Apache Corporation (NYSE, Nasdaq: APA) has announced it has agreed to sell oil and gas producing properties in the Nevis, North Grant Lands and South Grant Lands areas of western Alberta, Canada, to Ember Resources Inc., a private Canadian company, for US$214 million (CAN$220 million).

"Going forward, Apache is focused on growing our liquids production from a deep inventory of crude oil- and liquids-rich opportunities that generate attractive rates of return on our extensive remaining acreage in Canada's Western Sedimentary Basin," said Rodney J. Eichler, president and chief operating officer. "We also remain focused on advancing the Kitimat LNG project to monetize large unconventional resources in the Liard and Horn River basins in northern British Columbia.

"This transaction is one element of a comprehensive review of Apache's portfolio to determine which assets make the most sense for Apache to own given our growth and return objectives and which assets are better owned by others," Eichler said. "The Nevis, North Grant Lands and South Grant Lands assets fit in the latter category."

Apache's Nevis, North Grant Lands and South Grant Lands assets

The assets comprise 621,000 gross acres (530,000 net acres) and more than 2,700 wells that had average net production of 67 million cubic feet of gas and 237 barrels of liquid hydrocarbons per day from late Cretaceous sands and coal seams during the second quarter of 2013. Apache will retain 100 percent working interest in horizons below the Cretaceous, such as potential Duvernay and Nisku, in Nevis and North Grant Lands.

The effective date of the transaction is April 1, 2013, and it is expected to be completed during the third quarter, subject to customary regulatory approvals and other closing conditions.

"I commend the employees who have worked these assets for many years of safe and environmentally responsible operations," Eichler said.

Portfolio Rebalancing

Apache previously announced plans to divest $4 billion in assets by year-end 2013. The company intends to use proceeds from the asset divestitures to reduce debt and enhance financial flexibility and to repurchase Apache common shares under a 30- million-share repurchase program authorized by the Board of Directors earlier this year.

In July, Apache announced an agreement to sell its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC (Fieldwood), an affiliate of Riverstone Holdings, for cash proceeds of $3.75 billion. In addition, Fieldwood will assume all asset retirement obligations for these properties, which, as of June 30, 2013, Apache estimated at a discounted value of approximately $1.5 billion.

Unique System FZE, a Unique Maritime Group company, which is one of the world’s leading integrated turnkey subsea and offshore solution providers, has announced the joining of Martin Bolton as the new Division Head for its Oil & Gas Division for the Middle East Region.  He will be based at Unique’s head office in Sharjah in the UAE.

His main responsibilities will include leading and developing the Oil & Gas Division’s team and to ensure that the high product quality, technical and customer service continues to fulfill customer expectations. His main role will be to further expand the Oil & Gas division amid offering a new range of services to the existing clients as well as a new set of clients in the Middle East Region. A few of these services would be Well Head maintenance, Refurbishment of Wellheads, internal and external casing cutting, Slot recoveries, Permanent Abandonments, Supply of High Pressure High Temperature Risers ( HPHT ) ,Supply of Low Pressure Risers, Supply of Double Studded Adapters ( DSA ), tension systems/ tension rings, Overshots, etc. With his primacy, we would soon be targeting a geographical expansion by exploring the competitive Middle Eastern territories of KSA and Kuwait to offer our portfolio of products and services.

Martin started his early career by working as a Service Technician and then as a Field Service and Subsea Service Engineer, for companies such as Weatherford, Vetco Gray and Dril-Quip which acquainted him to the running, installation and maintenance of equipment, and to the overall project completion. He rapidly advanced in his career and worked as a Business Development Manager and General Manager (Sales) over the past 9 years with Claxton, an Acteon Group company. All through his career, Martin has actively managed sales activities and opportunities, while also providing valuable technical and engineering assistance to clients.

On this occasion, Sahil Gandhi, Director @ Unique Maritime Group said, “We are extremely delighted to have Martin Bolton on board to further expand our Oil & Gas Division. He has remarkable experience in the Middle East region and his phenomenal sales, engineering and business development skills will invigorate our market share in the Oil & Gas sector which till date has not been deeply explored.”

Martin Bolton asserted, “I am delighted to be offered this challenging role to help develop Unique’s Oil & Gas division in the Middle East region. I hope to use my expertise to target new clients in this important market sector and target new products too, also add value to the services that the company already has to offer, and focus on customers’ needs and satisfaction.”

DOF Subsea USA has taken delivery of the new build DPII Multipurpose Construction Vessel - Harvey Deep-Sea under a 4-year long term charter agreement with Harvey Gulf International Marine.

DOF Subsea will immediately commence the planned mobilization, comprising of structural reinforcement of the back deck to allow rapid mobilization of project specific equipment, repositioning of the crane boom rest, expansion of deck utilities, integration of two (2) new XLX ROV system and installation of on-line /off-line survey systems. 

Upon completion of the mobilization and prior to commencing committed work with undisclosed client in the Gulf of Mexico, the vessel will undertake a short trials program to test the newly integrated ROV's and calibrate on-board USBL and Crane AHC Systems.

The Harvey Deep-Sea is a 92 meters in length and 19.5 meters in beam vessel featuring a 165t AHC Knuckle-boom crane (approx. 90t to 3,000 meters), accommodation for 71 people, S92 helideck, FiFi 2 and it is certified to carry methanol proving a suitable asset to the Subsea Team to deliver integrated projects safely and in compliance with the Jones Act.

DOF Subsea owns and operates a high specification fleet of vessels and ROVs, which in combination with our team of highly qualified and experienced personnel provides our Clients with safe, efficient and cost effective project delivery. 

- Net Income Improves 60% to $1.0 million

 - Modified EBITDA Increases 22% to $1.7 million

 - Revenues Increase 16% to $9.2 million

Deep Down, Inc. (OTCQX: DPDW) ("Deep Down")(the "Company"), an oilfield services company specializing in complex deepwater and ultra-deepwater oil production distribution system support services, has reported net income of$1.0 million, or $0.10 per diluted share, for the second quarter of 2013, an improvement of $0.4 million from the second quarter of 2012.   

OPERATING RESULTS

Revenues increased by $1.3 million in the second quarter of 2013 compared to the prior-year quarter. The increase of 16 percent in revenues occurred primarily due to increased demand by our customers for our technologically innovative solutions as a result of our consistently successful project execution.

Gross profit increased by $0.6 million to $3.5 million, or 38 percent of revenues, in the second quarter of 2013 compared to the prior-year quarter. Gross profit of 38 percent of revenues is consistent with our expectations for the second quarter of 2013.

Operating expenses increased by $0.2 million in the second quarter of 2013 compared to the prior-year quarter. The slight increase was due primarily to increased lease costs associated with our new facility.

The Company's management evaluates its financial performance based on a non-GAAP measure, Modified EBITDA, which consists of earnings (net income or loss) available to common shareholders before net interest expense, income taxes, depreciation and amortization, and other non-cash and non-recurring charges. 

Modified EBITDA increased by $0.3 million to $1.7 million in the second quarter of 2013 compared to the prior-year quarter. The increase in Modified EBITDA is due primarily to increased gross profit before depreciation expense of $0.7 million, partially offset by increased selling, general and administrative expenses before amortization of share-based compensation of $0.4 million.

WORKING CAPITAL

At June 30, 2013, we had working capital of $7.5 million. Additionally, in the first quarter of 2013, we entered into the fifth amendment of our bank credit agreement, which among other things, increased the committed amount under our revolving credit facility to $5 million from $2 million. Because of these factors, and because of cash we expect to generate from operations, we believe that we will have adequate liquidity to meet our future operating requirements.

EXECUTIVE MANAGEMENT

Ronald E. Smith, Chief Executive Officer, stated, "We are pleased with our results for the second quarter of 2013. Our backlog has reached $26 million and our business is increasing.  To accommodate this increase, we entered into a long-term facility lease in June 2013, which enables us to expand our capacity and take on much larger jobs."    

ConocoPhillips (NYSE: COP) has announced that it has closed a transaction with the National Gas Company of Trinidad and Tobago Limited (NGC) for the sale of its wholly owned subsidiary, Trinidad and Tobago Holdings LLC, for a total consideration of $600 million plus customary adjustments.

Trinidad and Tobago Holdings LLC holds a 39 percent interest in Phoenix Park Gas Processors Limited (PPGPL). PPGPL operates a gas processing and natural gas liquids fractionation facility located at Point Lisas, Trinidad.

“The sale of this noncore, midstream asset represents further progress in strengthening and focusing the ConocoPhillips portfolio, and advances the strategic interests of both NGC and ConocoPhillips,” said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning. “We appreciate the long and productive relationship we have had with NGC.”

ConocoPhillips expects to recognize an after-tax gain of approximately $290 million for the sale.

Including this transaction, ConocoPhillips has announced expected proceeds of approximately $14.1 billion from the sale of nonstrategic assets as part of its 2012-13 asset disposition program. Through June 30, 2013, the company has received $3.8 billion in proceeds from completed sales, with the remainder expected by year-end 2013. These proceeds will be available for general corporate purposes and allow the company to advance existing growth programs.

The floating production sector has been especially active over the past several months. Ten production floaters have been ordered since March. They include a $3 billion FPSO for Nigeria (a record price for an FPSO), two $1.8 billion FPSOs for Brazil, a $1.8 billion FPSO for the UK, a $1.3 billion production barge for the Congo and a $1.0 billion FPSO for the Gulf of Mexico.

MODEC's FPSO Cidade de Niteroi MV18 

269 floating production units now in service or available —

This figure is 22% greater than five years ago, almost 80% higher than ten years back. FPSOs account for 61% of the existing systems. The balance is comprised of production semis, tension leg platforms, production spars, production barges and floating regasification/storage units. Thirteen units (12 FPSOs, 1 Semi) are off field and available for reuse – resulting in an overall utilization rate of 95.2%. Another 93 floating storage/offloading units (without production capability) are in service.

72 production floaters are on order —

Current order backlog consists of 40 FPSOs, 6 production semis, 5 TLPs, 4 spars, 1 barge, 4 FLNGs and 12 FSRUs. Delivery of the equipment will grow the production floater inventory by 27%. In the backlog are 46 units utilizing purpose-built hulls, 26 units based on converted tanker hulls and 1 unit being modified from an existing production semi Of the production floaters being built, 41 are owned by field operators, 31 are being supplied by leasing contractors. Brazil continues to dominate orders for production floaters – 23 units are being built for use offshore Brazil, 32% of the order backlog.                               

241 new floater projects are in the bidding or planning stage —

The number of future projects in the pipeline keeps growing. A year ago 233 projects were in the planning or bidding stage. Five years ago, the figure was 141 projects. Ten years back, 94 projects. According to Jim McCaul, head of IMA, "potential deepwater projects should grow significantly over the rest of the decade. Oil demand keeps growing, the futures market points to $90+ oil through the decade, deepwater drill contractors are running at full load and 90+ additional drillships/semis are scheduled for delivery over the next few years. These new drill units will increase deepwater drill capability by 30% and remove a bottleneck that has constrained E&D in deepwater."

But deepwater spending could be hitting headwinds —

Deepwater projects compete for a place in capital expenditure plans – and investment opportunities in tight oil and shale gas could cause some deepwater projects to slip from oil company capex budgets. This could be occurring now. According to McCaul, "maybe it is more than a coincidence that five major deepwater projects have been deferred over the past several months. Each project had its own reason for deferral. But five in such a short period sends warning signals to everyone in this sector."

International Maritime Associates (IMA) is a firm of business consultants specializing in market analysis and strategic planning for companies in the marine and offshore sectors.

We provide the front-end research needed to size the available market, analyze customer requirements, benchmark market position, identify new business opportunities, evaluate market positioning options and assess potential acquisitions or strategic alliances.

Since formation in 1973, IMA has performed over 350 consulting assignments for clients in more than 40 countries.

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Hamburg: “Making technology-based decisions is complex for each individual company, as is finding the right way into the future. We fully support the overall political will and dedication to reduce harmful emissions from ship operations.”

Said Jörg Langkabel, DNV Country Manager, on the occasion of the visit of the German Minister of Transport, Peter Ramsauer, to Caterpillar’s factory in Rostock.

DNV is helping the industry in Germany to introduce LNG as an economic and safe alternative fuel for ships. The new environmentally friendly dual-fuel Caterpillar M 46 engine is fully capable of running on LNG and meets all the Tier III requirements in gas mode.

At the event, the presented possibility of converting a large number of ships with Caterpillar engines to LNG showed that this technology is now leaving the market niche and spreading out into the industry. As the most experienced class and service provider, DNV is playing an important role in supporting this development.

Mr Ramsauer made reference to Germany’s fuel strategy for the transportation industry, including shipping. He explained that the German government is ready to support pilot projects like retrofitting new engine solutions on ships.

Caterpillar pointed out that 450 ships are now using the M43C-type engine, which can be converted to an LNG-fuelled M 46 DF engine. The majority of these engines are installed on ships with German owners. About 190 of these ships are less than six years old and therefore in principle suitable for conversion to LNG. Most of the ships are container feeders of similar design. There is thus the potential for a standardised, cost-effective retrofit of a large number of ships.

“The transport industry can play a leading role by changing fuel. With our mobility and fuel strategy, we have introduced a way forward for a change with a long-term horizon, making this suitable for continuous planning and implementation,” said Mr Ramsauer. He demonstrated the government’s willingness to implement changes, stating that the MS Atair ship – which belongs to the German Authority for Shipping and Hydrographics - will be replaced by a new LNG-fuelled ship in 2015.

“DNV is convinced that LNG is an environmentally friendly fuel and the best available option to reduce emissions. We can offer many services relating to ship-specific solutions as well as advice on infrastructure needs and investments by ports and authorities. DNV’s tool for assessment and guidance on using LNG as fuel is the LNG Ready service, where the technical solutions are examined and alternatives compared on an OPEX and CAPEX basis, enabling customers to make a strategic decision,” said Mr Langkabel.

He added that DNV has a long and proven track record on LNG since the 1960s, when DNV was instrumental in the development of the Moss-design round transport tanks for LNG, a design still in use. DNV classed Norway’s first LNG-fuelled ferry, which has been operational since 2000, and classes more than 90 per cent of all LNG-fuelled ships. The newest is the Stavangerfjord cruise ferry belonging to the Norwegian owner Fjordline. This ship is 170 metres long and can carry 1,500 passengers and 600 cars. It will serve the busy ferry connections between Norway and Denmark.

The Ferguson Group, global specialists in the provision of offshore DNV 2.7-1/EN12079 containers and accommodation solutions, has posted its 2012 results, which show continuing growth, with worldwide sales increasing by over 10% to £57.6m and pre tax profits up to £16.2m from £15.6m in 2011.



Commenting on the results, Richard Smith, Group Finance Director, said: “2012 was another successful year for the Ferguson Group, which saw the company increase profits during a year of continuing investment in our global infrastructure and asset base. The last two years have seen a substantial investment in infrastructure, strengthening our management team and continuing to build the rental fleet. We expect to see the benefits of this investment reflected in the result for 2013 and are ahead of plan at the half year.



The majority of our sales come from outside the UK and increasing our global presence is a key part of our business plan. The Middle East has been a region of accelerated growth for us, particularly following the launch of two new bases in Dubai and Abu Dhabi.  We also moved to larger facilities in Singapore at the beginning of 2013 to enable us to develop our business further in the Asia Pacific region and we are very optimistic about future prospects for the Group in all regions.


Our focused growth strategy continues to incorporate customer feedback, where operational safety and asset availability are key themes. We aim to put resources into those regions where our customers are at their busiest. Global expansion will continue to be a top priority for the Group over the next 12 months, as we move into other regions where clients require access to our extensive fleet of DNV 2.7-1/EN 12079 certified containers, tanks, baskets, accommodation and workspace modules.



During 2012 we began rebranding the group’s companies under a single “Ferguson Group”, starting with our businesses in Australia and Singapore, which were renamed Ferguson Group Australia Pty Ltd and Ferguson Group Singapore Pte. Ltd respectively. The rebranding exercise continues throughout 2013.”

Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against McDermott International, Inc.  ("McDermott" or the "Company") (NYSE: MDR) and certain of its officers.  The class action, filed in United States District Court, Southern District of Texas, and docketed under 13-cv-2442, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of McDermott between November 6, 2012 and August 5, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

McDermott is an engineering, procurement, construction and installation ("EPCI") company focused on executing complex offshore oil and gas projects worldwide.  The Company provides integrated EPCI services for upstream field developments including, fixed and floating production facilities, pipelines and subsea systems from concepts to commissioning.  McDermott operates in approximately 20 countries across the Atlantic, Middle East and Asia Pacific area.  

The Complaint alleges that throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose that: (a) the Company was experiencing weakness in its project bidding and execution; (b) the Company was engaging in poor risk evaluation; (c) the Company had been experiencing poor project management; (d) the Company was experiencing material losses in its Middle East, Asia Pacific and Atlantic segments; and (e) based upon the above, the Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.

On August 5, 2013 the Company issued a press release, reporting the Company's second quarter financial and operating results for the quarter ending June 30, 2013, stating a substantial decrease in the Company's year-over-year financial results which the Company attributed to poor performance of several significant projects in the Middle East and Asia Pacific segment along with underutilization of assets in the Company's Atlantic segment.  The Company additionally disclosed that it was taking immediate action to correct "weaknesses" in its "project bidding and execution" and that management was putting in place four initiatives in order to create a "more disciplined culture within the Company" to deliver adequate return on the Company's investors' capital.  On this news, McDermott shares declined $1.80 per share or over 19%, to close at $6.93 per share on August 6, 2013.

The Bureau of Safety and Environmental Enforcement (BSEE), U.S. Coast Guard, and Walter Oil & Gas Corporation (Walter), through the Unified Command, continue to oversee and coordinate response efforts to secure the South Timbalier 220 natural gas Well A-3. Safety of personnel and protection of the environment remain the top priorities.

All debris is now removed from the wellhead giving crews vertical access to the well, removal was done from the derrick barge “Performance”.

BSEE approved plans to send a camera and logging tools down the wellbore and is conducting visual observation along with Unified Command. Observations will be used to advance well intervention plans. No gas releases are reported from fixed wireless detectors placed some 30 feet from the top of the well or detection devices carried by all onsite personnel.

Drilling on the relief well is underway using the Rowan EXL-3 jack-up rig, contracted by Walter. Drilling is expected to continue through early September. Many factors can affect the expected schedule including weather and the intricate work of locating the target well bore at the end of the drilling process. A relief well is drilled to intercept the target well. Once intercepted, drilling mud, followed by cement will be pumped into the well to secure it.

All available options to safely secure the natural gas well remain under consideration. Work is moving forward on all approaches.

From visual observation, a sheen is no longer present in the area of the well. The Coast Guard continues to maintain a 500-meter safety zone around the site. Firefighting and other marine vessels remain onsite with personnel from Walter, Hercules, and other professional engineering contractors, and relevant federal agencies. BSEE's investigation into the cause of the loss of well control continues in coordination with the Coast Guard.

Additional updates will be issued as information becomes available. Media inquiries and requests for additional information should be directed to. 504-736-2595.

BACKGROUND:  Walter experienced a loss of control of Well A-3 at approximately 8:45a.m. July 23 on an unmanned platform at South Timbalier Block 220 while doing completion work on the sidetrack well to prepare the well for production. The operator reported the safe evacuation of 44 personnel from the Hercules 265 jack-up rig. Coast Guard confirmed that the leaking natural gas ignited at 10:45 p.m. CDT July 23. BSEE confirmed July 25 that the well flow subsided after a natural bridging process and the fire was suppressed.

As SEA CON® continue their growth they are also continuing to find new ways to better serve their expanding market.  A prime example of this is SEA CON’s new Encapsulating & Molding facility in the West Houston area, opening to develop even greater levels of support both to the Gulf Coast region and internationally.

“There is clear evidence that the market is growing” says SEA CON’s Marketing Manager Melanie Harrison. “The demand on suppliers to increase manufacturing, design, support and customer service also grows in line with this upturn. This new facility is just one of a number of steps we will be taking to achieve our mission”.

Concurrent to this growth in demand is the need for suppliers to exhibit great flexibility and the ability to react quickly to customers needs both planned and unforeseen, while still maintaining high levels of quality and innovation.  Part of this solution is seen by SEA CON to include holding increased stock of most popular connectors to help fill an increasing need for short order custom assemblies.

SEA CON is passionate about the important issue of ensuring the needs of their clients are dealt with quickly and efficiently and the new installation will certainly enable them to meet growing needs and higher expectations. 

SEA CON currently has five main production facilities geared to the delivery of a mass production of subsea connectors. At times this can make it difficult to provide customers with short order custom assemblies. The new work shop will specialize in these short order needs of SEA CON clients, current and future.

The workshop will allow SEA CON to carry more stock of their most popular connectors to mainly benefit their existing customers who don’t necessarily need a molded assembly. Some of the product lines will include the Rubber Molded, WET-CON, ALL-WET and 55/66 series assemblies. Stocks of these are already held, but this new facility will see these stock levels increase.

Craig Newell, Vice President of Sales & Corporate Business Development said “Consistency throughout the business is paramount to our success and the launch of a new Encapsulation and Molding Workshop is just another example of our commitment to over deliver on the promise and work with an overt focus on the changing needs of our clients.” 

Executive Chairman of Marathon Oil Corp. and former Executive Vice President of Development & Production of Statoil ASA join the FMC Technologies Board of Directors

FMC Technologies, Inc. (NYSE: FTI) announced the appointment of two new members to its Board of Directors.

The new board members are Clarence P. Cazalot, Jr., Executive Chairman of Marathon Oil Corp., and Peter Mellbye, former Executive Vice President of Development & Production of Statoil ASA.

Mr. Mellbye will join the Board on October 1, 2013, and Mr. Cazalot will join the Board on December 1, 2013.

Clarence P. Cazalot, Jr., Executive Chairman of Marathon Oil Corp.

Mr. Cazalot has been in leadership positions at Marathon Oil Corp. for the past 13 years, recently serving as Chairman, President and CEO. He currently serves as Executive Chairman. Prior to joining Marathon Oil Corp. in 2000, Mr. Cazalot served in various roles at Texaco, Inc. for 28 years. He currently serves as a member of the Board of Directors for Marathon Oil Corp. and is a member of the Board of Directors of Baker Hughes, Inc. Mr. Cazalot has a bachelor's degree in geology from Louisiana State University.

Peter Mellbye, former Executive Vice President of Development & Production of Statoil ASA

Mr. Mellbye served in leadership positions at Statoil ASA for 30 years. He most recently served as its Executive Vice President of Development & Production, International. Prior to joining Statoil, Mr. Mellbye worked for the Norwegian Trade Council and the Norwegian Ministry of Trade and Industry. He currently serves as Chairman of the Board of Directors for Ocean Installer, A/S, and is on the Board of Directors of Axis Offshore Pte. Ltd. Mr. Mellbye has a master's degree from the University of Oslo and a bachelor's degree from the University of Bergen.

Aker Solutions won a contract from Statoil to conduct an extended concept study for the floater for the Johan Castberg oilfield development in the Barents Sea. The contract, worth NOK 250 million, includes options for further work.

"This is an exciting opportunity to take part in the development of a major new oil field in northern Norway," says Per Harald Kongelf, regional president for Norway at Aker Solutions.

Aker Solutions has previously conducted concept studies for the Johan Castberg field, which is estimated to hold between 400 million and 600 million barrels of oil. The Statoil-operated field is located about 240 kilometres north-west of Hammerfest.

Science Applications International Corporation (SAIC) [NYSE: SAI] announced it was awarded a prime contract by the Defense Advanced Research Projects Agency (DARPA) to provide deep ocean acoustic detection for Transformational Reliable Acoustic Path Systems (TRAPS). The single-award cost-plus fixed-fee contract has a fourteen-month base period of performance, one six-month option, and a total contract value of approximately $10 million if the option is exercised. 

 TRAPS is a fixed passive sonar node designed to achieve large-area coverage by exploiting advantages of operating from the deep seafloor.  Under a previous contract, SAIC completed the initial TRAPS prototype design under the Deep Sea Operations Program Phase 1B, part of the Distributed Agile Submarine Hunting program, and continued validation of the underlying scientific approach through the further analysis of available Navy datasets. In Phase 2, SAIC completed a highly successful deep ocean acoustic data collection using the primary sensor intended for the TRAPS prototype that validated key foundational hypothesis for this breakthrough approach.

 Under Phase 3 of the contract, SAIC will expand the number of prototype nodes to demonstrate a scalable distributed system prototype system to detect quiet submarines.  SAIC intends to supply DARPA with a capability to use systems of configurable technology to achieve Antisubmarine Warfare surveillance needs over large, operationally relevant deep ocean areas.

 "We're excited to continue to work with DARPA on this program, maintaining our commitment and focus on offering innovative solutions that will lead to a final sea test demonstration employing multiple long endurance nodes modified and tested for improved power efficiency, information assurance, enhanced signal processing and manufacturability," said John Fratamico, SAIC senior vice president and group general manager. 

The joint venture formed by Technip (50%) and DOF (50%) was awarded by Petróleo Brasileiro S.A. (Petrobras) eight contracts. These contracts cover the construction of four new pipelay support vessels (PLSVs) and operation in Brazilian waters to install flexible pipes. The combined value for Technip is approximately €1.35 billion.

Two of the PLSVs will have a 300-ton laying tension capacity and will be fabricated in Brazil with a high national content. The other two vessels will be designed to achieve a 650-ton laying tension capacity, thus enabling the installation of large diameter flexible pipes in ultra-deepwater environments, such as the Brazilian pre-salt. Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels, will be in charge of the design and construction of the four PLSVs.

Under the Technip/DOF joint venture agreement, Technip will manage flexible pipelay and DOF will be responsible for marine operations. Delivery of the PLSVs is scheduled for 2016-2017. Contracts will last eight years from start of operations, and could be renewed for another eight-year period.

Frédéric Delormel, Technip’s Executive Vice President and Chief Operating Officer Subsea, declared: “This strategic contract reinforces our subsea leadership in Brazil and our long-term relationship with Petrobras. We are confident that these new state-of-the-art PLSVs, including two with the most important flexible pipelay tension capacity in the world - 650 tons - will be key assets for our client to successfully achieve its projects offshore Brazil.”

Mons S. Aase, DOF’s Chief Executive Officer, added: “The contracts confirm that our co-operation with Technip on the Skandi Vitória and Skandi Niterói has been successful, and reinforces our position as a leading provider of offshore vessels to the Brazilian O&G industry. It comes as a result of our long-term focus on the Brazilian market and is an acknowledgment of the expertise of our people.”

Roy Reite, VARD’s Chief Executive Officer and Executive Director commented: “I look forward to working with Technip and DOF on these milestone projects. VARD yards both in Europe and Brazil being chosen to build these vessels illustrates the value of having a global presence when working with international clients, and bringing leading edge technology to new markets.”

Apache Corporation (NYSE, Nasdaq: APA) says that the third well in the Bacchus Field in the United Kingdom sector of the North Sea has pushed field production past 17,600 barrels of oil per day. Apache has a 50 percent interest in the field.

The Bacchus B-1 development well, which commenced production in July, currently is producing 9,400 barrels of oil per day. Apache logged 2,057 feet net oil pay along a horizontal completion segment in high quality Jurassic-aged Fulmar sandstone in the field's western fault block. Oil from the Bacchus Field is produced through a subsea tie-back to Apache's Forties Alpha platform.

Following the recent success at Bacchus, Apache has extended its current Forties 3-D seismic survey area to cover other Jurassic development and exploration targets in Apache licenses in the Bacchus area. The seismic survey is expected to be completed in September.

Apache has brought three new fields — Bacchus, Maule and Tonto — on production in the Forties area since 2009. All three developments qualified under the United Kingdom government's small field allowance system, which provides economic incentives for operators to bring these discoveries into production.

"Utilizing existing infrastructure within the Forties Field area enables Apache to bring these smaller discoveries on production in a cost-effective manner for the benefit of all stakeholders," said James L. House, region vice president and managing director of Apache North Sea. "A little more than a year after first production, Bacchus has produced 3 million barrels of oil and has already paid out."