Daily Archives: May 30, 2017

Barron's

Offshore Drillers: After Atwood Acquisition, Who's Next? Barron's Shares of Atwood Oceanics have soared 27% to $10.29 at 10:09 a.m. today, while Ensco has dropped 2.2% to $6.56, Transocean has declined 0.4% to $9.52, Diamond Offshore Drilling has ticked up 0.1% to $12.17, Noble has climbed 5.5% to $4.30, Ocean ... Offshore driller Ensco to buy Atwood Oceanics in $839 mln dealNasdaq Ensco, Atwood in $839 Million Offshore Driller Merger24/7 Wall St. Ensco, Atwood Merger Pointing to Leaner, More Cost-Competitive Offshore SectorNatural Gas Intelligence Reuters all 42 news articles »

Here is the original post:

Offshore Drillers: After Atwood Acquisition, Who's Next? - Barron's

The Gaston Browne administration fast-tracked another amendment to the International Banking Act through the Lower House of Parliament yesterday one which will allow the state to borrow from the offshore sector.

Browne, the prime minister and minister of finance, piloted all three readings of the International Banking (Amendment) Bill 2017 which he said would ensure the offshore sector is linked to the local economy.

The amendment is proposed under Section 4 of the Bill and states, A licensed financial institution may conduct international banking services with the Government of Antigua and Barbuda and its statutory bodies

Browne suggested that some statutory corporations may already be lining up to supplement their financing with capital from international banks.

The Bill requires that any loan by an offshore bank to a local entity must be approved by the Financial Services Regulatory Commission (FSRC) and the Ministry of Finance & Corporate Governance.

One concern which the prime minister admitted to was the potential competition to which domestic banks would now be exposed. In the draft legislation, the amount of $2 million was proposed as the minimum which an offshore bank would be allowed to lend. However, he did not specify whether that amount was in EC or US dollars.

We only want to do this for large loan transactions. Offshore banks can also operate EC dollar accounts with domestic banks. This is to facilitate the repayment of loans and advancements to international banks after they loan in US dollars, Browne said.

The prime minister said Antigua & Barbudas offshore sector had in the region of US $1.5 billion in deposits last year.

antiguaobserver.com is really happy to provide this forum in which all are encouraged to freely state their opinions without ridiculing anyone or being ridiculed. We've found that happens really easily if each comment is limited to the topic at hand. We will approve any comment that speaks solely to the story to which it is attached and is free from name calling and defamatory statements.

While we will not post comments questioning moderators' judgement, we will take such suggestions into consideration as possible ways to improve the experience of all community members. If you feel your submission has been disallowed unfairly or if a breech slips through our net, please let us know by e-mailing customer_support@antiguaobserver.com.

Originally posted here:

Gov't going cap in hand to local offshore banks - Antigua Observer

Husky Energy greenlighted the offshore West White Rose project on Monday, despite concerns that its high costs would lead to undesirable financial results in current bearish markets, according to a new report by Reuters.

The Canadian company says it expects first oil from the long-delayed project by the year 2022, after which the site will reach peak production at 75,000 barrels per day by 2025.

Hong Kong billionaire Li Ka-shing, who owns a controlling stake in Husky, announced a new discovery in the White Rose production area this week.

Husky has been active in Chinas oil and gas extraction market as well, scoring a deal to drill two exploration wells in Block 16 of the South China Sea last year.

Last year, the company reported a new partnership with two other firms, which generated US$1.7 billion in proceeds. The partnership, called Husky Midstream Limited Partnership, includes Husky with a 35 percent stake, Hong Kong-based Power Assets Holdings with a 48.75 percent stake, and Cheung Kong Infrastructure Holdings with a 16.25 percent stake. The new entity will operate some of Huskys midstream assets in the region of Lloydminster.

In 2016, Husky also made the news for a 200,000-250,000 liter leak in the North Saskatchewan River, which led to a pipeline closure. A couple of months ago, the company reported yet another leak, this time from a pipeline in Alberta, according to a company spokesman, where 25,000 liters of oil were spilled and are now in the process of being cleaned up. Soon after, Saskatchewan authorities said they planned to strengthen regulations regarding pipelines near water, and as part of this, they would review the designs of existing pipelines.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:

Here is the original post:

Canada's Husky Energy Greenlights $1.6 Billion Offshore Project - OilPrice.com

BY ROBERT BROWN and JOHN TYNAN

We each represent communities one defined by a House District number, District 116, and one by an issue, conservation. We are both defined by our communities and driven to serve them because we are deeply passionate about the people and places throughout South Carolina. And, thankfully, the constituents of our communities want to see us fight side-by-side in the Statehouse to protect the air, land, and water of South Carolina and the Lowcountry.

As representatives of both people and issues, we each are committed to working for their best interests. Recently, the debate regarding offshore drilling has come to the forefront among the concerns that we both regularly hear from our communities.

From a House District 116 perspective, over 23 towns, cities, and counties along our coast that have passed resolutions against offshore drilling including Edisto Beach, Charleston, and Charleston County. From a conservation community perspective, drilling presents a risk to very fabric of the land and water upon which our coastal communities are built.

In short, all of us understand that we simply have too much to lose.

Yet those that promote offshore drilling speak of the potential jobs and economic development even energy independence. Yes, these are things that South Carolina needs. But is offshore drilling the way to get there? And at what cost?

A 2011 study showed that the BP Deepwater Horizon spill had the potential to impact 7.3 million business throughout the entire Gulf Region, 34.4 million employees, and $5.2 trillion in business sales. An overwhelming majority of these were small business 81 percent or 5.9 million of these were small businesses with less than 10 employees. Following the BP disaster, experts predicted that 1.5 million of these businesses would have a hard time recovering, putting 1 of every 5 businesses potentially at risk. We know that theres a better way.

Renewable energy has been recruiting more and more jobs each year while the jobs available in oil and natural gas have been in decline since 2014. In fact, jobs in solar energy nationwide surpassed oil and gas in 2015. Wind power will create 91,000 more jobs than offshore drilling in the next 20 years. Orangeburg and Clarendon counties have announced over $250 million of solar investment this year alone, not on the far off rigs but in their communities.

In light of the benefits of clean and renewable energy, the dirty offshore drilling industry presents a risk to our communities that just isnt worth it.

In 2015, tourism brought in almost $1 billion for Horry, Georgetown, Charleston, and Beaufort Counties. This is because of the pristine beaches and coastline, iconic marshlands, recreational fishing, stunning vistas, and active tourism industry. If offshore drilling is allowed to happen, we will have to trade areas of our communities for the infrastructure and facilities necessary to construct and service offshore oil rigs before a drop of oil is even found. Add the oil rigs and the pollution that follows, and we could see the degradation of communities throughout the entire coastal region of our state. Most people do not like to vacation or swim within views of oil rigs, piping, or the onshore infrastructure to support drilling.

There is simply no place along our coast where drilling makes sense.

We cant afford to be next on the list of oil spill disasters. Since 1964 over 24 million gallons of oil has spilled into our oceans. Much of this is still out there oil is still being found on the Alaskan coast almost 30 years after the Exxon Valdez spill.

We have fought too hard for conservation to have our work undone by out-of-state interests who will rake in the profit while South Carolinas coastal communities deal with the loss of jobs, loss of tourism, and loss of quality of life. Those in Washington, D.C., want the short-term monetary benefit without taking any of the long-term risk that our communities face.

Thats exactly what were seeing now a federal push to put the interests of South Carolinians and our coastal communities behind the interests of big oil. This federal push is aimed at killing the goose that laid the golden egg.

I hope you will join us in our opposition to offshore drilling in South Carolina and ask our president, our governor, and our congressmen do the same. We must protect what makes our communities special and speak out against offshore drilling.

Rep. Robert L. Brown, a Democrat, represents District 116 in the S.C. House. John Tynan is executive director of Conservation Voters of South Carolina.

Read more:

Offshore oil drilling not worth the risk | Commentary | postandcourier ... - Charleston Post Courier

In the Philippines, a local property services firm has reportedly called on the government to provide offshore gaming firms with clear, consistent and reliable support so that the industry can continue to grow.

According to a report from the BusinessWorld newspaper, Pronove Tai And Associates revealed that offshore gaming providers have emerged as one of the main drivers in the recent growth of office space in the Asian nation and will account for 20%, which equates to around 602,778 sq ft, of the pre-leased space that is set to be completed during the second quarter of the year.

The offshore gaming industry, a beleaguered office demand driver, requires clear, consistent and reliable national and local government support to succeed in the same way that the information technology and business process management industry flourished during the past administrations, read a statement from Manila-based Pronove Tai And Associates.

BusinessWorld reported that the recent surge in demand for office space follows last years decision by the Philippine Amusement And Gaming Corporation regulator to begin licensing offshore gaming firms, which is expected to bring in around $200 million in additional tax revenues every year. It explained that holders of a Philippine Offshore Gaming Operators permit are allowed to offer their services from anywhere in the Philippines provided they are inside a building accredited by the Philippine Economic Zone Authority.

With the advent of offshore gaming, all countries generally allow their citizens to engage in betting and gaming activities online in the privacy of their homes, read the statement from Pronove Tai And Associates. The Philippines, however, has taken the bold lead in legalizing and licensing offshore online gaming in the country.

The property services firm reportedly declared that offshore gaming providers are being attracted to the Philippines due to the nations competitive labor costs, availability of prime space and lower real estate acquisition and operational costs when compared with other Asian nations. It stated that Makati City is the preferred location for such new operations followed by areas in the Manila suburbs of Paranaque and Pasay.

The local governments of these cities have also been supportive of this industry as compared to other cities in the national capital region, read the statement from Pronove Tai And Associates.

BusinessWorld moreover noted that Paranaque is the site of the 296-acre Entertainment City gaming and entertainments district, which is home to a trio of giant integrated casino resorts in the City Of Dreams Manila, Solaire Resort And Casino and Okada Manila while a fourth, Resorts World Bayshore, is scheduled to open by the end of next year. It disclosed that Pronove Tai And Associates believes that these bricks-and-mortar venues may begin offering online gambling services sooner rather than later in order to attract and retain players while increasing revenues.

As gaming interface and service delivery employ richer graphics and more sophisticated applications, demand for technical back office support and game software development will increase even more, read the statement from Pronove Tai And Associates. Hence, demand for prime-grade buildings with high-speed telecommunications infrastructure and local government support will grow not only from offshore gaming companies but from the special class of business process outsourcing companies as well.

Offshore gaming operators driving demand for office space in the Philippines was last modified: May 30th, 2017 by Adam Morgan

ManilaSolaire Resort and Casinoentertainment cityparanaquePhilippine Amusement and Gaming CorporationCity of Dreams Manilamakati cityokada manilaphilippine economic zone authoritypronove tai and associatespasayresorts eorld bayshore

See the original post:

Offshore gaming operators driving demand for office space in the Philippines - World Casino Directory

Bibby Offshore has secured a contract to deliver subsea construction works for oil company Taqas Eider field located nearly 184km north-east of Shetland, offshore UK.

Under the six-month contract, Bibby Offshore will deploy its subsea support and construction vessel Olympic Ares and diving support vessel Bibby Polaris to undertake a multi-vessel approach.

Offshore operations at the field are scheduled to be complete this year.

Bibby Offshore United Kingdom Continental Shelf managing director Barry Macleod said: Our multi-vessel approach enabled the project team to tailor our capabilities to Taqas requirements, which plays a key role in demonstrating our ability to successfully deliver a variety of workscopes.

"Offshore operations at the field are scheduled to be complete this year."

We have supported Taqas operations previously and are delighted to have been selected to continue and strengthen this relationship throughout 2017.

As part of the project, the existing Otter Production pipeline will be connected to the established Eider Oil Export pipeline.

The company will also use subsea bypass spools to connect theTern-Eider water injection pipeline to the Otter water injection pipeline.

In addition, Bibby Offshore will deliver spool piece metrology, barrier testing, removal of existing production and water injection spools and provide pre-commissioning support.

The company will also be responsible for procurement, fabrication and installation of new bypass spools.

Original post:

Bibby Offshore to develop Taqa's Eider field - Offshore Technology

Is this the blown globe that cuts financial power to the ailing Gerard Lighting?

Street Talk can reveal one of the lenders toAustralasia's largest lighting distribution and partnership network is set to sell its loan.

While it should be noted that there's nothing official yet - and it's a sensitive time in the business -sources pointed to the leveraged finance arm of industrials giant Siemens as the seller.

Siemens is believed to have about a $20 million to $30 million exposure to Gerard,and Bain Capital Credit, the rebadged Sankaty Advisors, is tippedas the buyer.

Bain Capital Credit knows the company well. It picked up a stake in Gerard's debt stack when itbought GE Capital's Australian and New Zealand commercial finance business in 2015.

If the trade is successful, it's understood Bain Capital Credit is supportive of turning the business around and injecting new money into it.

It's the latest development at Gerard, and comes as the company and its private equity owner CHAMP have been in regular meetings with the lending group, led by Westpac. The bank is known to have had Gerard on its"troubled" list for some time.

Gerard is behind well-known lighting brands such as Pierlite, Sylvania, Crompton and Moonlighting. The business operates in a fiercely competitive industry subject to intense pricing pressures as imported products jostle for extra sales. CHAMP made a $186 million takeover in 2012 which in hindsight wasn't one of their best moves.

The Gerard family originally floated the business on the ASX in mid-2010 but still had around half of it after the IPO.

As first reported by this column in May 2016,UBS had been working with CHAMP on strategies for Gerard which could include the sale of a unit, a partnership with an offshore group or a broader deal involving the company in its entirety. However, the process was put on ice earlier this year.

See more here:

Offshore lender flicks the switch on CHAMP's Gerard - The Australian Financial Review