MPA defers rise in port dues

December 31, 2008

The Maritime Port Authority of Singapore has announced plans to delay the scheduled increase in port dues on old bunker tankers to help shipping companies through the current financial crisis.

The deferment will help more than 100 bunker tankers MPA said. As part of an effort to grow a younger, more efficient and greener fleet of tankers in Singapore’s port, in March this year, MPA intended to introduce a 5% increase in the duties on tankers that have been in operation for 16 years or more to 15% – originally intended to take effect from 1 Jan 2009. This duty increase is aimed at discouraging the operation of older tankers on the premise that they are a higher risk to the marine environment and also less efficient. This has now been deferred a year to Jan 1, 2010. ‘We hope this deferment will contribute towards helping the industry adjust to the changing business climate,’ MPA’s group director (Hub Port) Captain M Segar said.

Read More


Remedial launches first ESV at COSCO Nantong Shipyard

December 31, 2008

Remedial Offshore marked the launch of its first Elevating Support Vessel on December 16 when the ESV unit was skidded onto a quayside barge at the COSCO Nantong Shipyard.

The launch ceremony celebrated a major milestone in construction of the world’s first ESV vessel, the “Remedial ESV Solutions.” The innovative ESV design is optimized for well intervention in water depths to 325 feet (100 meters). Each ESV unit (two are under construction) combines capabilities of a jackup platform, an ocean-going vessel, a workover drilling rig, heavy-lift cranes and an offshore accommodations platform in a single package. Launching the vessel onto the barge allows its three 3,500-HP thrusters to be installed and further commissioning work to continue prior to moving the unit downstream to another COSCO shipyard where the remaining sections of its 425-foot (130-meter) legs can be installed. These are the last steps before the vessel enters sea trials for an expected March 2009 delivery. Elevating Support Vessel (ESV™) units are self-propelled jack-up well intervention vessels rated for service in 325 ft (100m) water depths, carrying a dedicated electric workover rig. Remedial Offshore’s innovative ESV™ concept offers offshore oil & gas operators a unique way to combine the capabilities of jack-up rigs with the self-contained efficiencies of ocean-going vessels.

Read More


Subsea damage leaves Galoc unplugged

December 31, 2008

Australia’s Otto Energy has confirmed that production at the Galoc project off the Philippines will be delayed until late next month due to damage to the oilfield’s subsea production system.

Otto said in a statement that part of the detachable mooring and riser system had been damaged when the field’s floating production, storage and offloading vessel Rubicon Intrepid had disconnected earlier this month. Otto said the vessel had been disconnected from the field “due to a combination of events including adverse weather conditions”. Tropical Cyclone Billy passed through the area earlier this month. However, the company had said at the time it had lined up a remotely operated vehicle to inspect the subsea equipment while the FPSO was disconnected. Otto said a subsea survey by the floater’s owner, Rubicon Offshore International, had found a “partially detached” component that would need to be repaired before production can recommence. It said the Rubicon Maverick would sail from Singapore to undertake the work and was expected to start the remedial work by early next month, The Galoc field lies on Service Contract 14C off the west coast of the Philippines’ Palawan Island. Otto operates the Galoc project with a 31.38% interest in the Galoc Production Company (GPC) and a 58.29% working interest in the SC14C licence.

Read More


2008 the ‘best year ever’ for tanker owners

December 31, 2008

2008 has been ‘the best year ever’ for tanker owners, according to leading broker RS Platou.

According to its tanker index, which is derived from six different sizes of crude and product carriers, average daily earnings for owners were $64,000. This figure is marginally higher than 2004 levels which previously held the record, stated an RS Platou report. The report pegged suezmax and aframax earnings for this year at $67,200 and $49,800 per day respectively. According to the Norwegian brokerage, both product and chemical tanker rates “have bucked the general trend in shipping of slumping returns, particularly in the dry-bulk and container shipping sectors,” reports said. Other brokers Tankerworld spoke to said they agreed with the report from RS Platou. They said 2008 saw several instances of counter-seasonal strength in spot tanker rates which pushed earnings for many owners to record levels. This counter-seasonal strength in spot rates has been attributed to heightened oil demand from the US, China and India and rising exports from tonne-mile intensive OPEC producers.

Read More


Enterprise repairs High Island Offshore System

December 31, 2008

Houston: Enterprise Products Partners has completed repairs to its High Island Offshore System pipeline in the Gulf of Mexico after the pipeline was severed during Hurricane Ike in September.

Federal regulators have approved Enterprise’s inspection and start-up procedures and authorized Enterprise to resume full service on the pipeline. The 42-inch diameter section of pipe damaged during the storm was located in around 130 feet (39.6 m) of water. Now repaired, the pipeline system has the capacity to transport up to 1.8 Bcf/d of natural gas. The High Island Offshore System consists of a 291-mile (468.3-km) pipeline system that transports natural gas from fields in the Galveston, Garden Banks, West Cameron, High Island and East Breaks areas of the Gulf of Mexico to various third-party pipeline systems. The system also includes eight pipeline junction and service platforms. Enterprise President and CEO Michael A. Creel said, “Customers and investors alike can feel confident that our personnel expedited the repair process and managed the asset following the storm as professionally and efficiently as possible”.

Read More


Keppel O&M ends year with additional contracts

December 30, 2008

Singapore: Keppel Offshore & Marine has ended 2008 with additional signed contracts worth S$200m through its wholly owned subsidiaries.

The new orders include the upgrading and conversion of a Floating, Storage and Offloading (FSO) vessel into a Floating Production, Storage and Offloading facility by Keppel Shipyard for Single Buoy Moorings, the building of two RAmpage 5500 Z-M offshore support tugs by Keppel Singmarine for Seaways International and the construction of three tugboats at Keppel Cebu Shipyard in the Philippines. Work on the FPSO Okha is expected to commence in the first quarter of 2009 and will be completed in the fourth quarter of 2010. The facility is being developed for the Cossack Wanaea Lambert Hermes oil field 135km northwest of Karratha in Western Australia. The two DP2 multi tasking Anchor Handling Tugs (AHT), each with 100-tonne bollard pull, are due for completion in the first half of 2011 and will be deployed in West Africa, Asia or the Middle East. Keppel Singmarine is currently building a similar AHT for the same owner for delivery in end 2009.

Read More


Iran readies gas deal without India

December 30, 2008

Iran will sign a deal with Pakistan to sell gas to the neighbouring country, even if India, a third party to the deal, walked out.

India stayed away from talks in Tehran on a proposed $7 billion pipeline in September, saying it wanted to agree transit costs through Pakistan on a bilateral basis first. Iran Oil Minister Gholamhossein Nozari said a delegation from Pakistan had arrived in Tehran for two days. Iran will sign a deal with Pakistan, if India does not take part in the project. In July, Iran said India and Pakistan had accepted Iran’s demand for gas price reviews based on market changes, denying reports by some Indian newspapers that the pipeline talks had failed after Iran demanded a review every three years. The pipeline would initially carry 60 million cubic metres of gas daily to Pakistan and India, half for each country. The pipeline’s capacity would later rise to 150 million cubic metres. Iran says it has completed 18% of the work for the pipeline to bring gas from its South Pars field to the Iran-Pakistan border. Pakistan has yet to begin work on a 1000 kilometre stretch of the pipeline to link Iran with India. Iran has the world’s second-largest gas reserves after Russia.

Read More