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Category Archives: Offshore

The offshore sector gets ‘punched in the mouth’ – WorkBoat

Posted: March 26, 2020 at 6:10 am

Oil prices have been crushed by the combination of the novel coronavirus and an oil war between Russia and Saudi Arabia.

Last Friday, West Texas Intermediate (WTI) briefly traded below $20 bbl a price not seen since February 2002, only a few months after 9/11 ripped apart the worlds economy. Yes, we have dealt with low oil prices before, but nothing like right now. The drop in WTI, from immediately prior to the OPEC meetings in Vienna on March 5-6 to last Friday, was a whopping 53% in just 10 trading days. That ranks as possibly the fastest oil price decline ever, certainly in modern times.

How long will oil prices stay in the $20-bbl range? Since no one knows the answer to this we must assume it will be the foreseeable future. As boxer Mike Tyson once said, Everyone has a plan till they get punched in the mouth. The oil business certainly got punched. Now what?

It isnt just the oil price punch. Its also the shock of governments actions in response to the coronavirus pandemic. Shelter-in-place orders and the mandatory shutting down of non-essential businesses have created a surreal world. Never have we had a mandated recession, which is rapidly threatening to become a depression, as people lose their jobs, with no way to replace lost incomes. This isnt the dust bowl of the 1920s, because then people could pack up and leave. Now you cant leave your home, either here or in many countries around the world.

The oil industry is responding as expected. Its cutting spending and downsizing. The human suffering from downsizing is painful. However, human suffering also comes with capex cuts. It merely becomes the workers of service companies and vendors.

There is no sugarcoating the outcome. Rigs and boats will go idle, and seamen and drillers will lose their jobs. Contracts will be terminated or adjusted. In most cases, it will be for projects about to start rather than ones underway. Of course, that is not a given, as some producers are overloaded with debt and working on marginal cash flows that are now trickles of their former flows. Those companies are at risk of a total collapse.

If Covid-19 is controlled fairly quickly, global economic activity will rebound and boost oil demand in the second half of 2020. Increased oil use will help moderate the Russia-Saudi Arabia battle. Those parties need to reach a compromise, but that likely depends on when and how sharply U.S. shale oil output falls. Will a recovery push the oil price up to where it was? Maybe.

For the offshore industry, operators exploration and development cost improvements will drive activity. To date, savings appear to be meaningful. But at $20 bbl, even the amazing ExxonMobilHess Guyana development is under water costwise.

The steel and character of those who built the offshore business has been perpetuated in those operating it today. Tough times will be mastered by the tough people of the offshore service industry.

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Offshore Senegal Sangomar partners reviewing options – Offshore Oil and Gas Magazine

Posted: at 6:10 am

Schematic of the Sangomar project.

(Courtesy Woodside)

Offshore staff

MELBOURNE, Australia FAR is working with Woodside Energy and other partners in the Sangomar project offshore Senegal, in order to assess potential options due to the current oil price and economic environment.

They will examine how costs can be reduced, expenditure delayed or both and any impact on the timeline to first oil.

(Map courtesy FAR)

Offshore Gambia to the south, FAR operates blocks A2 and A5, and been preparing to drill an exploration well in the second half of this year.

But in light of the spread of COVID-19 pandemic, the risk to FAR personnel and contractors, and recognition that international supply of services is currently uncertain, drilling plans have been put on hold.

Other work in the block will be adjusted to suit the business requirements and all license obligations will continue, in consultation with partner Petronas and the government of The Gambia.

The partners will seek to reactivate the drilling project when it is safe and sensible to do so, FAR said, adding that there is no obligation under the license terms to drill until 3Q 2021.

At the same time, the company warned, its discussions with financiers are being compromised in the present market conditions, and the disruptions caused by COVID-19 pandemic and the oil price are impacting its debt process.

03/25/2020

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Orsted says offshore wind projects on track but flags coronavirus risks – Recharge

Posted: at 6:10 am

Global offshore leader Orsted said its planned and operating wind farms remain on track so far, but warned of potential risks down the road as the coronavirus crisis sweeps across the globe.

The Danish group said its assets are currently operating within normal parameters as it reiterated its existing financial guidance for the year. Its construction projects are all progressing according to plans.

Orsted which said it is buffered by more than Dkr 30bn ($4.3bn) of liquidity reserves said its operational and financial situation remains stable as it outlined an extensive list of measures to protect employees during the global health emergency.

However, Orsted which has set up a crisis management committee headed by CEO Henrik Poulsen set out potential risks down the road as the coronavirus situation unfolds.

They include risks caused by restrictions on employees ability to travel and the crewing of vessels, which could over time impact the availability of wind farms.

Orsted could also see future downsides from delivery problems for critical components, delays to national tenders and lower demand for power, added the group, which will discuss the issue further with financial analysts later today.

Orsted operates and is building some of the worlds largest offshore wind farms. They include Hornsea 1 off eastern England, which entered service last year, and the even larger Hornsea 2 which is under construction to supersede its twin as the worlds largest wind at sea development with 1.4GW.

The Danish group is also building the 900MW Greater Changhua 1&2a project, which it expects to commission in 2022 off Taiwan, as well as advancing early-stage planning for major US offshore wind farms.

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Fugro, SEA KIT form subsea inspections venture – Offshore Oil and Gas Magazine

Posted: at 6:10 am

An AUV being recovered into a SEA-KIT uncrewed surface vessel.

(Courtesy Fugro)

Offshore staff

LEIDSCHENDAM, the Netherlands Fugro has entered a collaboration with SEA KIT International.

The latter will develop a new range of compact uncrewed surface vessels (USVs) that can deploy ROVs and AUVs for marine asset inspections.

The first USVs will be launched before the end of this year, with a larger USV model currently being designed for delivery in 2021. All are being developed alongside Fugros range of USVs for hydrographic data acquisition.

Mark Heine, CEO of Fugro, said: Together with other strategic alliances, this partnership represents a major acceleration to our strategy of leading the development of remote and autonomous solutions, which is key to delivering a safer and more sustainable approach to constructing and maintaining marine assets.

Fugro has built a network of seven remote operations centers (ROCs) globally to provide inspection and positioning services, including two recently opened centers in Aberdeen and Leidschendam.

By the end of 2020, the company believes it will be the first in the world to provide offshore subsea inspections via USVs and ROVs operated remotely from onshore ROCs.

The new range of USVs should consume up to 95% less fuel than traditional vessels, the company added, supporting the trend toward zero global emissions in the marine industry.

03/25/2020

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Navigant Research Report Shows Offshore Wind Is Expanding to New Markets as Technology Prices Decline and Renewable Energy Becomes More Attractive -…

Posted: at 6:10 am

Despite previous concerns, projects are moving toward construction without subsidies and with willingness to endure fluctuating market prices

A new report from Navigant Research discusses the main regional and country markets driving offshore wind and analyzes trends and forecast data on a megawatt level through 2028.

A decade ago, in the infancy of offshore wind, there were concerns that it would be too expensive to grow at a large scale and compete with traditional market prices. Today, though, factors such as higher wind speeds, higher plant load factors, more stable power generation, almost limitless offshore space for turbine installations, as well as rapidly declining costs, are moving the market forward. Click to tweet: According to a new @NavigantRSRCH report, offshore wind is expanding to new markets as technology costs decrease and renewable energy becomes more attractive to governments, power utilities, and other stakeholders.

"Offshore wind is growing rapidly, as it offers a unique value proposition: It is an abundant clean energy solution for many coastal load centers where a greater proportion of population and energy demand is locatedoften areas where onshore wind or solar is more difficult or costly to develop," says Jesse Broehl, senior research analyst with Navigant Research. "Projects in multiple markets are moving toward construction without subsidies and with a willingness to take fluctuating market prices."

According to the report, stakeholders looking to succeed in this market should be prepared for offshore wind to buck the decentralization trend occurring in the broader electricity generation sector. Industry players should also look for increased offshore wind placement in close proximity to dense population centers where large-scale solar PV is at a relative disadvantage, while countries and companies looking for cost-effective resources to satisfy clean energy demand should recognize fast-decreasing offshore wind costs.

The report, Global Offshore Wind Development Growing Rapidly, discusses the main regional and country markets driving offshore wind. It discusses trends and data on a megawatt level for 10-year forecasts through 2028 for global regions and countries contributing to offshore wind gains. The report also discusses the policies and market dynamics affecting the offshore market and provides recommendations for offshore wind market participants. An executive summary of the report is available for free download on the Navigant Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The teams research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at http://www.navigantresearch.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: http://www.guidehouse.com.

* The information contained in this press release concerning the report, Global Offshore Wind Development Growing Rapidly, is a summary and reflects Navigant Researchs current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the reports conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200324005168/en/

Contacts

Lindsay Funicello-Paul+1.781.270.8456lindsay.funicello.paul@guidehouse.com

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Newfoundland and Labrador offshore industry working to flatten COVID-19 curve – TheChronicleHerald.ca

Posted: at 6:10 am

ST. JOHN'S, N.L.

The oil and gas industry is reducing the number of people working on offshore rigs to aid the health and safety of those who will remain on them in the midst of the COVID-19 pandemic.

On Sunday, the C-NLOPB enacted an order requiring operators to only keep employees "essential to the safe and environmentally responsible operations of offshore oil and gas facilities" on site, unless otherwise approved by the regulator's chief safety officer.

"We're into an unprecedented and quickly evolving health and safety challenge for the offshore industry the same as it is for the rest of our community and the whole world," Scott Tessier, CEO for the C-NLOPB, told The Telegram. "Our mission right now through our regulatory oversight is to help flatten the curve."

He said the order issued Sunday offers some clarity to companies operating offshore when it comes to meeting the needs of public health directives from the provincial government. Tessier said the essential personnel would include additional cleaners as needed to ensure industrial hygiene is well respected, as well as those tasked with routine maintenance. Non-essential workers would generally be classified as anyone who can manage to do their work off-site, like resource management personnel.

Paul Barnes, Atlantic Canada director for the Canadian Association of Petroleum Producers, noted social distancing measures have already been put in place at these sites in relation to meetings, meals in common spaces and food handling. In the case of sharing rooms, workers will only share them with personnel on opposite shifts, with rooms cleaned between shifts. Barnes said if anyone does show symptoms, they can be isolated and returned home as needed.

Barnes also acknowledged a special exemption order put in place by the provincial government allowing personnel involved in transporting workers or those deemed essential to offshore activity to come from another province or country without needing to self-isolate for 14 days.

"Industry is managing its business to minimize the use of the exemptions," he said. "There are no plans at this time to send anyone offshore who hasnt followed the 14-day isolation quarantine. The exemption is in place for industry to use, but we will only be using it for exceptional circumstance."

At the heliport, nurses currently screen offshore workers by asking a series of questions and performing temperature checks. These measures have been in place since early March.

"We're doing everything we can within our regulatory authority to make sure that offshore workers are protected and to make sure the companies themselves have all the plans and procedures in place that are necessary to implement the measures that are being directed by public health," Tessier said.

Barnes added conversations are consistently happening and action will be taken if it becomes apparent further changes are needed.

"These conversations are happening extremely frequently," he said, adding the measures in place so far for the Newfoundland and Labrador offshore industry are similar to jurisdictions like Norway and the United Kingdom. "It's a hugely fluid situation, and our industry, the provincial government, the chief medical officer and the (C-NLOPB) are in contact daily to discuss exemptions or any other requirements and issues. There could be more exemptions, there could be more restrictions. There could be different things as the days and weeks progress."

Twitter: @CBNAndrew

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First SeaMade turbine towers arrive in Ostend – 4C Offshore

Posted: at 6:10 am

On Tuesday 24 March 2020 the first six tower parts for the SeaMade offshorewind farm arrived in the port of Ostend. These parts were produced in theNorth of Spain, and shipped from the port of Aviles on board the specialpurpose vessel RotraVente.

Project developer Otary stated that, despite the COVID-19 crisis, its contractorsare working round the clock to keep the construction of the SeaMade offshorewind farm on schedule, taking precautionary measures, including respectingsocial distancing in the execution of the works.

Over the coming months, RotraVente andsister vessel RotraMarewill ship all wind turbine components (58 nacelles, 174 tower parts and174 blades) for the SeaMade offshore wind farm, from various sites, tothe REBO site in Ostend.

The main activity on the REBO site will be the storage of parts, the pre-assemblyof the tower parts to complete towers, and loading of the jack-up installationvessel Apollothat will sail from Ostend to the SeaMade offshore sites to install thewind turbines on the foundations. All foundations and the two offshoresubstations were put in place in the preceding months.

Mathias Verkest - CEO of Otary, the developer of the SeaMade offshore windfarm - stated: We are aiming for a timely completion of Belgiumslargest offshore wind farm, despite the current Corona crisis, as thisis an important step in the countrys energy transition. 58 8 MW windturbines should produce enough electricity to provide 485.000 Belgian householdsof green energy thanks to a close collaboration and extreme commitmentof a dedicated and highly experienced team and contractors. SeaMade contributessignificantly to Belgiums binding goal of having 13% of our energy producedout of renewable energy sources by 2020. Half of this renewable energyproduction will come from offshore wind energy. SeaMade will contributeto almost one quarter of the required offshore energy production

The SeaMade project comprises two wind farms, Mermaidand Seastar,and is located in Belgian waters approximately 40-50 km off the coast ofOstend, Belgium, in water depths ranging between 22 metres and 38 metres.The project is being developed by project company SeaMade NV, a joint ventureof the Otary group (70%), Electrabel (Engie) (17.5%), and Eneco Wind Belgium(12.5%).

The two projects will have a combined capacity of 487 MW and will consistof 58 Siemens Gamesa SG8.0-167 DDturbines, each with an individual installed capacity of 8.4 MW mountedon monopile foundations. Each wind turbine has a hub height of 109 metresand a rotor diameter of 167 metres, and they are expected to power around500,000 households annually. Once constructed and operational, theproject is expected to offset 700,000 tons of CO2 emissions a year.

For more information on offshore wind farms worldwide,clickhere.You can alsoview projects worldwide on 4C Offshore's interactivemap.

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Teekay Offshore Partners L.P. changes its name to Altera Infrastructure L.P. as part of global group rebranding initiative – GlobeNewswire

Posted: at 6:10 am

PEMBROKE, Bermuda, March 24, 2020 (GLOBE NEWSWIRE) -- Teekay Offshore Partners L.P. (the Partnership) today announced that its name has changed to Altera Infrastructure L.P. effective 24 March 2020. The Partnership announced that the group of entities comprising of the Partnerships affiliates and subsidiaries (formerly referred to as Teekay Offshore) (the Group) is rebranding to Altera Infrastructure.As previously announced in advance, also effective March 24, 2020, the Partnerships preferred units, which previously traded on the New York Stock Exchange (NYSE) under the ticker symbols TOO PR A, TOO PR B and TOO PR E, respectively, now trade on NYSE under the new ticker symbols ALIN PR A, ALIN PR B and ALIN PR E.

With the new brand, the Group also presents a new vision and visual identity.

In support of our new vision to lead the industry to a sustainable future, we are establishing a global energy infrastructure services business that will create long term value for its stakeholders. Upholding our uncompromised commitment to operational excellence and safety, we will be relentless in our pursuit of opportunities that lead to strong results and lower emissions and we stand firm to these principles through the current period of market volatility. There will be a transition in our part of the industry, and we are committed to be at the forefront, says Ingvild Saether, President & Chief Executive Officer, Altera Infrastructure Group Ltd.

OSE Ticker code changes

At the same time, Teekay Shuttle Tankers L.L.C.,a subsidiary of the Partnership,announced that, in addition to changing its name to Altera Shuttle Tankers L.L.C. effective March 24, 2020, its two bonds which currently trade on the Oslo Stock Exchange (OSE) under the ticker symbols TST01 and TST02 G will, effective March 25, 2020, trade on OSE under the new ticker symbols AST01 and AST02 G respectively.

Forward Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements related to the Partnerships strategies and plans for creating stakeholder value. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the Partnerships expectations and may adversely affect the Partnerships business and results of operations may include unanticipated market volatility (such as volatility resulting from the recent COVID-19 outbreak), as well as those risk factors disclosed in Item 3 of the Partnerships Annual Report on Form 20-F for the year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (the SEC) on February 28, 2020, as updated and supplemented by subsequent filings with the SEC. The forward-looking statements speak only as of the date made, and, other than as may be required by law, the Partnership undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Altera Infrastructure

Altera Infrastructure is a leading global energy infrastructure services provider primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.

Altera Infrastructure has consolidated assets of approximately $5.2 billion, comprised of 56 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including five new builds), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera Infrastructures fleet is employed on medium-term, stable contracts. Affiliates of global asset manager Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100 percent of Altera Infrastructures general partner.

Altera Infrastructure L.P.s preferred equity units trade on the New York Stock Exchange under the symbols ALIN PR A, ALIN PR B and ALIN PR E, respectively.

Tel: +47 97 05 25 33E-mail: janrune.steinsland@alterainfra.com

Tel: +47 95 16 30 22E-mail: media@alterainfra.com

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Van Oord Reports Drop in Numbers, Believes in Offshore Wind – Offshore WIND

Posted: at 6:10 am

Van Oord has reported a revenue of EUR 571 million in its offshore wind business unit in 2019, a 23.6% decrease compared to the EUR 706 million in 2018.

Van Oord states that this decrease in offshore wind activities was driven by the smaller number and size of projects currently under construction.

Overall in 2019, the Dutch company recorded EUR 1.64 billion in revenue, 12% lower than the EUR 1.88 billion in 2018.

Van Oord realized a net profit of EUR 46 million compared to EUR 92 million in 2018. Excluding one-offs items, the sale of Gemini shares in 2018 and the refinancing in 2018 and 2019, the net profit amounted to EUR 59 million in 2019 and EUR 74 million in 2018.

The EBITDA in 2019 was EUR 254 million, a decrease from EUR 306 million in 2018.

The order book was at EUR 3.61 billion at year-end 2019, compared to EUR 3.68 billion the year before. The company realized EUR 1.58 billion of new awards, again less than the EUR 2.16 billion in the previous year.

In the offshore wind sector, Van Oord completed work on the Norther wind farm in a record time of nine months. The company also won its first cable project in Taiwan, for the 900MW Greater Changhua wind farms.

The Netherlands-based company concluded that it remains positive about the prospects of offshore wind and sees substantial opportunities ahead in this market.

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Equinor reveals $3bn COVID-19 action plan – 4C Offshore

Posted: at 6:10 am

Equinorhas launched a USD 3 billion action plan to strengthen the financial resiliencein a market impacted by the COVID-19 and low commodity prices. The Norwegianenergy company also updated its outlook for 2020.

Equinor stated that it can be organic cash flow neutral before capitaldistribution in 2020 with an average oil price around USD 25 per barrelfor the remaining part of the year.

The main elements of its action plan to achieve this includes reducingorganic CAPEX for 2020 from USD 10-11 billion to around USD 8.5 billion,a reduction of around 20%. The plan includes efforts to reduce explorationactivity for 2020 from around USD 1.4 billion to around USD 1 billion.The action plan will also cut operating costs for 2020 by around USD 700million, compared to original estimates.

Reductions in organic CAPEX are driven by a strict process of prioritisation,where flexibility of cost and schedule for sanctioned and non-sanctionedprojects have been reviewed. Within US onshore activities, drilling andcompletion activities are being halted to produce the volumes at a laterperiod, reducing investments significantly for 2020.

These cost reductions come in addition to the already announced suspensionof buy-back under the share buy-back programme until further notice. Thesecond tranche of around USD 675 million, including the Norwegian Stateshare, intended to be launched from around 18 May to 28 October 2020, willnot be executed as previously planned."Equinor is in a strong financial position to handle market volatilityand uncertainty. Our strategy remains firm, and we are now taking actionsto further strengthen our resilience in this situation with the spreadof the corona virus and low commodity prices," says presidentand CEO of Equinor ASA, Eldar Stre"We have implemented measures to reduce the risk of spreading thecorona virus and have so far been able to maintain production at all ourfields. Safe operations remain our first priority in this situation,"added Stre.

The announcement follows news last week that Equinor established a temporarycorporate project to handle both short-term immediate response and long-termimplications of COVID-19. The project will be headed by EVP Pl Eitrheimreporting directly to Eldar Stre.

Equinor has already implemented measures to limit the spread of the Coronavirusand to ensure business continuity, including reducing and delaying non-criticaltasks at fields and plants, implemented procedures for working from homeand taken strict travel restrictions and quarantine measures.Equinor ASA operates a number of offshore wind arms off the coast of theUK and Germany. Last year it securedContracts for Differencefor three projects it is developing with SSE Renewables. The projects areto have a combined capacity of 3.6 GW and are located more than 130 kmoff the east coast of the UK, in the North Sea. The company is also developingthe HywindTampen floatingoffshore wind farm. The array is designed to reduce emissions from oiland gas production. It is also developing projects in Poland and the UnitedStates.

By 2026, Equinor expects its renewable production capacity to stand at4-6 GW, a ten-times increase on its current capacity. By 2035, the companyexpects to further increase its installed renewables capacity to 12-16GW, depending on project opportunities.

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