Monthly Archives: March 2017

News & Observer

Amazon Wind Farm developer Avangrid wins $9M bid to build offshore wind farm off Kitty Hawk News & Observer The Amazon Wind Farm, in Pasquotank and Perquimans counties, features 104 turbines and a capacity of 208 megawatts, while the 191 square miles Avangrid leased Thursday could accommodate an offshore wind farm more than sevenfold the size if fully ... Operator of Pasquotank wind farm wins offshore lease biddingThe Outer Banks Voice Avangrid Renewables wins bid for Kitty Hawk offshore wind farm leaseVirginian-Pilot Iberdrola wins 1.2GW North Carolina offshore wind auctionRecharge Utility Dive -The National Law Review -Clean Energy News (blog) all 22 news articles »

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Amazon Wind Farm developer Avangrid wins $9M bid to build offshore wind farm off Kitty Hawk - News & Observer

Diamond Offshore (NYSE:DO) has just announced that the court upheld the injunction regarding the company's Ocean Valor contract with Petrobras (NYSE:PBR). According to Diamond Offshore's 8-K, Petrobras has the right to seek to appeal the ruling in the Superior Court of Justice. This is a major win for Diamond Offshore, which continues to get the dayrate from the Ocean Valor contract. The news of Ocean Valor's contract cancellation was a major downside catalyst for Diamond Offshore shares back in September 2016.

There is a lot at stake for Diamond Offshore. Ocean Valor was originally scheduled to work until October 2018 at a dayrate of $455,000. The news is especially refreshing given the current state of the floater market, which remains under heavy pressure due to low oil prices.

As I stated in my previous article on Diamond Offshore, the stock looks like an interesting bet around $15 due to strong support at this level and a clear plan. If the stock breaks the support, you can bail out with a small loss.

The news on the Ocean Valor should provide additional support for the company's shares. At the same time, the industry situation remains tough. Brent failed to go through the major resistance at $57.50 and corrected significantly, further postponing any material recovery in the floater segment of the offshore drilling market.

Saudi Arabia recently hinted that it might get out of the production cut deal after six months if other market participants (especially U.S. shale companies) get too much out of it without committing anything. This is worrying news for the whole offshore drilling market, and for the floater segment in particular as it needs higher prices than the jackup segment in order to see increased contracting activity and better dayrates.

The current backlog remains Diamond Offshore's core strength. However, as time goes by, the company will eat through the backlog and future prospects look rather bleak, like for every offshore driller. I remain cautiously optimistic on the company due to the backlog and the quality of the management team, which was the only one that called the current crisis right from the start and acted accordingly.

At the same time, oil prices are a source of major worry. In my view, another leg down in oil prices (if it happens) will certainly take Diamond Offshore shares below $15. It might even cause a wave of selling, triggering the protective stop orders of both speculative and longer-term-oriented traders and investors.

Besides oil prices, Diamond Offshore will have to deal with several contracts that end this year. The contracts of two older semi-subs, Ocean Guardian and Ocean Patriot, end in April 2017 and October 2017, respectively. Diamond Offshore's management has repeatedly stated that old assets can find their niche in the market. This year, the management team will have a chance to prove its words or if the two semis will have to join the fleet of cold-stacked rigs, which currently consists of 10 rigs.

There are several other rigs whose contracts end in 2017: jackup Ocean Scepter and semis Ocean Monarch and Ocean Victory. In short, Diamond Offshore will have to find additional work for at least some of these rigs or its shares will find themselves under increased pressure.

I have often written about the "survivor group," which, in my view, consists of Diamond Offshore, Rowan (NYSE:RDC), Ensco (NYSE:ESV), Transocean (NYSE:RIG), and Noble Corp. (NYSE:NE). "Survival" here means that the companies will emerge out of the current downturn without material changes to the capital structure, which involve heavy dilution or a complete wipeout of shareholders. However, "survivor group" member status does not protect a company's shares from downside.

I continue to believe that the whereabouts of the $15 level present a decent opportunity to bet on Diamond Offshore shares, either for a short-term or a longer-term trade. However, an investor or trader should keep risks in mind, choose a comfortable entry price and size the position accordingly. The whole industry remains under great pressure, and there are little if any signs of a rebound.

Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in DO over the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I may trade any of the abovementioned stocks.

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Diamond Offshore Wins Over Petrobras In Court - Seeking Alpha

Published on March 16th, 2017 | by Joshua S Hill

March 16th, 2017 by Joshua S Hill

Danish wind energy giant DONG Energy announced this week that it has decided to retire the Vindeby offshore wind farm, the worlds first offshore wind farm, which was installed 25 years ago.

The Vindeby offshore wind farm was completed in the summer of 1991, when 11 small 450-kilowatt wind turbines in the waters off Vindeby near Lolland in the south east of Denmark setting the country up to be one of the worlds early offshore wind leaders. The wind farm provided enough electricity for around 2,200 homes a sign of just how far the industry has come. Consider that one of DONG Energys current projects, the Hornsea Project One, when completed, is expected to provide enough electricity for onemillion households.

Vindeby Offshore Wind Farm is almost miniature-size in comparison with the giant projects which are now being realised in Northern Europe, said Leif Winther, responsible for DONG Energys Danish offshore wind farms. But without the experience gained from the worlds first offshore wind farm, we wouldnt be where we are today. Its fair to say that Vindeby is the cradle of the offshore wind industry, and that this is where the industry was born.

It was announced back in early 2016 that the Vindeby offshore wind farm would be prepared for dismantling, when DONG Energy sought dialogue around what could be done with the infrastructure which has been built up around the park.

There are cables with an associated substation onshore, and it might be interesting for companies interested in renewable energy, Winther said back in February of 2016. We would like to enter into dialogue with them prior to dismantling the wind farm.

More than that, however, the dismantling of Vindeby offers the first steps to learning how to proceed with dismantling the much larger offshore wind farms which will happen inevitably over the coming years and decades.

In future, other and much larger offshore wind farms will also have to be taken down. How to do that most efficiently and with the greatest possible consideration for the environment is still uncharted territory. In this context, Danish companies can perhaps get a head start, just as they did when we started the expansion of wind power.

All the components of the wind farm will be taken down individually by a mobile crane on board a jack-up vessel. The parts will then be sent onshore toNyborg Harbour, where DONG Energy will attempt to reuse the components as much as possible as spare parts for other wind turbines. Some of the wind turbine blades are actually set to be used as part of a research project atDTU Ris, while others are earmarked for use in a noise barrier concept.

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Tags: Denmark, dong energy, Lolland, Vindeby, Vindeby offshore wind farm

Joshua S Hill I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

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DONG Energy Retiring World's First Offshore Wind Farm - CleanTechnica

[Update 2: In Round 17, one company bid $9 million. No other company has matched or exceeded it. Stay tuned for the BOEMs announcement of the winning bid.]

Twelverounds of bidding, four companies and $5.3 million on the table and so far, no ones flinching. Since 9:30 this morning, the Bureau of Ocean Energy Management has been auctioning 122,405 acres of ocean for an off-shore wind farm 27.5 miles from Kitty Hawk.

The winning bidder would not own the acreage,but lease it from the BOEM, a division of the U.S. Department of Interior. This is an online lease sale, so theres no wonderful soundtrack of an auctioneer (five-five-five do-I-hear-five-point-three-million?!) Nonetheless, the bidding updates, which started at $244,000, have been interesting.

North Carolina has more offshore wind energy potential than any Atlantic state. This would the states first off-shore wind farm.

More than 35people or groups commentedon the proposed lease, indicating the many potential conflicts even clean energy can encounter. TheWorld Shipping Councilwas concerned about the turbines interference of ocean traffic. TheTown of Kitty Hawkwanted the farm farther offshore, plus was worried aboutvisual clutter of farm-to-shore transmission lines.

Southern Environmental Law Center,US Fish & Wildlife Serviceandthe Marine Mammal Commission, while largely supportive of wind energy, urged the bureau to conduct thorough environmental assessments and offset potential harm to birds, sea life and ecosystems.

Eight companies filed paperwork with the bureau to participate in the auction: Avangrid Renewables, which owns an onshore wind farm near Elizabeth City; Enbridge Holdings/Green Energy in Houston; Shell WindEnergy; Wind Future LLC, Outer Banks Ocean Energy in Charlottesville, Va.; PNE in Chicago, a multi-international company Statoil; and WPD Offshore Alpha, based in Bremen, Germany.

Wind energy and its more popular renewable sibling, solar power, are key to a resolution filed today by State Rep. Pricey Harrison, a Guilford County Democrat.HR 401 would shift North Carolina to 100 percent clean energy by 2050. If the resolution passes (unlikely, but Harrison gets points for chipping away at the fossil fuel block) the statecould spend thenext 33 years weaning itself off the coal/natural gas teat. Converting to 100 percent clean energy could help the planet avoid what the resolution describes as a climate catastrophe.

In addition to the enormous wind energy potential, North Carolina had 1,140 megawatts of solar electric capacity in 2015, placing the state second in the nation. Of that capacity, the industry has installed enough infrastructure to power 260,000 homes roughly equivalent to the population of Durham County. AndIn 2016, the solar industry investednearly $1.7 billion on installations in the state, an increase of 159 percent over the previous year.

Primary co-sponsors are Democratic Reps. John Autry, Jean Farmer-Butterfield and Susan Fisher.

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Bidding reaches $7.5 million for state's first offshore wind farm - and ... - The Progressive Pulse

MORENA DISTRICT Catalina Offshore Products owner Dave Rudie just announced that the local seafood wholesaler has unveiled its own house brand of premium canned tuna featuring sustainable and locally harvested hook-and-line wild-caught Eastern Pacific bigeye and yellowfin, processed and packed in the U.S. The products Catalinas Choice Solid Pack Tuna in Olive Oil and Catalinas Choice Smoked Solid Pack Tuna in Olive Oil help Catalina Offshore maximize its intake of fresh fish while celebrating San Diegos history as the Tuna Capital of the World. Available for retail in its on-site fish market as well as wholesaled to restaurants, schools and hospitals, the canned tuna spotlights former professional tuna fisherman turned fishmonger Tommy Gomes, a native of San Diego who is Catalina Offshores beloved spokesperson. [EaterWire]

LIBERTY STATION Grand food hall Liberty Public Market is commemorating its first year as a local culinary destination with a celebration this Saturday, March 18 and Sunday, March 19 that includes a golden ticket prize and multiple giveaways. Through Friday, March 31st, buy a golden chocolate bar from one of the markets tenants, which will each have a mini prize inside, and potentially uncover a special Golden Ticket for a prize valued at $500. Additionally, market vendors will be offering freebies, samples and prizes this weekend. Beginning at 11 a.m. on Saturday, March 18 and Sunday, March 19, Stuffed! will be giving away free Wham sliders to the first 50 guests while Mama Made Thai, Pasta Design and Le Parfait Paris will be among the food tenants serving up complimentary bites starting at 2 p.m. on Saturday, March 18. [EaterWire]

DOWNTOWN With locations at The Headquarters, La Jolla and Irvine, Puesto is toasting to five years as a brand with a birthday party on Sunday, April 9 from 10 a.m. to 1 p.m. in the open-air courtyard of The Headquarters. The Mexican eatery will be offering up complimentary tacos and aguas fresca and the free family-friendly event will include face painters, balloon artists and jumpy houses. [EaterWire]

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Catalina Offshore Launches Canned Tuna Line - Eater San Diego

Yellowfin Yachts popular 36 Offshore has received a fresh set of refinements for 2017, and we got a chance to experience the improvements while running out to the West Hump 25 miles south of Islamorda, Florida, to fish for blackfin tuna.

From calm bay waters to large confused waves atop the high spot out, the Yellowfin twin-step hull performed and handled well.

With a 55-gallon livewell in the transom and an 80-gallon well under the leaning post module, the 36 offers outstanding bait capacity.

Improvements to the 36 includes include a molded-in pocket forward of the chines for a larger multichannel transducer. Yellowfin has also shifted the console forward to effectively enlarge the aft cockpit for more room while fishing.

Theres also new leaning-post option that includes a rigging station and cabinets for tackle stowage. Innovative hardware includes ultra-strong and lightweight titanium cleats and through-hull fittings.

The center console now has a full stand-up head compartment for more personal space and greater room for items such as fishing kites. In addition, backrests convert the forward seating area to a pair of loungers.

Our performance numbers reveal that the 36 jumps on plane in 4 seconds and reaches 30 mph in 9 seconds. Top speed with triple Mercury 350 Verados was 62 mph at 6,000 rpm.

Best fuel efficiency occurred at 3,500 rpm and 31.4 mph with the engines burning 22.4 gph for 1.4 mpg. With the 477-gallon fuel capacity, the Yellowfin 36 offers over 600 miles of cruising range.

To see more new boats, check out the overview below of current center consoles that could become classics.

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Yellowfin 36 Offshore Test - Sport Fishing