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Monday, April 22, 2019

Transocean News

Image: Sembcorp Marine

SembMarine Sinks into USD 21.75 mln Loss in 3Q

Singapore-based rig builder Sembcorp Marine (Sembmarine) has reported a loss of S$30 million (US$21.75 million) in the third quarter of the year amid lower revenues and reduced activity. For the nine months to September 30, 2018 the loss is $80.1 million, compared to restated earnings of $142.9 million in the same period previous year.According to a stock exchange annoucement from the Asian company based in Singapore, the net loss for both 3Q and 9M periods were mainly due to…

Rannfrid Skjervold (left), vice president supply chain Equinor, and Karl-Erik Johannessen, operations manager Transocean. Photo: Kjetil Eide/ Equinor

Transocean Bags Equinor Contract Off Norway

Equinor has awarded Transocean a contract for drilling six wells on the Norwegian continental shelf (NCS) by use of the Transocean Norge mobile rig. Drilling start-up is scheduled for the summer of 2019.The rig has also been awarded a contract option for drilling four additional wells and is intended for subsequent continuing options. Transocean has previously signed a framework agreement with Equinor.Transocean Spitsbergen was the company’s first rig to be included as per the framework agreement terms…

Photo: Transocean

Transocean Signs 11 Well Contract with Chevron Australia

The international provider of offshore contract drilling services for oil and gas wells Transocean announced that the ultra-deepwater semisubmersible GSF Development Driller I was awarded an 11-well contract (approximately 955 days) commencing offshore Australia in the first half of 2019 with Chevron Australia.The estimated firm contract backlog, excluding integrated services, is approximately USD 158 million. Additionally, the contract includes four one-well options.Two days ago…

Bjørnar Iversen. Photo: Songa Offshore

Bjørnar Iversen Resigns as CEO of Songa Offshore

Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services.

Image: Transocean

Transocean Amends Drilling Contract

Transocean announced that an agreement has been reached with the incumbent customer to amend the drilling contract on the harsh environment semisubmersible Transocean Leader. The rig experienced equipment breakdown that could not be repaired timely, providing the customer with the right to cancel the contract. However, given the otherwise efficient performance of the rig, the customer elected to complete its program with the Leader and Transocean agreed to amend the drilling contract, signed today and effective January 13, 2018, whereby the dayrate and contract duration were modified.

Photo: Maersk Supply Service

Maersk Supply Service Wins Contract With Quadrant Energy

Maersk Master and Maersk Mariner, Maersk Supply Service’s two first Starfish-class anchor handling vessels built in 2017, will be on contract with Quadrant Energy in Western Australia, commencing March 2018. Both vessels will support Quadrant Energy’s Phoenix South and Van Gogh drilling campaign which will initially cover three wells for a duration of 150 to 200 days. The highly modern and efficient vessels will be supporting Transocean’s semi-submersible rig DD1 with supply and anchor handling duties throughout the campaign. “Quadrant Energy is an important customer.

Kachidurian Named Chief Commercial Officer of Seacube

Jim Kachidurian has been named Chief Commercial Officer of container leasing company SeaCube Container Leasing Ltd. He will report to Robert Sappio, Chief Executive Officer. Kachidurian has executive experience across a variety of financial services and transportation companies, having began his career in container leasing at Transocean Leasing some 30 years ago. He has held senior sales and marketing roles with companies such as GE Capital, Donlen Corporation and most recently as Senior Vice President - Sales and Marketing at Stoughton Trailers in Madison, Wisc.

Photo: Transocean

Transocean Retires Six Floaters

Transocean announced its intent to retire the ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the deepwater floater Transocean Marianas. The rigs will be classified as held for sale and will be recycled in an environmentally responsible manner. All six rigs were previously cold stacked. The company will recognize an impairment charge of approximately $1.4 billion during the third quarter of 2017 associated with these actions.

Courtesy MCA

Anchors Removed for moving Transocean Winner onto vessel

Work has begun this morning to raise four of the primary anchors of the Transocean Winner rig in Broad Bay, in anticipation of moving it onto the Hawk. It’s expected this initial work will take about 12 hours. The four secondary anchors will also be removed, also a 12 hour operation, leaving the rig attached to tugsa. The Hawk will begin to ballast down – which means it will be submerged – ready to receive the rig. A temporary exclusion zone of 1000m will be put in place during the ballasting process on the Hawk until such time the rig is secured.

Michael W. Kearney (Photo: Port of New Orleans)

Port of New Orleans Board Elects Kearney as Chairman

The Board of Commissioners of the Port of New Orleans has elected Mr. Michael W. Kearney chairman. Mr. Kearney represents Orleans Parish and joined the Board in December of 2012 when he was appointed by former Gov. Bobby Jindal. He succeeds Mr. William T. Bergeron, whose term as chairman expired this month. Mr. Bergeron will continue to serve as a commissioner. In addition, the Board elected Mr. Robert R. Barkerding vice chairman and Mr. Laney T. Chouest secretary-treasurer. Mr.

Blair LeBlanc (Photo: Stokes & Spiehler)

Stokes & Spiehler Announces Management Promotions

Petroleum engineering and consulting firm Stokes & Spiehler has made several promotions to its management team, the company’s president Bruce Jordan, P.E. announced. Blair LeBlanc, P.E., has been named Vice President – Offshore Operations; Russ Bellard, P.E., has been named Vice President – Onshore Operations; Tony Shell has been named Vice President – Sales & Marketing; and Donnie Busscher has been named Engineering Manager. LeBlanc is a Registered Professional Engineer. He graduated from the University of Southwestern Louisiana with a bachelor’s degree in Petroleum Engineering…

Photo: Transocean Ltd

Transocean Provides Fleet Status Report

Transocean, the world's leading offshore drilling contractor with 61 rigs in its fleet, has issued a Fleet Status Report that provides the current status of and contract information for the company's entire fleet of offshore drilling rigs. Being the largest offshore drilling company in terms of market capital, Transocean is ridding itself off of the old rigs, the long-since weighing overheads, and reducing inefficiency in its processes. Actinia - Awarded a three year contract offshore India at a dayrate of $101,000 ($111 million estimated contract backlog).

Deepwater Semi Rig Courtesy Tranocean

Transocean Delays Drillship Delivery

Transocean Ltd. (NYSE: RIG) announced today an agreement with Sembcorp Marine's subsidiary, Jurong Shipyard Ptd Ltd, to defer the delivery and related final payments of two dynamically positioned ultra-deepwater drillships. The proprietary Jurong Espadon 3T designed rigs are now scheduled to be delivered during the first and third quarter of 2020.

Deepwater Horizon is due for release September 30, 2016 (Photo: Lionsgate)

Wahlberg Headlines Film on Deepwater Horizon Tragedy

Nearly six years after the BP oil spill in the Gulf of Mexico, Hollywood takes its shot at recounting the tragedy with a film due this fall aiming to tell the story on the fatal blowout and its aftermath. The oil spill, one of the largest environmental disasters in global history, is depicted in the film Deepwater Horizon, named after the Transocean-operated semisubmersible Mobile Offshore Drilling Unit which suffered a catastrophic blowout and explosion on April 20, 2010, killing 11 workers and injuring 16 others…

Stuart Murray Photo iSURVEY

iSURVEY Strengthens North Sea Presence

iSURVEY Group, a leading provider of survey and positioning services to the global oil and gas and telecommunications sectors, has boosted its North Sea presence following a number of contract wins and the appointment of a new business development manager. Following the recent announcement of a contract extension with Nexans Norway AS, iSURVEY has also been awarded a second contract extension with AGR to provide rig move and positioning services for the company and its clients, Faroe and Engie, during their exploration-drilling campaigns in 2016.

Image: Statoil

Statoil Cancels Maersk Rig Contract

Norwegian firm Statoil ASA is ending its rig contract for the Maersk Gallant six months early. The jack up rig has been on contract with Statoil for two years, since 21 August 2014, and since 9 October it has been sub-chartered to ConocoPhillips. "Between 14 February and 21 August 2016 the Maersk Gallant is on a new contract with Total E&P Norge AS, who will pay cancellation fee according to the former contract," says a press statement from Statoil. In January, Total received consent from the Petroleum Safety Authority (PSA) of Norway…

Image: astragon Entertainment

Gamers Grow Their Shipping Empires

Both the multiplayer mode as well as the single-player campaign of the economic strategy simulation game TransOcean2: Rivals promise players hours of entertaining gameplay. An update to TransOcean: The Shipping Company, the sequel’s developer Deck13 Hamburg and publisher astragon have added two more single-player modes which will present new challenges for ambitious “ship owners”. In single-player competition mode, the game’s AI will adopt the part of the multiplayer mode’s human competitors.

Lars Sjobring

General Counsel Sjöbring Quits Transocean

Transocean Ltd. today announced that Lars Sjöbring, Senior Vice President and General Counsel, has informed Transocean that he will be leaving the company. Mr. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015. "Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff's Steering Committee announced earlier this year," said Jeremy Thigpen, Transocean's President and Chief Executive Officer.

Lars Sjöbring (Photo: Transocean)

Transocean Senior VP to Resign

Lars Sjöbring, Senior Vice President and General Counsel at Transocean Ltd., will be leaving the company, Transocean announced today. Sjöbring has agreed to aid in the search for a replacement, but will resign no later than December 31, 2015, Transocean said. "Lars has done an outstanding job guiding Transocean through the extensive litigation following the Macondo Well incident, and was instrumental in securing the related settlements with BP and the Plaintiff's Steering Committee announced earlier this year," said Jeremy Thigpen, Transocean's President and Chief Executive Officer.

MSV Fennica. Photo by Greenpeace

Shell Moves Ahead in Arctic with Exploratory Well

Shell Oil's icebreaker MSV Fennica weaved through nine remaining protesters hanging from the St. Johns Bridge and made its way toward the Pacific Ocean. Authorities have removed protesters dangling from a bridge and in kayaks in Oregon, allowing an icebreaker to get through and head toward the Arctic, The Associated Press reported. Demonstrators had been trying to stop the Fennica from leaving Portland, Oregon, and heading for an oil drilling operation, the AP reported. The ship had tried to leave earlier Thursday, but was forced to turn around by the protesters dangling from the bridge.

Image: Transocean Ltd

Transocean Delays Drillships

Transocean Ltd, the world’s largest offshore driller, has delayed delivery of two new ultra-deepwater drillships, the company announced. The company amended its drillship construction contracts ($540 million each) with Jurong Shipyard, a subsidiary of Sembcorp Marine, by 24 months. The two drillships are now expected to be delivered in the second quarter of 2019 and the first quarter of 2020, respectively. Transocean has won contracts worth $109 million from mid-May to mid-June.

Tidewater’s OSV Dean Edward Taylor

'80s Brain Drain Haunts Today’s Offshore Layoffs

Companies struggle to balance cost-cutting with skills retention. If you can’t accept the rollercoaster of employment that is the offshore industry, adding and shedding jobs like clockwork through its cyclical ups and downs, don’t get on for the ride. That cold bucket of reality is repeated like a mantra across the industry. Job security and highly paid offshore employment are like mixing oil and water. The emulsion will keep hold for a while until it eventually falls apart when oil prices disintegrate. It’s a pattern industry veterans know well.

Photo of GSF Galaxy III courtesy Transocean

PSC, BP Claims Against Transocean Resolved

Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc. and BP America Production Co. ("BP"). These settlements together resolve substantially all outstanding claims against Transocean arising from the April 20, 2010, Macondo Well incident involving the Deepwater Horizon in the Gulf of Mexico. Under the terms of the agreement with the PSC, which is subject to approval by the U.S.

Zambelli appointed CCO, Maersk Drilling

Ana Zambelli, currently Managing Director for Subsea Operations at Transocean, will take up the role as Chief Commercial Officer (CCO) in Maersk Drilling. She will start 1 June 2015 reporting directly to CEO Claus V. Hemmingsen. Ana Zambelli will assume the position as CCO after Martin Fruergaard, who after 25 years in the Maersk Group, six of them as CCO for Maersk Drilling, will leave Maersk Drilling. “Martin has for more than 25 years served the Maersk Group in various positions…

Image: Transocean Ltd

Transocean Appoints Jeremy D. Thigpen President & CEO

The CFO of Houston-based National Oilwell Varco Inc. (NOV) is stepping down to become CEO of Transocean Ltd. (RIG), one of NOV’s largest customers. Effective April 22, Jeremy Thigpen will become CEO of Switzerland-based Transocean, which has its main U.S. office in Houston. Thigpen succeeds Ian Strachan, who had been serving as interim CEO since Steven Newman stepped down in February. Strachan, who is also the company's Chairman of the Board of Directors, will retire from the Board at the end of his term at the 2015 Annual General Meeting following approximately 16 years of service.

Managing the Human Element

Too many times, we are simply not aware of what we do not know. That said; if the first quarter of 2015 brings only one thing into crystal clear focus, then that would probably involve the reality that the human element of maritime operations is the glue that holds the entire business model together. At the same time, any flaws or faults in this aspect of your far flung, waterborne enterprise are sure to take you down. The days of merely finding someone to wander up your gangway to meet minimum crewing requirements is certainly over.