Offshore Oil News

PDVSA Tenders to Buy Cargo for June

Venezuela's state-run PDVSA has launched a tender to buy a 300,00 barrel cargo of gasoil with maximum 0.5 percent sulfur to be received June 12-14, acording to an invitation seen by Reuters on Friday. This is the second time in recent weeks that PDVSA goes to the open market looking for fuels for its domestic market. Last month it offered to buy a 300…

Your Subsea News - Prysmian, 30 m contract in Abu Dhabi

Prysmian Group, world leader in the energy and telecom cable systems industry, has been awarded a new contract worth approximately € 30 Million by UAE-based construction company Emirates Holding on behalf of major offshore oil and gas producer ADMA-OPCO (Abu Dhabi Marine Operating Company) for the design and manufacture…

Unmanned Underwater Vehicles Market Worth $4.84 Billion by 2019 Reports by MarketsandMarkets

(PRWEB) April 17, 2014 According to new market research report "Unmanned Underwater Vehicles Market by product [ROV (Remotely Operated Vehicles) and AUV (Autonomous Underwater Vehicles)], Application (Defense, Oil and Gas, Scientific Research) & by Geography (North America, Europe, Asia-Pacific, The Middle-East, Latin America…

Oil clean-up, hunt for Chinese crew after ship collision off Japan

TOKYO: Japanese fishermen took part in efforts to clean up an oil spill in a major Tokyo waterway on Thursday as the search continued for eight Chinese missing after two cargo ships collided.The Panamanian-flagged Beagle III, a 12,630-ton vessel carrying steel coil, sank early Tuesday after colliding with the South Korean…

Quebec shipyard wins $6.5-million contract from Ottawa to refit coast guard ship

LEVIS, Que. - A Quebec shipyard has been awarded a $6.5-million contract by the federal government for refit work on the Canadian Coast Guard ship CCGS Louis S. St-Laurent.The work will be done at the Quebec City-area operations of Chantier Davie Canada Inc., a sub-contractor to Babcock Canada, an engineering services company.The…

'Game-changing' discovery for US Navy as seawater is turned to fuel

Washington, Apr 9 (ANI): The US Navy has claimed that it has finally worked out the solution to a problem that has intrigued scientists for decades of how to take seawater and use it as fuel.The development of a liquid hydrocarbon fuel is being hailed as "a game-changer" because it would significantly shorten the supply chain…

Time To Consider These Tanker Stocks [Nordic American Tanker Ltd, Frontline Ltd., Teekay Corporation

SummaryChinese oil imports are expected to increase in the coming year. U.S. oil imports are expected to decrease, while its oil exports are expected to increase. Crude oil prices are expected to decrease in the next two years. The lifeblood of the global oil tanker business is the international flow of oil across countries and continents, or the dependence on oil imports.

£200 million floating laboratory will explore 'final frontier' of polar regions

They are the cruel seas where Britain’s greatest adventurers made their names. Earth’s polar regions. will announce today. their lives. South Atlantic. Tensions have been mounting in the Falklands over recent years. exercises in the Islands. by the West. and ocean conditions. much discovery to be done are the polar oceans. have a presence in these parts of the world. and need replacing. vessels.

Cameron International Tops on Q1 Earnings, Sales

Oil drilling equipment maker Cameron International Corp. (CAM) reported strong first quarter results, propped up by robust performance from its Drilling & Production Systems segment. It reflected in its share price on the NYSE, where it rose almost 4% in early trade.The Houston, TX-based company came out with earnings per share excluding charges and discontinued operations of 75 cents…

Euronav posts Q1 net profit of $1.4 million

Net profit of Euronav NV (NYSE EURONEXT BRUSSELS: EURN) for the three months ended March 31 of 2014 totaled $1.4 million or $0.02 per share vs. -$10.7 million and -$0.21 per share in Q1 2013. In its preliminary financial results report published yesterday the Belgian shipping company said EBITDA for the same period was USD 47.3 million $29.2 million in Q1 2013.

Different technology likely in MH370 hunt

View CommentsAAPAir crash investigators searching for flight MH370 have dismissed debris found in WA's south.With less than one-tenth of the search zone for the missing Malaysia Airlines flight still to be combed and no debris yet found, it's increasingly likely more advanced and expensive underwater technology will need to be deployed.On Thursday…

Deutsche Bank Increases Teekay Price Target to $56.00 (TK)

Equities research analysts at Deutsche Bank boosted their price target on shares of Teekay (NYSE:TK) from $49.00 to $56.00 in a research note issued to investors on Wednesday, AR Network reports. The firm currently has a “hold” rating on the stock. Deutsche Bank’s price objective would suggest a potential downside of 1.25%…

Prysmian to lay new subsea power cables in Middle East

Prysmian Group has been awarded a new contract worth approximately USD 30m by UAE-based construction company Emirates Holding on behalf of major offshore oil and gas producer ADMA-OPCO (Abu Dhabi Marine Operating Company) for the design and manufacture of submarine cable links for the replacement of power feeding systems to Zakum offshore oil field…

DHT Holdings Receives Hold Rating from Jefferies Group (DHT)

Jefferies Group reissued their hold rating on shares of DHT Holdings (NYSE:DHT) in a research report released on Monday morning, Analyst RN reports. Jefferies Group currently has a $9.00 price objective on the stock.Jefferies Group has also taken action a number of other services stocks recently. The firm initiated coverage on shares of Teva Pharmaceutical Industries Ltd (ADR).

Australia will soon deploy autonomous underwater vehicle in search for Malaysia plane MH370

The head of the Australian agency supervising the search for a missing Malaysia Airlines plane said on Monday that an autonomous underwater vehicle would soon be deployed, moving the search underwater after nearly six weeks of fruitless searching. Malaysia Airlines Flight MH370 disappeared soon after taking off on March…

Stocks under Review Transocean Ltd. (NYSE:RIG), Agnico Eagle Mines Limited (AEM), Teck Resources Li

Las Vegas, NV 31 March 2014 — (Tech Sonian) Transocean Ltd. (NYSE:RIG) declared that a subsidiary has awarded contracts to Sembcorp Marine`s subsidiary, Jurong Shipyard, in Singapore for construction of two newbuild dynamically positioned ultra-deepwater drillships.Transocean LTD (NYSE:RIG) remained among the day bulls with 2.06% and traded with volume of 4…
The US$35 million VTMIS systems will help improve security in the countrys maritime domain and would help increase vessel traffic at the twin-seaports

Ghana looks to develop a maritime hub

The US$35 million VTMIS systems will help improve security in the countrys maritime domain and would help increase vessel traffic at the twin-seaportsGhana’s aim of becoming the hub of maritime business in the sub-region has received a major boost, following the successful completion of a US$35 million maritime safety and…

Hunt for Chinese crew missing after ship collision off Japan

View CommentsAFPHunt for Chinese crew missing after ship collision off JapanTokyo (AFP) - Nearly a dozen Japanese ships and planes scoured a waterway Wednesday for eight Chinese crew members who went missing after two cargo ships collided at the mouth of Tokyo Bay, the coastguard said.The Panamanian-flagged Beagle III, a 12…

Class action suit filed in Houston Ship Channel ship collision, oil spill

Vessels work with skimmers and oil containment booms in Galveston Harbor on Sunday, March 23, 2014, in Galveston. Dozens of ships are in evolved in clean-up efforts to remove up to 168,000 gallons of oil that make have spilled into Galveston Bay after a ship and barge collided near the Texas City dike on Saturday afternoon. (AP Photo/Houston Chronicle, Smiley N.
US Product OIl Supplied

Why US oil use grew over 2.0% yearly despite bad weather » Market Realist

U.S. oil consumptionAs the United States is the largest oil consumer, U.S. oil consumption patterns will continue to sway the Guggenheim Shipping ETF (SEA) and tanker companies outlooks, including Teekay Tankers Ltd. (TNK), Tsakos Energy Navigation Ltd. (TNP), Nordic American Tanker Ltd. (NAT), and Frontline Ltd. (FRO).