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Global Industries Awarded US$75 Million Project in SE Asia

January 31, 2009

 

CARLYSS, La. — Global Industries, Ltd. announced today that its wholly owned subsidiary, PT Global Industries Asia Pacific Pte., Ltd. has entered into a contract with PT Transportasi Gas Indonesia (Transgasindo) to provide the replacement and zero downtime repair of a 28″ pipeline offshore Indonesia.

The contract is valued at approximately US$75 million and isscheduled to commence in February 2009, with a scheduled completion date of April 2009.

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Camanchee, Global Industries, PT Global Industries Asia Pacific, PT Transportasi Gas Indonisia, SE Asia, Transgasindo
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DOF Subsea UK to Deliver Integrated Subsea Construction Services on Apache North Sea’s Forties Field

 

Aberdeen-based specialist subsea service company DOF Subsea UK has been awarded a contract by Apache North Sea Ltd to provide integrated subsea construction services on the Forties field. 

The contract is for the subsea installation of nine Impressed Current Cathodic Protection Systems (ICCP) on the Forties field platforms and involves all aspects of DOF Subsea’s services including installation engineering, vessels, ROVs and survey. The ICCP systems are designed to protect the offshore installations from corrosion and are retrofit design supplied by Deepwater Hockway. Read the rest of this entry »

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Oceaneering Announces Ocean Intervention One-Year Contract

 

HOUSTON, Dec 08, 2008 /PRNewswire-FirstCall via COMTEX/ — Oceaneering International, Inc. announced it has secured a one-year term contract with estimated revenue in the range of $25 million to $30 million for use of the MSV Ocean Intervention and other related services, commencing early February 2009. The contract contains a customer option for a one-year extension.
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Exxon Mobil sets record with $45.2 billion profit

January 30, 2009

January 30th, 2009 – HOUSTON  – Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.

The previous record for annual profit was $40.6 billion, which the world’s largest publicly traded oil company set in 2007.

The extraordinary full-year profit wasn’t a surprise given crude’s triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer.

With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday’s results show no one is completely insulated from the ongoing malaise.

Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year’s second quarter and then with earnings of $14.83 billion in the third quarter.

Revenue in the most-recent quarter fell 27 percent to $84.7 billion.

Both the per-share and revenue results topped Wall Street forecasts. On average, analysts expected the company to earn $1.45 a share in the latest quarter on revenue of $69.1 billion, according to Thomson Reuters.

Shares rose $1.52, or 2 percent, to $78.52 in early trading.

The nation’s second largest oil company, Chevron Corp., reported profits of $4.9 billion for the fourth quarter, though revenues slid 26 percent with oil prices in sharp decline.

It earned $2.44 per share in the three months ended Dec. 31. Like Exxon, Chevron easily beat expectations of analysts, who were looking for profits of $1.81 per share.

The industry went into retrenchment toward the end of the year with demand falling.

As expected, Exxon Mobil’s bottom line took a beating from its exploration and production, or upstream, arm, where net income fell 31 percent to $5.6 billion. The culprit: lower crude prices, which the company said decreased earnings by $3.2 billion in the fourth quarter alone.

The company, which produces about 3 percent of the world’s oil, said overall output fell 3 percent in the most-recent period, a troubling trend in previous quarters. Exxon, which generates more than two-thirds of its earnings from oil and gas production, said production-sharing contracts and OPEC quotas contributed to its lower output.

Results were better at its refining and marketing unit, where earnings rose 6 percent to $2.4 billion as higher margins overcame costs related to last summer’s hurricanes and other factors.

The company’s chemical division also took a hit, posting net income of $155 million versus $1.1 billion a year ago. Results were hurt by lower volumes and margins and hurricane-repair costs.

Exxon Mobil said it bought 119 million shares of its common stock in the quarter at a cost of $8.8 billion. Roughly $8 billion of that amount was dedicated to reducing the number of shares outstanding; the balance was used to offset shares issued as part of the company’s benefit plans.

Exxon said it spent $26.1 billion on capital and exploration projects last year, up 25 percent from 2007. Its earnings release provided no information about its planned spending for 2009.

For the full year, Exxon Mobil’s massive profit amounted to $8.69 a share, versus $7.28 a share a year ago.

http://news.yahoo.com/s/ap/20090130/ap_on_bi_ge/earns_exxon_mobil

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Court confirms liquidation of Superior Offshore

HOUSTON: The United States Bankruptcy Court for the Southern District of Texas has confirmed the Plan of Liquidation submitted by Superior Offshore International. Under the plan, all equity interests will be canceled on Feb. 11.

The former subsea construction and commercial diving services provider ceased operations, filed for bankruptcy and began winding down its company affairs in April 2008 in the face of financial problems. The company was delisted from NASDAQ on April 24.

http://www.energycurrent.com/

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Seamar records 2008 year-end TRIR of 0.8

 

Seamar, the well known provider of subsea construction and fabrication services to the domestic and international oil and gas industry operating in the Gulf of Mexico and some Latin American markets, has announced that the company’s 2008 year-end total recordable incident rate, or TRIR, of 0.8.

After posting a fourth quarter TRIR of 0.0, Seamar’s cumulative TRIR for the year 2008 averaged to an outstanding 0.8, or 60 per cent below the industry standard of 2.0. Read the rest of this entry »

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Commercial Diving Operations – USCG regulation changes proposed

January 29, 2009

Advance notice of proposed rulemaking.
CFR Part: “46 CFR Part 197″
RIN Number: “RIN 1625-AA21″
Citation: “74 FR 414″
Document Number: “USCG-1998-3786″
Federal Register Page Number: “414″

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Big 3 to lift US oil production

January 28, 2009

US oil production is forecast to increase in 2009, most of it from three Gulf of Mexico platforms: Atlantis, Thunder Horse, and Tahiti late in the year. These platforms will account for two-thirds of the total domestic increase, according to Energy Information Administration.

Domestic production in 2009 is projected to increase by 320,000 b/d to an average of 5.25 MMb/d. This would be the first production increase since 1991, says EIA. Read the rest of this entry »

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Safety Notice from CaviDyne

A safety bulletin had been released to the public regarding the CaviDyne Model YC-2040 CaviBlaster, which is used to clean the marine growth from undwater surfaces.

This safety bulletin can be found at:

www.adc-int.org/documents/CaviBlasterAccidentAnalysis.pdf

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Australia oil fields restart as cyclone passes

January 27, 2009

 

SYDNEY (Reuters) – Oil firms began restarting operations off western Australia on Wednesday after a cyclone passed through the region and forced the shutdown of production platforms accounting for nearly half of Australia’s oil output. Read the rest of this entry »

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