Shale Oil News

Oil's Impact: Transocean Feet Update

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has issued a monthly Fleet Update Summary which includes new contracts, changes to existing contracts, and changes in estimated planned out-of-service time of 15 or more days since November 18, 2014. The total value of new contracts since the November 18, 2014 Fleet Update Summary…
Global Dry Bulk Shipping Market

Global dry bulk rates continue to plunge as cheap oil fails to revive shipping markets

Despite the drop in fuel prices, the Baltic Dry Index, the global benchmark for ships carrying bulk commodities, has fallen 40 per cent since the start of November and is down 62 per cent this year.The Baltic Exchange's main sea freight index continued to fall this week as rates for capesize and panamax vessels continued to plunge.

Singapore Shipyards Keep Busy in Second Half of Year

Singapore's major yards managed to keep busy in the second half of 2014 after experiencing a slow first half in orders for rig & platform fabrication and vessel conversions.Singapore’s two major offshore players manage to keep themselves busy in the second half of this year after a fairly slow first half, with orders for…

Wall Street Stays Optimistic Ahead Of Quadruple Witching Session

Trading in the U.S. index futures suggests that Wall Street stocks may open Friday's session higher, although the optimism has waned. The strong gains in the recent couple of sessions may deter traders from building up positions further. European stocks have turned lower after some early strength. The volatility characterizing the quadruple witching session could be visible in the session…

The downside of oil wealth - Columnists

Some years ago, an old friend in Calgary told a story that pretty well summarizes what it is like to live in a boom-and-bust economy driven by oil.During an extreme bust, i.e. low oil prices and a recession in the 1980s, he and his wife could no longer make their mortgage payments. Besides the declining oilpatch, interest rates were pushing toward 20 per cent.So they packed their belongings…

South Korean ships cost more despite market

Despite the challenging market, prices of South Korean ships with unrivalled technology and fuel efficiency are higher than ships built at Chinese shipyards, said analysts in a research note.Hana Daetoo Securities analysts Park Moo-hyun and RA Yoo Jae-seon said, "The two 156,000dwt Suezmax tankers that South Korean shipbuilder…

The Dry Bulk Industry: Q3 2014 Comparison Of Expenses

SummaryThe past five years have been lean times for the dry bulk industry with companies closely monitoring operating expenses in order to survive. The decision to operate ships on either a Voyage Charter, Time Charter, other combination determines who pays which operating costs: either the charterer or the ship owner.

Unique crane launch for OSD-IMT PSV

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel was launched in a unique way, using the yards new gantry crane. At 22 000 t the Honghai crane is the largest moving gantry crane in the world. It was the first time the giant crane has been used.The 83.2 m LOA PSV…

New MD at Magnomatics | Insider Media

Magnomatics, a developer of magnetic transmissions and ultra-compact motors, has appointed Dave Latimer as managing director to take over from founder Chris Kirby, who has been in the role for more than nine years.Kirby established Magnomatics in 2005 as a university spin-out and led its growth from concept to its current position of product development with a staff of 30.

Oil spill: Sunderbans face a new threat; Bangladesh still grappling with the disaster

"The short term effect of oil spill will be the immediate degradation of the sensitive biodiversity," said 46-year-old Anurag Danda, head of the Climate Adaptation Programme and Sundarbans Landscape department of WWF, India. Ecologists and environmentalists are a worried lot over the December 9 oil spill in the Sunderbans delta…

Asian Markets Advance On Wall Street Lead

(RTTNews.com) - Asian markets are up on Friday, tracking cues from Wall Street where the Dow recorded its biggest single day gains in three years overnight amid hopes the Fed will not hike interest rates anytime soon.The Australian stock market is notably higher, with investors indulging in some hectic buying across the board.Mining…

POBA blames BPC for Sundarbans oil spill

Bangladesh Petroleum Corporation (BPC) has to take responsibility of the oil spill in the Sundarbans river as the vessel was on its way to a power plant carrying oil from the Khulna Padma Oil Depot, says an environment group.“Padma Oil under the BPC is also responsible for the incident as it did not conducted proper inspection before operating such activities…

Noble Drilling to be sentenced for violations during Shell's 2012 drill season

The contractor that operated drill ships for Shell in remote Arctic Alaska waters is scheduled to appear in federal court in Anchorage on Friday to be sentenced for eight environmental and maritime safety violations committed during the oil companys mishap-laden 2012 drilling season.Noble Corp.s U.S. unit, Noble Drilling (U.S.) LLC…

Abigail Ross Hopper Named BOEM Director

Secretary of the Interior Sally Jewell today named Abigail Ross Hopper as the Director of the Bureau of Ocean Energy Management (BOEM), which manages the development of our nation’s conventional and renewable energy and marine mineral resources on the Outer Continental Shelf.Hopper currently serves as the Director of the Maryland Energy Administration and will assume her new position on January 5…

SBM Offshore Backs FY14 Directional Revenue Target Of At Least $3.3 Bln

(RTTNews.com) - SBM Offshore N.V. (SBFFY.PK), a dutch provider of floating production solutions, reiterated its fiscal 2014 Directional revenue guidance of at least $3.3 billion.Bruno Chabas, CEO of SBM Offshore, commented: "Management recognizes the anxiety caused in the markets by the sharp decline in the price of oil.

FMC Technologies Awarded $393 Million Subsea Systems Contract for Eni's Block 15/06 East Hub Project

HOUSTON, Dec. 18, 2014 /PRNewswire/ -- FMC Technologies, Inc. announced today that it has received an order from Eni Angola to supply subsea production systems for its deepwater Block 15/06 East Hub development. The order has an estimated value of $393 million in revenue. "We are pleased to have been awarded the subsea production systems contract for Eni's Block 15/06 project…

Newfoundland and Labrador deficit creeps to $916M amid falling oil prices

ST. JOHN'S, N.L. -- A dramatic slide in oil prices has sent Newfoundland and Labrador's projected deficit soaring to $916 million as the premier hints of spending cuts to come. "We have to make corrections and we have to respond to the factors that we face as a government," Paul Davis said in the legislature Tuesday. It's quite a change in tone for the premier and Progressive Conservative leader.

Oil spill training center unveiled in northern Norway

Traders Recap – Tableau Software (DATA), EXACT Sciences (EXAS), Oil States International (OIS), Mobi

Miami, Florida Dec 18, 2014 – (Tech Sonian) Tableau Software (NYSE:DATA) a worldwide leader in easy-to-use, rapid-fire business analytics software, reported that the Scripps Institute of Oceanography’s dataMares initiative is using Tableau to analyze and monitor data on marine life in the Gulf of California. The dataMares…

Big green machine could revolutionize offshore drilling

REGINA Sean Frisky, CEO of Ground Effects Environmental Services, says a recently signed $15-million deal with a Malaysian firm to licence its new electrical separation cell (ESC) technology for the Asian market is a WINN-WINN for the Regina-based based environmental remediation company.Thats because much of the risk of…