Page 31: of Maritime Reporter Magazine (April 2016)

also “lured” players to new hydrocarbon rigs).” Another CEO might have pointed report reveals breakeven prices for un- we didn’t manage ef? ciency, we checked plays in Africa. to Chevron’s 2016 $24 billion explora- developed ? elds are now down from $70 volumes. Now it’s (back to) ‘Price-per- tion and capex spend. (oil) to $40, and from $90 to $45 in the pipeline mile’.”

Indie race deep-water GoM. For the rest of the supply chain, a

By mid February, Subsea 7 in Aber- Better inventory controls and standard chronicling of good signs might offer

Lessons learned deen was announcing “sizeable” three- For some operators, the time to order parts for subsea systems have helped the more avenues than “optimized” projects year frame agreements to bring div- offshore work is nigh, as rates are down offshore industry learn and save in the or forecasts, for the timing of ? nance; ing support vessels, engineering, ROV two-thirds for some vessel types. Re- current “sit-on-your-cash” cycle. “We tech-adoption; project plan submissions maintenance and subsea construction to duced project scope is one of the engi- had a tendency to gold plate everything and the start of M&M work is impos- six North Sea clients and their oil? elds: neered reasons for the drop, and a Statoil we did,” says Mikaelsen, adding, “And sible to know.

Chevron, Dana Petroleum, Hess, Nexen,

Talisman Sinopec Energy and TAQA

Bratani. Conspicuous among these con- tract parties are the smaller, indepen-

Components for your Equipment.

dent oil companies, the “indies”. Of late they’ve been drivers of exploration and production (E&P) activity and investor favor. If U.S. mega investor Blackrock is heavily invested in “indies”, then it’s partly because the indie share of costs once farmed into a production license can be as low as $10-$15 dollars (capex and opex). That’s what Norway new-

Visit us at: comer Tellus Petroleum will pay for 15 percent of the Gina Krog development

OTC 2016 and its jacketed platform atop 260 mil- 2 - 5 May

NRG Park / Houston, Texas, USA lion barrels of oil equivalent. Tellus par-

Booth 4527 „German Pavilion“ ent company Sequa says it helps that, “The Norwegian petroleum tax environ- ment provides unparalleled downside protection, by giving companies the potential to recover up to 94 percent of their development costs.”

Some nations are still just contemplat- ing their own model of public ? nance for energy: two Canadian provinces and

Mexico are trying and are now often called the hottest centers of future ac- tivity.

Rig fortunes

Around the world, large oil? eld project go-aheads still offer in? eld and appraisal drilling in order to mature prospects or ensure project designs are pro? table. For rig ? eet owners, rising oil prices might also lessen the blow from new-build rigs yet to set sail.

Much of the $5 billion drilling backlog of medium-water rig player, Songa Off- shore, comes from the giant Norwegian discovery Johan Sverdrup. To secure

Songa’s remaining mid-water drilling business and its ? nal two special Cat D new-build rigs, the company will issue a

A strong partner for maritime applications $100 million convertible bond, said CEO

For many years, Liebherr winches, electric machines, gearboxes, large diameter

Bjoernar Iversen. “It should be adequate bearings and power electronics have been utilized successfully in numerous marine to take the company through the current applications such as ship, offshore and container cranes, propulsion and positioning (dif? cult) cycle,” he tells a packed hotel systems as well as jack-up systems. The range is completed by hydraulic components, room. “By Week 10,” Iversen says, all extensive engineering and after-sales services.

four Cat Ds — new designs built to enter old subsea templates and extend ? eld life

Liebherr Components — will be earning day rates in-line with

North America Co.

1465 Woodland Drive today’s $360,000 to $490,000. Iversen

Saline, MI 48176-1259

Phone: +1 734 429 7225 cautions those tracking the industry’s

E-mail: [email protected] doom that, “Statoil’s current rig port- www.liebherr.us folio matches its trend not its (produc- tion) ambition (which requires far more www.marinelink.com 31

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