Category Archives: Offshore

It's always a bit strange when a holiday falls in the middle of the week, and with the Fourth of July coming tomorrow, many expected Monday's trading session to be lacking in excitement. However, market participants once again noted the disparities between different segments of the market, as the Dow Jones Industrials soared about 130 points even as the Nasdaq gave up almost half a percent.

Positive momentum from past sessions in some stocks continued to help push them higher, and Bankrate (NYSE: RATE), Diamond Offshore Drilling (NYSE: DO), and Teekay (NYSE: TK) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.

Shares of Bankrate climbed more than 8% after the financial website company agreed to a takeover bid. Digital consumer choice platform Red Ventures made an offer for Bankrate, giving shareholders $14 per share in cash in a deal that values the overall company at $1.4 billion. The two companies believe that the combination will bring together the strengths of both businesses. Red Ventures uses data analytics and integrated technology to bring together consumers and brands in the financial, housing services, and healthcare fields. Given that Bankrate already has a vast knowledge base in the financial arena, its connections will be quite valuable for Red Ventures. The buyout brings to an end investors' hopes to share in faster growth ahead, but it also gives shareholders who've suffered the ups and downs in the stock a quick potential exit.

Image source: Diamond Offshore.

Diamond Offshore Drilling stock gained 6% in the wake of a solid day in the energy markets. Crude oil prices moved higher as market participants hope that a recent downturn for the oil market will finally give way to a sustained and permanent move above the $50-per-barrel mark. Diamond wasn't the only winner in the space, as most of its competitors also gained ground. Bullish investors hope that the supply-and-demand picture in crude will finally start balancing out more favorably for producers, allowing prices to increase and making more offshore projects economically feasible. Yet so far, market fundamentals haven't worked out the way many expected, and it's taken a lot of effort just to prevent more dramatic declines than what investors have seen. It's entirely possible that another move downward for crude will reverse Diamond Offshore's recent gains.

Finally, shares of Teekay rose 17%, adding to recent gains. The move brought Teekay's rise in just the past couple of weeks to more than 50%, with positive sentiment stemming from an analyst's view of the shipping stock as being particularly promising. Teekay has a wide array of out-of-favor businesses that range from liquefied natural gas and tanker ships to offshore drilling equipment, and with the energy markets having been uncooperative, the stock has taken big hits since January. Less optimistic investors fear that Teekay might be financially vulnerable, especially in the offshore equipment arena when existing contracts expire and are subject either to renewal or to trying to find new takers. Until oil prices bounce back, Teekay could have trouble maximizing its potential.

Offer from The Motley Fool: The 10 best stocks to buy now

Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. In fact, the newsletter they run, Motley Fool Stock Advisor, has tripled the S&P 500!*

Tom and David just revealed their ten top stock picks for investors to buy right now.

*Stock Advisor returns as of June 5, 2017.

Dan Caplinger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

See original here:

Why Bankrate, Diamond Offshore Drilling, and Teekay Jumped Today - Madison.com

Barron's

Transocean: Killer Competition? - Barron's Barron's Transocean and other offshore drillers are rallying today, but one analyst sees competition and range-bound oil prices keeping a lid on shares. Offshore drillers weighed by competition, range-bound oil prices ...Seeking Alpha all 2 news articles »

Read the original here:

Transocean: Killer Competition? - Barron's - Barron's

Gibdock added new plating to the bridge and main deck of Normand Reach

Gibdock recently completed hull cleaning and bridge strengthening work on Solstads Normand Reach, prior to the vessel transiting to Australia

by Martyn Wingrove

Offshore support vessels transitioning from one market to another need modifications and hull cleaning as a minimum. Different regional conditions can generate requirements for repair work. Whether it is vessels leaving the North Sea for new ventures, or ships transferring from Asia to the Middle East or West Africa, there are requirements for modifications and refurbishment.

One recent example was a Solstad Offshore vessel, which was transferred from the North Sea to Australia. On its way, 121m Normand Reach visited Gibraltar-based shipyard Gibdock for specific project work. The Solstad construction support vessel was contracted to commence a term charter on the Ichthys gas field development project in the Timor Sea.

This meant Normand Reach needed to meet the strict hull cleanliness standards of Australias National Biofouling Management Guidelines for commercial vessels. This meant the 2014-built, subsea construction support vessel required a special wash and brush job before it arrived to commence operations in Western Australia. It also needed specific bridge strengthening work. This included fabrication work including new plating installed to reinforce the vessels bridge and main deck protection against the threat of piracy.

During an 11-day period, Gibdock provided Normand Reach hull-washing, grit blasting and an antifouling coating before it continued on its route to Australia, via the Suez Canal.

Solstads technical manager Conrad Melhus said the shipyards location and the companys positive experience on previous jobs were reasons for choosing Gibraltar for repairs. He said a significant amount of hull cleaning and paintwork were needed before entering service in Australia.

The hull cleaning work had to meet strict Australian anti-invasive species guidelines. This included: hull-cleaning work; rudder hinge; sea chest bilge; bow thruster; and associated grates.

Gibdock ship manager Filip Tsankov explained the intricacies involved in meeting these demands: The internal surfaces of sea chests, for example need to be painted with antifouling coatings that are suitable for the flow conditions of seawater through the chest.

He added: These standards demand deep cleaning and close attention to detail. Gibdock has performed hull cleaning work in line with Australian expectations on several occasions, he added.

Gibdocks managing director Richard Beards said he sees the project as evidence that there has been an uptick in the offshore vessel repair market. The yard was working on two other offshore support vessels during May.

In Norway, Westcon Yard Flor has been working on DOFs 2012-built subsea support vessel Skandi Darwin. The work involved installation of new steel modules, electrical equipment, pipework and ventilation. Westcon also installed new offices and cabins to refurbish the accommodation block.

The shipyard also built a new hanger for remotely operated vehicles, installed new offshore cranes and lifeboats. The new pipework is for the fuel and lubrication systems and for an updated firefighting unit. There was also new pipework for the freshwater and seawater systems.

Local businesses were required to supply the additional equipment and Skandi Darwin was due to be completed before the end of June this year. As of 21 June, the vessel was still under repair at the shipyard.

In the Netherlands, Damen Shipyards Group has agreed to acquire Keppel Verolme shipyard in Rotterdam from Keppel Offshore & Marine to strengthen its repair and conversion capabilities.

The Verolme yard in the Botlek area of the Port of Rotterdam has 60 years of experience in conversion and repair of large offshore construction and support vessels, drilling rigs and oil production ships.

More:

Movement between markets creates repair work on offshore vessels - OSJ Magazine

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

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

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

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

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

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

Read more from the original source:

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

Flexible Modest changes were required to adapt the 3.0M122 for marine use (pic: Ulrich Mertens)

Senvion's contract to supply ten marine-adpated 3.0M122 turbines for a low-wind offshore project in the Apulia region of southern Italy represents the first, albeit modestly sized, wind farm in the Mediterranean. The 30MW nearshore project will be built in front of Taranto harbour in water depths of 4-18 metres, with commissioning expected in autumn 2018.

The 3.0M122 model, introduced in 2013, was selected for its suitability in meeting stringent building permit requirements, said Senvion vice-president offshore Cornelius Drucker. These included a hub height of 100 metres and a maximum installed capacity of 30MW.

"Senvion has been an integrated onshore and offshore business since the company was founded in 2001," Drucker pointed out. "We installed our 5MW offshore prototype in 2004, and built an extensive track record with that turbine and its 6.15MW and 6.2MW successors."

Going back to 3MW machines for a new project rather reverses the trend in the offshore sector, where turbines have grown rapidly from the pioneering kilowatt-class units to today's 7-8MW machines. And Senvion, then Repower, was right at the forefront in the development of multi-megawatt turbines.

When I asked a senior spokesperson during the installation of the 5MW prototype in 2004 about the strategy behind the leap from its 1.5MW MD 70/77 series, he said: "The 5MW development was indeed a big step, despite an 80-strong R&D team. But we deliberately decided to sidestep the 3MW-plus class. We had a good track record onshore, and excellent contacts with European offshore developers.

"But trying to compete with 3-3.6MW offshore machines would not have made sense for us. Why buy such units from a medium-sized company if a comparable product is already offered by much larger international competitors? When entering the offshore market, we clearly want to have the competitive edge in terms of turbine size and energy yield."

Mechanically, the 5MW and 6.15MW-plus models share a non-integrated high-speed drivetrain concept with a hollow cast iron main shaft supported by two large bearings. The three-stage gearbox is attached to the main shaft together with a six pole doubly-fed induction generator (DFIG).

A benefit of this main shaft support arrangement is that it allows gearbox exchange without having to dismantle the rotor. A specific electrical system feature of the turbines is that the full power electronics, including the MV-transformer, are all located inside the nacelle.

By contrast, the 3.0M122 features a non-integrated high-speed geared drivetrain with three-point gearbox support (one rotor-bearing) and a six-pole DFIG.

The disadvantage of the three-point support arrangement is that in the event of a gearbox exchange, the complete rotor must be removed before hoisting out the gearbox or the complete gearbox-main shaft-rotor bearing assembly.

However, most modern turbines, including the 3.0M122, feature a main shaft clamping solution that allows gearbox exchange functionality comparable with four-point solutions. Full power electronics, including the MV-transformer, are all located inside the tower base.

Each of these two power-electronic system locations, plus a variant with only the AC/DC rectifier located in the nacelle, has its own supporters and opponents.

The 3.0M122's mechanical and electrical systems were evaluated for marine adaptation requirements. "However, changes - apart from a switch from jacket to monopile foundations were limited mainly to some corrosion protection measures similar to those applied in the larger offshore Senvion turbines," said Drucker.

Inside view High-speed 3.XM geared drivetrain with three-point gearbox support

"We could turn things around faster by bringing in specific offshore-related aspects quickly because our onshore and offshore engineering and production process are not treated separately."

Senvion's 2MW 2.XM and 3MW 3.XM onshore turbine series and the 6.15MW-plus offshore product portfolio are characterised by flexible main component and sub-assembly production, says Drucker (see below).

The same teams are working on all new blades, for example, which include the latest RE68.5 blade for the 3.6M140 turbine, and the RE74 blade developed for the 6.2M152 flagship.

During our conversation at the recent London offshore conference, Drucker also lifted the curtain a little more on the company's plans for a 10MW-plus offshore turbine.

"Anybody can announce a large turbine, but what clearly distinguishes us, especially from start-ups with wild claims, is that we have over 15 years of technology development and offshore track record experience already behind us."

He added that the new turbine on the drawing board will certainly again be a geared upwind concept with three blades. Its rotor diameter will most likely be about 30% bigger than the 152-metre rotor fitted to the 6.2M152.

For Senvion, the key development focus is offering the right-size turbine with high reliability and capable of meeting the latest market demands regarding the lowest possible levelised cost of energy.

Equally important, said Drucker, is that the turbine must fit well into the new European offshore auction systems. "That requires dialogue with all stakeholders, where the customer should clearly come first," he said. "Secondly, a prototype must be installed well in time for being ready to match only partly known offshore project demands for 2024-25."

While many details still remain unknown about this ambitious product development, Drucker's quote on the envisaged rotor increment indicates a few likely parameters, including a rotor diameter of around 195-200 metres.

By including Senvion's product market focus at European high-wind IEC class I sites, and assuming a modest specific power rating of 375W/m2, this could correspond to power ratings in the 11-12MW range.

Finally, geared drivetrain preferences for the latest and largest offshore turbine models are clearly focused at medium speed. What further speaks for this drivetrain option is technology development with available gearbox input torque levels now approaching 10MNm, plus the closely interlinked application track record and supply-chain progress benefits.

The alternative option for Senvion is to choose a much higher-rated high-speed geared drivetrain, a possibility that cannot be excluded, but which is far less likely based on the above considerations.

Repower, now Senvion, was founded in 2001 with a product portfolio including a pitch-controlled variable-speed onshore turbine: the 1.5MW MD series.

The MD70 (pictured, below) was launched in 1998, initially developed by German engineering consultancy Pro + Pro as a licence product. The MD70/77 models feature a high-speed geared drivetrain with three-point gearbox support and DFIG.

Variable-speed operation and the use of a DFIG was at that time still rather new to the wind industry, which was dominated by fixed-speed and semi-variable-speed Danish-made turbines.

Repower introduced the 2MW MM successor in 2002, based upon the same MD-series technology and design principles.

The first 3.3MW 3.XM prototype with a 104-metre rotor diameter was installed in December 2008. Mechanically and electrically largely based on the MD and MM series, it evolved in 2010 with two variants - the 3.4M104 and 3.2M114. These sister models built upon similar technology principles with one exception.

The question is whether DFIGs will be capable of meeting ongoing future turbine grid-integration demands. Senvion decided on a gradual switch from DFIG with partial power converter to induction generations (IG) with full converter in the 3.XM platform.

The Next Electrical System (NES) was incorporated in a 3.4M114 NES prototype in 2015, followed by a 3.2M122 NES prototype last year. The 3.6M140 onshore flagship is the first turbine of a new product platform and NES will be a standard fit.

The pitch-controlled variable-speed 5MW offshore turbine, with what was then a record rotor diameter of 126 metres, evolved in 2009 into the 6.2M126 model. The latest evolutionary 6.2M152 model features an enlarged 152-metre rotor. Both the 6.2M126 and 6.2M152 come with a power mode option.

Register now to enjoy more articles and free email bulletins.

Go here to see the original:

Windtech: Senvion stretches up and down offshore - Windpower Monthly (subscription)

ANCHORAGE (KTUU) - President Donald Trump and Secretary of the Interior Ryan Zinke have opened up a comment period for a new 5-year National Offshore Oil and Gas Leasing Program on the Outer Continental Shelf (OCS).

The comment period will last for 45 days starting on July 3.

The development of a new plan for offshore drilling comes on the back of President Trumps Executive Order that rescinded President Obamas ban on Arctic drilling.

Developing a new National Offshore Oil and Gas Leasing Program that respects environmental and economic sensitivities but still allows us to responsibly develop our resources is critical to reaching President Trumps goal of American energy dominance, said Secretary Zinke.

The current National OCS program schedules 11 potential lease sales with 10 in the Gulf of Mexico and one in Cook Inlet.

Under the last administration, 94% of the OCS was off-limits to responsible development, despite interest from state and local governments and industry leaders, said Acting Assistant Secretary of the Interior Kate MacGregor.

Secretary Zinke said, Offering more areas for energy exploration and responsible development was a cornerstone of the Presidents campaign and this action is the first step in making good on that promise for offshore oil and gas.

More here:

New oil and gas plan could see more Alaskan offshore drilling - KTUU - KTUU.com

SINGAPORE - A wholly-owned unit of Keppel Offshore & Marine (Keppel O&M) will soon deliver the world's first converted floating liquefaction vessel (FLNGV).

The vessel, named Hilli Episeyo at a ceremony in Keppel Shipyard on Sunday, is owned by Golar Hilli Corporation (Golar), a subsidiary of Golar LNG.

The vessel is undergoing commissioning and testing, and is expected to be delivered in August. Upon completion, it will be put in operation in offshore Kribi, Cameroon, for Socit Nationale des Hydrocarbures and Perenco Cameroon, and will be the first FLNGV project in Africa.

"By combining our expertise from a variety of complex offshore conversion projects and our capabilities in executing LNG-related engineering, procurement, construction projects, we are able to offer innovative and reliable floating liquefaction solutions to meet the growing midstream needs of the LNG industry," said Keppel O&M chief executive Chris Ong.

"Compared to newbuilds, converted FLNGVs are significantly more cost-effective and faster to market, without compromising safety and processing capabilities.

"With the experience gained from this first FLNGV conversion project, we are in a unique position to provide customers with reliable end-to-end solutions for the EPC and commissioning of FLNGV as well as floating storage and regasification unit (FRSU) conversions," he said.

Hilli Episeyo was converted from a 1975 built Moss LNG carrier with a storage capacity of 125,000 cubic metres. It is designed for a liquefaction capacity of about 2.4 million tonnes of LNG a year.

Mr Oscar Spieler, chief executive of Golar LNG, noted the Hilli Episeyo is a game changer in the LNG industry with its "fast track, low cost project execution".

"The development of this FLNGV positions us as forerunners in providing offshore liquefaction solutions to meet the growing demand for liquefied natural gas. We are uniquely positioned to take on projects also in a low commodity price environment and determined to enable unlocking of reserves from remote, marginal and stranded gas fields," Mr Spieler said.

With the global push towards cleaner energy, demand for natural gas is expected to increase significantly, said Keppel.

FLNGV solutions enable operators to overcome the geographic, technical and economic limitations of developing natural gas resources located in marginal fields while FSRUs help reach consumers in remote areas.

Read this article:

Keppel Offshore & Marine set to deliver world's first converted ... - The Straits Times

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

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

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

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

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

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

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

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

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

See the original post here:

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

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

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

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

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

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

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

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

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

Read more here:

Interior starts process to expand offshore drilling plan - Washington Examiner

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

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

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

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

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

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

Leadership means not waiting for others to go first.

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

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

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

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

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

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

Read more from the original source:

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