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Most North America Shale Plays Still Profitable at $65/Barrel

December 21, 2014

At $65/barrel, most North America shale plays are still profitable with the current rig and well economics on an individual or series basis, according to an industry expert with A.T. Kearney. The firm doesn’t see any major pullback in activity at this price level, except for companies with stronger balance sheets possibly deferring or slowing… Continue Reading »

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Scientists Find Over 100 New Species in GoM

December 21, 2014

The Bureau of Ocean Energy Management (BOEM) has announced a new two-volume study report, Investigations of Chemosynthetic Communities on the Lower Continental Slope of the Gulf of Mexico. This final report presents the results from a five-year field study funded by BOEM and the National Oceanic and Atmospheric Administration’s Office of Ocean Exploration and Research… Continue Reading »

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TITAN Refloats and Scuttles Bow of Wrecked Bulk Carrier

December 20, 2014

TITAN Salvage, Crowley Maritime’s, Houston-based marine salvage, emergency response and wreck removal company, has successfully refloated and scuttled the largest and most challenging section of the wrecked bulk carrier, Smart. The vessel was carrying a load of coal when it went aground in August 2013 in heavy seas in Richards Bay, South Africa. Complications ensued… Continue Reading »

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Energy Demand to Underpin Long Term Growth in Offshore E&P Expenditure

December 20, 2014

Rising energy demand will underpin long-term growth in the industry’s expenditure for the global offshore oil and gas sector, John Westwood, Group chairman of consultancy and information services company Douglas-Westwood told participants at the OSEA Conference held in Singapore in early December. The firm projected that the industry would spend around $1.4 trillion on offshore… Continue Reading »

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Cecon Secures Funds for Third Subsea Vessel

December 20, 2014

Cecon Shipping 3 AS, a subsidiary of Rever Offshore AS, has secured a USD 35 million senior bond financing deal with York for the purpose of starting the completion of Hull 719, the third in line of Cecon’s 130 meters long SURF subsea construction vessels. To enable an earlier start-up of the Hull 719 completion, Cecon… Continue Reading »

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McDermott Takes Ownership of CSV North Ocean 102

December 20, 2014

Oslo-listed Oceanteam Shipping has completed the transfer of its 50% ownership stake in the to date jointly owned Pipelay Vessel North Ocean 102 to J. Ray McDermott Norway. The company said that the proceeds from the sale will go towards a USD 35 million amortization on Oceanteam’s bond loan debt due in April 2015 and… Continue Reading »

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Commercial Divers

December 20, 2014

Building, fixing, welding and repairing – all 1000 feet beneath the waves. Commercial divers do normal construction activities in an extreme environment – making theirs a very dangerous job. The job can take them all over the world, ask of them to do countless different assignments, and every day is unique. This job is exciting, adventurous,… Continue Reading »

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Canadian Oil Producers Slash 2015 Capital Budgets

December 20, 2014

Canadian oil producers deepened 2015 spending cuts on Wednesday, as Husky Energy , MEG Energy and Penn West Petroleum joined those hacking back capital budgets in response to tumbling crude prices. Penn West, one of Canada’s largest conventional oil producers, also cut its dividend to 3 Canadian cents per share from 14 Canadian cents. The… Continue Reading »

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UK to Host ICOE 2016

December 20, 2014

RenewableUK, has announced that, for the first time ever, one of the most prestigious global conferences on renewable energy will be held in the UK. The 6th International Conference on Ocean Energy (ICOE) will take place from 23rd to 25th February 2016 at the Edinburgh International Conference Centre. It will be organised and hosted by… Continue Reading »

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Chevron Cancels Canadian Arctic Drilling As Oil Prices Slide

December 19, 2014

Chevron Corp is putting a plan to drill for oil in the Beaufort Sea in Canada’s Arctic on hold indefinitely because of what it called “economic uncertainty in the industry” as oil prices fall. In a letter to Canada’s National Energy Board on Wednesday, the company withdrew from a hearing on Arctic drilling rules because… Continue Reading »

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