Daily Archives: August 14, 2017

First World Bank Country Diagnostic on Seychelles – eTurboNews

Posted: August 14, 2017 at 12:37 pm

The World Bank issued its first Systematic Country Diagnostic (SCD) on Seychelles on 2ndAugust 2017. Its findings will inform the World Banks operational work in the country and contribute to public debate, including as an input to the currently ongoing new national development planning process.

According to the SCD, Seychelles economic growth performance has been strong, both over the long term and recently, and employment rates are high. However, as this analysis demonstrates, that growth has been driven mainly by factor accumulation. Although Seychelles is considered to have a high-income economy, our challenge now is to sustain growth by raising productivity.

While absolute poverty levels in Seychelles are low, inequality is significant,saidAlex Sienaert, Senior Country Economist and the reports main author,Increasing Seychellois direct participation in an increasingly skills-intensive, sophisticated economy is the paramount challenge for the countrys social sectors.

The report indicates the need for a development model that fosters strong economic inclusion. In Seychelles, the labour market is increasingly rewarding workers with scarce technical and job-relevant skills. The pressure is on for the education system to equip graduates with the tools they need to reap the benefits of the growing opportunities offered by the Seychelles increasingly sophisticated economy. Additionally, social spending is already at generous levels, and needs to be better targeted, to shore up the sustainability of this spending, boost its impact on protecting the vulnerable and empower Seychellois to get high quality jobs.

The report also suggests that increasing state performance is another of the key challenges facing Seychelles today. A high-performing economy requires a public sector that is efficient enough to deliver high quality public services, agile enough to respond to emerging priorities, and small enough not to divert scarce financial and human resources away from the private sector.

The report adds that Seychelles has made much progress on this front and can build on this further to position government and the state-owned enterprises to support a high-performing, high participation economy.

It is to be recalled that this report follows recent insights shared by Maliki Jivan in Today Newspaper, where she proposed a series of measures to sustain growth by raising productivity, including a commitment to business, to stimulate FDIs, to encourage FOREX earning businesses and exports, and for Government to be a facilitator of business.

The time to move ahead and look at the tourism and hospitality operators is now.

Seychelles businesses are not competing among themselves. They have to be seen as the preferred holiday in advertised tourism publications. Our Seychelles packages need to be noticed and the businesses need to be able to afford to be remain visible.

The World Bank has issued its first Systematic Country Diagnostic (SCD) on Seychelles. The report says that the challenge now for Seychelles is to sustain its growth by raising productivity. Raising productivity in a country so dependent on tourism is to ensure that the islands tourism industry is consolidated for the long term. Many Seychellois have invested their life savings into tourism and they need the security for their investments. Others are employed in this industry and they are breadwinners for their families.

Ten years ago, the financial crash shocked the world and Seychelles. Our islands have fared well and came out as leaders, but is it time to give a boost to the players in this fragile industry to ensure they are able to work facing the situation on hand.

VAT remains a cost which our Government insists can be passed on to the consumer, but in reality, is just absorbed by the operator who remains scared of pricing themselves out of the market. Germany and France have been innovative in splitting where VAT is applicable and at what percentage. They have separated the infrastructure and the consumption with a lesser VAT on an infrastructure of the hotels BED ONLY rate and countrys applicable VAT on extras, such as meals, bar etc. We could stand to learn a thing or two from Germany and France in this regard.

The tourism trade should be encouraged to strive to actively raise the visibility of Seychelles and ensure that the islands remain relevant in the competitive world of tourism. Value for money and the necessity to better the service ethics will need to follow. Customer service skills will need to be honed and improved if we want, as a Nation, to keep tourists coming back to our sandy shores.

Managers in the tourism industry must ensure that their establishments staff are upholding the standard that is expected of them. Importantly, the State must allow managers the freedom to fulfill their employment functions. A recent incident involving interference and micromanagement by the State on Praslin Island has prompted fear in the industry that every foreign manager will be reluctant to discipline staff or to encourage their staff members to improve their job performance.In the incident in question, the State allegedly declined to renew a foreign managers work permit following backlash from the local staff at the establishment. This will inevitably lead to a further drop in the level of service and in the notion of value for money in Seychelles.There is a real risk that competent and capable foreign managers will think twice about taking up employment in Seychelles for fear of unnecessary interference by the State.

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Is the business class taking over Caribbean politics? – Antigua Observer

Posted: at 12:36 pm

Leaders with business expertise, rather than political experience are becoming more accepted as heads of government, according to Dr Tennyson Joseph, Head of the Department of Government, Sociology and Social Work at the University of the West Indies (UWI), Cave Hill.

The lecture entitled Any Cook Can Govern: Plato, Donald Trump, and the rise of Caribbean Businessmen Politicians was presented by Dr Joseph at the UWI Open Campus in St Vincent on Thursday.

Can you imagine a billionaire is speaking for unemployed people? asked Dr Joseph. Neoliberalism is doing that, because the business class is the ruling class in the 21st century.

United States President Donald Trump, St Lucian Prime Minister Allen Chastanet and even Prime Minister Gaston Browne are examples of how businessmen have become the faces of political leadership.

Neo-liberalism involves the private sector controlling economic factors, rather than the public sector and this has sparked the new trend of persons electing businessmen, rather than political professionals.

Business success is now equated with political wisdom and greatness, said Dr Joseph as he referenced the philosopher, Plato and Trinidadian historian, Cyril James.

According to the professor, the Caribbean is now seeing the total opposite of what Plato and James believed, which is that public participation should be a sacrifice and not for personal gain.

It is no doubt that wealthy businessmen have become more acquainted with political leadership, as Prime Minister Browne has said that he was worth $30 million dollars before he became Antiguas leader.

Dr Joseph also used St Lucian Prime Minister Chastanet as an example of how business acumen has become part of the criteria for political leadership and how this may be detrimental to government. He revealed that Chastanets election to office inspired the lecture, specifically a video where he was shown struggling to follow parliamentary procedures while piloting a Bill. The Prime Minister was seen continuously apologizing for mistakes during the first reading of a Bill.

Far more troubling for the question of governance has been Chastanets decision to contract the private accounting firm, Ernst & Young to prepare St Lucias 2017 budget, said Dr Joseph.

He said that this application of business practices to politics was a clear example of neoliberalism ideals taking over the political sphere.

Neoliberalism has caused that trend of political rulers focusing on getting economy right, said Dr Joseph as he said that getting the economy right is being seen as legitimate in governmental leadership.

Democracy provides the electorate with the freedom to vote as they please; however, Dr Josephs lecture begs the question: Given leaders like Trump and Chastanet, are wealthy businessmen detrimental or helpful to politics and democracy

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Is the business class taking over Caribbean politics? - Antigua Observer

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Conversations about women’s sexuality in carnival culture – Caribbean Life

Posted: at 12:36 pm

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Tackling the culture of carnival.

The Brooklyn Museum and the Caribbean cultural center Caribbeing, are teaming up to address the autonomy of women in carnival at a roundtable discussion on Aug. 17. The panel When Yes Means No, will gather five Caribbean Americans at the museums Iris and B. Gerald Cantor auditorium, to highlight the ways women have historically been viewed in traditional Caribbean festivities, and the challenges that they encounter in celebrating their bodies. With the digital age magnifying and somewhat blurring the lines of what is acceptable or not, now is the pertinent time to center a conversation about it, said the executive director of Caribbeing.

Effectively the panel is really about how female bodies are hypersexualized in a Carnival context in the recent past with the rise of social media the images have become sharable, which can add even more confusion as to appropriateness and boundaries, said Shelley Worrell.

She said that as these festivities continue to grow and attract more people, it becomes the responsibility to bring discernment and concentrate on safety.

This year we are seeing a lot of splits in the middle, and more recently women being fondled by a gang of men in Toronto making this conversation even more relevant to the community, particularly first and second generation Caribbean-Americans and non-Caribbeans who may participate in mas festivities, added Worrell.

The event is a partnership with the institution and the mobile cultural platform headquartered in Flatbush, to shed light to situations that come forth during carnival season, such as consent and sexuality. The event is also part of the archival centers year long celebration of women in feminism with art and programs. With the West Indian American Day Carnival approaching, now is an apt time for dialogue, said the centers assistant curator of public programs.

Caribbeing is in residence all month long and were celebrating feminism with A Year of Yes, and I knew we wanted to do a conversation about that because I feel that the conversation is coming up in the community a lot, especially regarding the changes around carnival and Jouvert, said Lauren A. Zelaya.

The event starts with a screening of Bottom in De Road, a light humored documentary filmed in Trinidad and Tobago, analyzing the way womens behinds are viewed through the eyes of men followed by a discussion.

Panelists include soca artist Lyrikal, the director of faith-based initiatives at the borough presidents office Pastor Monrose, plus size advocate and model Nicole Zyoness Crowley, professor and author of Island Bodies: Transgressive Sexualities in the Caribbean Imagination, Rosamond King, and Worrell will moderate.

Worrell said that all the guests will share critical input, especially Lyrikal who can add a fresh perspective being an artist who lives and sings about those issues.

He really understands the distinction between being a Caribbean in the Diaspora and back home, she said. As a well respected soca artist who travels internationally to Carnival celebrations and fetes, we felt he could add a really important voice as it relates to the female narrative in Carnival.

The meeting will present a unique educational moment for locals and non-Caribbean people alike, to learn a few things about the history and culture, added Zelaya.

There are so many potentials for learning and unpacking the topic, and I think a major part of our goal is to educate the many new people moving in who are unfamiliar with the tradition, she said. This discussion will show the cultural heritage of the neighborhood and ensure that the newcomers understand and know about it, but also to unpack issues that are not often talked about.

When Yes Means No at the Iris and B. Gerald Cantor auditorium at Brooklyn Museum [200 Eastern Pkwy. between Washington and Flatbush avenues in Prospect Heights, (718) 638-5000, http://www.brooklynmuseum.org]. Aug. 17 at 7 pm. $16.

Posted 12:00 am, August 14, 2017

2017 Community News Group

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Player feedback results in the return of PokerStars Caribbean Adventure – World Casino Directory

Posted: at 12:36 pm

Over the past few years, the PokerStars brand decided to make a few changes. One such change was doing away with the PokerStars Caribbean Adventure and replacing it with the PokerStars Championship Bahamas. After just one event, the brand has now decided to revert to the PCA after listening to customer feedback.

It is not uncommon for PokerStars to listen to their customers and make changes. Over the years, the brand has made changes in a number of ways based on what their players want. However, it is quite surprising to see PokerStars make this change back to the PCA after just retiring the brand.

According to PokerStars.com, an email was sent to the poker media by PokerStars Director of Corporate Communications, Eric Hollreiser. In the email, Hollreiser stated that after receiving feedback from players, the name will change back to the PokerStars Caribbean Adventure and online qualifiers will be held to send 400 players to the event when it takes place in January.

Surprisingly enough, the event in January 2018 will be the 15th anniversary of the PokerStars Caribbean Adventure. Additional changes will be made to the event based on player feedback such as reductions of admission fees to every event that has a buy-in of $10,000 or more. The fee will be capped at $300. For events that have levels of 19 minutes or less, the fee will be reduced by 50%. With these changes, around $300,000 will be saved by players based on estimates by PokerStars.

The PokerStars Caribbean Adventure will take place at the Atlantis Resort on Paradise Island, located in the Bahamas. Dates for the PCA are January 6th to the 14th. Nine days of tournament action will take place with cash games and activities on the schedule. The Main Event will be back with a $10,300 buy-in. The tournament will kick off with the Super High Roller tournament which will have a buy-in of $100,000. Later on, the schedule will feature additional High Roller events with smaller $50,000 and $25,000 buy-ins.

Player feedback results in the return of PokerStars Caribbean Adventure was last modified: August 14th, 2017 by Marie Kelley

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Conchs mostly gone from Florida. Can the Bahamas save them … – San Francisco Chronicle

Posted: at 12:36 pm

MIAMI (AP) The queen of the sea, a monster mollusk that inspired its own republic in Florida but now is as likely to be found in a frying pan or a gift shop as the ocean floor, is in trouble.

A marine preserve in the Bahamas famed for its abundance of queen conchs and intended to help keep the country's population thriving is missing something: young conchs. Researchers studying the no-take park off Exuma, one of hundreds throughout the Caribbean, found that over the last two decades, the number of young has sharply declined as adult conchs steadily matured and died off. The population hasn't crashed yet like it has in the Florida Keys, but in the last five years, the number of adult conchs in one of the Bahamas' healthiest populations dropped by 71 percent.

For the slow-moving slugs that gather by the hundreds to mate, scientists fear a new, unexpected threat may now doom the park's population: old age.

The discovery also raises questions about the effectiveness of marine preserves, long viewed as a solution to reviving over-fished stocks. If one of the Caribbean's oldest and best marine preserves isn't working to replenish one of its biggest exports now regulated as tightly as lobster what does that mean for other preserves and how they're managed?

"We can see (the preserve) works for grouper and sharks," said Andrew Kough, lead author of a study published earlier this month and a larval expert at Chicago's Shedd Aquarium. "But for a lot of the animals you don't consider as much, for example conch that are tied to a complex life cycle of larval dispersal, it's not working."

To find out why, Kough and a team of researchers set sail this month from Miami aboard a Shedd research boat imagine the Belafonte minus the mini sub in "The Life Aquatic with Steve Zissou." For 12 days, they'll dive the deep channels surrounding the park in search of young conchs to count and measure. They'll also take DNA samples to determine where the conchs are coming from. If they can trace the path of the young conchs, the hope is they can find a better way to protect them and manage the fishery.

"The babies are either not coming in in high enough numbers to replenish the adults or there's something else going on in the park that's an unintended consequence," Kough said. "There's so many sharks and rays inside the park they could just be chowing down on baby conchs."

In the Florida Keys, the ghost of the conch looms large: in oversized highway replicas, T-shirts, and horns. When he took the throne as king of the Conch Republic, treasure hunter Mel Fisher carried a scepter crowned with a queen conch. But in the Caribbean, conch remains a vital part of the economy, and the reason its governments are so concerned.

Conchs used to be prevalent in Florida, too. But decades of overfishing nearly wiped them out. In the mid-1980s the U.S. banned their harvest to save what was left. Yet more than three decades later, they still have not recovered in Florida waters, an inauspicious sign for the Caribbean.

Across the Caribbean, conchs are as good as currency. Almost anyone who can swim can grab one from the ocean floor and sell it or serve it. Cracked conch or conch salad appears on almost every menu. Their pink-lipped shells line porches and walkways. Countless docks are littered with piles of discarded shells. They are used for everything from jewelry to bait. Whole industries, from fishermen to exporters, depend on a healthy population.

But regulating them as been uneven. While some islands impose seasons and limits on takes in the Turks and Caicos conch season starts in October and there are set limits on numbers and size other have not. Populations have plummeted in Haiti, the Dominican Republic and Honduras, prompting the U.S. to ban their imports.

The Bahamas has taken an aggressive approach. In 2013, the government launched a "Conchservation" campaign to save what it considers a national treasure that once gathered in vast herds along miles of flats and seagrass meadows.

In recent years, Kough said those herds have thinned considerably, driving populations down. In the Berry Islands, he said, previous surveys found the sea bottom littered with conchs, which can live up to 40 years and not only hold an important place in the food chain but graze on algae that can kill seagrass. The last time his team visited, Kough said, they found hardly any big adults.

"The fishermen are going further to get the animals," he said. "We found a lot of sub adults and juveniles as well, but it's the adults that are in decline and that just screams fishing."

Scientists believe a healthy population needs between 50 and 100 adults conchs for every 2.5 acres to sustain itself. The patchier the clusters, the harder it is for populations to find each other and connect.

Working with the Bahamian government, Kough hopes to better understand how the conchs are circulating or more precisely the baby conchs. About five days after female conchs release their eggs in long sandy strands, larvae emerge and get caught up in currents. Because the larval stage can last up to a month, the babies can float more than 100 miles. Kough suspects the young conchs from the preserve are winding up in unprotected areas hammered by harvesting.

Although the Bahamas restricts fishing, Kough said tighter measures may be needed. Regulations currently allow the take of any conch with a flared lip, the smooth curve on its rosy shell, which for years has been considered the indication of a mature conch. Scientists now believe the thickness of the shell is a better measure of maturity, triggering a local move to change rules to require shells be at least as thick as a Bahamian penny.

"You don't want to pull up juveniles. You want animals to reproduce," Kough said.

Kough is hoping the team can find some answers by studying currents to map the ocean highways traveled by conch larvae.

"It's a lot more complex because the animals are spending so much time out in the open ocean and outside the boundaries because they're dispersing as larvae," he said. "You can't create a huge ocean open park. Well you could, but how would you enforce that?"

The international community has vowed to protect 30 percent of the world's coastlines by 2030 to keep fisheries sustainable. But, Kough said, the Bahamas is in the difficult position of having within its borders vast flats and shallows not considered shoreline that should be protected but could exhaust limited resources.

"They recognize there's a problem. That's the really important thing," he said. "So they want to take steps to fix it before it turns into something like Florida, where the population just crashed and still hasn't recovered."

___

Information from: The Miami Herald, http://www.herald.com

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Conchs mostly gone from Florida. Can the Bahamas save them ... - San Francisco Chronicle

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Conchs mostly gone from Florida. Can the Bahamas save them? – Sarasota Herald-Tribune

Posted: at 12:36 pm

Associated Press

MIAMI The queen of the sea, a monster mollusk that inspired its own republic in Florida but now is as likely to be found in a frying pan or a gift shop as the ocean floor, is in trouble.

A marine preserve in the Bahamas famed for its abundance of queen conchs and intended to help keep the country's population thriving is missing something: young conchs. Researchers studying the no-take park off Exuma, one of hundreds throughout the Caribbean, found that over the last two decades, the number of young has sharply declined as adult conchs steadily matured and died off. The population hasn't crashed yet like it has in the Florida Keys, but in the last five years, the number of adult conchs in one of the Bahamas' healthiest populations dropped by 71 percent.

For the slow-moving slugs that gather by the hundreds to mate, scientists fear a new, unexpected threat may now doom the park's population: old age.

The discovery also raises questions about the effectiveness of marine preserves, long viewed as a solution to reviving over-fished stocks. If one of the Caribbean's oldest and best marine preserves isn't working to replenish one of its biggest exports now regulated as tightly as lobster what does that mean for other preserves and how they're managed?

"We can see (the preserve) works for grouper and sharks," said Andrew Kough, lead author of a study published earlier this month and a larval expert at Chicago's Shedd Aquarium. "But for a lot of the animals you don't consider as much, for example conch that are tied to a complex life cycle of larval dispersal, it's not working."

To find out why, Kough and a team of researchers set sail this month from Miami aboard a Shedd research boat imagine the Belafonte minus the mini sub in "The Life Aquatic with Steve Zissou." For 12 days, they'll dive the deep channels surrounding the park in search of young conchs to count and measure. They'll also take DNA samples to determine where the conchs are coming from. If they can trace the path of the young conchs, the hope is they can find a better way to protect them and manage the fishery.

"The babies are either not coming in in high enough numbers to replenish the adults or there's something else going on in the park that's an unintended consequence," Kough said. "There's so many sharks and rays inside the park they could just be chowing down on baby conchs."

In the Florida Keys, the ghost of the conch looms large: in oversized highway replicas, T-shirts, and horns. When he took the throne as king of the Conch Republic, treasure hunter Mel Fisher carried a scepter crowned with a queen conch. But in the Caribbean, conch remains a vital part of the economy, and the reason its governments are so concerned.

Conchs used to be prevalent in Florida, too. But decades of overfishing nearly wiped them out. In the mid-1980s the U.S. banned their harvest to save what was left. Yet more than three decades later, they still have not recovered in Florida waters, an inauspicious sign for the Caribbean.

Across the Caribbean, conchs are as good as currency. Almost anyone who can swim can grab one from the ocean floor and sell it or serve it. Cracked conch or conch salad appears on almost every menu. Their pink-lipped shells line porches and walkways. Countless docks are littered with piles of discarded shells. They are used for everything from jewelry to bait. Whole industries, from fishermen to exporters, depend on a healthy population.

But regulating them as been uneven. While some islands impose seasons and limits on takes in the Turks and Caicos conch season starts in October and there are set limits on numbers and size other have not. Populations have plummeted in Haiti, the Dominican Republic and Honduras, prompting the U.S. to ban their imports.

The Bahamas has taken an aggressive approach. In 2013, the government launched a "Conchservation" campaign to save what it considers a national treasure that once gathered in vast herds along miles of flats and seagrass meadows.

In recent years, Kough said those herds have thinned considerably, driving populations down. In the Berry Islands, he said, previous surveys found the sea bottom littered with conchs, which can live up to 40 years and not only hold an important place in the food chain but graze on algae that can kill seagrass. The last time his team visited, Kough said, they found hardly any big adults.

"The fishermen are going further to get the animals," he said. "We found a lot of sub adults and juveniles as well, but it's the adults that are in decline and that just screams fishing."

Scientists believe a healthy population needs between 50 and 100 adults conchs for every 2.5 acres to sustain itself. The patchier the clusters, the harder it is for populations to find each other and connect.

Working with the Bahamian government, Kough hopes to better understand how the conchs are circulating or more precisely the baby conchs. About five days after female conchs release their eggs in long sandy strands, larvae emerge and get caught up in currents. Because the larval stage can last up to a month, the babies can float more than 100 miles. Kough suspects the young conchs from the preserve are winding up in unprotected areas hammered by harvesting.

Although the Bahamas restricts fishing, Kough said tighter measures may be needed. Regulations currently allow the take of any conch with a flared lip, the smooth curve on its rosy shell, which for years has been considered the indication of a mature conch. Scientists now believe the thickness of the shell is a better measure of maturity, triggering a local move to change rules to require shells be at least as thick as a Bahamian penny.

"You don't want to pull up juveniles. You want animals to reproduce," Kough said.

Kough is hoping the team can find some answers by studying currents to map the ocean highways traveled by conch larvae.

"It's a lot more complex because the animals are spending so much time out in the open ocean and outside the boundaries because they're dispersing as larvae," he said. "You can't create a huge ocean open park. Well you could, but how would you enforce that?"

The international community has vowed to protect 30 percent of the world's coastlines by 2030 to keep fisheries sustainable. But, Kough said, the Bahamas is in the difficult position of having within its borders vast flats and shallows not considered shoreline that should be protected but could exhaust limited resources.

"They recognize there's a problem. That's the really important thing," he said. "So they want to take steps to fix it before it turns into something like Florida, where the population just crashed and still hasn't recovered."

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Conchs mostly gone from Florida. Can the Bahamas save them? - Sarasota Herald-Tribune

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Gas starts flowing from BP’s new fields offshore Trinidad and Australia – Reuters

Posted: at 12:35 pm

(Reuters) - BP has started producing gas from two new projects offshore Trinidad and Tobago and Australia, the company said on Monday, further boosting output that is helping the company to turn a corner after a bruising market downturn.

Gas has started flowing via BP's $2 billion Juniper gas platform offshore Trinidad and Tobago that is expected to produce around 590 million cubic feet a day (mmcfd) from the Corallita and Lantana fields, BP said.

Offshore Australia, gas started flowing from the Persephone field, a project developed by Woodside Energy and of which BP owns nearly 17 percent. The field is set to contribute around 48 mmcfd net to BP, the company said.

The two start-ups show BP is on track to deliver seven new projects this year, as part of a plan to bring an additional 800,000 barrels of oil equivalent per day on stream by 2020.

BP had previously said the new projects would help to offset impact from maintenance shutdowns in the third quarter, with production expected to be flat on the second quarter.

Higher production helped to deliver forecast-beating second-quarter earnings earlier this month. It is producing oil and gas at lower costs as weaker prices have forced the industry to trim spending, with production costs falling 18 percent in the first half of the year to $7.20 a barrel.

Reporting by Karolin Schaps. Editing by Jane Merriman

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Transocean – Evidence Suggests That Offshore Recovery Has Now Begun, But Stock Lags Behind – Seeking Alpha

Posted: at 12:35 pm

Transocean (RIG). Deepwater Nautilus: Ultra-deepwater, 5th generation semi-submersible offshore drilling rig (She was completed in 2000 and significantly upgraded in 2007). The rig was designed by Reading and Bates Falcon and constructed by Hyundai in South Korea.

Note: The Deepwater Nautilus can accommodate 166 people, can work in water depths of up to 8,000 feet and drill up to 30,000 feet. The rig's AIS shows it as currently moored in Brunei Bay, on the northwestern coast of Borneo island.

Transocean (RIG) is the uncontested leader in the deep water sector (floaters) with an impressive backlog estimated at $10 billion (see graph below as of August 13, 2017, - Backlog estimated by Fun Trading).

The company's fleet is now reduced to 50 rigs with ~26 rigs operating (including the two under-construction drillships contracted to Shell (NYSE:RDS.A) (NYSE:RDS.B) for 10 years).

The company management has done an excellent job to rejuvenate its rig fleet and cut its long-term debt to about $6+ billion at the end of 2017. This consolidation phase will allow Transocean to use the weakness of this market to eventually acquire distressed assets and keep its solid leading position in the floater category.

Despite a difficult environment, the growing sentiment in the offshore drilling sector is that the market has stopped degrading, prompting oil producers to look ahead for new opportunities in order to increase their fast declining oil & gas reserves, at a very attractive cost per barrel never achieved before.

There is always a silver lining in every dark cloud... And it is the jackup segment rebounding recently. The contracting activity in the jackup segment has shown clearly a nascent recovery shaping up during the first half of 2017. As an example, Vantage Drilling Inc., a private company from Vantage Drilling (OTCPK:VTGDF), has been awarded a contract for its Topaz driller Jack-up in Indonesia, according to OffshoreEnergyToday and the list is now long.

It is slowly expanding to the floater class and I was glad to report several welcomed contracts, such as the Seadrill Drillship West Saturn in Brazil or the Ensco three drillship contracts in West Africa. On August 10, 2017, according to OffshoreEnergyToday again:

Offshore driller Odfjell Drilling has signed a contract with Aker BP for the 2010-built Deepsea Stavanger semi-submersible drilling rig.

The driller informed on Thursday that the contract with Aker BP is for a period of approximately nine months, starting in February 2018 and completing around October 2018.

The contract for the 6th generation semi-submersible is for exploration and development drilling at various locations in the Norwegian Sea and the Barents Sea. The contract value is estimated up to $68 million, Odfejll Drilling said.

Yet, the offshore drilling sector is trending down, at record lows, and even the "survivors" such as RIG and Ensco (ESV) are selling off. The question is to know if it is a trading opportunity or just a sign that the industry is slowly dying? I choose to believe that it is an opportunity and the market is always slow to react positively.

Thus, I recommend a cautious accumulation for the long term.

According to OffshoreEnergyToday, we learn the following:

According to VesselsValue, an undisclosed charterer has hired Transocean's 2000-built semi-sub Deepwater Nautilus on August 8.

The drilling rig has been taken on a four-month deal, which will start on November 1 and end on February 28, 2017.

The semi-sub previously worked Shell in Malaysia on a contract that ran from May 2016, till August 2017, at a day rate of $456,000.

The contract was an extension of a previous contract with Shell, which ran since August 2012, till May 2016, on a maximum day rate of $531,000, which was subsequently downgraded to $456,000

The day rate for this new rig is undisclosed as well as the charterer. However, based on the Odfjell drilling contract indicated above, the day rate should run between $230k/d and $270k/d, in my opinion, with some mobilization fee.

Thus, based on an estimated $250K/d and 4-month contract, the total backlog should be around $30-$35 million including mob fee.

The offshore drilling industry is rapidly changing by necessity. The oil prices have forced the Industry to adapt to a new business environment with lower day rates often close to break-even level or even lower in some cases.

However, the offshore drilling market is well-known as a cyclical one, ups and downs will always affect the industry and it is not really a new issue. Just a matter of time and patience, believe me, I have been long enough in this insane market to tell you that it is a fact. Thus, we have only two choices available.

On the one hand, we do nothing and we complain and cry about the loss on paper due to a bad investment timing. On the other hand, we recognize the character inherently cyclical of the offshore drilling industry and use the same timing as an opportunity.

Important note: Do not forget to follow me on Transocean and other drillers. Thank you for your support.

Disclosure: I am/we are long RIG.

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.

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Transocean - Evidence Suggests That Offshore Recovery Has Now Begun, But Stock Lags Behind - Seeking Alpha

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Jackets installed for offshore wind farm in Moray Firth – BBC News

Posted: at 12:35 pm


BBC News
Jackets installed for offshore wind farm in Moray Firth
BBC News
The first of 86 structures that will form the foundations for offshore wind turbines have been installed in the Outer Moray Firth. More of the jackets for the Beatrice Offshore Windfarm Ltd (Bowl) project are to be installed up to December. Weather ...
SHL lays Beatrice foundationreNews

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Jackets installed for offshore wind farm in Moray Firth - BBC News

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Can offshore fish farming feed a hungry world? – Phys.Org

Posted: at 12:35 pm

August 14, 2017 by Marlowe Hood Finfish, such as salmon, make up only four percent of global seafood production

Harvesting fish and shellfish from offshore farms could help provide essential protein to a global population set to expand a third to 10 billion by mid-century, researchers said Monday.

Suitable open-sea zones have the potential to yield 15 billion tonnes of fish every year, more than 100 times current worldwide seafood consumption, they reported in the journal Nature Ecology & Evolution.

Coastal and inland aquaculture already accounts for more than half of the fish consumed around the world. Many regions, especially in Africa and Asia, depend on fish for protein.

But severe pollution, rising costs, and intense competition for shoreline real estate mean that production in these areas cannot expand indefinitely.

Wild fishery catches, meanwhile, have mostly plateaued or are in decline.

That leaves the deep blue sea, or at least territorial waters up to 200 metres (650 feet) deepthe practical limit for anchoring commercial farms.

"Oceans represent an immense opportunity for food production, yet the open ocean environment is largely untapped as a farming resource," the authors noted.

To assess that potential, a team of researchers led by Rebecca Gentry, a professor at the University of California Santa Barbara, undertook a series of calculations.

First they divvied up the ocean into a grid, excluding areas that were too deep or already given over to oil extraction, marine parks or shipping lanes, for example.

Some 11.4 million square kilometres (4.4 million square miles) of ocean could be developed for fish, and 1.5 million square kilometres for bivalves, such as mussels, the study found.

Thento calculate the biomass that might be harvestedthe team matched 120 fish species and 60 bivalves to cells in the grid, depending on the temperature of the water and other factors such as oxygen density.

Cost headache?

Currently, just over 40 species make up 90 percent of global seafood production. Only four percent of the total consists of finfish, such as salmon, barramundi, groupers and bass.

All the wild fish harvested worldwide could be obtained from an area the size of Lake Michigan, or Belgium and the Netherlands combined, the study showed.

"Nearly every coastal country has high marine aquaculture potential and could meet its own domestic seafood demand... typically using only minute fraction of its ocean territory," the authors said.

Many of the countries with the highest potentialIndonesia, India and Kenya among themare also predicted to experience sharp increases in population, they noted.

The findings show "that space is currently not a limiting factor for the expansion of oceanic aquaculture," said Max Troell, a scientist at the Stockholm Resilience Centre who was not involved in the research.

But hurdles remain before production can be ramped up to meet a significant portion of global demand, he added in a commentary, also in Nature Ecology & Evolution.

"The big challenges facing the near-term expansion of the aquaculture sector lie in the development of sustainable feeds, and in better understanding how large-scale ocean farming systems interact with ecosystems and human well-being," he wrote.

Production and transportation costs could also be a constraint, he added.

Explore further: Things to know about marine aquaculture

More information: Rebecca R. Gentry et al. Mapping the global potential for marine aquaculture, Nature Ecology & Evolution (2017). DOI: 10.1038/s41559-017-0257-9

2017 AFP

Some 90 percent of seafood consumed by Americans is imported, yet the Obama administration's push to expand U.S. marine aquaculture into federal waters has failed to see one offshore farm in operation, nearly two years after ...

A new diet for farmed barramundi could be on the menu under a new research collaboration between Flinders and the US Ohio Soybean Council.

Every year for the past 60 years, an average of 20 million tonnes of fish caught in the global ocean have not been used to nourish people.

The world's population is expected to soar by 2.5 billion people by 2050, bringing a host of global challenges including how to feed so many hungry mouths.

As traditional commercial fishing is threatening fish populations worldwide, U.S. officials are working on a plan to expand fish farming into federal waters around the Pacific Ocean.

The dark gray fish prized for its buttery flavor live deep in the ocean, so researchers keep their lab cold and dark to simulate ideal conditions for sablefish larvae.

Harvesting fish and shellfish from offshore farms could help provide essential protein to a global population set to expand a third to 10 billion by mid-century, researchers said Monday.

A trio of researchers from Switzerland and the U.S. has found documented evidence of tiny regal jumping spiders killing and eating much larger frogs and lizards. In their paper published in Journal of Arachnology, Martin ...

A research collaboration led by the University of Wisconsin-Milwaukee has for the first time created a three-dimensional movie showing a virus preparing to infect a healthy cell.

Bumblebees are less able to start colonies when exposed to a common neonicotinoid pesticide, according to a new University of Guelph study.

Biologically speaking, nearly every species on Earth has two opposite sexes, male and female. But with some fungi and other microbes, sex can be a lot more complicated. Some members of Cryptococcus, a family of fungus linked ...

(Phys.org)A team of researchers with the University of Pennsylvania has uncovered the means by which squid eyes are able to adjust to underwater light distortion. In their paper published in the journal Science, the group ...

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Can offshore fish farming feed a hungry world? - Phys.Org

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