires support from UCaaS platforms that allow users to integrate multiple communication services. Offshore staff can then switch between different communication methods.For example, a VoIP over desk phone allows you to take full advantage of features that will dramatically improve your companys communication and customer service, a web-conferencing service that requires audio and VoIP and also needs the instant-messaging feature to communicate in between the conference.

Employers can train their offshore staff on how to effectively use UCaaS for the growth of the organization or include a brief explanation in their onboarding document.

Visual communication helps convey ideas and information in the most appealing way, which helps improve understanding. It works more effectively in passing a message across compared to written and verbal communication, and its effect in teamwork cannot be overemphasized. While employers integrate UCaaS into the offshore staffing process, it is important that they encourage the use of visual communications more often. Voice and instant messaging are great for communication, but a video call would do far better in communicating thoughts and ideas.

A study shows that approximately 65 percentof people are visual learners and the brain processes images and videos 60,000 times faster than text. Video communication is alsoa great way to test products and software while providing real-time feedback. Some UCaaS tools boast ascreen-sharing feature where you can easily showcase products, imagesand more in a conference.

Managing a virtual team requires more effort, as everyoneis expected to deliver quality despite not being in the same room. Optimizing UCaaSwill not only help enhance the companys communication, collaboration and productivity, but will also contribute to helping employees succeed in their work. In return, there will be improved customer satisfaction and overall company progress.

UCaaS helps businesses to thrive, regardless of their size or the industry they belong in. Employees can take advantage of this by working remotely, as they can easily connect with their coworkers from home, on the road or anywhere. They also have instant access to the workspace and are able to solve problems quickly. With UCaaS platforms readily available for teamwork, each and every employee could work towards providing maximum productivity as an individual and as a team player in the organization.

Many businesses today are able to successfully combine the necessary traditional and innovative communication solutions into a single environment. This helps improve productivity among employees and also enhances the customer's experience, as they are able to communicate directly and seamlessly with the organization.

Related: 8 Essential Questions on Unified Communications

UCaaS can be implemented in all kinds of businesses of any size. With the right software, offshore teams can communicate easily, upping productivity, reducingcosts, strengtheningperformanceand optimizinguser experience. With UCaaS, communication and collaboration can work hand-in-hand.

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Why Unified Communication Is Essential to Working With Remote, Offshore Teams - Entrepreneur

Further sandstorms are expected to sweep in on Thursday due to strong winds offshore over the Arabian Sea.

The National Centre of Meteorology has issued a weather alert warning of gusty to strong winds, with rough to very rough seas off the coast.

That will cause sand to blow in, affecting visibility at times. The warning is in force up to 8pm on Thursday.

The density of the dust should drop, according to the weather bureau. It will be partly sunny, with temperatures reaching a high of 27C on the coast and 28C inland.

Humidity will rise overnight to bring a risk of fog and mist over some coastal and internal areas, which will clear to leave a partly sunny day on Friday, with no further sandstorms. There will be gusts of up to 40kmph over the sea, which will be rough at first.

The sandstorm in Al Barsha South, Dubai. Chris Whiteoak / The National

Traffic on Emirates Road in Dubai during the sandstorm. Pawan Singh / The National

The sandstorm in Dubai Investment Park area in Dubai. Pawan Singh / The National

Dusty weather in Abu Dhabi. Khushnum Bhandari for The National

The sandstorm in Dubai Investment Park area in Dubai. Pawan Singh / The National

Construction workers during the sandstorm in Dubai Investment Park area in Dubai. Pawan Singh / The National

Construction workers during the sandstorm in Dubai Investment Park area in Dubai. Pawan Singh / The National

Poor visibility in Abu Dhabi. Khushnum Bhandari for The National

Poor visibility in Abu Dhabi. Khushnum Bhandari for The National

Poor visibility in Abu Dhabi. Khushnum Bhandari for The National

Saturday will begin the same, with a chance of more early mist and fog, but there may be an increase in temperatures, reaching 29C on the coast and 30C inland. Winds should drop a little.

The picture will be similar on Sunday, according to the weather bureau, but sandstorms could return again on Monday.

Updated: February 27, 2020 08:27 AM

See the article here:

UAE sandstorms: strong offshore winds to bring more dusty weather in Dubai and Abu Dhabi - The National

Control of offshore gas and oil provokes conflicts in eastern Mediterranean By Jean Shaoul 24 February 2020

The dispatch of Turkish troops to Libya, the bitter dispute between France and Italy over military policy at Decembers NATO summit in London, and the formation of a French-Greek military alliance against Turkey indicate the extent to which oil and gas have become the source of ever widening conflicts.

While it was popularly understood that the US/UK-led invasion of Iraq was a war for oil, this is less well understood in the case of Libya, which contains the largest deposits of oil in Africa and in 2010 was one of the 10 largest oil producers in the world. The struggle for Libya and its oil has now, moreover, become embroiled in the escalating conflict over the newly discovered gas fields in the Levantine Basin.

A new scramble for Africa is being tied into a new scramble for the eastern Mediterranean, as Turkey, Greece, Israel, Egypt, Cyprus, Lebanon and the European powers compete over gas exploration, production licenses and pipelines.

According to a US Geological Survey report published in 2010, the Levantine Basin, which straddles the maritime borders of Cyprus, Egypt, Israel, Palestine, Lebanon and Syria, contains an estimated 1.7 billion barrels of oil and 122 trillion cubic feet (tcf) of gas. It estimates that eventually there will be enough gas to meet regional and European power demand for decades.

In 2009 and 2010, Israel discovered gas reserves of 11 trillion cubic feet in the Tamar field, and 22 tcf in the Leviathan field, ensuring sufficient capacity for both its domestic needs and exports, although some of these fields lie in waters claimed by Lebanon and Gaza.

In 2011, Cyprus discovered an estimated 8 tcf of gas reserves in the Aphrodite field. With Turkey claiming ownership of the natural resources around Cyprus, divided between Turkish and Greek zones since the 1974 war, this heightened tensions in the region, leading to violent ship collisions and even the suspension of drilling in 2016.

By far the largest field in the region is Egypts Zohr field, discovered in 2015, with an estimated 30 tcf. Located north of the Suez Canal, it is owned jointly by Italys Eni (50 percent), Russias Rosneft (30 percent), the Anglo-American BP (10 percent) and Egypts Mubadala Petroleum (10 percent). Last week, Egypt signed a $43 million oil and gas exploration deal with the German company Wintershall DEA to explore oil and gas in the East Damanhour Bloc in the Nile Delta.

In 2019, Egypt produced a record 2.52 tcf of gasup by more than 30 percent since 2016making it one of the biggest producers in North Africa and the Middle East. It exported 172.8 billion cubic feet (bcf) of gas.

Egypt is seeking to become a vital link for energy trading between the Mideast, Africa and Europe. It has two large-scale gas export terminals at Iduku and Damietta, the only ones in the eastern Mediterranean, which cool gas into liquids for export by tankers. Owners Royal Dutch Shell intend to use them to re-export gas produced by neighboring countries that do not have such terminals, strengthening Egypts economic ties with Israel and Jordan as it becomes a crucial partner to Europe.

Last month, Israel, which has no liquefaction terminals, began exporting gas to Egypt. The smaller Karish field will go online next year with its own pipeline to Egypt. While some of the gas will be sent back to fuel Israels power and manufacturing plants, most will be exported.

Israel had previously imported up to 40 percent of its gas from Egypt. The new arrangements followed the signing in 2018 of a deal to pipe $19.5 billion of offshore gas to the Egyptian export terminals by Israeli oil company Delek Drilling and Noble Energy of Houston, which together own Israels Leviathan and Tamar gas fields.

The terms of the deal, beneficial to Israel and brokered by the US, enabled Egypt to reduce the cost by $1.3 billion of the $1.76 billion it was legally required to pay Israel in compensation following the disruption to its contracted gas delivery after multiple insurgent attacks on its pipelines in 2011-12 by militant Islamists in the Sinai Peninsula. The deal involves a raft of shadow companies, registered in tax havens and linked to Egypts military.

Last year, Egypt signed a deal with Jordan to provide half its gas needs via the 1,200-kilometre-long Arab Gas Pipeline. Built in 2003, the overland pipeline has been extended to Israel via a 100-kilometre-long subsea section connecting Arish in Egypt to Ashkelon in Israel.

There are also small gas reserves off Gazas territorial waters. But it became impossible to carry out any exploration after Israels blockade of Gaza following Hamas success in the 2006 elections and its standoff with the Fatah-dominated Palestinian Administration in the West Bank. In 2015, the license holders, which included BP and Shell, transferred their stakes to Palestinian state companies.

Lebanon is believed to hold gas reserves of 96 tcf and oil reserves of 865 million barrels, but has been slow to explore its offshore resources, in part because of the great depth of its waters, the high cost, unresolved maritime border disputes with Israel, Syria and Cyprus and the countrys political instability. However, a consortium made up of Frances Total, Italys Eni and Russias Novatek is expected to start drilling in the Block 9 concession by the middle of this year, with next January set as the closing date for five more offshore blocks.

Syria is thought to have substantial energy resources in the Levantine basin, but it suspended exploration after the outbreak of the US-orchestrated proxy war for regime change in 2011. Russia, in the absence of any other bidders, took all the oil and gas contracts as its quid pro quo for supporting the Syrian regime, signing long-term agreements in return for 25 percent of total production. With the upgrading of its air and naval bases at Khmeimim and Tartus on Syrias coast, Russias entry into the Levantine Basin adds another player into a region of competition and conflict.

Gas pipelines, owned by two competing geostrategic alliances, have caused tensions to rise markedly. Each seeks to secure a dominant position in European energy markets that are trying to eliminate their dependence on coal and oil by turning to gas.

The first is a new Russian-Turkish pipeline aimed at increasing Russias natural gas exports and raising Turkeys status as an energy transit hub to Europe. Last month saw the inauguration of the first leg of TurkStream, an undersea pipeline running 930 kilometres (578 miles) from the Russian Black Sea coast to Kiyikoy, northwest of Istanbul, that will carry 15.75 billion cubic metres of Russian gas a year to Turkey for domestic consumption.

Another proposed pipeline, announced last July, will carry a similar amount via Turkey, Bulgaria, Serbia and Hungary, not through Greece as originally planned, further cementing Europes dependence on Russian gas. Together with the nearly completed Nord Stream 2, which carries gas via the Baltic Sea to Germany, they enable Russias Gazprom to send gas to Europe, bypassing Ukraine.

The second pipeline is one linking Israel and Cyprus gas fields to Greece that would transport the eastern Mediterraneans rising liquefied natural gas (LNG) to the European Union (EU) and is backed by the US.

On January 3, Greece, Israel and Cyprus agreed to build a 1,900-kilometer (1,200 mile) EastMed pipeline through deep waters, at a cost of around 6-7 billion, to transport gas to Europe via Greece and Italy. The pipeline will run from Israels Leviathan gas field via Cyprus, Crete and the Greek mainland and is due for completion in the mid-2020s. Conceived in 2015, it is aimed at limiting Turkeys influence in the region.

The three countries, part of the East Mediterranean Gas Forum, established by Cairo last July that includes Egypt, Jordan, the Palestinian Authority and Italy, are seeking to establish a regional gas market and an exporting hub to Europe. This would cut across Egypts ambitions to establish itself as an export hub, with an agreement in 2018 to construct a pipeline to Cyprus Aphrodite field.

In addition, DEFSA, Greeces gas transmission system operator, having completed the expansion of its LNG terminal, the only one in southeast Europe, is now building compressors that will enable it to pump gas north into Bulgaria via the Trans-Balkan Pipeline and export US LNG to the Balkans. Exports are set to expand when the Gas Interconnector Greece-Bulgaria (IGB) project starts next year, in competition with TurkStream 2. It will avoid dependency on the Trans Adriatic Pipeline (TAP), which will start sending natural gas from Azerbaijan to Italy via Turkey and Greece.

These plans also clash with Turkeys plans to extend its control over energy resources in the region through its drilling for gas off the far west coast of Cyprus toward the southeast of the Greek island of Crete, Israel and Libyas offshore waters. Ankaras drilling operations are expected to be accompanied by a naval task force comprised of at least one frigate, two or three gunboats, and a submarine, as it seeks to acquire another drilling ship.

Russia, with its large oil and gas reserves, is Europes main energy provider, supplying 41 percent of its overall consumption. Hence its concern over gas exports from the eastern Mediterranean to Europe, because of the potential impact on its market share and energy prices. Russian President Vladimir Putin is expected to oppose such a project unless Russia is involved.

The EU, for its part, lacking its own energy resources and anxious to avoid dependency on Russia, has fast tracked its approval process for the pipeline.

The agreement to build the EastMed pipeline came just weeks after Turkey signed two agreements in November with Fayez al-Sarrajs Government of National Accord (GNA), the internationally recognized government of Libya that is backed by Turkey, Qatar and Italy.

The GNA has little popular support and controls the capital Tripoli that has been surrounded by former CIA asset and warlord General Khalifa Hiftar, whose Libyan National Army (LNA), backed by France, Egypt, Saudi Arabia, the United Arab Emirates, Sudan and Russia, controls eastern Libya and its oil fields.

Under the first Turkey/GNA agreement, Ankara pledged military support for Sarrajs beleaguered government. A second agreement in return delimited maritime zones between the two countries, vastly expanding Turkeys territorial waters, which Greece and Cyprus also claim, denying the claims of Crete, Rhodes and other islands, and blocking the route of the proposed pipeline.

Since then, Ankara has expanded its gas exploration efforts and sent forces to Tripoli, including Islamist militiamen from Idlib province in Syria, where they were deployed as part of the NATO proxy war but are now surrounded by Syrian and Russian troops.

Turkish President Recep Tayyip Erdogan told reporters, Turkey and Libya will be working jointly at present, but we could take a third, a fourth and perhaps a fifth partner on board. We are in agreement with Sarraj on this.

He indicated that Somalia had offered Turkey joint oil exploration in its waters. Erdogan has also sought to enlist support from Tunisia and Algeria, as part of his declaration that 2020 is Africa year, offering help with offshore gas exploration as bait.

At the end of last month, Turkeys Defence Ministry reported that two of its frigates off Tripoli had rescued 30 migrants from a dinghy in high seas and handed them over to the Libyan coast guard during NATOs Operation Sea Guardian in the region. This was a message to European countries, particularly Germany, that the GNA and Turkeywith their supportwould be an effective means of curbing the flow of migrants from Libya to Europe. It may indicate Ankaras willingness to mend its relations with Europe in the wake of its rift with Moscow over Syrias defeat of Turkey-backed Islamists in Idlib province.

These developments have largely taken place outside the control of Washington. The US views with mounting concern Russias expanding influence in a region it once controlled, especially following its disastrous wars of aggression in Iraq, Libya and Syria, and with Turkeys closer relations with Russia and Iran, to the extent that it supported the 2016 coup against Erdogan. Embroiled in economic and trade disputes with the EU, it is trying to push the sale of its own LNG to Europe as an alternative to Russia.

The Trump administration is working through its local attack dogs and proxies, particularly Israel and latterly Greece. It is actively supporting its allies access to the regions gas and Israels key role in exporting gas to its local clients Jordan and Egyptacting as the chief broker in Israels gas agreements.

US corporations are engaged in some of the consortia directly involved in exploration, production and transportation and insuring the contracts. The Trump administration helped broker the original agreement to sell gas to Jordan and agreed to compensate Jordan through US aid money should popular opposition disrupt the deal.

In December, President Donald Trump approved the East Med Security and Energy Partnership Act that allows the US to support the Israel-Greece-Cyprus partnership through defence initiatives and lift the longstanding arms embargo on Cyprus, antagonizing Turkey, a key NATO-ally.

Energy minister Yuval Steinitz explained in welcoming Israels export of gas to Egypt, Egypt is just the beginning. The plan is that much of the gas will be exported via Egypt to Europe, too.

The EastMed pipeline serves to wean Europe off its dependency on Russia for its energy needs, as well as limiting Greece and Cyprus trade and investment deals with Moscow. In December, Trump signed into law a defence bill that includes sanctions, imposed by the US Congress, on the construction of both the Nord Stream 2 and TurkStream pipelines. These are part of a raft of measures aimed at choking Russias economy which is largely dependent upon the sale of arms and energy. As a result, construction on the nearly completed Nord Stream 2 has come to a halt, infuriating Germany and exacerbating tensions between Washington and Berlin visibly on show at the NATO Security Conference in Munich.

Greece violently objected to the Turkish-Libyan deal signed last year, expelling the Libyan ambassador to Greece in protest. Kathimerini wrote that the Greek and Greek Cypriot governments hurried to finalize the EastMed deal in order to counter any attempt by the Turkish neighbour to stop the project.

According to Greek reports, there has been a dramatic increase in the number of violations of its airspace by Turkish fighter jets. Turkish hackers paralysed the websites of the Greek Foreign Ministry and secret service, prompting Greek retaliation.

Such are the tensions between the two NATO members, which were on the verge of war in the 1990s, that the White House called on Greece and Turkey to resolve their differences. Despite this show of impartiality, US Secretary of State Mike Pompeo signed deals last October to build major new US military bases in Greece, saying Washington needs them to help secure the eastern Mediterranean.

It was the fear that Russia and Turkey would gain influence in Libya that led Germany to assemble the European powers in a conference in Berlin last month, ostensibly aimed at bringing peace to the civil-war torn country. The Berlin conference agreed to extend the ceasefire, established earlier through the mediation of Russia and Turkey, permanently and to the demobilization and disarming of the militias and monitoring of an arms embargo violated by everyone.

This cynical gathering can only be the prelude to a military occupation of the country to assert the European powers predatory interests. EU foreign policy head Josep Borrell, declared a priori, If there is a cease-fire in Libya, then the EU must be prepared to help implement and monitor this cease-firepossibly also with soldiers, for example as part of an EU mission.

We Europeans, since we dont want to participate in a military solution, we barricade ourselves in the belief there is no military solution, he told the European Parliament. Nobody will be very happy if, on the Libyan coast, there is a ring of military bases from the Russian and Turkish navies in front of the Italian coast.

Days later, France stepped in to assert its interests, dispatching French warships to the Aegean Sea and announcing the formation of a French-Greek military alliance.

It too has supported Hiftar and his LNA in eastern Libya against the Tripoli-based GNA, where the French oil giant Total has important oil interests, bringing it into conflict with Italy, whose oil company Eni is the largest oil and gas producer in Libya. France, which is dependent upon Hiftars support for its colonial wars in the Sahel, denounced Turkish policy in Libya, threatening to support Greece in a war with Turkey.

President Emmanuel Macron accused the Turkish president of not respecting his promises in Berlin, saying that at this very moment Turkish ships are taking Syrian Islamist mercenaries to Libya in violation of explicit engagements taken by President Erdogan at the Berlin conference. He added, This threatens the security of all residents of Europe and the Sahel.

After discussion with Macron, Egypt, which supports Hiftar, denounced the Turkey-GNA accords as illegal foreign intervention in Libya. On Monday, just weeks after the Berlin conference, the EU agreed to launch a new naval and air mission in the eastern Mediterranean, in international not Libyan waters, to stop arms reaching both factions in the Libya, re-establishing the arms embargo first imposed in 2011.

Austrian Foreign Minister Alexander Schallenberg, whose government opposes any immigration from Libya to Europe, insisted that the mission would not support or help migrants seeking to enter Europe. He said, There is a basic consensus that we now want a military operation and not a humanitarian mission.

The eastern Mediterranean, including North Africa, has become the focus of ever widening conflicts, with all the imperialist and regional powers determined to pursue their own rapacious demands for control over the regions wealth and resources.

As US Defense Secretary Mark Esper warned at the Munich Security Conference, We are now in an era of Great Power Competition, meaning that we must move away from low intensity conflict and prepare once again for high-intensity warfare.

The stage is being set for explosive conflicts, potentially encompassing three continents, over the domination of North Africa and the Mediterranean Sea. But the eastern Mediterranean is only one of a number of potential flashpointsthe Horn of Africa, South China Sea or the Arctic to name but a fewwhere these competing strategic interests could lead to an all-out confrontation between major military powers, including nuclear-armed imperialist states. As far as the major powers are concerned, the entire world is in play, with devastating consequences for humanity.

2019 has been a year of mass social upheaval. We need you to help the WSWS and ICFI make 2020 the year of international socialist revival. We must expand our work and our influence in the international working class. If you agree, donate today. Thank you.

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Control of offshore gas and oil provokes conflicts in eastern Mediterranean - World Socialist Web Site

Today well look at SBM Offshore N.V. (AMS:SBMO) and reflect on its potential as an investment. In particular, well consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business.

First, well go over how we calculate ROCE. Second, well look at its ROCE compared to similar companies. Then well determine how its current liabilities are affecting its ROCE.

ROCE measures the return (pre-tax profit) a company generates from capital employed in its business. In general, businesses with a higher ROCE are usually better quality. Ultimately, it is a useful but imperfect metric. Renowned investment researcher Michael Mauboussin has suggested that a high ROCE can indicate that one dollar invested in the company generates value of more than one dollar.

The formula for calculating the return on capital employed is:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) (Total Assets Current Liabilities)

Or for SBM Offshore:

0.086 = US$737m (US$10b US$1.7b) (Based on the trailing twelve months to December 2019.)

So, SBM Offshore has an ROCE of 8.6%.

See our latest analysis for SBM Offshore

ROCE can be useful when making comparisons, such as between similar companies. It appears that SBM Offshores ROCE is fairly close to the Energy Services industry average of 7.4%. Independently of how SBM Offshore compares to its industry, its ROCE in absolute terms appears decent, and the company may be worthy of closer investigation.

In our analysis, SBM Offshores ROCE appears to be 8.6%, compared to 3 years ago, when its ROCE was 6.4%. This makes us think about whether the company has been reinvesting shrewdly. The image below shows how SBM Offshores ROCE compares to its industry, and you can click it to see more detail on its past growth.

It is important to remember that ROCE shows past performance, and is not necessarily predictive. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. This is because ROCE only looks at one year, instead of considering returns across a whole cycle. We note SBM Offshore could be considered a cyclical business. Since the future is so important for investors, you should check out our free report on analyst forecasts for SBM Offshore.

Current liabilities are short term bills and invoices that need to be paid in 12 months or less. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To counter this, investors can check if a company has high current liabilities relative to total assets.

SBM Offshore has current liabilities of US$1.7b and total assets of US$10b. As a result, its current liabilities are equal to approximately 17% of its total assets. Current liabilities are minimal, limiting the impact on ROCE.

This is good to see, and with a sound ROCE, SBM Offshore could be worth a closer look. SBM Offshore looks strong on this analysis, but there are plenty of other companies that could be a good opportunity . Here is a free list of companies growing earnings rapidly.

I will like SBM Offshore better if I see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

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Is SBM Offshore N.V.s (AMS:SBMO) 8.6% Return On Capital Employed Good News? - Simply Wall St

Unfortunately for some shareholders, the BW Offshore (OB:BWO) share price has dived 32% in the last thirty days. Even longer term holders have taken a real hit with the stock declining 3.6% in the last year.

All else being equal, a share price drop should make a stock more attractive to potential investors. While the market sentiment towards a stock is very changeable, in the long run, the share price will tend to move in the same direction as earnings per share. The implication here is that long term investors have an opportunity when expectations of a company are too low. Perhaps the simplest way to get a read on investors expectations of a business is to look at its Price to Earnings Ratio (PE Ratio). A high P/E ratio means that investors have a high expectation about future growth, while a low P/E ratio means they have low expectations about future growth.

See our latest analysis for BW Offshore

BW Offshores P/E is 9.37. You can see in the image below that the average P/E (9.8) for companies in the energy services industry is roughly the same as BW Offshores P/E.

BW Offshores P/E tells us that market participants think its prospects are roughly in line with its industry. The company could surprise by performing better than average, in the future. Checking factors such as director buying and selling. could help you form your own view on if that will happen.

P/E ratios primarily reflect market expectations around earnings growth rates. When earnings grow, the E increases, over time. That means unless the share price increases, the P/E will reduce in a few years. A lower P/E should indicate the stock is cheap relative to others and that may attract buyers.

BW Offshore increased earnings per share by an impressive 24% over the last twelve months. But earnings per share are down 50% per year over the last five years.

One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. That means it doesnt take debt or cash into account. Theoretically, a business can improve its earnings (and produce a lower P/E in the future) by investing in growth. That means taking on debt (or spending its cash).

Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio.

BW Offshore has net debt worth a very significant 103% of its market capitalization. This is a relatively high level of debt, so the stock probably deserves a relatively low P/E ratio. Keep that in mind when comparing it to other companies.

BW Offshore trades on a P/E ratio of 9.4, which is below the NO market average of 14.5. The company may have significant debt, but EPS growth was good last year. If the company can continue to grow earnings, then the current P/E may be unjustifiably low. Given BW Offshores P/E ratio has declined from 13.8 to 9.4 in the last month, we know for sure that the market is more worried about the business today, than it was back then. For those who prefer to invest with the flow of momentum, that might be a bad sign, but for deep value investors this stock might justify some research.

Investors should be looking to buy stocks that the market is wrong about. As value investor Benjamin Graham famously said, In the short run, the market is a voting machine but in the long run, it is a weighing machine. So this free report on the analyst consensus forecasts could help you make a master move on this stock.

Of course, you might find a fantastic investment by looking at a few good candidates. So take a peek at this free list of companies with modest (or no) debt, trading on a P/E below 20.

If you spot an error that warrants correction, please contact the editor at editorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.

We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.

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A Sliding Share Price Has Us Looking At BW Offshore Limiteds (OB:BWO) P/E Ratio - Simply Wall St

2/14/2020

LONDON - The BorWin3 offshore wind grid connection project in the German North Sea has been successfully handed over to the German/Dutch transmission grid operator TenneT.

The 900 MW project converts three-phase electric power generated by offshore wind farms into direct current and transmits it 160 kilometers to shore into the German national grid, from where it will now supply more than one million of the countrys households with clean electricity from wind power.

Petrofac, in consortium with Siemens, were awarded the project contract in 2014, with responsibility for the engineering, procurement, construction, transport and installation of the platform offshore. The platform was installed in October 2018 and started to transmit power in August 2019.

Petrofac has an expanding track record in offshore wind. In addition to the BorWin3 offshore grid connection, other projects include the Hollandse Kust Zuid (HKZ) Alpha and Beta platforms in the Dutch North Sea and a turnkey power system for the Galloper offshore wind farm off the coast of Suffolk. A Preferred Supplier Agreement was also recently announced with SSE Renewables for the Seagreen wind farm project, which once constructed will be the largest in Scotland.

See the article here:

Petrofac hands over BorWin3 offshore wind grid connection project to TenneT - WorldOil

The wind industry put on a brave face yesterday as the Trump administration disclosed it wouldn't complete permitting for the nation's first offshore wind farm until after the 2020 election a delay of a year and a half from earlier targets.

The American Wind Energy Association praised the administration for offering "clarity" to the industry. So did Vineyard Wind LLC, the developer behind the 84-turbine proposal off the coast of Martha's Vineyard, Mass., even though it will now miss its most optimistic operation target of 2022.

"Any delay is a challenge," said Laura Morton, senior director of policy and regulatory affairs for offshore at AWEA. But she said having a schedule in place albeit one that the industry hopes will accelerate before the end of the year is important.

Still, some were skeptical about the extended delay given the Trump administration's mixed messaging on the wind sector.

The Bureau of Ocean Energy Management acknowledged Monday in the president's budget proposal a need for more funding to meet the demands on its renewable energy shop as proposed offshore wind projects continue to stack up.

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The Business Network for Offshore Wind later called the move an encouraging sign that the White House values the offshore wind sector.

But President Trump in a speech Monday in New Hampshire repeated his belief that "windmills" kill too many birds.

"There is almost never a unified voice coming from the administration," said Anthony Logan, senior wind analyst at Wood Mackenzie.

The "true intentions" of the administration, he added, remain murky.

The Trump administration appeared gung-ho on offshore wind when Secretary Ryan Zinke helmed the Interior Department, but his replacement, David Bernhardt, has been far more restrained.

Vineyard Wind's Massachusetts project was expected to be the first to secure federal permitting last July. But BOEM stalled the final environmental review, saying a study of the cumulative impacts on fisheries from a potentially extensive wind industry was needed before Vineyard could move forward (Greenwire, July 18, 2019).

Vineyard Wind lease area. Vineyard wind

BOEM acting chief Walter Cruickshank later shushed fears of political opposition to wind, saying the administration had continued to be supportive of an all-of-the-above energy approach.

Cruickshank told the offshore wind industry at a conference in October that a draft of the cumulative analysis should be done by early 2020 and that it would smooth the way for future projects (Climatewire, Oct. 23, 2019).

Concerns about the study linger.

It was late in the game for the agency to realize that the many offshore projects in the pipeline would have a cumulative impact, said Logan of Wood Mackenzie.

"The idea that they have to go back and do this raises some serious questions of intent and competence," he said.

And given the level of expertise and experience at BOEM, the issue doesn't seem to be one of competence, he added.

Tracey Moriarty, a spokeswoman for BOEM, said the new timeline for Vineyard represents the agency's desire to take a "robust" look at the impacts from wind energy and incorporate new information, such as additional state offshore wind targets.

Interior spokeswoman Carol Danko did not directly answer a question about pushing the Vineyard decision until after the presidential election. She noted that an expanded cumulative analysis is a direct response to stakeholder input. It would incorporate changes that Vineyard has made to its construction plans, such as an intention to build larger turbines than were first proposed.

Aside from political questions, developers have lined up to fill a new market created by state commitments to buy offshore wind. And BOEM's new schedule inspired scolding from those concerned about the pipeline of projects affected by delays.

Erik Milito, president of the National Ocean Industries Association, called the delay "disappointing."

"Regulatory delays especially of a new industry could open the door to unexpected and unintended bottlenecks and holdups," Milito said.

But Milito also nodded to the "complexity" of BOEM's undertaking and the need for an environmental review that could stand up to litigation "filed in an attempt to block the ascendant offshore wind industry."

Logan of Wood Mackenzie said projections for the Vineyard project remain positive despite the delay.

"It's more challenging, but they have a very talented team over there," he said.

The company should be able to hold on to industrial tax credits and will benefit from the continually falling costs of development.

Vineyard had initially signaled that the permitting delay could threaten its project but has since walked back on that concern. It continues to seek offshore wind opportunities in the Northeast and recently won an offshore wind contract with Connecticut.

The wider market also retains a positive outlook, said Jeff Grybowski, former CEO of Deepwater Wind, the company that built the Block Island pilot project, the first U.S. offshore wind installment.

Grybowski said he has yet to see anything from the Trump administration that would make him think the market was at risk, a point of view he called somewhat "contrarian."

BOEM appears to be trying to proceed with caution, he said.

"It's better to make some early compromises that might cost you time or money," Grybowski said, "if it increases your chances of success in the long run."

Continue reading here:

RENEWABLE ENERGY: Offshore wind: What are Trump's 'true intentions'? - E&E News