After just four years in production, the Peregrino field in the Campos basin offshore Brazil has passed a significant milestone, with 100 million barrels of oil produced since April 2011.
The Peregrino field includes two fixed drilling platforms (WHP A and WHP B), and the floating production and storage unit FPSO Peregrino.
The field, jointly owned by Statoil and Chinese Sinochem, achieved the milestone on August 2.
"We are pleased to have reached a major milestone in our Peregrino operations,” says Pål Eitrheim, country manager of Statoil Brazil.
“Peregrino demonstrates the power of possible, and we are proud to operate a project that is both exciting and challenging. These results reflect the professionalism of our people, and the application of technology developed by Statoil, in Brazil and elsewhere. We are constantly learning and we look forward to reaching new milestones as we continue to develop this large field”, he says.
According to a report published by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) in March 2015, Peregrino is Brazil's eighth largest field, and has the second heaviest oil ever produced in Brazil.
It is also the largest field operated by Statoil outside Norway and accounts for about 12% of its international production (around 720 thousand barrels per day).
The operation includes two fixed drilling platforms (WHP A and WHP B), and a floating production and storage unit (FPSO Peregrino), with a production capacity of 100,000 barrels per day. Statoil holds a 60% stake and is the operator of the field, while Sinochem holds the remaining 40%. With an excellent track record, Peregrino has achieved all production, efficiency, cost and safety targets in 2014.
In January this year, the development plan of Peregrino Phase II was submitted to ANP. With total estimated investments of USD 3.5 billion, the project involves a new drilling platform (WHP C) and will add about 250 million barrels in recoverable reserves to the Peregrino field. Phase II of the project will enable the extension of the economic life of Peregrino and is an important and strategic part of Statoil’s ambition to consolidate a strong position in Brazil.
Energy services company LR Senergy has been awarded a number of contracts worth a combined US$7 million in the Middle East, Europe and Asia as it continues to adapt to the difficult and changing market conditions.
Well management and performance improvement specialist Exceed announced on Monday, August 3rd, that it has joined forces with eight former members of senior staff from Applied Drilling Technology International (ADTI).
ADTI ceased trading in May 2015, following a decision to close the business made by the company’s private equity owner, Sun European Partners. Resulting in the loss of 90 jobs, it also lead to the decision by eight senior members from across the ADTI business to actively look at ways to continue to operate. Following discussions with Exceed, a new venture was formed with the intention of continuing to serve former ADTI clients and the wider North Sea market.
This venture brings Exceed’s total number of staff to 30 people, with a further 20 contractors working on projects both locally in the North Sea, as well as internationally on projects in Canada, West Africa and South East Asia. All of the new positions will be based at Exceed’s existing headquarters in Aberdeen.
(L-R) Calum MacDonald (Well Engineering & Operations Director), John Anderson (Commercial Director Wells), Al Brockie (Head of Well Management) & Ian Mills (Managing Director)
The former ADTI staff bring a broad range of capabilities and have joined Exceed as stakeholders through a newly-formed subsidiary. They have taken on the following roles within Exceed:
Al Brockie, Head of Wells Management at Exceed, said: “There is a strong strategic fit between ADTI and Exceed, with both companies offering a range of wells management services in different markets.
“Traditionally, ADTI has had a strong presence in the North Sea whereas the majority of Exceed’s projects have been delivered internationally. This partnership not only bolsters our global credentials and renews our focus on the North Sea, but also allows Exceed to evolve internal systems and processes which will result in significant benefits for clients.
“The move also sends an important message to the industry in a time when thousands of jobs are at risk across all sectors and many talented professionals are being made redundant purely as a result of cost saving measures. Companies which are still in a position to continue expansion plans should be making the most of this opportunity. The events following the closure of ADTI have been a prime example of how collaboration within the industry can secure jobs and livelihoods.”
The new venture significantly expands Exceed’s service offering to include well abandonment, production technology and petroleum engineering, and will allow the company to drive operations into several new markets. Depending on future contracts, there may also be the potential to take on further ex-members of ADTI staff.
John Anderson, Exceed’s newly appointed commercial director for its well division, said: “This is an opportunity for us to continue servicing existing customers and preserve the ADTI bloodline, quality and levels of service. Our team brings strong historic client relationships with a number of North Sea based operators and we are very optimistic that this newly combined service offering and track record will re-open doors both locally and nationally.
“Feedback from clients has suggested that the loss of ADTI is a loss to the industry, and so we are extremely pleased that this merger has happened. Our combined strengths have set us up with a powerful platform for growth.”
Aqueos Corporation, a premier provider of subsea services to the Gulf of Mexico and Pacific Coast, has announced the appointment of Jason Brink to the position of Project Manager-Special Projects.
“Aqueos is excited to have Jason onboard our Team. His experience in deep water ROV and diving operations adds depth to our team and complements our Gulf of Mexico operations. His ability to present technical solutions and support to our Houston based clientele is expected to enhance both our sales and project execution.” said Ted Roche, Aqueos President / Chief Executive Officer. Roche further states, “We look forward to Jason’s contribution and enhanced value to Team Aqueos.”
Aqueos Corporation, with offices in Broussard, LA and Ventura, CA, provides marine construction and specialty subsea services including a complete range of commercial diving, remotely operated vehicles (ROV’s) and vessel-related services primarily to the offshore oil and gas markets.
Ceona, SURF contractor with heavy subsea construction capabilities, has expanded its West African reach after entering into a strategic partnership with Interoil Angola Lda.
The partnership will see Interoil Angola, which is a key player in offshore support vessel management in West Africa, support Ceona’s plans to expand into Angola.
Ceona is already active in West Africa through its Ceona-Seaweld joint venture in Ghana as well as the company’s strategic partnership with Marine Platforms Limited in Nigeria.
Bill Hickie, Ceona’s VP Business Development, said: “Interoil Angola is a well-established company and an approved supplier by the major operators in the region. It is also one of the few Angolan organizations that has a license for vessel management. Partnering with them enables Ceona to officially enter the Angolan market, where our flagship Ceona Amazon vessel is highly suited for work offshore, and at the same time continue to grow our strong footprint across West Africa.”
Headquartered in Luanda and with a yard in Sonils, Interoil Angola’s core business is managing support vessels in-country. The company, which is registered with Sonangol, offers oil and gas services in strategic alliance with reliable and proven technical partners.
Ceona is a SURF and heavy subsea construction contractor in the deepwater market, specializing in full-service engineering, pipelay and construction project management and execution. The company has already established an impressive track record which has seen it expand into West Africa, the Gulf of Mexico and Brazil.
The ground-breaking Ceona Amazon is a powerful, purpose-built hybrid vessel that can execute complex logistical projects in remote, harsh and deepwater territories. Designed to deliver full flexible or full rigid pipelay, she can change easily and quickly between each mode and is extremely weather resilient. With a deck area of 4,600m2 and the ability to carry 9,500te of pipe on deck and in her two holds, the Amazon is custom designed for full deepwater field development needs.
Her two 400te cranes, which have been designed to operate in tandem to support work in water depths of up to 3,000m (10,000 ft), enable her to easily install large manifolds and heavy subsea structures. This combined with the vertical-lay pipelay system featuring a top tension of 600te, capable of laying rigid pipe to 3,000m (10,000 ft) water depth make her a vessel of choice for all deepwater field development needs.
Ceona, which is backed by majority shareholder Goldman Sachs Capital Partners, has offices in London, Aberdeen and Houston, with strategic partners in Brazil and West Africa.
Ceona is certified by DNV to ISO 9001, 14001 and OHSAS 18001 standards. FPAL supplier number: 10053050 – Achilles ID: 29319
NYC-based PIRA Energy Group believes that so far market sentiment has deteriorated more than oil balances. In the U.S., commercial stocks flat on the week while EIA revises down U.S. crude output. In Japan, crude runs recovered and stocks built. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:
World Oil Market Forecast
There are more risks to the forecast lift in global economic growth in second half 2015. So far market sentiment has deteriorated more than oil balances. The back of the market has led prices lower as speculators are no longer convinced higher oil prices are required to balance future oil supply and demand. PIRA disagrees with this view, but a “show me” mindset regarding tightening balances will keep prices lower than forecast earlier.
Latin American Oil Market Report
Increased United States/Canada crude production has significantly reduced U.S. imports of Latin American crudes over the last few years. More Latin American crude moved to Asia, mainly India and China. Mexico has proposed an exchange of up to 100 MB/D Mexican heavy crude for U.S. light crude that if approved would help to reduce the light crude overhang in the U.S. and enhance Mexican gasoline/diesel production and thus reduce their product imports. Latin American gasoline/diesel product imports will rise even with new refinery start-ups in Brazil and Colombia, and the U.S. will supply the vast majority. Near term planned/unplanned refinery outages in Venezuela and Mexico along with seasonal demand impacts are adding to Atlantic Basin product strength in 3Q15. PIRA’s outlook is for generally weaker Atlantic Basin gasoline/diesel cracks over the remainder of the year.
Commercial Stocks Flat on the Week While EIA Revises Down U.S. Crude Output
A 4.2 million barrel commercial crude stock draw offset a similar sized product inventory build leaving stocks virtually flat on the week. The stock excess to last year stayed roughly the same at 145 million barrels. Noteworthy is that the EIA revised down its Lower-48 crude production by 151 MB/D in this week’s report. This is an indication that the upcoming May 2015 Petroleum Supply Monthly will most likely show downward revisions to crude production for some months of 2015. May 2015 U.S. total crude production should come in significantly lower than the 9.65 MMB/D shown in the most recent STEO forecast.
Japanese Crude Runs Recover and Stocks Build
Crude runs and imports rebounded following the typhoons, which had resulted in operational and berthing disruptions. Crude stocks surged, while finished product stocks rose only slightly. Gasoline and gasoil stocks were marginally lower, while kerosene stocks continued building, though at a slower rate. The indicative refining margin has come well off its June peak, though it is in the upper half of its statistical range.
This Time is Different
It is PIRA’s belief that crude oil and product prices are set simultaneously in both the physical and paper markets. Commercial entities that have physical positions, which they hedge in the futures markets, are the connective tissue between these two markets. Post 2003, fears that the world would be running out of crude led speculators to increase their paper length, which raised deferred futures prices enough to allow physical players to find and develop higher cost crude. What is different this time is the role of prime mover has shifted from speculators to commercials. This time commercials have become increasingly short, encouraging through lower prices speculators to enter the long side of the market.
Petroleum Refining Remains an Important Market for Natural Gas
The EIA’s latest annual report of refinery fuel use for 2014 does not contain many surprises regarding natural gas use in the refining sector. Direct fuel use of natural gas averaged a little less than 2.5 BCF/Day, and natural gas use to produce hydrogen in refineries averaged a little more than 0.5 BCF/Day. This represented 14% of industrial sector natural gas use, and 4% of total U.S. natural gas consumption. Natural gas use per barrel of crude run seems to be related to the prevailing API in each PADD. The national average natural gas use of 0.2 MMBTU per barrel of crude run implies a 20¢ per barrel margin impact, for every $1.00/MMBTU change in the price of purchased natural gas.
Freight Market Outlook
Tanker markets entered the second half of 2015 on a high note, but they are due for correction as a number of temporary elements of support unwind. The Iranian nuclear agreement has the potential to significantly alter both the crude and tanker markets, but this will take time to unfold. Incremental Iranian crude exports estimated at 500 MB/D by the end of 2016 are not expected to hit the market until the second quarter of next year. Perhaps of more importance to shippers and tanker operators is the potential for the marginalized Iranian tanker fleet (including 37 VLCCs) to return to active service in 2016 adding to the already accelerating capacity growth.
Asian Ethylene Prices Drop in July
Ethylene prices in China and Southeast Asia fell over 20% in July. Exports from the mainland increased as poly plants slowed on greater uncertainty in the local economy. Chinese exports are facing muted demand in the north where prices are falling in tandem amid rising inventories. Supplies are likely to continue rising, and prices falling, as long as ethylene production margins remain robust.
Ethanol Inventories Decline
U.S. ethanol production has declined for three consecutive weeks, with last week's output dropping to a ten-week low 965 MB/D. After two straight weeks of falling stocks, inventories reversed course and built by 89 thousand barrels to 19.6 million barrels.
Ethanol Prices and Margins Bottom
U.S. ethanol prices were volatile in July, rising early in the month but then falling sharply, tracking corn’s reversal. Ethanol manufacturing margins bottomed mid-month after declining for nine consecutive weeks.
The information above is part of PIRA Energy Group's weekly Energy Market Recap - which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets.
UTEC Survey, an Acteon company, is strengthening its leadership team with two key promotions. In Houston, Cory Goodyear will become General Manager after eight years with the company. Additionally, UTEC NCS Survey in Aberdeen has promoted Simon Goldsworthy to Sales and Marketing Manager for its Europe and Africa (EA) region.
Between them, Simon and Cory offer combined industry experience totaling almost 40 years in a variety of settings and they will play key roles in driving forward UTEC’s ambitious plans for continued global growth in key marketplaces.
Cory has 18 years’ offshore-related experience having started as a Field Surveyor before becoming a Project Manager. He began his career at UTEC as Offshore Manager, and was responsible for the opening of UTEC’s Canadian office in 2011. He has recently moved to the U.S. to take up his new role where he will be primarily responsible for profitability, resource management and logistics.
Simon joined NCS Survey as a Business Development Manager in 2014 and was involved with its merger with UTEC subsequent to the Acteon purchase of UTEC in late 2014. Simon has 19 years’ offshore marketplace experience, including Sales Manager and International and Export Sales Manager for leading offshore operators.
UTEC Chief Executive Martin O’Carroll said, “When you face challenging market conditions, it is vital to have the correct personnel to drive the business forward – both Cory and Simon have the credentials and experience to do this and we look forward to their input in helping us achieve our corporate ambitions to define subsea services.”
Excelerate Receives Approval to Move Forward with the Construction and Operation of LNG Terminal
On July 24, 2015, the Federal Energy Regulatory Commission (FERC) issued its order granting authorization to Excelerate Energy ("Excelerate"), in cooperation with the Puerto Rico Electric Power Authority (PREPA), to site, construct, and operate the proposed Aguirre Offshore GasPort Project ("Project") located offshore Puerto Rico. The order confirms the final Environmental Impact Statement (EIS) that resulted in a finding of no significant environmental impact. As part of the order, the Project will comply with all the environmental conditions outlined by FERC.
"We are pleased to receive the order from FERC after nearly four years of extensive environmental review," stated Rob Bryngelson, Excelerate's chief executive officer. "During this time, Excelerate has not diminished its efforts to deliver the beneficial Aguirre Offshore project, nor has the company wavered in its support for PREPA's and the Government of Puerto Rico. Excelerate firmly believes that the Project will provide a valuable service to PREPA and bring tangible and enduring benefits to the citizens of Puerto Rico."
"The order represents an important milestone in the development of the project," stated PREPA's interim executive director, Carlos Castro. "This project is critical for PREPA to reduce the cost of energy in Puerto Rico and to reduce the emission of air pollutants."
The proposed project will be a floating liquefied natural gas (LNG) terminal with the same capabilities as a land-based terminal. The terminal will consist of a floating storage and regasification unit (FSRU), minimal infrastructure to moor the vessel, and a subsea pipeline to deliver the gas onshore. The facility will provide fuel to PREPA's Central Aguirre Power Complex. Fuel cost reduction and environmental improvements, such as improved air quality and reduced barge traffic in the environmentally sensitive Jobos Bay, are the primary drivers for bringing the Project to Puerto Rico.
The Project has undergone an exhaustive analysis through the environmental review process that began in December of 2011. Within this timeframe, Excelerate has provided extensive information regarding the design, construction and operation of the Project to the FERC, cooperating agencies, and the general public. Also, both Excelerate and PREPA have held numerous meetings with the private and public sectors, as well as local communities and interested parties, to ensure complete transparency throughout the entire permitting process. On February 20, 2015, the FERC issued the final EIS, which assessed the environmental impacts of the Project and determined that the Project was suitable for construction and operation.
In the coming months, Excelerate will continue to work with FERC and cooperating agencies in preparation for the commencement of construction. Construction is estimated to begin the first quarter of 2016, with an in-service date of the second quarter of 2017.
All project related information can be found on the Project website.
Sea Trucks Group ("Sea Trucks") is pleased to announce the recent award of a charter for the Jascon 31 in the Gulf of Mexico. The state of the art DP3 Accommodation Construction vessel will start sailing soon from West Africa to the Gulf of Mexico.
Sea Trucks will provide accommodation support services, lifting operations and installation work to Permaducto S.A. de C.V. for works on the KMZ68/69 project from Pemex for a period of 95 days plus options.
Jascon 31 is a DP3 accommodation construction vessel for both shallow and deep-water operations. The vessel is equipped with a 400 mT, heave compensated, main crane, enabling the vessel to provide extensive subsea support services. The multipurpose vessel also features accommodation facilities for 469 persons, a heave compensated gangway and 1300 m2 of unobstructed deck space.
The work will commence in September 2015.
China’s stock markets have been suffering considerable volatility, sending the central government scrambling in an attempt to pick up the pieces to support the crashing market. Although Chinese economic growth slowed during the past year and local companies’ profits proved unsubstantial, investment in Chinese stocks remained high, creating a bubble which popped on June 12 with the Shanghai index losing a third of its value. Additional signs of market weakness have spread throughout the Chinese manufacturing industry as sector jobs are cut at a rate unobserved since February 2009. Likewise, the effects of slower than anticipated Chinese growth are already being felt by the energy industry, as China remains the world’s largest energy consumer.
China’s weakening economic prospects and stock market plunge have led crude oil futures to fall to uncommonly low levels in early July as evidence of weakening Chinese energy demand growth mounts. Despite significant reductions in Capex, many US producers are still reporting high crude output levels as operators develop and produce formerly drilled wells, although recent EIA data show declining output collectively in the seven major unconventional basins.
Supply growth is now focused on OPEC where crude production this past month increased to 31.7mbbl/d according to the IEA. Led by growth in output from Iraq, UAE and Saudi Arabia, OPEC is now producing an additional 1.6mbbl/d compared with January levels, approximately 85% of the current supply overhang. Iraq’s crude exports reached uncommonly high levels in July while a record outpour of UAE crude hit the market. Moreover, Saudi Arabia suggested further increasing production levels to retain market share.
As oversupply in the crude market continues, a sudden reduction in Chinese energy consumption growth may continue to apply downward pressure to crude prices. OPEC, however, seem more bullish, announcing last week that “signs of a more balanced market in 2016 may provide much desired stability to the oil market in the longer-term, a prerequisite for the continuity of timely and adequate investments.”
Jee Ltd, a leading subsea multi-discipline engineering and training company, has announced a number of key internal promotions to strengthen its capabilities and champion the delivery of projects.
The new structure, headed up by Jonathan McGregor, Head of engineering at Jee underpins Jee core services including Design, Integrity management, pigging and late life. The company has also appointed a Head of project management to increase business efficiency.
Commenting on the appointments, Mr McGregor, Head of engineering said: “As Jee grows, we need to adapt the company structure to support future business needs, ensuring we are capitalising on future opportunities.
Jee Ltd Head of Engineering, Jonathan McGregor
“The new structure and appointment of heads of service areas will not only support these opportunities but is vital in ensuring we are responding to our clients’ needs effectively and efficiently. I’m delighted to be heading up this new, highly skilled and ambitious team.”
With more than 20 years’ experience in the oil and gas industry, Grant Adam has been promoted to Head of Integrity Management. Prior to joining Jee in 2013, Mr Adams held a number of engineering and integrity management positions in the energy sector, including Principal Pipeline Engineer at Oceaneering. Mr Adam also presents Jee’s ‘Advanced integrity management of deepwater pipelines and risers’ course focusing on route cause analysis and risk mitigation.
John French is stepping up to Head of Design, expanding his responsibilities from his previous role as Principal Engineer. As Head of Design, Mr French will oversee all design projects from the feasibility stage to detailed design. He is also focused on developing innovative low-cost solutions.
Graham Wilson is moving to the role of Head of Late Life from his previous position as Head of the Pipeline Discipline team. Mr Wilson is an experienced chartered Mechanical Engineer who has worked in the oil and gas industry since joining Jee as a Graduate Engineer in October 2004. As Head of Late Life, Mr Wilson is responsible for lifetime extension and decommissioning projects.
Paul Otway is taking on the role as Head of Pigging. Mr. Otway has extensive experience in subsea pipeline design and integrity projects for global operators, particularly in-line inspection (ILI) campaigns and offshore management. With niche skills in defining technical pigging campaigns, pig selection and design, Mr. Otway was announced as the winner in the young emerging talent category at the 2013 Subsea UK awards for his work.
In addition, Joe Gransden, has been promoted to Head of Project Management. Mr. Gransden is an experienced Lead Engineer who has worked on a variety of oil and gas projects since he joined Jee in 2008. Mr. Gransden remit is to focus on further service efficiency.
Jee is an independent subsea engineering and training company with offices in Aberdeen, London and Tonbridge. Jee’s multi-disciplined capabilities and integrated services span the whole life-of-field including design, integrity management, pigging, late life and training for the global oil, gas and renewables industries.
Production from the Gullfaks South (GSO) fast-track project for improved oil recovery in the North Sea started on 27 July. GSO will increase the output from the Gullfaks area by around 65 million barrels of oil equivalent.
The Gullfaks A platform in the North Sea. (Photo: Øyvind Hagen)
«GSO demonstrates how we can increase recovery and profitability by use of standardized, simplified development solutions tied to existing infrastructure,” says Arild Dybvig, vice president for fast-track projects in Development & Production Norway. Production started three years after the project was approved. NOK 9 billion have been invested in the project.
«Helping utilize spare processing capacity, the project extends the Gullfaks A platform life beyond 2030,» says Marit Berling, vice president for Gullfaks operations.
GSO represents our focus on improved recovery, standardization and industrialization – in line with Statoil’s continuous effort of maximizing value creation on the Norwegian continental shelf.
This project is part of Statoil’s fast-track portfolio, but it has a larger and more complex subsea scope than ordinary developments of this kind. «Close to 800 vessel days and 2.3 million working hours have been completed with good HSE results. GSO is our most comprehensive fast-track project,» says Trond Bokn, vice president for subsea projects in Technology, Projects & Drilling. The project also involved 370 drilling rig days. The drilling program will continue through the first quarter of 2016.
GSO covers two subsea templates, four production wells, two gas injectors, a gas injection pipeline and a total of three production tubings, in addition to umbilicals and power cables for pipeline heating. There are a total of 22 subsea tie-ins.
Horizon Geosciences has announced the addition of a new vessel to its fleet, primed for work in the North Sea and West Africa.
Horizon Geosciences Business Development Manager Matthew Suchley commented:
“Demand for Horizon Geosciences’ geophysical survey services has been such that we sought an additional specialist vessel to complement the Horizon Geobay.
We are delighted to announce the introduction of the Kommandor Stuart, a multi-disciplinary, geophysical survey vessel with a proven track record in the North Sea and Arctic.”
A multi-disciplinary IMCA and OVID approved DP1 survey vessel with a proven track record in the North Sea and Arctic, Kommandor Stuart was added to Horizon’s fleet to meet growing demand for Geophysical Survey services.
Rebuilt in 2006, the vessel has a large working deck and excellent features including a comprehensive survey laboratory with offshore data processing facilities.
Permanently fitted with a high resolution 500m range Multibeam Echosounder, a low frequency 3000m range Multibeam Echosounder, a hull mounted sub-bottom profiler as well as side scan sonars and magnetometers, this vessel is ideally suited for site surveys and cable or pipeline route surveys.
In addition to these bathymetric and geophysical survey spreads, this vessel can also be mobilized with shallow sampling geotechnical equipment including vibrocorer, dropcorer or seabed CPT.
The vessel also benefits from having in built compressors for digital 2D high resolution geophysical surveys and an ROV can be quickly mobilized as required.
The Kommandor Stuart is primarily dedicated to the North Sea and West Africa region.
Adjusted 1st Half 2015 revenues increased 13.1% to €759 million at current rates (-1.7% at constant rates), which demonstrates good operational resilience in a very challenging market.
First Half 2015 adjusted revenues reached a company record of €758.8 million, confirming BOURBON’s position as a world leader in the OSV market.
Aside from the impact of a stronger US dollar on revenues, activity remained robust, despite adverse market conditions, on the back of a:
Compared with the second semester of 2014, adjusted Revenues decreased by 6.8% at constant rates Compared with the preceding quarter, adjusted revenues decreased 2.2%, reflecting the additional impact of average daily rate renegotiations and further stacking of vessels.
"The first half of 2015 was highlighted by a continued slowdown in activity in most regions and negotiations with clients on commercial terms. Throughout this difficult period, BOURBON has demonstrated resilience, evidenced by the revenue progression, thanks to our strategy of operating a safe, modern and efficient fleet", says Christian Lefèvre, Chief Executive Officer of BOURBON. "While the duration of this downturn is uncertain, BOURBON is constantly adapting to the market and is unwavering in its focus on excellence in service execution and reducing its costs. This focus will not only improve the group’s resilience in the current cycle but will make it even stronger going forward."
(a) Adjusted data: The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). As of January 1, 2015, the internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Adjusted comparative figures are restated accordingly.
Veripos, a leading supplier of high-precision GNSS positioning services to the world offshore and associated industries, has appointed John MacLeod as General Manager of its Europe, Africa and Middle East (EAME) Region. Based at the Company’s Aberdeen headquarters, he will responsible for continuing development of the Region’s growing activities in response to increased demand for its facilities.
Until recently Vice-President Regional Operations with Forum Energy Technology, Mr. MacLeod has over 25 years’ experience within the global subsea oil and gas industries, working predominantly in the ROV, offshore survey and diving sectors in a senior capacity with other prominent organizations supplying both manufactured products and services; they include Ashtead Technology, Nautronix and Sonardyne International.
Commenting on the appointment, Philip Milne, Chief Operating Officer of Veripos, said “John’s wealth of experience and management skills will be invaluable and an important addition to our operational resources and expertise”.
Technip has been awarded an engineering, procurement, construction, installation and commissioning contract by PETRONAS Carigali for the tie-in of PETRONAS first Floating Liquefied Natural Gas (PFLNG1) facility to KAKG-A platform in Kanowit field, located 200 kilometers offshore Bintulu, East Malaysia, at a water depth of approximately 80 meters.
The contract covers the procurement and installation of a 3.2 kilometers flexible flowline between the existing KAKG-A central processing platform in Kanowit field to the PFLNG1 riser. It also includes modification and tie-in works at KAKG-A.
Technip’s operating center in Kuala Lumpur, Malaysia, will execute the contract. The Group will leverage its unique integrated approach in the subsea business. The flexible flowline will be manufactured in Asiaflex Products, Technip’s manufacturing facility in Tanjung Langsat, Johor, Malaysia. It will then be installed by the Group’s multipurpose vessel, the Deep Orient. The installation campaign is scheduled for completion in late 2015.
KK Lim, President of Technip in Asia Pacific, commented, "With this award, we are able to offer to PETRONAS a competitive solution through our unique vertically integrated value chain for subsea infrastructures, from the design and manufacture of the flexible pipes up to its installation, using Technip assets”.
The PFLNG1 vessel, which will produce 1.2 million tons of LNG per year, will play a significant role in PETRONAS’ efforts to unlock gas reserves in Malaysia's remote and stranded fields to help meet the growing demand for gas.
Technip is a FLNG leader with first mover advantage having secured the two world’s first FLNG projects including PETRONAS FLNG1, thanks to its unique combination of know-how and technologies in subsea, offshore and onshore.
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