FPSO'S

[10 bagger]

It's about that time again to start looking at FPSO's..

[10 bagger]

Industry delayed until fall of 2011

[10 bagger]

FSPO update..

Still a few contracts that can not get financed but the time and supply are soon to be in balance.. I expect the Spring of 2011 will be the watershed for this industry.. hank

[10 bagger]

FSPO's..

Still few if any cotracts have been awarded.. Norway still has the most operators.. hank

[10 bagger]

FSPO's..

Still few if any cotracts have been awarded.. Norway still has the most operators.. hank

[10 bagger]

Recon Technology Announces Strong Revenue and Profit Gains as China Oil Services Business Rapidly Expands

PR Newswire - Feb 11 at 10:17 NONE

Company Symbols: NASDAQ-SMALL:RCON

Six Months Revenue up 46% to $10.6M, Net Income up 47% to $1.9M
Conference Call Friday, February 12, 2010 at 10:00 AM ET


BEIJING, Feb. 11 /PRNewswire-Asia-FirstCall/ -- Recon Technology, Ltd. (Nasdaq: RCON), a leading Chinese non-state-owned oil and gas high-tech products and services provider, today reported financial results for its FY '10 second quarter ended December 31, 2009.

Q2 FY '10 Highlights
-- Revenue for Q2 FY '10 increased 27% to $7.3 million from $5.8 million
in Q2 FY '09 attributable to strong sales of oil field furnaces,
increasing demand of automation products and high value-added oil-field
services.
-- Gross profit increased 44% to $3.6 million for Q2 FY '10 from $2.5
million in Q2 FY '09.
-- Q2 FY '10 gross margin increased to 49% from 43% in Q2 FY '09,
primarily due to Recon's focus on higher margins services such as
software and service solutions.
-- Income from operations rose 34% to $2.5 million compared with $1.9
million in Q2 FY '09.
-- Net income was $1.8 million, an increase of 31% over $1.4 million in Q2
FY '09.
-- Earnings per diluted share were $0.45, compared to $0.62 per diluted
share in Q2 FY '09, reflecting an increase in shares issued associated
with the company's 2009 IPO.
-- Weighted average number of diluted shares outstanding was 4.05 million,
compared to 2.25 million in Q2 FY '09.


First Six Months FY '10 Highlights
-- Revenue was $10.6 million, an increase of 46% over $7.3 million for the
six months ended December 31, 2008.
-- Gross profit increased 67% to $4.6 million vs. $2.7 million for the
same period in 2008
-- Gross margin increased to 43% from 37% for the six months ended
December 31, 2008
-- Income from operations was $2.7 million, a gain of 55% from $1.8
million for the same period in 2008
-- Net income increased 47% to $1.9 million compared to $1.3million for
the first six months of FY '09.
-- Earnings per diluted share were $0.51 compared to $0.57 per diluted
share for the first six months of FY '09, reflecting an increase in
shares issued associated with the company's 2009 IPO.
-- Weighted average number of diluted shares outstanding was 3.70 million,
compared to 2.25 million for the six months ended December 31, 2008.


Liquidity and Capital Resources

The company's cash balance on December 31, 2009 was approximately $6.6 million. Recon had short-term debt of $829,000 and no long-term debt. Working capital was $15.9 million. Stockholders' equity totaled $14.9 million. The current ratio was 2.78, up from 1.90 at June 30, 2009. Net cash provided in financing activities totaled $8.7 million for the six months ended December 31, 2009, including payback of notes payable and proceeds from IPO on July 30, 2009.

Shenping Yin, Recon's Chief Executive Officer, said, "We are happy to report sustained growth in our second fiscal quarter. Our strong financial results reflect our ability to optimize our product lines in expanding our business. We are benefiting from robust demand from major oil companies for high-tech solutions and new software systems. We believe that operators of the Chinese oilfields have a growing need for new computerized systems and production enhancing measures in maturing oil and gas wells and thus have a strong ongoing need for our proprietary technology."

Conference Call

Recon CEO Mr. Shenping Yin and CFO Ms. Jia Liu will host a conference call at 10:00 AM Eastern Time tomorrow on Friday February 12 (11:00 PM Beijing/Hong Kong Time on February 12) to review the company's financial results and respond to questions and comments.

To participate, call U.S. Toll Free Number 1-877-941-4775 approximately 10 minutes before the call. International callers, please dial 1-480-629-9761. The conference ID number is 4221464. An MP3 file will be available after the call for 90 days via http://www.hawkassociates.com/profile/rcon.cfm .

About Recon Technology, Ltd.

Recon Technology, Ltd. has been providing leading Chinese oil and gas companies with automation services that increase efficiency and profitability in exploring, extracting, producing, processing, refining and transporting petroleum products for over 10 years. The company's proprietary computerized process control system manages oil production in real-time to increase extraction levels, reduce impurities in extracted petroleum and lower production costs. In addition, as one of only two acoustic system providers in the world, Recon's acoustic pipeline monitoring system is widely used to prevent gas leakage in the transport pipeline. Recon's technology is based on three software copyrights, eight product patents and four pending patents. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. More information may be found at http://www.recon.cn or e-mail: [e-mail].

Recon's online investor kit, including an investment profile, press releases, current price quotes, stock charts and more is available at http://www.hawkassociates.com/profile/rcon.cfm . To receive notification of future releases via e-mail, subscribe at http://www.hawkassociates.com/about/alert/ .

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission.

All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Investor Contact:
Hawk Associates
Susan Zhou
Tel: [phone]
Email: [e-mail]

SOURCE Recon Technology, Ltd.

[Stay the Course]

Not sure what you guys are smoking on this page. Have you read this regarding the times ahead in the FPSO market:-

Another disquieting sign in our industry is the current status of the world’s FPSO fleet and the number of FPSOs without contracts. I count 183 FPSOs in the world, either existing or being built or converted in a shipyard, with 83 of these owned by oil companies and the rest of them, 99, being owned by contractors and leased to oil companies. I count 8 FPSOs building on speculation, still without work commitments and then there are 9 more FPSOs currently idle and off location. So there’s 8+9 out of 99 that are out of work: 17%, that’s huge. It’s never been that high a proportion before. And this is not allowing for any FPSOs known to be coming idle very soon but that has not been announced.

This large an idle fleet harkens back to the 1990s with drilling rigs and the years of adjusting and consolidating in the industry. But FPSOs are not the same as drilling rigs. Each oilfield is different and each FPSO may need more modification and more investment for the next assignment than typically happens with a drillship or a semi. At today’s shipyard prces it may be economic to build an FPSO conversion rather than adapt one of these idle FPSOs – that’s part of the economic predicament for owners of these idle FPSOs.

Simultaneous with all that equipment being without work, oil company inquiries for FPSOs have slowed way down - other than the amazing world of Petrobras. So tomorrow does not look too
good in today’s FPSO world. It conjures up what the Vince Lombardi the American football coach said about “when the going gets tough the tough get going”. Hey, with FPSOs, the going
is getting tough.

Link is: http://www.lovie.org/fpso_congress09.php

[10 bagger]

FSPO'S..

Looking thru the list again for ideas.. Will start posting when I can dot the I's and cross the T's on Brazilian offshore partners..

[10 bagger]

Luxor says controls 28 pct of Sevan through bonds
Mon Jun 8, 2009 2:43am EDT Email | Print | Share| Reprints | Single Page[-] Text [+]

Market News
Wall Street turns higher, led by financials
Oil slips, stocks and dollar weigh
Rate-hike fears weigh on short-term Treasuries
More Business & Investing News... Featured Broker sponsored link
OSLO, June 8 (Reuters) - U.S.-based Luxor Capital Group has exercised its right to buy 24 million convertible bonds in Norwegian oilfield services firm Seven Marine, raising its total interest in Sevan to 28 percent of stock, Luxor said on Monday.

The 24 million convertible bonds can be converted into 45.92 million shares in Sevan Marine, or 23.41 percent of the outstanding shares, Luxor said in a statement.

In addition, Luxor holds about 8.99 million shares, or 4.59 percent of the share capital, it said.

"Following this acquisition, Luxor holds on behalf of funds managed by Luxor through its ownership of the shares and the convertible bonds an interest in 54,908,678 shares of Sevan, or 28.00 percent of the outstanding shares of Sevan...at the time of the acquisition," Luxor Capital Group LP said.

Luxor was already listed by Sevan Marine as its largest shareholder before the convertible bond deal.

Sevan Marine shares closed at 10.67 crowns, giving the company a market capitalisation of 2.6 billion Norwegian crowns ($404.3 million). Trade on the Oslo bourse resumes at 0700 GMT. ($1=6.431 Norwegian Crown) (Reporting by John Acher; editing by Simon Jessop)

[10 bagger]

SEVAN.ol,, SVMRF.pk,, $6.03 Nor Kor,, $0.93 USD...

http://www.newsweb.no/newsweb/search.do?messageId=236846

"Outlook The main focus for Sevan is to consolidate its ongoing business in light of the challenging market conditions. As a part hereof, priority is given to optimize the current contract portfolio, secure the required financing for existing commitments, reduce operating cost and maintain a high uptime on operating units. A special focus is given to the executing of the Sevan Driller new-building contract. Several oil companies have announced a reduction in E&P budgets. However, the Board still sees opportunities for cost efficient solutions. For new projects, focus will be on securing contracts for the Sevan 300 no. 4 and 5 hulls. Arendal, May 5, 2009 The Board of Directors"

Sevan Marine ASA

Sevan Marine: Q1 Results 2009

Operating revenues for the first quarter amounted to USD 45.7 million (USD 24.3 million). Operating loss was USD 15.4 million (USD 25.6 million), and net loss was USD 36.9 million (USD 33.6 million).

Operating revenues for the quarter were USD 21.4 million higher than previous year mainly because FPSO Sevan Hummingbird commenced operations in September 2008. A reduction in revenue from the Topside and Process Technology segment of USD 4.3 million was compensated by revenue from the Goliat Post FEED in the Floating Production segment.

Operating expenses for the quarter were USD 7.2 million higher than previous year as a result of the increase in activities reflected in the revenues above. EBITA for the first quarter was USD -1.4 million (USD - 20.8 million), reflecting an improvement of USD 19.4 million compared to previous year.
Net foreign exchange losses relating to financing of USD 11.4 million (USD 19.7 million) were a result of unrealized foreign exchange losses relating to the NOK-nominated bonds following a weakening of the USD relative to NOK during the quarter.

Although average effective interest rates for the Group have decreased compared to previous year, interest expense through profit and loss has increased to USD 16.9 million (USD 6.1 million) as interest relating to FPSO Sevan Hummingbird and FPSO Sevan Voyageur are expensed following reclassification of these units from 'construction in progress' to 'FPSO'.

As of March 31, 2009, total assets amounted to USD 1,963.8 million (USD 1,565.6 million), of which USD 1,713.8 million (USD 1,221.1 million) was capitalized as Sevan capital assets. Cash and cash equivalents amounted to USD 51.9 million (USD 87.2 million).

Jan Erik Tveteraas, CEO and Birte Norheim, Vice President Finance will at 2:00 p.m. give a presentation of the results at Shippingklubben, Haakon VII`s gate 1, Oslo. The presentation will be in English.

Sound and picture from the presentation will also be broadcasted LIVE at http://www.sevanmarine.com. Please log onto the webcast 5 minutes in advance. If you wish to dial-in to the presentation, please find details attached.

Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is
specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently, Sevan Marine has four FPSO contracts, including the Goliat Sevan 1000 FPSO, and three drilling contracts with clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG
production and power plants with CO2 capture. For more information, please refer to http://www.sevanmarine.com/.

For information, please contact:

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
[phone] office
[phone] mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
[phone] office
[phone] mobile

[10 bagger]

Prosafe Production Public Limited PROD.ol

Annual report is out.. A great read for those interested in FSPO.s.. hank

http://www.newsweb.no/newsweb/search.do?messageId=235092

[10 bagger]

With high bids way down, Central Gulf lease sale seen as eading industry indicator...

High bids way down because of economy.

Article By Kevin Parker- Senior Editor
Published Mar 23, 2009 Print E-mail


On Wednesday, March 18, Secretary of the Interior Ken Salazar announced high bids of more than US $700 million for the federal sale of offshore tracts in the Gulf of Mexico's Outer Continental Shelf. In contrast, last year’s sale in the Central Gulf attracted a record $3.7 billion in winning bids.

The auction results are being seen by commentators and analysts as indicative of the cumulative impact on petroleum exploration of depressed prices for oil and gas; the current credit crisis; and the Obama Administration’s projected energy policies.

Officials of the Minerals Management Service were not willing to concede the point, however, noting that much of this year's sale, in contrast to last year’s, was for somewhat less alluring shallow-water tracts.

Officials also noted there were high bids for tracts near deepwater discoveries and production, and there were 95 bids for tracts in shallow water, meaning that companies were intent on deep drilling in search of natural gas.

Clearly, however, the high bids came from the oil majors, with far fewer mid-sized companies submitting winning bids than the last several years. Royal Dutch Shell and BP PLC dominated the list of winners, followed by Marathon Oil Corp. and Nobel Energy Inc.

Initially, 56 companies submitted 476 bids on 348 tracts being offered for Central Gulf of Mexico Oil and Gas Lease Sale 208, including offshore Louisiana, Mississippi, and Alabama. This total number of bids was down more than half from last year’s sale in the Central Gulf, which attracted 78 companies putting 1,057 bids on 617 tracts.

Wednesday’s sale encompassed about 6,459 unleased blocks covering more than 34.6 million acres, including approximately 4.2 million acres located in the southeastern part of the central Gulf of Mexico known as the 181 South Area that has not been offered for lease since 1988. The 181 South Area, however, ended up not attracting much bidding.

Greater numbers of bids for tracts on the shallow shelf of the Gulf or in its deepest waters reflect current trends in exploration and production, which benefit from recent technology advances in enhanced recovery and deepwater drilling.

In reaction to rising gas prices, candidate Barack Obama’s stance before the presidential election was that he would support some expansion of offshore drilling, while still emphasizing conservation and renewable energy, according to The New York Times. However, the president’s current budget proposals would increase taxes on oil companies and would raise the cost of fossil fuels to pay for alternative energy sources. A range of tax credits would also be removed.

At the time of last year’s Gulf of Mexico sale, oil prices were about $110 a barrel. The current price is just under $50 a barrel. Natural gas prices are about a third of their 2008 peak. The production environment is further influenced by the high price or unavailability of credit that all but the oil super-majors are facing.

Salazar recently noted that the Bureau of Land Management has held seven onshore oil and gas lease sales in the last seven weeks, generating $32 million in revenues, and that more than 40 major lease sales for petroleum development on public lands will take place this year.

After opening the initial high bid, Salazar commented, “Today’s lease sale will help us make a wise addition to our nation’s energy supply. The responsible energy development resulting from today’s sale will be a part of our nation’s comprehensive energy plan, which will include a renewed emphasis on conservation and an aggressive effort to develop our renewable energy resources, so we can move our nation toward energy.....

[10 bagger]

PROD.ol

HIGHLIGHTS
* Cidade de São Mateus and Azurite en route to their
respective fields in Brazil and Congo. Ningaloo
Vision expected to arrive in Australia towards end
of Q1
* Azurite on dayrate since January 1
* Total project cost estimate unchanged since last
quarter
* Solid financial position - liquidity reserve of USD
461 million at 31 December 2008
* Write-down of USD 196.8 million due to previously
communicated cost overruns on the three new
FPSOs, as well as reduced market value of the VLCC
M/T Takama
* Operating result of USD 20.9 million excluding
write-down

Main figures
(Figures in brackets refer to the corresponding period of 2007)
As the book value of the three new FPSOs are higher than implied when
determining day rates during the bidding phase, and due to the
reduction in the market value of the VLCC M/T Takama, the company has
in the 4th quarter written down the value of the vessels by a total
of USD 196.8 million. The write-down has no impact on liquidity or
loan covenants.
Operating profit for the 4th quarter of 2008 amounted to USD -175.9
million (USD 23.3 million). The difference compared to the same
period last year is largely related to the impairment charge.
Excluding the impairment charge, the operating profit for the quarter
amounted to USD 20.9 million.
Interest expenses amounted to USD 11.2 million (USD 1.5 million) for
the quarter. The increase over the 4th quarter of 2007 is a result of
higher debt level due to the three current conversion projects. Other
financial items of USD - 4.3 million (USD 1.3 million) largely
relates to unrealised losses on financial derivatives used to hedge
future cash flow.
The tax income of USD 3.8 million (USD -4.0 million) in the 4th
quarter of 2008 is a result of positive changes in the Company's tax
position in New Zealand.
The net result for the quarter equalled USD -186.7 million (USD 19.5
million). The net result excluding impairment charge amounted to USD
10.1 million.
The operating result for the year ended 31 December 2008 amounted to
USD -111.8 million (USD 59.2 million), while the net result totalled
USD -203.6 million (USD 53.0 million). Excluding the impairment
charge and one off split costs, the operating result for 2008 was USD
88.2 million. Excluding the abovementioned items, as well as the book
loss from the sale of shares in Teekay Petrojarl, the net result for
the year was USD 49.0 million.
Total assets amounted to USD 1,981 million (USD 1,173 million) as of
31 December 2008. The increase is mainly a result of investments made
in relation to the three ongoing conversion projects. Equity amounted
to USD 806 million (USD 990 million), resulting in a book equity
ratio of 41%.
Financial situation
Prosafe Production is in a comfortable financial position as of 31
December 2008 and is well within all covenant requirements defined in
the loan agreements.
Total draw-down on the USD 1.2 billion debt facility was USD 950
million at the end of the year, while cash and deposits amounted to
USD 211 million. Thus, the company had a total liquidity reserve of
USD 461 million.
Net interest-bearing debt amounted to USD 822 million (USD 67
million) at the end of 2008. This is somewhat less than anticipated,
due to reallocation of certain project investments from 4th quarter
2008 to 1st quarter 2009.
Operations and projects
The combined uptime of the fleet was 94.3 percent (99.2 percent) in
the 4th quarter of 2008. Due to bad weather, FSO Endeavor, which
operates off the coast of India, had close to 30 days of downtime
during the quarter. However, this had limited financial impact. All
other units operated as normal.
The company has three ongoing conversion projects - FDPSO Azurite
(Murphy, Congo), FPSO Cidade de São Mateus (Petrobras, Brazil), and
FPSO Ningaloo Vision (Apache, Australia). The first two vessels have
left Singapore and are currently en route to Congo and Brazil,
respectively. Azurite has been on dayrate since January 1, while
Cidade de São Mateus is anticipated to go on dayrate in late March.
Ningaloo Vision is scheduled to leave the shipyard in March,
approximately one month later than previously planned.
Outlook
The long-term market outlook remains positive. The turmoil in the
world economy does not change the view that an increasing part of oil
production in the future has to come from difficult and less
accessible offshore fields, where the FPSO concept has advantages
over other development solutions.
However, in the short-term, the market outlook remains uncertain.
Falling oil prices have created uncertainty with regards to the
financial viability of some development prospects. Concurrently, it
has also become more difficult for oil companies to fund investments.
Consequently, it is likely that the activity level in 2009 will be
somewhat lower than experienced over the past few years.


Limassol, 11 February 2009
Prosafe Production Public Limited

For further information please contact:
Bjørn Henriksen, President and CEO
Phone: [phone]
E-mail: [e-mail]

Sven Børre Larsen, Executive VP and CFO
Phone: [phone]
E-mail: [e-mail]


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

[10 bagger]

Prosafe Production Public Limited
PROD.ol
================================================
World's First Drilling FPSO Leaves Singapore Shipyard
Text
The world's first Floating, Drilling, Production, Storage and
Offloading vessel (FDPSO), which is owned by Prosafe Production, has
left Keppel Shipyard in Singapore on January 24, 2009. After a short
stay at anchorage, it will head for the Republic of Congo where it
will be deployed at Murphy West Africa Ltd's (a subsidiary of Murphy
Oil Corporation) deepwater Azurite development in the Mer Profonde
Sud Block.

Named the Azurite, this first of its kind FPSO with drilling
capabilities incorporates a design that is cost efficient and
effective for drilling and producing deepwater fields. The vessel is
equipped with a modular drilling package that can be removed and
reused elsewhere when the production wells have been drilled. The
Azurite has a storage capacity of 1.4 million barrels of oil and a
process capacity of 60,000 bfpd/40,000 bopd and will be spread-moored
at a water depth of 1,400 meters.

Prosafe Production has been responsible for the FPSO conversion,
while Murphy West Africa Ltd (Murphy) has been responsible for the
drilling scope. After conversion, Prosafe Production is responsible
for the operation and maintenance of the vessel, while Murphy is
responsible for drilling operations.

About Prosafe Production
Prosafe Production is a leading owner and operator of Floating
Production, Storage and Offloading vessels (FPSOs). Prosafe
Production has 25 years of operational experience from several of the
world's largest oil and gas provinces. The company has a good
operational uptime track record and possesses a range of proprietary
FPSO-related technologies. Prosafe Production operates globally and
employs approximately 1,200 employees from more than 40 countries.
Headquartered in Limassol, Cyprus, Prosafe Production is listed on
the Oslo Stock Exchange with ticker code PROD.

For more information, please refer to www.prosafeproduction.com

Limassol, 29 January 2009
Prosafe Production Public Limited

For further information please contact:

Bjørn Henriksen, President and CEO
Phone: [phone] / E-mail:
[e-mail]

Sven Børre Larsen, Executive VP and CFO
Phone: [phone] / E-mail:
[e-mail]

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

==================================================


HIGHLIGHTS
* Cidade de São Mateus and Azurite en route to their
respective fields in Brazil and Congo. Ningaloo
Vision expected to arrive in Australia towards end
of Q1
* Azurite on dayrate since January 1
* Total project cost estimate unchanged since last
quarter
* Solid financial position - liquidity reserve of USD
461 million at 31 December 2008
* Write-down of USD 196.8 million due to previously
communicated cost overruns on the three new
FPSOs, as well as reduced market value of the VLCC
M/T Takama
* Operating result of USD 20.9 million excluding
write-down

Main figures
(Figures in brackets refer to the corresponding period of 2007)
As the book value of the three new FPSOs are higher than implied when
determining day rates during the bidding phase, and due to the
reduction in the market value of the VLCC M/T Takama, the company has
in the 4th quarter written down the value of the vessels by a total
of USD 196.8 million. The write-down has no impact on liquidity or
loan covenants.
Operating profit for the 4th quarter of 2008 amounted to USD -175.9
million (USD 23.3 million). The difference compared to the same
period last year is largely related to the impairment charge.
Excluding the impairment charge, the operating profit for the quarter
amounted to USD 20.9 million.
Interest expenses amounted to USD 11.2 million (USD 1.5 million) for
the quarter. The increase over the 4th quarter of 2007 is a result of
higher debt level due to the three current conversion projects. Other
financial items of USD - 4.3 million (USD 1.3 million) largely
relates to unrealised losses on financial derivatives used to hedge
future cash flow.
The tax income of USD 3.8 million (USD -4.0 million) in the 4th
quarter of 2008 is a result of positive changes in the Company's tax
position in New Zealand.
The net result for the quarter equalled USD -186.7 million (USD 19.5
million). The net result excluding impairment charge amounted to USD
10.1 million.
The operating result for the year ended 31 December 2008 amounted to
USD -111.8 million (USD 59.2 million), while the net result totalled
USD -203.6 million (USD 53.0 million). Excluding the impairment
charge and one off split costs, the operating result for 2008 was USD
88.2 million. Excluding the abovementioned items, as well as the book
loss from the sale of shares in Teekay Petrojarl, the net result for
the year was USD 49.0 million.
Total assets amounted to USD 1,981 million (USD 1,173 million) as of
31 December 2008. The increase is mainly a result of investments made
in relation to the three ongoing conversion projects. Equity amounted
to USD 806 million (USD 990 million), resulting in a book equity
ratio of 41%.
Financial situation
Prosafe Production is in a comfortable financial position as of 31
December 2008 and is well within all covenant requirements defined in
the loan agreements.
Total draw-down on the USD 1.2 billion debt facility was USD 950
million at the end of the year, while cash and deposits amounted to
USD 211 million. Thus, the company had a total liquidity reserve of
USD 461 million.
Net interest-bearing debt amounted to USD 822 million (USD 67
million) at the end of 2008. This is somewhat less than anticipated,
due to reallocation of certain project investments from 4th quarter
2008 to 1st quarter 2009.
Operations and projects
The combined uptime of the fleet was 94.3 percent (99.2 percent) in
the 4th quarter of 2008. Due to bad weather, FSO Endeavor, which
operates off the coast of India, had close to 30 days of downtime
during the quarter. However, this had limited financial impact. All
other units operated as normal.
The company has three ongoing conversion projects - FDPSO Azurite
(Murphy, Congo), FPSO Cidade de São Mateus (Petrobras, Brazil), and
FPSO Ningaloo Vision (Apache, Australia). The first two vessels have
left Singapore and are currently en route to Congo and Brazil,
respectively. Azurite has been on dayrate since January 1, while
Cidade de São Mateus is anticipated to go on dayrate in late March.
Ningaloo Vision is scheduled to leave the shipyard in March,
approximately one month later than previously planned.
Outlook
The long-term market outlook remains positive. The turmoil in the
world economy does not change the view that an increasing part of oil
production in the future has to come from difficult and less
accessible offshore fields, where the FPSO concept has advantages
over other development solutions.
However, in the short-term, the market outlook remains uncertain.
Falling oil prices have created uncertainty with regards to the
financial viability of some development prospects. Concurrently, it
has also become more difficult for oil companies to fund investments.
Consequently, it is likely that the activity level in 2009 will be
somewhat lower than experienced over the past few years.


Limassol, 11 February 2009
Prosafe Production Public Limited

For further information please contact:
Bjørn Henriksen, President and CEO
Phone: [phone]
E-mail: [e-mail]

Sven Børre Larsen, Executive VP and CFO
Phone: [phone]
E-mail: [e-mail]


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

[10 bagger]

Prosafe Production Public Limited
PROD.ol


HIGHLIGHTS
* Cidade de São Mateus and Azurite en route to their
respective fields in Brazil and Congo. Ningaloo
Vision expected to arrive in Australia towards end
of Q1
* Azurite on dayrate since January 1
* Total project cost estimate unchanged since last
quarter
* Solid financial position - liquidity reserve of USD
461 million at 31 December 2008
* Write-down of USD 196.8 million due to previously
communicated cost overruns on the three new
FPSOs, as well as reduced market value of the VLCC
M/T Takama
* Operating result of USD 20.9 million excluding
write-down

Main figures
(Figures in brackets refer to the corresponding period of 2007)
As the book value of the three new FPSOs are higher than implied when
determining day rates during the bidding phase, and due to the
reduction in the market value of the VLCC M/T Takama, the company has
in the 4th quarter written down the value of the vessels by a total
of USD 196.8 million. The write-down has no impact on liquidity or
loan covenants.
Operating profit for the 4th quarter of 2008 amounted to USD -175.9
million (USD 23.3 million). The difference compared to the same
period last year is largely related to the impairment charge.
Excluding the impairment charge, the operating profit for the quarter
amounted to USD 20.9 million.
Interest expenses amounted to USD 11.2 million (USD 1.5 million) for
the quarter. The increase over the 4th quarter of 2007 is a result of
higher debt level due to the three current conversion projects. Other
financial items of USD - 4.3 million (USD 1.3 million) largely
relates to unrealised losses on financial derivatives used to hedge
future cash flow.
The tax income of USD 3.8 million (USD -4.0 million) in the 4th
quarter of 2008 is a result of positive changes in the Company's tax
position in New Zealand.
The net result for the quarter equalled USD -186.7 million (USD 19.5
million). The net result excluding impairment charge amounted to USD
10.1 million.
The operating result for the year ended 31 December 2008 amounted to
USD -111.8 million (USD 59.2 million), while the net result totalled
USD -203.6 million (USD 53.0 million). Excluding the impairment
charge and one off split costs, the operating result for 2008 was USD
88.2 million. Excluding the abovementioned items, as well as the book
loss from the sale of shares in Teekay Petrojarl, the net result for
the year was USD 49.0 million.
Total assets amounted to USD 1,981 million (USD 1,173 million) as of
31 December 2008. The increase is mainly a result of investments made
in relation to the three ongoing conversion projects. Equity amounted
to USD 806 million (USD 990 million), resulting in a book equity
ratio of 41%.
Financial situation
Prosafe Production is in a comfortable financial position as of 31
December 2008 and is well within all covenant requirements defined in
the loan agreements.
Total draw-down on the USD 1.2 billion debt facility was USD 950
million at the end of the year, while cash and deposits amounted to
USD 211 million. Thus, the company had a total liquidity reserve of
USD 461 million.
Net interest-bearing debt amounted to USD 822 million (USD 67
million) at the end of 2008. This is somewhat less than anticipated,
due to reallocation of certain project investments from 4th quarter
2008 to 1st quarter 2009.
Operations and projects
The combined uptime of the fleet was 94.3 percent (99.2 percent) in
the 4th quarter of 2008. Due to bad weather, FSO Endeavor, which
operates off the coast of India, had close to 30 days of downtime
during the quarter. However, this had limited financial impact. All
other units operated as normal.
The company has three ongoing conversion projects - FDPSO Azurite
(Murphy, Congo), FPSO Cidade de São Mateus (Petrobras, Brazil), and
FPSO Ningaloo Vision (Apache, Australia). The first two vessels have
left Singapore and are currently en route to Congo and Brazil,
respectively. Azurite has been on dayrate since January 1, while
Cidade de São Mateus is anticipated to go on dayrate in late March.
Ningaloo Vision is scheduled to leave the shipyard in March,
approximately one month later than previously planned.
Outlook
The long-term market outlook remains positive. The turmoil in the
world economy does not change the view that an increasing part of oil
production in the future has to come from difficult and less
accessible offshore fields, where the FPSO concept has advantages
over other development solutions.
However, in the short-term, the market outlook remains uncertain.
Falling oil prices have created uncertainty with regards to the
financial viability of some development prospects. Concurrently, it
has also become more difficult for oil companies to fund investments.
Consequently, it is likely that the activity level in 2009 will be
somewhat lower than experienced over the past few years.


Limassol, 11 February 2009
Prosafe Production Public Limited

For further information please contact:
Bjørn Henriksen, President and CEO
Phone: [phone]
E-mail: [e-mail]

Sven Børre Larsen, Executive VP and CFO
Phone: [phone]
E-mail: [e-mail]


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

[10 bagger]

BW Offshore Limited
BWO.ol..

http://www.newsweb.no/newsweb/search.do?messageId=230259

Title Presentation for FPSO International conference;;

This is a wortwhile link that explains FSPO's sloppy market's of the past year.. Click on the red triangle..hank



(Bermuda, 4 March 2009): BW Offshore Limited's CEO Carl K. Arnet will
present at the FPSO International conference in Oslo today. Please
see the presentation attached.

BW Offshore is one of the world`s leading FPSO contractors and a
market leader within advanced offshore loading and production systems
to the oil and gas industry. BW Offshore has more than 25
years`experience and has successfully delivered 13 FPSO projects and
50 turrets and offshore terminals. BW Offshore`s technology division
APL has delivered solutions for production vessels, storage vessels
and tankers in a wide range of field developments. Adapting through
competence, in-house technology, solid project execution and
operational excellence, BW Offshore ensures that customer needs are
met through versatile solutions for offshore oil and gas projects. BW
Offshore has as a global network with offices in Europe, Asia
Pacific, West Africa and the Americas. BW Offshore has 1,100
employees and is listed on the Oslo Stock Exchange. For more
information, please visit www.bwoffshore.com and www.apl.no


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

[10 bagger]

SEVAN.ol,, SVMRF.pk

http://www.newsweb.no/newsweb/search.do?messageId=229951

SEVAN: Presentation materials Q4 2008


Please find attached the presentation materials for the presentation of
the fourth quarterly results that will be given today, February 27.


Jan Erik Tveteraas, CEO, Birte Norheim, Vice President Finance and Arne
Smedal, Chairman of the Board will at 2:00 p.m. give a presentation of
the results at Shippingklubben, Haakon VII`s gate 1, Oslo. The
presentation will be in English.

The sound from the presentation will also be broadcasted LIVE on
http://www.sevanmarine.com/ and www.oslobors.no/webcast. Please log onto
the webcast 5 minutes in advance of the presentation start. Also please
download the presentation material from http://www.sevanmarine.com/ to
view it while listening to the conference. If you wish to dial- in to
the presentation, please see the details attached.


Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is
specializing in building, owning and operating floating units for
offshore applications. The Company has developed a cylinder shaped
floater, suitable in all offshore environments. Presently Sevan Marine
has four floating production, storage and offloading units (FPSOs) and
three drilling units contracted to clients. The Company is also
developing other application types for its cylindrical Sevan hull,
including floating LNG production and power plants with CO2 capture. For
more information, please refer to http://www.sevanmarine.com/.

For information, please contact:

Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
[phone] office
[phone] mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
[phone] office
[phone] mobile

[10 bagger]

This is bullish for FSPO's as this is the perferred method PBR uses to store and process production.. SEVAN.ol,, SVMRF.pk

Petrobras Will Receive 33 New Drilling Rigs by 2012
By Jeb Blount and Carlos Caminada

Feb. 4 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, will take delivery of 33 new oil rigs by 2012 as it seeks to boost output, an official said.

Petrobras, as the Rio de Janeiro-based company is known, will receive 11 rigs this year, head of Exploration Services Erardo Barbosa said today at a news conference in Rio de Janeiro. The company operates or leases 40 rigs now, he said.

The rigs are part of a $104.6 billion exploration and oil output plan through 2013. Under the program, Petrobras hopes to increase production by more than half to 3.66 million barrels a day in 2013 from 2.4 million barrels a day in 2008. Exploration and production will account for more than half the company’s $174.4 billion spending plan in the period.

“We can’t be conservative in our goals,” Exploration Director Guilherme Estrella said at the same conference. “We must be ambitious.”

Petrobras, whose 5 billion- to 8 billion-barrel Tupi field is the biggest oil discovery in the Americas since 1976, needs to drill dozens of wells to increase production from its offshore fields, responsible for more than 80 percent of the its output.

New Wells

Many of the new wells are in waters more than 2,000 meters (6,560 feet) deep and require ships that cost about $1 billion each. Of the ships on order now, most will be floating platforms for deep water, Barbosa said. The rest will be so-called “jack- up” rigs with legs that sit on the ocean floor and a platform that can be raised or lowered.

Much of the drilling will be concentrated in the “pre- salt” area near Tupi in Brazil’s Santos Basin, where the company plans to spend $18.6 billion through 2016.

The pre-salt region extends about 800 kilometers (500 miles) along Brazil’s coast near Rio de Janeiro and Sao Paulo. Oil in the area is below a layer of salt.

Pre-salt reservoirs may contain more than 100 billion barrels of oil, according to Marcio Mello, president of Brazil’s petroleum geologists association.

Petrobras also said it plans to move ahead with plans for its Papa Terra field in the Campos Basin even after cancelling tenders for offshore production platforms.

The company believes rig suppliers, shipbuilders and other equipment and service providers are charging too much.

“We can’t go back to prices like those we had when Brent crude was $140 a barrel,” Estrella said. “We want to accelerate the process of deflation.”

To contact the reporters on this story: Carlos Caminada in Sao Paulo at at [e-mail]; Jeb Blount in Rio de Janeiro at [e-mail]

Last Updated: February 4, 2009 16:46 EST

[10 bagger]

Sevan: Update on FPSO Sevan Voyageur
SVMRF.pk,, SEVAN.ol

Sevan: Update on FPSO Sevan Voyageur

Following Oilexco`s announcement yesterday regarding appointment of
Administrators of its subsidiary Oilexco North Sea Limited, Sevan has
had initial discussions with the Administrators. A process for payment
for the activities incurred during the period of administration has been
agreed.

Sevan continues the final commissioning activities on FPSO Sevan
Voyageur, preparing the unit for first oil on the Shelley field.


Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is
specializing in building, owning and operating floating units for
offshore applications. The Company has developed a cylinder shaped
floater, suitable in all offshore environments. Presently Sevan Marine
has four floating production, storage and offloading units (FPSOs) and
three drilling units contracted to clients. The Company is also
developing other application types for its cylindrical Sevan hull,
including floating LNG production and power plants with CO2 capture. For
more information, please refer to http://www.sevanmarine.com/.

For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
[phone] office
[phone] mobile

Birte Norheim, VP Finance, Sevan Marine ASA (Analysts)
[phone] office
[phone] mobile
Read our disclaimer and copyright notice

[10 bagger]

Sevan Marine ASA SEVAN.ol,, SVMRF.pk

Kanfa Aragon Signs Contract With Samsung Heavy Industries On Floating
LNG Production

Kanfa Aragon AS, a subsidiary of Sevan Marine ASA, has today signed a
Contract with Samsung Heavy Industries Co., LTD in Korea for the
development of a liquefied natural gas production topside to the world`s
first Floating Liquefied Natural Gas (FLNG) Production Vessel. The
contract confirms a letter of intent previously entered into between the
parties.

The FLNG topside will be based on Kanfa Aragon`s liquefaction
technology. Kanfa Aragon`s scope of work includes the design and
engineering of the liquefaction plant as well as procurement of major
equipment items. The contract value is approximately USD 200 million.
The vessel will be owned and operated by FLEXLNG. The vessel will have a
gas processing and liquefaction topside with an LNG capacity of
approximately 1.7 mtpa (million metric tons per annum) LNG.
- This is a very important contract for us, and it is confirming our
position as a leading world wide technology provider for floating LNG
production. In spite of the unstable worldwide financial situation,
floating LNG production is a growing market, and this contract puts us
in an excellent position to take a major share of this market, says Jan
Erik Tveteraas, CEO Sevan Marine ASA.
Kanfa Aragon is focusing on gas technologies and applications with a
range of skills, competencies and experience. Together with the Kanfa
group, Kanfa Aragon, delivers advanced gas treatment solutions for FPSO
projects worldwide.



please refer to http://www.sevanmarine.com/.

For information, please contact:
Jan Erik Tveteraas, CEO, Sevan Marine ASA (Media)
[phone] office
[phone] mobile


Thor Kvinge, Managing Director Kanfa Aragon AS
Phone: + 47 906 23 065
Email: [e-mail]
Les om ansvar og rettigheter

Sevan Marine ASA is listed on Oslo Børs (ticker SEVAN) and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped floater, suitable in all offshore environments. Presently Sevan Marine has four floating production, storage and offloading units (FPSOs) and three drilling units contracted to clients. The Company is also developing other application types for its cylindrical Sevan hull, including floating LNG production and power plants with CO2 capture.