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Asian Floating Storage Declines as Crude Market Tightens

November 10, 2017

Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S.

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LOI for Johan Castberg Hull Construction is Signed

November 10, 2017

Statoil is signing a letter of intent with Sembcorp Marine Rigs & Floaters Pte. Ltd in Singapore for the construction of the hull and integrated living quarters for the floating production, storage and offloading (FPSO) vessel that will be located on the Johan Castberg field in the Barents Sea.

Chinese Shipbuilder Wins Award for Largest Heavy Lifting Vessel

November 9, 2017

Shanghai Zhenhua Heavy Industries Company has built the largest heavy lifting vessel in the world which can carry up to 12,000 tons. The vessel, which took eight years to design and build, was awarded a special prize at the 19th China International Industry Fair in Shanghai.

Floating Production Systems Report And Online Database

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  • Online database -- The online database is updated every day – with information direct from primary sources. In the database are details for 240 planned projects, 370 installations in service, 70+ floaters on order and 20+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database.
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Oil Prices Rise on Supply Cuts, Tensions

November 9, 2017

Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m.

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Arctic Oil Expansion Panned by Scientists

November 9, 2017

A group of 37 U.S.-based scientists whose research focuses on Arctic wildlife asked two U.S. senators in a letter on Thursday not to open the National Arctic Wildlife Refuge to oil and gas exploration, according to a copy seen by Reuters. The scientists…

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SBM Offshore: The Cost of Corruption Rises

November 8, 2017

Marine engineering group SBM Offshore said a Brazilian investigation into its role in corruption cases had not been resolved and set aside an additional $238 million provision on Monday to cover costs from an unexpected U.S. inquiry. The Dutch…


ConocoPhillips Aims to Spend $5.5 bln/year

November 8, 2017

ConocoPhillips said it would spend $5.5 billion annually for the rest of the decade on capital projects as long as oil prices stay above $50 per barrel. The Houston-based company also said it expects to pay off more than $4.6 billion of debt by 2020, reducing its debt load to $15 billion.


Eni Could Restart Arctic Goliat Oilfield 'Within Weeks'

November 6, 2017

Italy's Eni could restart the Goliat oilfield in the Barents Sea "within weeks" after completing an inspection and repairs, an Eni spokesman said on Monday. Norway's Petroleum Safety Authority on Oct. 6 ordered a production halt at the 100,000 barrel per day oilfield…


Launch: MarTID - the Global Maritime Training Insights Database

November 6, 2017

MarTID – the Maritime Training Insights Database -- a historic initiative to study global maritime training practices -- launches today. There is broad agreement that as much as 80% of maritime accidents involve human factors causes. As such…

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Egina FPSO Leaves SHI's Geoje Shipyard

November 2, 2017

Samsung Heavy Industries (SHI) successfully completed Geoje-shipyard portion of the world's largest sized Egina FPSO. The gigantic floater left for Nigeria on 31th October 2017. SHI has now fulfilled successful delivery or sail-away of three massive offshore projects as scheduled.


Wison, KBR Team up for FLNG Project

November 2, 2017

Wison Offshore & Marine said it has signed a memorandum with KBR, Inc. for cooperation on a 1.5 MPTA floating liquefied natural gas (LNG) liquefaction unit (FLNG) in Southeast Asia. The companies will collaborate on a mutually exclusive basis…

Brazil Oil Output up 3% in September

November 1, 2017

Oil production in Brazil rose 3 percent in September to 2.65 million barrels per day compared to August, oil regulator ANP said on Wednesday. Gas production reached 114 million cubic meters per day, a 1.9 percent rise over August. In total,…


Oil Tank Inspection: Cyberhawk Gets ABS Certification

November 1, 2017

As the maritime world increasingly turns to unmanned and autonomous systems to carry out difficult and dangerous work, one drone innovator has received certification from a leading classification society to this end. Cyberhawk Innovations reports…

Petrobras, BP Discuss Areas for Strategic Partnership

October 31, 2017

Petróleo Brasileiro SA has begun talks with BP Plc to form a strategic partnership, the Brazilian state-controlled oil company said in a securities filing on Tuesday. Petrobras, as the company is known, and BP may collaborate in areas such as oil exploration and production…


Hempel Launches New Coatings

October 30, 2017

Hempel is launching two new antifouling coatings, Globic 9500M and Globic 9500S. According to the manufacturer, the coatings offer customers a potential 2.5% reduction in speed loss, meaning a significant fuel savings and lower CO2 emissions…

Brent Oil Stays Above $60

October 30, 2017

Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Brent crude futures were up 10 cents or 0.2 percent to $60.54 per barrel at 1:39 p.m.

Diamond Offshore Shares Buoyant

October 30, 2017

As the offshore energy market continues to search for signs of recovery, latest news from Diamond Offshore points to better times ahead. On Monday, October 30, 2017 Diamond Offshore reported better-than-expected quarterly profits, in part driven…

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Exmar in Talks to Supply FLNG Vessel for Iran Project

October 26, 2017

Belgium's Exmar is in negotiations for the use of its floating liquefied natural gas vessel Caribbean FLNG (CFLNG) for an Iranian export project, the company told Reuters on Thursday. The barge-based liquefaction facility, delivered to Exmar earlier this year…

Brazil Delays Estimate for First Oil Cargo from Libra

October 25, 2017

Brazil on Wednesday pushed back its forecast for a first oil shipment from its promising offshore Libra prospect to the first quarter of next year, months after its previously projected October 2017 estimate made in May. Hercules Tadeu F. da Silva…

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GTT Wins Prelude FLNG Work

October 24, 2017

France's GTT has won a contract to provide membrane cargo containment system services to Shell's Prelude floating liquefied natural gas (FLNG) facility in the Browse basin off western Australia. The contract will provide support for the engineering…


WER 2018 Floating Production Systems Forecast

October 23, 2017

World Energy Reports’ (WER) 2018 Forecast Report , the 21st in a series of forecasts dating from 1998, presents projection of floating production system orders over the next five years. The 102-page report provides market intelligence and insights…

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