Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Stocks tumble on $133 oil, Fed meeting minutes
Wednesday May 21, 2:35 pm ET
By Madlen Read, AP Business Writer
Stocks tumble in response to $133 a barrel oil, Federal Reserve's economic assessment
NEW YORK (AP) -- Wall Street extended its sharp decline Wednesday, driving the Dow Jones industrials down more than 190 points as investors smarted from record-high oil prices and a bleak economic assessment from the Federal Reserve.
ADVERTISEMENT
Stocks fell in early trading in response to the surging price of oil, which shot up more than $4 and breached $133 a barrel for the first time on the futures market Wednesday
Oil prices rise past $132 after government report of a drop in crude and gasoline inventories
NEW YORK (AP) -- Oil prices bolted to a new record above $132 a barrel Wednesday after the government reported that supplies of crude oil and gasoline fell unexpectedly last week. And crude's rise in the futures market again pressured consumers by pulling prices at the pump higher -- a gallon of regular gas rose overnight to a new record above $3.80 a gallon.
ADVERTISEMENT
With gas and oil prices setting new records on a daily basis, many analysts are beginning to wonder whether anything can stop runaway prices. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally
frankermel, you have to connect the dots, and dig
Helix Selects Cabot Aerogel to Insulate Danny Pipeline
by Cabot Aerogel
Tuesday, May 20, 2008
Cabot Aerogel reports that its Nanogel aerogel Compression Pack product has been selected to insulate a 60 km subsea pipeline in the deepwater Gulf of Mexico. Energy Resource Technology (ERT), a wholly owned subsidiary of Helix Energy Solutions Group, is the operator of the pipeline located in Danny field development, Garden Banks block 506.
The 8 inch-in-12 inch pipe-in-pipe tieback will be the longest aerogel- insulated pipeline ever constructed and the first time that aerogel has been used in an S-lay application. It will also be the first pipe-in-pipe system to be installed by Helix's new state-of-the-art 480-foot long DP S-lay pipeline installation vessel, Caesar, that is under construction. The Caesar can lay pipe from 6-inch to 42-inch OD and with its 400-ton tension capacity, the vessel can install pipe in water depths in excess of 6,500 feet, and install large diameter trunk lines in shallow water.
The ultra-low conductivity of Nanogel aerogel is a key enabler of ERT's pipe-in-pipe system design, which has a low U-value of 0.15 BTU/hr.ft2•degrees Fahrenheit (0.85 W/m2•K) while maintaining a 12- inch outer jacket pipe. Additionally, the rugged design of the Nanogel Compression Pack packaging system makes it well-suited for pipe-in-pipe applications where weld slag, scale, and other factors can pose significant challenges or create delays for systems using less durable products.
The Nanogel Compression Packs that will insulate the ERT Danny pipe-in- pipe system consist of packs of compressed Nanogel aerogel with an integrated protective outer layer of high-density polyethylene. These packs are applied to 40-foot sections of inner pipe and expanded to their precise final forms prior to insertion of the insulated inner pipe into an outer pipe. The completed pipe units will then be transported offshore where they will be welded together aboard the Caesar.
"We are delighted to be working with Cabot on ERT's first aerogel project and consider this technology to be a critical component in achieving the performance that is required in today's deepwater environment. The mechanical strength of Nanogel combined with the durable form of Cabot's Compression Pack system provide added benefits during pipeline fabrication and installation," says Majid Al-Sharif, ERT subsea manager for the Danny field development project.
"Helix is a worldwide leader in deepwater technology innovation, making them a perfect fit for projects with Nanogel aerogel," said Aaron Johnson, global oil and gas business development manager for Cabot. "We are very excited to be supporting Helix on this project and look forward to more collaboration with them in the immediate future in the Gulf of Mexico and other basins around the world.
What is Nanogel aerogel?
Sometimes called "frozen smoke", aerogel is the lightest and best insulating solid in the world. Nanogel, Cabot's branded aerogel, is a hydrophobic aerogel produced as particles. Each particle consists largely of air (~95%) contained in nano-sized pores that severely inhibit heat transfer through the material. Nanogel particles can be contained in various ways to facilitate incorporation into a wide range of systems including pipe-in-pipe systems, LNG & cryogenic gas transportation and storage systems, insulative coatings, daylighting panels, sporting equipment, clothing, and others. Cabot produces Nanogel in a state-of-the-art manufacturing facility located near Frankfurt, Germany where it began commercial production in 2003
Acergy Wins Usan Fabrication Work
by Acergy
Tuesday, May 20, 2008
Acergy has been awarded a contract valued at approximately $50 million for the fabrication, assembly and testing of eight manifolds and support structures, eight suction piles, twenty-three well jumpers and other subsea structures for the Usan Oilfield located offshore Nigeria on behalf of Cameron Offshore Systems Nigeria Ltd. The work will be undertaken at our Globestar Yard in Warri, Nigeria.
Olivier Carre, Vice President, Acergy Africa and Mediterranean said: "We are pleased to be awarded this contract which builds upon previous successful contracts with Cameron. This contract demonstrates that our decision, in 2005, to invest in developing specialist skills in our Globestar Yard to deliver world class fabrication for our clients, has proven to be a successful strategy. The yard in Warri is an integral part of our business and continues to reflect our commitment to the Nigerian Oil and Gas sector
man o man brikk adny is ZOOMing
wow 5million shares at 3 wonder what they know
Eni Norge Awards FEED Contracts to Aker and Sevan
by Eni Norge
Monday, May 19, 2008
Eni Norge AS, the operator of the Goliat license (PL229), has signed a Letter of Intent (LOI) with Sevan Marine ASA (Sevan) and Aker Engineering and Technology AS (Aker) for a Goliat FPSO Design Competition FEED. The FEED contracts are based on previous development studies by Sevan and Aker for Goliat in 2007 and 2008.
During this Design Competition, both Aker and Sevan will further mature their proposed FPSO concepts for the selected Goliat development solution.
The Design Competition will be completed by early autumn 2008, and Eni and the Goliat partners will use the following period to evaluate and select the final platform solution. It is estimated that this decision will be announced in 4th quarter 2008.
The licensees in production license 229/229B are Eni Norge AS (operator) with 65%, StatoilHydro ASA with 20% and Noil Energy ASA with 15%
BIG reason PBR building/buying Hi-End Refineries: 17-May-08 09:33 am Refiners Tilt to Diesel Over Gasoline
More Output Sought
As High Demand Makes
Fuel More Profitable
By ANA CAMPOY
May 16, 2008; Page B3
U.S. refiners by now would be moving full-speed to ramp up gasoline production in advance of the summer driving season, but instead they are trying to maximize output of more-profitable diesel fuel.
[fuel]
The global hunger for diesel, coupled with tight refining capacity, has made diesel one of the few bright spots in the refining business, catapulting prices higher than a parallel rise in gasoline.
Diesel prices were up an additional 18.2 cents last week to a record $4.33 a gallon, a 56% increase over the price at this time last year. Gasoline is climbing, too, but less dramatically. Gas prices rose 10.9 cents to $3.72 a regular gallon last week, 20% higher than a year ago.
Diesel's higher price means the fuel is more lucrative for refiners at a time when gasoline profits are shrinking. "The economics are telling us not to max out the amount of gasoline; they're telling us to max out the amount of diesel," said Lynn Westfall, chief economist at Tesoro Corp.
While U.S. consumers are cutting back on energy consumption because of high fuel prices and a slowing economy, demand is growing briskly in the developing world, where diesel is often favored over gasoline. Unlike gasoline, which is used mainly in automobiles, diesel also fuels tractors, trucks and electricity generators.
Continued...
http://www.investorvillage.com/smbd.asp?...
Brazil Petrobras, Braskem eye $2.5 bln Peru plants
Sat May 17, 2008 4:41pm EDT Email | Print | Share| Reprints | Single Page| Recommend (1) [-] Text [+]
Related News
Bulgaria wants clean coal power plant
14 May 2008
HP in talks to buy EDS to compete with IBM
12 May 2008
powered by Sphere
Market News
Oil extends gains on dlr weakness, diesel concerns | Video
Asia stocks at 4-mth high
Inflation fears on the rise
More Business & Investing News... Featured Broker sponsored link
$0 stock trades. 10 free per month.LIMA (Reuters) - Brazilian firms Petrobras (PETR4.SA: Quote, Profile, Research) (PBR.N: Quote, Profile, Research) and Braskem (BAK.N: Quote, Profile, Research) may invest up to $2.5 billion in petrochemical projects in natural gas-rich Peru, officials said on Saturday.
Peruvian President Alan Garcia and his Brazilian counterpart, Luiz Inacio Lula da Silva, signed a series of accords that included commitments by the Brazilian firms to study the feasibility of building new plants that would tap into Peru's growing gas sector.
"For the fertilizer plant, or methane, we're talking about between $800 million and $1 billion and for the petrochemical plant, or ethane, this would be $1.5 billion," said Pedro Grijalba, head of Petrobras' Peruvian unit.
Petroperu, Peru's state-owned petroleum company, may participate in the construction of plants by the Brazilian companies.
Peru's government is trying to lure billions in foreign investment for its mining and energy sectors to reap the benefits of high commodities prices
Petrobras Hires 80% of Deepwater Rigs, Inflates Rents (Update1)
By Joe Carroll
May 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, leased about 80 percent of the world's deepest-drilling offshore rigs to explore prospects including the Western Hemisphere's biggest discovery in decades.
Petrobras, as the Rio de Janeiro-based company is known, is hiring rigs that can drill in at least 3,000 meters (9,800 feet) of water, Chief Executive Officer Jose Sergio Gabrielli said in an interview last week. The world has 21 such vessels, according to Rigzone.com, which tracks the offshore drilling industry.
The company's ``insatiable'' demand is forcing producers including Exxon Mobil Corp. and BP Plc to pay more as they compete for the remaining units, said Kjell Erik Eilertsen and Truls Olsen, analysts at Fearnley Fonds AS in Oslo. Explorers that don't have rigs under contract may delay projects or pay rents of more than $600,000 a day.
``The oil majors have their backs against the wall as Petrobras has aggressively locked up significant rig capacity,'' said Omar Nokta, head of maritime research at Dahlman Rose & Co. in New York.
Petrobras is negotiating for as many as 17 more vessels to probe the Tupi discovery and neighboring fields, said Bill Herbert, an analyst at Simmons & Co. International in Houston. The company already controls almost seven times as much capacity as the next biggest user of rigs that can drill in 7,500 feet of water, according to research by Dahlman Rose.
Auctions Suspended
Brazil is suspending auctions of new exploration blocks until at least 2009 because the industry lacks the equipment needed to expand, Mines and Energy Minister Edison Lobao said today in an interview. Producers need to start work on the leases they already have before Brazil can contemplate a new sale or revive a stalled auction, he said.
U.S. and European oil companies probably will pay $50,000 more per day to lease deepwater rigs during the next three years because Petrobras has already contracted for so much of the worldwide fleet, Nokta said. Such units are designed to cope with high seas and hold equipment needed to bore beneath the seafloor and identify oil and gas deposits as much as 6 miles below the ocean surface.
Exxon Mobil, the world's biggest oil company, plans to begin drilling a Brazilian prospect known as BM-S-22 in the third quarter with a Seadrill Ltd. rig in 2,100-meter seas. New York-based Hess Corp. and Petrobras own stakes in the project.
Exxon Mobil, BP
Record oil prices and cost cutting have made up for rising drilling expenses, Exxon Mobil spokesman Henry Hubble told investors on a May 1 conference call. First-quarter profit climbed to $28.62 per barrel of oil equivalent produced from $23.27 a year earlier. Irving, Texas-based Exxon Mobil doesn't disclose how much it spends on rigs.
London-based BP had profit of $21.42 per barrel produced in the first quarter, up from $13.25 a year earlier. The company discovered oil last month 31,150 feet below the surface of the Gulf of Mexico in a prospect called Kodiak. BP doesn't report drilling costs.
``There's more demand than there are available rigs,'' BP spokesman Daren Beaudo said. ``We expect that over the next couple of years, the rig count will return to balance.''
At Petrobras, net income per barrel jumped 88 percent to $18.24. The increase outpaced the gains of 23 percent at Exxon Mobil and 62 percent at BP.
Rig Contracts
Petrobras has signed leases this year for six deepwater rigs, more than twice as many as any other producer, according to Dahlman Rose. The contracts have an average duration of five years and four months at rates of $410,000 to $580,000 a day.
Exxon Mobil leased Seadrill's West Polaris unit last month for $600,000 a day, Nokta said. BP agreed on May 1 to pay $540,000 a day for a Pride International Inc. drillship, $60,000 a day more than the company committed to three months earlier for an identical Pride rig, he said.
Petrobras plans to start pumping oil in the first quarter of 2009 from Tupi, the biggest find in the Americas since Mexico's 1976 discovery of the Cantarell field in the Gulf of Mexico. Petrobras also is evaluating as many as seven nearby fields, including the Carioca prospect, Gabrielli said.
It will take at least a year of additional drilling for Brazil to get a good picture of how much oil there is in an offshore region that includes Tupi, Carioca and other fields, said Lobao, the government minister. Petrobras and other producers have drilled only 15 wells in the region, he said.
Share Gains
Petrobras rose 17 centavos to 46.47 reais in Sao Paulo and has climbed 32 percent since announcing the Tupi discovery in November, quadruple the gain by major U.S. oil companies.
CEO Gabrielli, 59, said Petrobras began signing multiyear drilling leases as far back as 2004 because it foresaw a shortage of deepwater vessels.
``We could get very good deals at that time,'' Gabrielli said. ``We moved some of our contracts from $70,000 a day to $250,000 a day, which seemed like a very large increase back then, but now, of course, drilling rigs are $600,000 and $700,000 a day.''
Petrobras is in talks with Transocean Inc., the world's biggest offshore driller, to extend leases as much as three years ahead of expiration, Robert Long, chief executive officer for the Houston-based contractor, said last week
SBM Atlantia Introduces New FPSO Deepwater Mooring Technology
by SBM Atlantia
Tuesday, May 13, 2008
SBM Atlantia introduces its latest FPSO mooring technology aimed at further enabling the development of deep and ultra-deepwater reserves.
Called the MoorSpar system, the device is a disconnectable FPSO mooring system that makes possible the use of lower-cost, efficient steel catenary risers (SCRs) in deep and ultra-deepwater harsh environments such as the Gulf of Mexico or Southeast Asia.
The MoorSpar unit consists of a truss structure set atop a long, slender buoy and moored to the seafloor by a combination of lateral polyester lines and vertical tethers. The FPSO is connected to the facility through an articulated yoke system linked to a main roller bearing situated below a gimbal table at the top of the MoorSpar unit. This arrangement accommodates the vessel’s roll and pitch motions, while allowing the FPSO to weathervane. SCRs are, in turn, connected to the MoorSpar unit at riser porches located along the keel of the buoy. The risers are then linked to internal piping which is routed up through the central column and then across hard piping and swivels to the FPSO. The MoorSpar system is also suitable for high pressure and high temperature reservoirs as it avoids the use of flexible jumpers and risers.
“Typically, up to now deep and ultra-deepwater FPSOs had no choice but to use expensive riser towers or hybrid riser systems as the vessel’s heave motions prohibit the use of SCRs,†says Philippe Lavagna, SBM Atlantia engineering project manager for the MoorSpar system. “The MoorSpar system de-couples the motion of the vessel from the risers, thereby basically eliminating fatigue issues, while at the same time allowing for disconnection in the event of a storm.â€
The MoorSpar system was successfully model-tested at the MARIN facility in the Netherlands in 2007 to confirm the basis of design and feasibility of connection and disconnection
VetcoGray Wins Gorgon Subsea Work
by VetcoGray
Thursday, May 15, 2008
VetcoGray has received an award for a frame agreement covering a period of five years to supply subsea equipment and support services for the Gorgon Project.
The Gorgon Project includes the subsea development of the Greater Gorgon natural gas fields, located about 130 kilometers (km) off the north-west coast of Western Australia and that have water depths of 200-to-1,300 meters and lie between 65 and 134 km from Barrow Island. The fields will be linked to a three train, 15 million tons-per-year LNG facility, with provision for domestic gas production on Barrow Island. Chevron Australia Pty Ltd of Perth is 50% owner and operator of the Gorgon Project in a joint venture with the Australian subsidiaries of ExxonMobil and Shell.
"We're extremely pleased that Chevron has selected our technology, which has been proven in LNG applications worldwide, for this major Australian development," said Dave Tucker, chief operating officer of VetcoGray. "The Gorgon Project offers a tremendous opportunity to expand our capabilities to support commercialization of the significant gas resources located offshore north Western Australia."
The scope of VetcoGray's contract includes the supply of manifolds, pipeline termination structures, pipeline end terminations, trees with subsea control modules, wellheads, production control systems, system integration testing, installation and operations support.
"Our capacity to provide a complete spectrum of reliable equipment and services was key to winning the award," noted Tucker.
The VetcoGray project team will be based in Perth while engineering of the highly specialized subsea systems will be carried out at VetcoGray's centers of excellence located in Aberdeen and Nailsea (UK); Houston (USA); Billingstad (Norway); and Singapore. Manufacturing and sourcing will also take place across several international locations, including potentially Australia. The schedule for the supply and delivery of the equipment is to be developed.
"We look forward to establishing a dedicated local facility to help expand our service capabilities in support of the installation and commissioning of the Gorgon Project, as well as for providing enhanced field support to our installed base in the region," Tucker said.
While the Gorgon Project is the largest for VetcoGray to date in Australia, the company has previously supplied equipment for the Blackback, Stybarrow and Montara projects in the region. In addition, VetcoGray has worked with Chevron on several other projects worldwide, the most recent being the Tombua Landana and Lobito Tomboco projects in Angola
schwab, computer system is down
barchart sponsors dcff - diet coffee inc.
Barchart Sponsors
VectorVest: Do You Own the Right Stocks? Click Here for a Free Report.
DCFF - DIET COFFEE INC. (OTCBB)
Date Open High Low Last Change Volume % Change
05/14/08 0.0060 0.0060 0.0054 0.0055 -0.0005 2318735 -8.33%
Composite Indicator
Trend Spotter TM Sell
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Sell
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Hold
Short Term Indicators Average: 40% - Buy
20-Day Average Volume - 5432100
Medium Term Indicators
40 Day Commodity Channel Index Hold
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 75% - Buy
50-Day Average Volume - 3134328
Long Term Indicators
60 Day Commodity Channel Index Hold
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Sell
Long Term Indicators Average: - Hold
100-Day Average Volume - 2078035
Overall Average: 32% - Buy
Price Support Pivot Point Resistance
0.0060 0.0049 0.0057 0.0065
Click on the indicator for a graphical interpretation of the result
or visit the Learning Center for more information on the studies
Back to Top
Barchart Marketplace
Switch to Scottrade!
$7 Online Trades
$100 Cash Back
No Hidden Fees Trade with optionsXpress Visit www.optionsXpress.com
FXCM -Online Currency
Trading Free $50,000
Practice Account
$0 Stock trades at Zecco.com. 10 free month with $2,500 minimum, just $4.50 otherwise
Do you own the Right
Stocks? Click Here
for a Free Report
»» Barchart.com © Copyright 2008, Barchart.com User agreement applies. Data provided by ddfplus and subject to terms of use and privacy policy.
| Webmaster Tools | Advertising | Suggestions Box | About Barchart.com | Support | Printer friendly
Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Barchart.com Inc. nor its data provider (ddfplus) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. By accessing the Barchart.com Inc. web site, a user agrees not to redistribute the information found therein.
Add to your favorites
Set as your home page
All Equities and Futures data is delayed according to exchange rules.
NYSE and AMEX at least 20 minutes. Nasdaq at least 15 minutes.
CME and CBOT at least 10 minutes. NYBOT, NYMEX and COMEX at least 30 minutes.
barchart sponsors dpdw - deep down
Barchart Sponsors
VectorVest: Do You Own the Right Stocks? Click Here for a Free Report.
DPDW - DEEP DOWN INC. (OTCBB)
Date Open High Low Last Change Volume % Change
05/14/08 1.0900 1.0900 1.0100 1.0300 -0.0600 284607 -5.50%
Composite Indicator
Trend Spotter TM Buy
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Buy
Short Term Indicators Average: 100% - Buy
20-Day Average Volume - 267355
Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 254800
Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy
Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 286925
Overall Average: 100% - Buy
Price Support Pivot Point Resistance
1.0900 1.0300 1.0800 1.1300
Click on the indicator for a graphical interpretation of the result
or visit the Learning Center for more information on the studies
Back to Top
Barchart Marketplace
Switch to Scottrade!
$7 Online Trades
$100 Cash Back
No Hidden Fees Trade with optionsXpress Visit www.optionsXpress.com
FXCM -Online Currency
Trading Free $50,000
Practice Account
$0 Stock trades at Zecco.com. 10 free month with $2,500 minimum, just $4.50 otherwise
Do you own the Right
Stocks? Click Here
for a Free Report
»» Barchart.com © Copyright 2008, Barchart.com User agreement applies. Data provided by ddfplus and subject to terms of use and privacy policy.
| Webmaster Tools | Advertising | Suggestions Box | About Barchart.com | Support | Printer friendly
Data and information is provided for informational purposes only, and is not intended for trading purposes. Neither Barchart.com Inc. nor its data provider (ddfplus) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon. By accessing the Barchart.com Inc. web site, a user agrees not to redistribute the information found therein.
Add to your favorites
Set as your home page
All Equities and Futures data is delayed according to exchange rules.
NYSE and AMEX at least 20 minutes. Nasdaq at least 15 minutes.
CME and CBOT at least 10 minutes. NYBOT, NYMEX and COMEX at least 30 minutes.
Iran report pushes oil to new record, gas jumps above $3.73
Tuesday May 13, 1:25 pm ET
By John Wilen, AP Business Writer
Oil prices near $127 a barrel on report about Iranian output; gas prices above $3.73
NEW YORK (AP) -- Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away.
ADVERTISEMENT
Light, sweet crude for June delivery rose as high as a record $126.98 a barrel in midday trading on the New York Mercantile Exchange Tuesday before retreating to trade up $1.70 at $125.93.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., said traders reacted to news reports that Iran's government is considering cutting crude oil production. James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com, said the news quickly made its way around trading floors.
In later news reports, Iranian officials denied that production cuts were imminent, but said a reduction has been discussed. Cordier doubts Iran will actually cut oil production. The nation's economy is in bad shape, Cordier said: "They need all the petrodollars they can get."
At the pump, meanwhile, the national average price of a gallon of regular gas rose 1.4 cents overnight to a record $3.732, according to a survey of stations by AAA and the Oil Price Information Service. Prices have now risen to the level at which the Energy Department forecasts they'll peak in June, on a monthly average basis; that means prices may still go higher, but their average will peak at around $3.73.
Many analysts have predicted prices will surge much higher, and may breach the psychologically important $4 level on a national basis within the next couple of months. Prices are already that high in many parts of the country.
Some analysts are beginning to question whether gas prices will follow their typical pattern of peaking around Memorial Day, then declining through the summer.
"Retail prices aren't going to decline as long as any part of the energy complex is heading higher," Ritterbusch said.
Retail diesel prices rose 2.9 cents Tuesday to a national average of $4.39 a gallon, according to AAA and the Oil Price Information Service. The high price of diesel has helped drive up costs for goods and services throughout the economy.
In sending crude prices higher Tuesday, investors shrugged off the dollar, which strengthened against the euro Tuesday. A stronger dollar often prompts selling by investors who had bought commodities such as oil as a hedge against inflation. Also, a stronger dollar makes oil more expensive for investors overseas.
Meanwhile, the International Energy Agency, an adviser to mostly western, industrialized nations, said high prices are cutting demand for oil and petroleum products in the U.S. and Europe. The IEA cut its global oil demand growth forecast for this year to 1.2 percent from 1.5 percent. In the U.S., the IEA said demand for oil may contract by as much as 2.1 percent this year, while demand for gasoline will drop by about 1 percent.
Energy investors are also concerned about China, which recently reported a drop in crude imports. Analysts were uncertain whether Monday's 7.9-magnitude earthquake in central China would have a significant impact on demand. The quake killed about 10,000 people and knocked power plants and other factories off-line. Strong demand from China and other fast-growing economies has underpinned oil's rise in recent years.
Also Tuesday, the Senate voted 97-1 to direct President Bush to stop adding to the nation's strategic petroleum reserve. Some lawmakers feel that these shipments, which average 70,000 barrels a day, are pushing oil prices higher. The administration argues that that amount is a pittance compared to the 21 million barrels of oil the U.S. consumes each day.
Oil prices may be more volatile in coming days as investors square positions ahead of the June contract's expiration next week.
In other Nymex trading Tuesday, June gasoline futures rose 3.88 cents to $3.203 a gallon, and June heating oil futures rose 11.52 cents to $3.675 a gallon. Analysts said heating oil futures were being boosted by reports that supplies of distillates, which include heating oil and diesel, fell last month in Europe.
June natural gas futures rose 28.4 cents to $11.585per 1,000 cubic feet.
In London, June Brent crude futures rose $1.18 to $124.09 a barrel on the ICE Futures exchange.
Associated Press Writer George Jahn in Vienna, Austria, and AP Business Writer Thomas Hogue in Bangkok, Thailand, contributed to this report
Nido: FPSO On-Site at Galoc
by Nido Petroleum
Monday, May 12, 2008
Nido Petroleum Limited (Nido) announced that the Floating, Production, Storage and Offtake (FPSO) vessel 'Rubicon Intrepid' has arrived on location at the Galoc field.
The field Operator, the Galoc Production Company, has advised that the FPSO departed Batangas on 10 May 2008 and reached the Galoc field on 11 May 2008.
Over the next week, the vessel will commence mooring, hook-up and commissioning procedures in preparation for first production. This preparatory work is expected to take up to three weeks to complete, with first oil anticipated around the end of May. Nido will continue to provide the market with regular updates on the Galoc development and will notify the market immediately of material events
2 nice pop one for 21,200, and another for 18,400
Mustang provides engineering for Peregrino project offshore Brazil
by: OilOnline
Monday, May 05, 2008
Mustang Engineering is providing engineering and procurement services to Kiewit Offshore Services for the Peregrino field development in the Southern Campos Basin, Block BM-C-007, offshore Brazil. Mustang is currently providing detail design for two wellhead and drilling platforms that will interface with a floating production, storage and offloading (FPSO) vessel, which is designed for processing 100,000 BPD oil with a storage capacity of 1.6 million barrels of
FMC Technologies signs five-year alliance agreement with Anadarko Petroleum
by: OilOnline
Monday, May 05, 2008
FMC Technologies, Inc. has signed a five-year alliance agreement with Anadarko Petroleum Corporation to provide subsea equipment for Anadarko's Gulf of Mexico exploration and production projects. FMC Technologies' scope of supply includes subsea trees and associated equipment and services.
“We are excited about the opportunity to continue to work with Anadarko, the largest independent deepwater Gulf of Mexico producer,” said John Gremp, FMC Technologies' Executive Vice President of Energy Systems. “They have a significant rig inventory to execute their deepwater program, a solid exploration track record, an established producing infrastructure and a robust development plan. This alliance will allow us to use our innovative technologies to support the development of their portfolio
Triton Group ramps up presence in the US with launch of Sub-Atlantic Inc in Houston
by: OilOnline
Tuesday, May 06, 2008
Triton Group, is ramping up its presence in the US with the launch of Sub-Atlantic Inc. one year on from the acquisition of the UK company.
The group announced it had acquired UK designers and manufacturers of remotely operated technologies, Sub-Atlantic, at OTC in 2007. This year Triton is launching Sub-Atlantic's new $1 million facility in Houston.
The 5,000sq ft center has been established to boost opportunities for Sub-Atlantic in the Gulf of Mexico. As well as a technical store and light manufacturing base, providing the latest in replacement thrusters and components it will, for the first time, give customers access to complete ROV systems from stock - with the first system due to be delivered next month (June 2008).
The facility also offers courses on ROV simulation plus training for pilots, technicians and engineers and customer support services.
Located at 10642 West Little York, Sub-Atlantic's premises form part of a 30,000sq ft complex which is also occupied by Triton company Perry Slingsby Systems (PSS) and close to GEMS' premises. Plans are well underway for other companies in the group to open a US presence in the same facility.
The complex currently boasts around 30 staff and anticipates further job creation in the next 12 months.
Triton Group chief executive officer, Martin Anderson, said: "This facility is tangible evidence of our confidence in the strength of the market in North America and the Gulf of Mexico. The marked rise in demand for training and ROV supply has prompted us to put in place a specific market offering to ensure we're meeting that demand in the most effective way for our clients.
"This is an exciting time for everyone in the group. In under eighteen months we have concluded $140 million of acquisitions. These acquisitions have been targeted to complement the existing products within the group and enhance our global capabilities and infrastructure. They ensure our business model is robust and well balanced.
"With this critical mass of companies, we are able to develop products and services that meet real industry needs
go man go lost count after 42 @ 100 share trade
wow 22 trades at 100 a clip
113 is my old address from pitt, pa
Flotation Technologies, Inc. makes and markets deepwater buoyancy systems--including pipeline/sled buoyancy units and cable and pipeline protection units--using high-strength Flotec[TM] syntactic foam and polyurethane elastomer products. Providing quick-turnaround custom engineering and fabrication to the offshore oil, oceanographic, seismic and government markets, Flotation Technologies delivers reliable buoyancy for a host of marine applications. Its product line includes flexible riser
New Tool Predicts Effects of Inclement Weather on Offshore Equipment
by DNV Risk Management Software
Wednesday, May 07, 2008
For offshore operations to cope with more extreme weather conditions, DNV has developed the new Riser Production Line software suite. Its automated and efficient calculations dramatically reduces the analysis time of how heavy weather and operating conditions will strain installations such as risers, moorings and umbilicals.
As oil exploration activities move rapidly into deeper waters, harsher environments and more remote locations, where not only production but also drilling activities become critical applications, existing technologies will reach their limits.
"Whilst important new technologies are being developed, DNV has focused on achieving a more cost-effective solution by refining the calculation methodologies and loading conditions. This in order to reduce the design uncertainties," explains Celso Raposo, DNV's segment director for Deepwater and Ultra-deepwater Field Development.
The traditional risers' software package produces a remarkable amount of data to be compiled by the analysts. It requires a tremendous effort to interpret the results and draw conclusions. However, DNV's new Riser Production Line allows automated and efficient calculations, thus reducing the total analysis time to a fraction of the usual.
"The tool enables us to post-process the analysis results from time-domain simulations of dynamic marine systems more efficiently. The core analysis programs are Riflex and Flexcom. The Riser Production Line reads data from result databases and analyses these using common post-processing tools," says Nils Sødhal, DNV's project development manager.
The main features of the Riser Production Line are:
--Time series analyses, including extreme value predictions
--Plotting of time series and response spectra
--Filtering and time-series manipulations, including common transformations
--Riser capacity checks according to different standards
--Riser fatigue life predictions based on Rain Flow Cycle Counting (RFCC)
Parts of the Riser Production Line have also been implemented in DeepC software, which is time domain coupled analysis software for risers and moorings. DeepC has been developed and marketed by DNV, and its analysis engines are SIMO and RIFLEX, which are owned, developed and maintained by MARINTEK.
3D Oil Says West Seahorse Encounters Hydrocarbons
by 3D Oil & Gas
Monday, May 05, 2008
3D Oil Limited reports that the West Seahorse-3 has reached measured final depth of 1810 meters in 12-1/4" inch hole. The top of the Latrobe Group reservoirs, the primary target, were intersected close to prognosis at a measured depth of approximately 1558 meters (1397 meters true vertical depth). Indications of hydrocarbons were intersected throughout the Latrobe Group.
Over the course of the following days the anticipated operations for the West Triton will be to run wireline logs and conduct a sampling program to ascertain the presence and extent of moveable hydrocarbons. The interpretation of this data will help define the forward program for the well. It is also anticipated 9 5/8 inch casing will be run and the well suspended as a potential future oil producer.
3D Oil Limited is the operator and 100% owner of the Vic/P57 permit
ODIM Wins Subsea, Deepwater Contract for NOK74 Million
by ODIM
Tuesday, May 06, 2008
A contract worth NOK 74 million covering automated handling equipment has been awarded to ODIM's business segment for Subsea & Deepwater Installation by Norway's Havila Ships AS.
ODIM is to supply an active heave compensated crane with a lifting capacity of 150 tonnes. The active heave compensation compensates for vessel motions created by waves, and by that extends the operational weather window and boosts safety. The delivery also comprises four automated ODIM LARST launch and recovery systems for remotely operated vehicles (ROVs). The systems are due for delivery in 2009-10.
"This contract represents a welcome breakthrough for ODIM ABAS' 150 tonnes active heave compensated cranes. It also confirms our strong position in the field of automated handling systems for ROVs," says Bjorn Roppen, ODIM's vice president for Subsea & Deepwater Installation in Europe.
"Through a number of deliveries to demanding offshore customers, ODIM LARST has displayed good capabilities, stability and reliability. It's gratifying to note that established customers are returning to buy further systems of this kind," says Kjetil Leine, ODIM's chief operating officer.
"Our solutions have been developed to enhance the operational efficiency of our customers. Our ambition at ODIM is to provide all our customers with a more complete offer. That is why we integrate a number of products into unified solutions, like specialized cranes for offshore vessels."
Mr Leine emphasizes that access to offshore cranes which can complement system deliveries was an important reason for last autumn's acquisition of ABAS Cranes (now ODIM ABAS
oil near 123.00
AP
Oil nears $123 on $200 oil prediction, supply concerns
Tuesday May 6, 2:59 pm ET
By John Wilen, AP Business Writer
Oil prices rise to record near $123 a barrel on prediction of $200 oil, supply concerns
NEW YORK (AP) -- Oil futures blasted to a new record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.
ADVERTISEMENT
A new Goldman Sachs prediction that oil prices could rise to $150 to $200 within two years seemed to motivate much of Tuesday's buying, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed, analysts say
Orbisphere 510 goes multi channel
Orbisphere electrochemical sensors are widely regarded as leaders in the field of selective gas measurement: the new Orbisphere 510 can monitor up to three independent sensors at once
Orbisphere electrochemical sensors from Hach Ultra are widely regarded as leaders in the field of selective gas measurement. The most important new feature of the new Orbisphere 510 is the provision of multi channel capability enabling it to monitor up to three independent sensors. This latest version of the Orbisphere 510 also offers new software features for easier data transfer and diagnostics through USB and Ethernet.
Each channel provides data storage of up to 10,000 measurements and 1000 last user actions.
Information on the last 50 calibrations is also logged.
Continuous diagnostics provide the user with system status information and calibration and service reminders through smart analogue outputs and relays to simplify instrument maintenance.
Monitoring is made easy with Profibus DP.
The data management capability supports quality system records and other requirements such as 21 CFR 11.
Wall-mounted, panel and tabletop versions are available.
All versions employ a full colour touch screen, and intuitive software providing multi-level password protection.
This offers ease of use to line operators with configuration, communication and measurement options for technical personnel.
Orbisphere 510 instruments find applications in the power, electronics, life sciences, beverage and water industries for monitoring oxygen, ozone and hydrogen.
Hach Ultra provides high quality industrial process and production facility measurement systems worldwide under leading brand names such as Orbisphere, Anatel, and Polymetron.
For further information on Orbisphere 510 instruments or other Hach Ultra products or services please visit the website or contact your local Hach Ultra representative
Mustang Provides Engineering for Peregrino Project Offshore Brazil
by Mustang Engineering
Monday, May 05, 2008
Mustang Engineering ("Mustang"), a subsidiary of international energy services company John Wood Group PLC ("Wood Group"), is providing engineering and procurement services to Kiewit Offshore Services for the Peregrino field development in the Southern Campos Basin, Block BM-C-007, offshore Brazil. Mustang is currently providing detail design for two wellhead and drilling platforms that will interface with a floating production, storage and offloading (FPSO) vessel, which is designed for processing 100,000 BPD oil with a storage capacity of 1.6 million barrels of oil
MacGREGOR's Plimsoll Winch for FPSO is Biggest Yet
by MacGREGOR
Monday, May 05, 2008
Single Buoy Moorings' Frade FPSO will be moored by an internal turret accommodating 33 risers, and the moorings and risers will be handled by a Plimsoll winch supplied as part of an equipment package by MacGREGOR's Offshore division.
A 485-tonne Plimsoll chain-tensioning/riser pull-in winch for Single Buoy Moorings' Frade floating production, storage and offloading (FPSO) vessel off Brazil is the largest yet from MacGREGOR's Offshore division. The package of Plimsoll equipment supplied by MacGREGOR also includes a 45-tonne auxiliary winch, electro-hydraulic power pack, local control station, and rotary platform.
The Frade Field is Chevron's first oilfield development project in Brazil. The field is located in the Campos Basin in a water depth of 1,000m, about 75 miles off of Rio de Janeiro, and is expected to begin production in late 2008 or early 2009.
Single Buoy Moorings Inc was awarded an engineering, procurement, construction and installation (EPCI) contract covering the provision of the FPSO, based on the conversion of its 277,000 dwt VLCC Lu San. In addition to the EPCI contract SBM is to operate the FPSO.
Moored by an internal turret accommodating 33 risers, the FPSO is fitted with topsides for the production of 100,000 barrels of oil, treatment and compression of 106 million standard cubic feet of gas and treatment and injection of 150,000 barrels of water per day.
The Plimsoll main winch is used for tensioning mooring chains and pulling in the pipeline risers that transfer well fluids from the seabed to the surface. It features a single main plain-cored drum with two storage compartments. Each of four variable-speed low-torque hydraulic piston motors drives through an epicyclic reduction gearbox and on to a final drive guarded spur reduction gearset. Totally enclosed plate type brakes mounted between the hydraulic motors and reduction gearboxes are hydraulically released and spring applied, so fail-safe to 'on'. Counterbalance valves are fitted into the hydraulic circuit to assist with controlled lowering on the winch.
For chain tensioning, the winch has a maximum (or 'stall') rating of 485 tonnes pull, a duty pull of 440 tonnes, and a brake holding load of 580 tonnes (see table). The riser pull-in drum has a stall pull at top layer of 330 tonnes, a duty pull of 300 tonnes, and a brake holding load of 450 tonnes at top layer
Repairs Underway at BHP's Neptune TLP in the Gulf of Mexico
by BHP Billiton
Monday, May 05, 2008
BHP Billiton's Neptune facility in the Gulf of Mexico is currently undergoing remediation to reinforce certain structural components in the hull's pontoons.
After a detailed and thorough analysis by the engineering contractor which designed and built the hull, it has been determined that part of the support structure inside the pontoons requires additional reinforcement. This has been verified by an independent analysis.
Repairs are already underway to remediate the structure as required to meet the original design intent. The Company is working to bring the facility on stream by the end of the second quarter 2008, subject to regulatory approval.
The Neptune TLP, which is located approximately 120 miles off the Louisiana coastline was scheduled to start production at the end of March, however, start up was deferred after the problem was identified during a routine inspection.
Project development costs of the Neptune project are not expected to increase significantly in light of the warranty obligations of the engineering contractor.
BHP Billiton is the designated operator of the field with a 35% interest. Joint venture partners include Marathon Oil Company (30%), Woodside Energy (USA) Inc. (20%), a subsidiary of Woodside Petroleum Ltd., and Maxus (U.S.) Exploration Company (15%).
Neptune is a single-column TLP and was installed in 4,250 feet (1,300 meters) of water on Green Canyon Block 613. The Neptune field comprises of five blocks: Atwater Valley 573, 574, 575, 617 and 618 where water depths range from 4,200 to 6,500 feet (1,275 to 2,000 meters).
FMC Signs Five-Year Alliance Agreement with Anadarko
by FMC Technologies
Monday, May 05, 2008
FMC Technologies, Inc. announced that it has signed a five-year alliance agreement with Anadarko Petroleum Corporation to provide subsea equipment for Anadarko's Gulf of Mexico exploration and production projects. FMC Technologies' scope of supply includes subsea trees and associated equipment and services.
"We are excited about the opportunity to continue to work with Anadarko, the largest independent deepwater Gulf of Mexico producer," said John Gremp, FMC Technologies' Executive Vice President of Energy Systems. "They have a significant rig inventory to execute their deepwater program, a solid exploration track record, an established producing infrastructure and a robust development plan. This alliance will allow us to use our innovative technologies to support the development of their portfolio
ORBISPHERE A1100
Just Simply Accurate
GENEVA, Switzerland—Hach Ultra launches the latest development of the well-known, proven ORBISPHERE Electro-Chemical (EC) oxygen sensors – the ORBISPHERE A1100. This new oxygen sensor now offers the simplest sensor cleaning and refurbishment whilst providing the most accurate oxygen analysis.
This sensor is designed for use where oxygen measurement is critical, including for process monitoring or laboratory analysis in liquid or gas phases for the beverage, electronics, life sciences, power and other industrial applications.
Sensor refurbishment takes no more than 3 minutes with a pre-filled recharge cartridge (patent pending). Cleaning and preparation requires no technical skills and no chemicals. Thanks to the smart chip storing the calibration parameters, the sensor can be calibrated in the laboratory and made available as a “Plug and Play” device for the process operator.
The ORBISPHERE A1100 sensor’s unique design allows extended periods between recharges; its robust stainless steel construction means that it can be used in the most demanding applications, including resistance to CIP and pressures up to 100 bar. This latest development ensures unrivalled accuracy and fast response time to detect process changes
nice bang 17,880 at 89.5
IBM VETERAN JOINS WORLD ASSETS GROUP INC.
WORLD ASSETS GROUP INC. a new business accelerator company announces ne executive.
IBM VETERAN JOINS WORLD ASSETS GROUP INC.
Stuart, Florida – September 9, 2002— World Assets Group Inc. (OTC: WLRDF”) announced today that former IBM and Office Depot executive Andy Ruppanner accepted the position of Chief Executive Officer of World Assets Group Inc. (US). Mr. Ruppanner will report directly to Board Chairman, Dr. Claus Wagner-Bartak and continue in his position on the Board of Directors as Secretary/Director.
Dr. Claus Wagner-Bartak commented; Having worked closely with Andy in developing the business infrastructure for World Assets Group, I have had the pleasure of watching a true professional at work. I know the business operations of the company will excel under his energetic leadership.”
Andy Ruppanner
Holding an MBA from Emory University, Ruppanner served as a marketing and services executive for over 25 years at IBM and Office Depot. Known as a company starter” his entrepreneurial creativity and operational discipline have assisted several technology and start-up companies get ‘up-and-running quickly and profitably. Ruppanners long running interest in the arts world was recently ignited when he assisted West Palm Beach entrepreneur Paul Fisher develop an automated art ‘Jurying System for the Smithsonian Institution. Since that time he has been consulting with several artists and art related companies.
Im honored and very enthusiastic about formally joining with Dr. Wagner-Bartak in this important capacity. Im proud to be on the team, and look forward to much success in the coming years;” stated Ruppanner.
World Assets Group Inc.
The business of World Assets Group Inc. is to acquire and operate companies, injecting the skills and business processes required to accelerate growth and profits. The Company grows profitable enterprises worldwide providing exceptional products and services to as many people possible at a good value, while striving for an above-average profit for its shareholders and promoting a better quality of life for people everywhere.
For more information about World Assets Group Inc., please visit its website www.worldassetsgroup.com or e-mail info@worldassetsgroup.com.
Press Contact:
J. B. McKay
press@worldassetsgroup.com
State-of-the-art Seabed Separation
by StatoilHydro
Friday, April 11, 2008
StatoilHydro will, together with Chevron and Petrobras, develop a new compact deep-water separation plant.
Known technology elements will be assembled in an entirely new way. The new separation equipment will be far lighter and smaller than the existing solutions.
"The development of compact seabed separation plants is key to success in deep waters, such as in the Gulf of Mexico and off Brazil," said the activity leader of the CompactSep JIP project, Olav Kristiansen, at StatoilHydro's research and development center in Trondheim.
Seabed processing allows tasks such as separation, pumping and compression to be performed on the seabed rather than on the platforms.
The project aims to develop a plant that will work in water depths down to 2500–3000 meters. Traditional separators are too heavy to be lifted down into such deep waters. They will also get a bulky wall thickness due to great external pressure. Reducing the weight and dimensions is crucial.
"We will build a three-meter high, six-meter long demonstration rig for extensive laboratory and function tests, using model fluids and real fluids, both under low and high pressure," Kristiansen said.
The first tests will take place in StatoilHydro's research and development laboratory in Trondheim. The entire separation system will then be tested in a high-pressure rig at the SINTEF research foundation, where larger high-pressure facilities exist.
Finally, StatoilHydro's research and development center in Porsgrunn will take over. Full-scale testing of the plant, using real gas and oil types, will be performed here. Parts of the system will at the same time be tested with well stream on the Gullfaks C platform in the North Sea.
The research project is managed and performed by StatoilHydro as a joint industry project (JIP), with the three companies as equal partners. The contract is based on the existing technology cooperation agreement recently signed with Petrobras and Chevron. The project, with a cost limit of NOK 54 million, will run until 2011
New JV To Transfer Turret-based Know-how To FPSO Market
by Scana Industrier ASA
Friday, May 02, 2008
Scana Industrier ASA and FPSOcean AS have agreed to establish a new company that will focus on developing technology and equipment for floating production units. This is a continuation of the ongoing jointly owned development of the DRB (Disconnectable Riser Buoy) turret and fluid transfer system.
The new company has furthermore signed an acquisition agreement with Blyth-Newcastle UK-based Flexible Engineered Solutions Limited (FES). The purchase price will be paid partly in cash and partly in shares issued by the new company and with a portion of the purchase price being subject to an earn-out model over a period of time.
FES is a recognized supplier of proven fluid transfer systems, FPSO turrets and other specialized equipment serving the international oil & gas industy. The FES technology will complement Scana/FPSOcean's patent-pending solutions. Scana's share of ownership in the new company will initially be above 50% and Scana will have the right to nominate the Chairman of the board. Closing of the transactions is subject to due diligence and final board approvals, and is expected to take place in June.
The ambition of the new company is to create a leading independent provider of equipment to the FPSO market and similar markets including floating LNG production units. The company will continue to utilize Scana technology and manufacturing capacity and will adopt current and future agreements with FPSOcean and other FPSO contractors. The parties expect significant international growth fueled by the access to FES market-position, technology and very capable engineering and project organization.
Publicly available information about the market-segment for floating production indicates a need for at least 15-20 new units per year over the next few years. The base resources for the new company will comprise parts of the company Scana AMT in Vestby including personnel, technical personnel from FPSOcean and all resources within FES. The new company will continue to be located in Vestby, Blyth-Newcastle and Oslo. The new company will at the time of establishment employ about 45 engineers and project management personnel and is expected to have an annual turnover of approximately NOK 300 million in the first full year of operations.
"It is a stated ambition for Scana to maximize shareholder values," said Rolf Roverud, CEO of Scana. "This joint venture combines the expertise, know-how and market references from FPSOcean, FES and Scana, and allows the new combined company to take the position as the leading independent technology partner for turret based systems to the rapidly growing FPSO market. At the same time Scana will become a strategic supplier of engineered components and metallurgic services to the new company. This combination will give the new company a competitive edge and a good basis for creating significant shareholder values."
Robert Anderson and Ian Latimer of FES comment: "The only two independent suppliers of turret-based solutions have joined forces in order to be able to serve the global market place. As a privately owned company FES considered several possible growth restrictions which should now be entirely replaced by significant growth opportunities. We are very exited to join Scana in this effort to build a new leading technology provider.
"FPSOcean is the pioneer customer deploying the DRB developed in co-operation with Scana. Our vision for deployment of disconnect able turret systems goes far beyond the ongoing delivery to our first DP FPSO 'DeeP Producer 1.'"
"By this strategic move FPSOcean will secure two paramount accomplishments. Firstly the establishment of a technology company that shall be the leading independent supplier of turrets and fluid transfer systems to the international oil and gas industry. This company will possess enabling technology to support our own growth ambition in the deepwater floating production segment. Secondly, we are creating value for our shareholders by the holding of a significant minority position in a company with a sound growth potential in a high margin industry," said Georg Sverdrup Onsrud, CEO of FPSOcean.
Scana Industrier's subsidiaries and Scana Offshore Vestby, in particular, will continue to provide equipment and services to the new company as well as existing customers within the oil and gas segment. Scana targets further growth through a wide range of products and services within the Oil and Gas business unit in