NYC-based PIRA Energy Group reports that WTI strengthened in June while other midcontinent differentials weaken. In the U.S., crude stock drew while products built.  In Japan, crude stocks built. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:

WTI Strengthens in June, Other Midcontinent Differentials Weaken

With crude bottlenecks redeveloping in Canada and West Texas, differentials generally weakened in June. Rising production, refinery maintenance, and pipeline delays are contributing to relative weakness in Midcontinent markets – except for Cushing, where inventories continue to fall.

DOE Data Shows Crude Stock Draw, Product Build

Overall commercial inventories increased this past week with product inventory increase outpacing a crude stock decline. Last year saw a very large inventory decline for this particular week and, as a result, the inventory comparison to last year swung to positive, albeit just by 1.0 million barrels, for the first time this year.

Japanese Crude Stocks Build

Crude runs were little changed, but a higher import rate built stocks 3.9 MMBbls. Finished product stocks built slightly, but gasoline stocks drew to a record low. Refining margins are good. Gasoline cracks gained on the week, while other cracks eased slightly. The impact of typhoon Neoguri will be seen in the data for next week with refinery and berthing operations curtailed for a time.

LPG Scorecard

U.S. LPG prices have remained remarkably strong despite the large fall in crude oil prices. WTI and Brent crude oil have fallen 5% and 6% over the past two weeks. Mt Belvieu Propane is only 1% lower over the same period despite record increases in inventories and a surplus stock level to the year prior. Increased export capacity and a bumper corn crop (crop drying demand) are supportive for propane prices. Butane prices were flat over the same period and thus butane’s price ratio to WTI strengthened considerably, by 2.7% to 52.8% of WTI, the strongest vs. US benchmark crude since April. Winter gasoline blending season is only a few months away – the high demand period for butane. Ethane prices were the exception – outpacing natural gas' 6% decline by falling 10% in two weeks to 25.9¢/gal, the lowest level since November of last year.

U.S. Ethanol Prices and Manufacturing Margins Advance

The second half of 2014 began with ethanol prices rising in most of the country and corn costs plunging. As a result, manufacturing margins increased for the first time in five weeks.

Ethanol Production Declines

U.S. ethanol output declined to a six-week low 927 MB/D during the holiday-shortened week ending July 4, down from 953 MB/D in the preceding week. Inventories increased by 82 thousand barrels to 18.3 million, inching closer to the annual high of 18.4 million.

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.

• Repsol has discovered hydrocarbons in its TB14 well in the TSP block offshore Trinidad and Tobago, east of the Island of Trinidad.

• This discovery, made outside of the existing extension of the Teak field, has an estimated 40 million barrels of oil in place.

• The TB14 well has produced 1,200 barrels of oil a day of good quality crude in testing and is in commercial production.

• The find adds to the successful completion of the TB13 development well, which began producing in May.

The company has for the last three years beaten its own resource addition targets, outlined in its 2012-2016 strategic plan.

Repsol has made a new hydrocarbons discovery in the Teak field, offshore Trinidad and Tobago, in the TSP block east of the island of Trinidad.

The find in the TB14 well has upgraded the northern portion of the Teak B field that was not known to exist before.
The newly-discovered area is estimated to contain over 40 million barrels of oil in place, which increases the field's current reserves, extends its productive life and adds new output.

Repsol operates the field with a 70% interest, partnered by co-venturers Petroleum Company of Trinidad and Tobago (Petrotrin) and The National Gas Company of Trinidad and Tobago (NGC), with a 15% stake each.

Repsol and its partners are carrying out a drilling campaign to add new resources and production to the TSP block, which has been producing since the 1970s. The program includes new drilling throughout 2014.

The TB14 well, which has produced 1,200 barrels of oil a day in testing, adds to the start-up in June of the TB13 well, which added 1,384 bopd to the field's output. The new wells add 24% to the block's existing production, which averaged 10,900 bopd during 2013.
The drilling programs in Trinidad and Tobago have been benefitted by fiscal reforms implemented by the government in the last few years to incentivise exploration and production in mature fields. This has resulted in increased rig activity, additional production and new reserves.
Repsol and its partners continue to work in the area, expecting to complete at least two more wells during the current year, with further drilling scheduled for the following years.

Repsol has boosted its exploratory activity in the last few years with significant success, with more than 50 discoveries since 2008, including some of the world's largest finds in the period.

In 2013, Repsol posted the highest reserve replacement rate amongst its peers at 275%, which also beat the company's own reserve addition targets for a third consecutive year to reach a total 1.515 billion barrels of oil equivalent.

Repsol in Trinidad and Tobago

Repsol has been operating in Trinidad and Tobago since 1995. It currently holds rights over seven offshore blocks. Repsol's production in the country averaged 135,046 boepd in 2013.

At the end of 2013, Repsol has hydrocarbons reserves in Trinidad and Tobago totalling 325.3 million barrels of oil equivalent.

A new module addressing the implications of SOLAS regulations for the recovery of crew and passengers in distress at sea has been released by leading maritime training provider, Seagull.

The Seagull module, Recovery of persons from the water (CBT 297), is directed at management and operational staff responsible for a ship's safety management system.

The need to recover people from water usually occurs at short notice in emergency situations. The training module will help those onboard to draw up a ship-specific plan and it emphasises the need for everyone onboard ship to be familiar with their role in it.

The objectives include being able to identify the risks, recognise the factors that should be taken into account and list the essential requirements of a plan as well as know that drills must take place and be recorded.

In addition, the module's objectives include being able to list the actions to be taken to help those rescued to recover from the effects of being in cold water and to identify actions that can be taken when direct rescue is not possible.

Roger Ringstad, Roger Ringstad, Managing Director, Seagull AS, says: "This module helps ship's staff prepare, revise and review plans and procedures in line with SOLAS 111/17-1), which came into force on July 1 2014 and means that all ships will now have ship-specific plans and procedures for the recovery of persons from the water".

"The requirements apply to new ships constructed (with keel laid) on or after July 1 2014, and to existing ships by the first periodical or renewal safety equipment survey after this date. Ro-Ro passenger ships have already been requested to carry means of recovery equipment and should have complied already with the requirements."

Seagull's 60-minute, English language module has been created with the assistance of the Norwegian-headquartered supplier of safety, rescue and inspection equipment, Dacon AS, and with the UK company Jason's Cradle® Man Overboard Solutions, whose MOB system is used globally to retrieve people quickly and horizontally from the water.

"The importance of the horizontal recovery position cannot be overstated, as an estimated 20% of persons die during vertical lifting," says Mr Ringstad. "Horizontal lifting reduces the possibilities of 'dry drowning' and it is one of the quickest and safest methods of retrieving both conscious and unconscious persons."

Houston and New Orleans-based law firm Bland & Partners P.L.L.C. is pleased to announce that Crain Wilson, P.L.L.C.'s Houston office merged with its firm as of July 1, 2014.

The merger results in meaningful growth for the firm, including the addition of six attorneys and four legal support staff, as well as expanding its client base. The firm is currently home to 31 attorneys and legal staff. Crain Wilson attorneys joining Bland & Partners include Susan Noe Wilson, Deborah Busby, Doug Hammond, Michael Hogue, Tom Deen and Of Counsel Alan Folger.

"The merger will create value for our clients in that it will add depth, breadth, and greater resources for us to continue rapidly responding to our clients' needs and to represent them in the most efficient manner," said David Bland of Bland & Partners.

The merger builds upon the decades of collective experience in the areas of admiralty/maritime, marine and energy construction, transportation, commercial litigation, and insurance. The merger joins attorneys with well-recognized reputations for excellence and professionalism as well as common core values and a commitment to zealous representation of clients.

"We are excited about the opportunities the merger provides for our clients. Bland & Partners allows us the ability to expand our core practice areas, while maintaining the fundamental principles we have cultivated in our practices over the decades. Our dedication to the principle 'our clients' needs come first' will remain our top priority at Bland & Partners," said Susan Noe
Wilson of Crain Wilson.

DeepFlex announces the signing of an agreement with Offshore Inland Marine & Services, Inc. (OIMO) to establish a new unbonded flexible pipe manufacturing and qualification testing facility to be located in the Port of Pensacola, Florida. The industrial complex will have direct access to the existing deep water quay-side, which is strategically located for optimized access to serve the flexible pipe markets in the Gulf of Mexico, West Africa, Europe and Asian regions. The state of the art manufacturing and qualification testing facilities will create job opportunities in excess of 100 direct jobs and make a significant contribution to the City of Pensacola's industrial and business growth.

Felipe Lamego, DeepFlex President & CEO, said: "Our new plant in Pensacola, benefiting from its strategic location and our leadership in composite fiber reinforced flexible pipes, will strengthen our global leadership in the research, development, industrialization and commercialization of advanced technology for the delivery of deep water enabling flexible pipe solutions. We look forward to the bright future ahead for this facility's growth with the City of Pensacola and Offshore Inland. We recognize the assistance provided by the Greater Pensacola Chamber, who actively guided the project through the competitive site-selection process and helped our company navigate both the local, regional and state incentive approval process."

Lamego continued: "Other local, regional and state partners instrumental in facilitating our project included Enterprise Florida, the Florida Department of Economic Opportunity, the Florida Department of Transportation, Escambia County and the City of Pensacola. The project was also supported by two special regional initiatives – Gulf Power Company's Job Creation Rate Incentive, which offers discounts to new and existing customers who add jobs, capital investments and new electrical loads to the region – as well as the Industry Recruitment, Retention and Expansion Fund, a regional economic development initiative administered by the University of West Florida and appropriated by the state legislature."

Harkand successfully completed the test fit of the newbuild self-propelled hyperbaric lifeboat (SPHL) to the hyperbaric rescue facility (HRF) at Unique Maritime Group's facility in New Iberia, Louisiana.

Harkand DSV Upgrade includes Self-propelled Hyberbaric Lifeboat

In the Gulf of Mexico, industry standards require diving support vessels to be equipped with a means of hyperbaric evacuation that will provide immediate rescue for divers in saturation, if an emergency evacuation is required. Harkand has taken the extra step in providing an SPHL which provides a controlled escape for the divers who can be navigated to a safe harbor with and HRF.

The SPHL test mating was the first milestone in the USD 8.5 Million upgrade of the diving support vessel (DSV) Harkand Swordfish which is currently working in the Gulf of Mexico.

Harkand is completely upgrading the 1000' ABS Classed Saturation Diving System which will be fully IMCA compliant. An additional decompression dive chamber (DDC) will be added, increasing the capacity for divers to 15. The upgrade to DSV Harkand Swordfish also includes an upgrade of the three-man bell to the highest industry standards. The vessel will also be fitted with a 165' IMCA compliant surface diving system.

Mike Brown, general manager – diving operations, North America and Africa, said: "Our diving operation is rapidly expanding. During this growth period, we are focused on the safety of our personnel and the quality of our equipment. We are not interested in just complying to the industry safety standards, we are listening to the experienced, knowledgeable members of our team and implementing the safest equipment available. Harkand is focused on setting the standards for diving and IRM.

"In addition to the upgrade to the DSV Swordfish, Harkand is adding two IMCA compliant and DNV classed surface gas diving spreads to our Gulf of Mexico assets. The first will be delivered early Q4 2014."

Harkand provides offshore vessels, ROVs, diving, survey services, project management and engineering to the oil and gas and renewables industries. Employing close to 1,000 people at bases in Aberdeen, London, Houston, and Singapore; Harkand aims at being the leading subsea IRM and light construction contractor globally.

EMAS AMC, the subsea services division of EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry has achieved the significant milestone of installing 50 platforms for Chevron in the Gulf of Thailand.

Under a multi-year contract that commenced in 2011, EMAS AMC has also successfully laid 376km of subsea pipes utilising the construction vessel Lewek Champion, a DP2 rigid pipe laying vessel with heavy lift capabilities. Chevron has since extended the contract to 2015 with a further option thereafter.

In 2014, EMAS AMC is expected to install 25 pipelines and 10 platforms of which 15 and seven, respectively, have already been completed.

"This is a significant project milestone for EMAS AMC and a great achievement together with Chevron," said C.J. D'Cort, CEO, EMAS AMC. "We will continue to work closely with Chevron to deliver the remaining work scope successfully in a safe and timely manner.

"We are also proud of the Lewek Champion project team and crew who have received several noteworthy HSE awards from Chevron during this campaign, one for zero recordable incidents in 2011, another for reliability and performance in 2011, and the Outstanding Crew Award in 2011 and 2013."

Aquatic Engineering & Construction Ltd, an Acteon company, has appointed Martin Charles (photo) as regional general manager, Europe, Middle East and Africa (EMEA). This appointment contributes to Aquatic's business strategy for 2014 and its ambitious expansion programme, which will improve customer service worldwide.

Charles will lead the company's market development and project delivery across the EMEA region from Aquatic's headquarters in Aberdeen, UK. He has a wealth of experience in oil and gas and associated market sectors, most recently with JDR Cable Systems Ltd, as the global services director responsible for developing the installation, aftermarket and maintenance business worldwide for JDR.

Group president of Aquatic, Chris Brooks, said, "It gives me great pleasure to welcome Martin to the Aquatic team as regional general manager for the EMEA region. The breadth of this region, which is critically important to Aquatic, requires high-level strategic management and hands-on detail focus. I know that Martin's experience will bring new rigour and energy as we seek to achieve further growth and win new customers across all markets and sectors."

This appointment follows the successful recruitment and appointment of Nick Dale as regional manager, Aquatic Asia Pacific Pte Ltd, who is based in Singapore.

Danos recently named Larose native Glenn Gros General Manager of the company's Fabrication Division. In addition to the day-to-day management and oversight of Danos' nearly 30-year-old fabrication yard at the company's headquarters' in Larose, Gros will also be responsible for establishing the company's new, waterfront fabrication yard.

Prior to joining Danos, Gros, an LSU graduate with a degree in mechanical engineering, has held leadership positions at J. Ray McDermott, Cameron Process Solutions, Unifab International, Oil States Skagit SMATGO, and RCI.

"Glenn brings over 40 years of fabrication and project management experience to Danos, and we're proud to have him lead our growing fabrication division," said Mark Danos, Construction and Fabrication Division Manager.

With capabilities to handle carbon steel, stainless steel, duplex steels, copper-nickel and aluminum, Danos' fabrication division offers customized solutions for both the structural and process piping demands of the oil and gas industry. The addition of a new waterfront facility will allow Danos to pursue large structures and modules, adding to its current fabrication capabilities.

"It's a great time to be joining the Danos organization," said Gros. "Danos has built a solid, well-respected fabrication business over the past three decades, and I'm ready to get to work helping expand the business and creating job opportunities with our new waterfront facility."

Aberdeen-headquartered Brazilian market specialist EntradaB2B has joined forces with CFG Bridge to facilitate farm-in opportunities for UK companies seeking access to the exciting Brazilian oil sector.

CFG Bridge, based in Rio de Janeiro, Bogota and London, can access a number of farm-in opportunities in both the onshore and offshore sectors in Brazil and Colombia through an extensive contact network built up after many years involvement in the Oil &Gas industry.

Daniela Figueiredo, Director of CFG Bridge, commented "This is a very exciting time for Brazilian oil and gas operations. The high number of prospects identified in recent years through successful E&A drilling points to the potential for early production revenue for overseas investors interested in farm-in opportunities."

"We are delighted to partner with CFG Bridge in this exciting venture", said Jim Cargill, Entrada B2B's local Director, "and look forward to assisting UK companies develop their interests in Brazil."

The Brazilian oil and gas sector has been marked by major finds over the last 20 years with UK companies like BG establishing substantial positions alongside local operators. A number of International Oil Companies (IOCs) are already producing oil in Brazil with many others holding acreage.

EntradaB2B.com

Calibre International and Lonsal Representações, a Brazilian company, operate under the “Entrada” banner to help British and Brazilian firms partner on projects in Brazil's booming oil & gas sector.

The full formal name of the jointly held local Brazilian company is “Entrada Consultoria Em Vendas E Marketing E Legalizacao  De Estrangeiro Limitada” and trades under the names “Entrada do Brasil” and “EntradaB2B.com”.

Entrada has offices in both Aberdeen and Rio de Janeiro and is able to offer comprehensive assistance to UK service companies wishing to enter a growing market.

EntradaB2B.com features a free database of Brazilian and UK companies willing to offer their resources, exchange skills, expertise and technology to make the most of opportunities in the burgeoning energy market. The new website aims to provide clients with a ‘one stop shop’ of information and services. This is being continually developed with additional information and services.

It already features an Advice Centre, which includes briefings on legal issues from the leading Scottish law firm Brodies and financial and taxation issues from the independent chartered accountant Campbell Dallas and its Brazilian partner UHY Moreira.

CFG Bridge

CFG Bridge Ltd. is a Member of the Brazilian Chamber of Commerce, the ONIP Brazilian Organization of the Petroleum Industry (ONIP), and the Program for the Mobilization of the National Industry of Oil and Gas (PROMINP). It was created in January 2013 by the Executive Luiz Octavio de Azevedo Costa and the Deputy Manager Daniela Figueiredo, who were the Heads of the International Business Development team of PETROBRAS in London. In April 2013, Marco Hupe joined the Executive Board and also as a Partner.

With operations in Colombia, Brazil and Argentina (expanding to Peru and Mexico), and offering services that deliver business expansion in Latin America, CFG Bridge works alongside European and Latin American companies seeking market penetration and local partners. CFG Bridge’s services range from sales representation to business modelling to total set-up. These services also include the support of a world-class law firm, a specialist in oil and gas with a global reach .

CFG Bridge Ltd. also has an influential array of Associates, experts with solid experience in different aspects of the market, especially in the different sectors of the Oil and Gas Industry.

NYC-based PIRA Energy Group believes that Brent crude prices will move higher after some first half July weakness. In the U.S., there was a crude stock draw and product stock build. In Japan, crude runs begin to rise and stocks draw. Specifically, PIRA's analysis of the oil market fundamentals has revealed the following:

European Oil Market Forecast
Brent crude prices will move higher after some first half July weakness with tighter global crude markets and reduced OPEC spare capacity even as Saudi Arabia makes up for lower Iraqi exports. Urals differentials will firm over the next two months. Gasoline cracks still have a bit of strength for now, but with ample inventories they will narrow next month and especially in September. Distillate inventories, while currently rising, remain low and will tighten in the Atlantic Basin in the third quarter, driving diesel cracks higher.

Crude Stock Draw and Product Stock Build Results in Flat Commercial Stock Profile
With a 14.7 million barrel commercial stocks draw this week last year, it was inevitable that the year-over-year stock deficit would narrow. Last year's commercial draw consisted of a 10.3 million barrel draw in crude, a 5.9 million barrel draw in the four major refined products, and a 1.6 million barrel build in other product stocks. Consequently, even though crude stocks drew last week, crude stocks flipped from a deficit to a surplus versus last year.

Japanese Crude Runs Begin to Rise, Stocks Draw
Crude runs have begun moving higher as turnarounds begin to wind down. Crude stocks drew marginally as imports remained low. Finished product stocks also drew slightly. While refining margins remain soft, they improved slightly due to improved light product cracks overcoming a weaker fuel oil crack.

LPG Scorecard
U.S. stocks of LPG continue to rebuild from low levels at record rates. NGL production rates soared to a record high in April, with significantly more growth expected this year. New fractionation capacity and export infrastructure is being rapidly deployed to meet surging oil production. Propane in Europe and Asia is well supplied, with seasonally low demand inhibiting further price strength. Butane markets are tighter and discounts to naphtha in both regions have the product favored for petrochemical feedstocks use.

U.S. Ethanol Prices Declined During June
Ethanol prices fell during most of June as output reached a record high, stocks built to a yearly peak, and corn costs were the lowest since February. Prices showed some strength late in June as production declined when problems with railcar delays returned.

Ethanol Output Increases

U.S. ethanol production rebounded to 953 MB/D the week ending June 27, up from 938 MB/D during the preceding week. Though last week's output was significantly less than the record 972 MB/D two weeks earlier, it was still the second highest since December 2011.

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.

As technology allows for the more widespread drilling and recovery of oil and liquefied natural gas in the world's oceans, companies and governments are recognizing the need to re-evaluate some long-held notions about the security of offshore platforms and other maritime assets.  In the past 25 years, approximately 50 attacks have been directed at offshore oil and gas assets, according to Mikhail Kashubsky, Senior Lecturer at the Centre for Customs and Excise Studies, University of Canberra, Australia.  In a post-9/11 world, the value of and threat to these critical strategic assets have only increased.  While attacks provide a window on the types of threats the oil and gas industry has faced, they can also help prepare the industry for how to protect itself in the future.

Not all threats to offshore oil and gas can be solved with armed security or better firepower, and oftentimes, armed security are not permitted in waters where many assets exist.  In fact, the ones that have been historically the most damaging to companies and their bottom lines cannot.  One of the most disruptive activities directed against offshore platforms in the past has been environmental and political protest. 

Leiv Eriksson

Past decades have seen environmentalist protestors interfere with and illegally board the Stella Carron drillship and the Stella Don offshore drilling rig in 2010.  The unauthorized boarding of the Liev Erikkson offshore drilling rig in Turkey and the boarding of the Parabe offshore production platform in Nigeria are still more examples.  Perhaps most memorable among these types of incidents was the illegal boarding and occupation of Shell's "Brent Spar" offshore oil storage facility in the North Sea on 30 April 1995.  Following the incident, Shell was forced to release a statement which read: "Shell's position as a major European enterprise has become untenable. The Spar had gained a symbolic significance out of all proportion to its environmental impact. In consequence, Shell companies were faced with increasingly intense public criticism, mostly in Continental northern Europe. Many politicians and ministers were openly hostile and several called for consumer boycotts. There was violence against Shell service stations, accompanied by threats to Shell staff."  This demonstrates beyond any question the potential damage to a company and its reputation that illegal boarding by protestors can cause.  The violence against Shell employees and the damage to the company's bottom line could be calculated in the tens if not hundreds of millions of dollars.

In addition to these illegal boardings, the oil and gas industry faces a growing number of terrorist and asymmetric threats from violent actors worldwide.  Israeli State Comptroller Joseph Shapira recently reported to Israel's Ministry of Defense(http://www.globes.co.il/en/article-offshore-gas-platforms-vulnerable-to-attack-1000923993):

"The reality in which Israel's economy and international standing are improving in the gas production industry, and the economy's growing dependence on the gas supply, make the gas facilities targets of attacks by hostile countries and terrorist organizations.  Hezbollah has made explicit threats to attack Israel's gas platforms. Threats against the Tamar production platform and the Yam Tethys platform which contain combustible gas and complex machinery, which are close to the Gaza Strip and not far from shore, are diverse and should be prepared for."

Additional detail within the lengthy report outlines Israel's significant increases in its concerns over these threats and the direct and indirect impacts on the country, its security, and its economy.  Shapira's concerns are not unfounded.  Precedents for this type of attack are plentiful.  Between 2006 and 2010, the Movement for the Emancipation of Niger Delta (MEND carried out at least thirteen attacks on offshore oil and gas installations in the Niger Delta region of Nigeria as part of their campaign against the oil and gas industry.  In April 2004, Iraq's Al Basrah Oil Terminal and the Khawr Al Amaya Oil Terminal were attacked nearly simultaneously by suicide boats.  The attacks were reportedly launched by the Al-Qaeda-affiliated Zarqawi network based in Iraq.  Terrorist, criminal, and separatist groups all see offshore oil and gas as high-profile, largely unprotected targets.  Even when populated by armed security teams, offshore platforms are tiny islands in a vast 360-degree field of fire.

The offshore oil and gas industry is beginning to understand the need for more comprehensive platform security plans that can address not only the high-profile "lethal" threats from terrorist and criminal groups, but also the non-lethal threats posed by protestors, refugees, fishermen, and any other group that seeks to illegally board a rig.  Security teams, naval patrols, and passive "fenceline" defenses such as the Alcyonics ™ Fixed Site Entanglement System (http://www.prnewswire.com/news-releases/critical-maritime-assets-and-infrastructure-gain-greater-protection-222200101.html) are the best measures available today to reduce risk, mitigate damages, and stop threats.  With, when allowed, armed security teams providing protection against lethal threats to the platform and its personnel, naval patrols and a fixed perimeter system to stop incoming threats can deter illegal boardings without resorting to the use of deadly force.  This multi-layer, integrated approach is essential to the industry as non-lethal events can have far greater financial impact to a company than even a lethal attack can.  The notion of preparing to deal with threats with a one-dimensional response (i.e. "only" security teams, "only" naval patrols, etc.) is one whose time has passed.  Full spectrum protection is more important now than it has ever been. 

About Alcyonics

www.alcyonics.com - Alcyonics designs and produces passive and highly effective standoff defenses to combat the dramatically increasing global terrorist, piracy and political threats against oil & gas platforms, shipping and other maritime assets.

Paragon Offshore Limited (to be converted to Paragon Offshore plc) ("Paragon"), in preparation for its previously announced spin-off from Noble Corporation (NYSE: NE) ("Noble"), announces that, subject to market and other conditions, it intends to offer for sale $1.185 billion in aggregate principal amount of senior unsecured notes due 2022 and 2024 in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), to eligible purchasers.

Paragon intends to use the net proceeds from the offering to repay a portion of the promissory notes that it expects to issue to Noble as partial consideration for the transfer to Paragon of Noble's standard specification drilling business in connection with the spin-off.

The notes and the related guarantees will be offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States, to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The notes and the related guarantees have not been registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of the notes or related guarantees in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such states.

About Paragon Offshore
Paragon Offshore is currently an indirect, wholly owned subsidiary of Noble Corporation. Paragon is a pure-play global provider of standard specification offshore drilling rigs. Paragon's drilling fleet consists solely of standard specification rigs and includes 34 jackups and eight floaters (five drillships and three semisubmersibles). Paragon's primary business is to contract its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas.

The fully owned subsidiary of A.P. Møller - Maersk A/S (the Company), Maersk Olie og Gas A/S (Maersk Oil), completed the acquisition of stakes in three Brazilian blocks from SK Energy for USD 2.4 billion in July 2011.

Maersk Oil has revised its strategy and will no longer pursue growth or operatorship for its business in Brazil. As a consequence of this, Maersk Oil has divested its ownership share in the small producing field Polvo to the operator, Brazilian independent HRT O&G Exploracao e Producao de Petroleo Ltda., subject to regulatory approvals.

The remaining fields Wahoo and Itaipu contain significant potential resources and it is expected that the operating partners of these fields will at a later state be able to present commercially viable development plans.

Based on own assessments Maersk Oil now expects that these plans will result in a lower value than originally anticipated as the appraisal drillings performed have come out at the low end of the original expectations and additional adverse impacts from increased development costs and lower oil price also must be expected.

Consequently, the Company has decided to make an impairment to the book value of Maersk Oil's Brazilian assets of USD 1.7 billion, bringing down the value to USD 0.6 billion which will be included in the Group's Q2 result.

The Group's guidance for the 2014 result will remain an underlying profit of around USD 4 billion and a Group result significantly above last year.

Maersk Oil's revised assessment of its Brazilian assets will have no impact on Maersk Oil's long term production plans since no volumes concerning the Brazilian assets have been included in these plans.

Group CEO, Nils S. Andersen, commented:
"The SK Energy investment was made at a time when the outlook for the oil industry and oil prices were more positive than today and we had growth ambitions for our Brazilian oil business. We have now adapted our strategy to the situation we see today, but it is of course clearly unsatisfactory that the oil volumes in the acquired fields Itaipu and Wahoo after appraisal drilling has proved to be in the low end of our original expectations. Going forward, this strategy adjustment and value impairment allow Maersk Oil to fully focus on its growth strategy".

CEO of Maersk Oil, Jakob Thomasen said:
"Whilst our ambitions for Brazil have only partly lived up to our expectations, Maersk Oil continues to develop an exciting portfolio of new projects around the world that will deliver more value and increased production through the decade."
"The natural uncertainty of exploring for oil and gas has to be balanced with the huge potential rewards. So it is important that we embed the learnings from Brazil into our future plans to grow the business. In the short term that means we will reduce our planned exploration spending whilst we reload the acreage and prospect portfolio."

Diamond Offshore Drilling, Inc. (NYSE: DO) has announced that Ronald Woll has been appointed Senior Vice President and Chief Commercial Officer, effective immediately. Based in Houston, Mr. Woll will have oversight of company marketing and contract acquisition activities.

Mr. Woll has an extensive background in the oil-field services arena in a career covering business development, manufacturing, supply chain, and business process re-engineering. Prior to joining Diamond Offshore, Mr. Woll served as Senior Vice President, Supply Chain at Halliburton, and he has previously worked for Bertelsmann, PricewaterhouseCoopers and General Electric. Mr. Woll graduated Summa Cum Laude in Industrial Engineering from the State University of New York at Buffalo and later obtained a Master's Degree in Engineering Management at the same college.

"Ron brings with him a successful track record where he has brought value to both service company and operator alike in a win-win manner," said Marc Edwards, President and Chief Executive Officer. "His extensive industry knowledge and leadership experience will be an important addition to an already strong marketing team."

Stone Energy Corporation (NYSE: SGY) has announced a definitive agreement to sell its non-core Gulf of Mexico (GOM) conventional shelf properties to Talos Energy Offshore LLC for $200 million in cash and assumed future undiscounted abandonment liabilities estimated at approximately $117 million.

These properties represented production volumes of approximately 57 MMcfe per day for the first quarter of 2014 (58% natural gas). The estimated proved reserves associated with these properties represented approximately 9% of Stone's year end 2013 estimated proved reserves. Stone will retain an option for a 50% working interest in the deep drilling rights on the properties.

Chairman, President and Chief Executive Officer David H. Welch stated, "The sale of our non-core GOM shelf properties will allow us to further focus our efforts on GOM deep water, gulf coast deep gas and Appalachian projects, which we have targeted for our growth. We also retained the right to drill deep gas prospects on the divested properties. Our remaining conventional GOM shelf properties will consist of two core operated fields currently producing approximately 6,000 boe per day (86% oil), which will allow us to better focus our human capital and financial capital. Together with the sale of our two onshore south Louisiana properties in late 2013 and first quarter 2014, we have sold approximately $300 million in non-core GOM shelf properties with over $140 million in future undiscounted abandonment liabilities."

The effective date was April 1, 2014, and the transaction is expected to close by early August 2014, subject to customary closing conditions and adjustments. After the closing of this transaction, Stone will be providing updated 2014 guidance, which will adjust for the proposed divestiture. Scotia Waterous acted as the financial advisor to Stone on this transaction.

Stone Energy is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston, Texas and Morgantown, West Virginia. Stone is engaged in the acquisition, exploration and development of properties in the Deep Water Gulf of Mexico, Appalachia and the onshore and offshore Gulf Coast.