David Paganie • Houston
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Subsea demand requires capable assets
Construction contractors are adding capable assets to their portfolios to keep pace with increasing demand in the subsea sector.
Emas Offshore Construction Pte Ltd., a subsidiary of Ezra Holdings Ltd., has awarded a contract to Labroy Shipbuilding and Engineering Pte Ltd. for supply of a heavy-lift, pipelay and accommodation barge. The contract is valued at approximately $24.72 million, excluding additional cost of equipment to be provided by Ezra worth up to $60 million.
The 142-m long vessel is being fitted with an 800-metric ton crane, capacity for pipelay work, and an accommodation module for 350 personnel. The newbuild vessel will come equipped with a DP2 system, which will enable it to operate in water depths exceeding 1,000 m.
Ezra says that the launch of this new construction vessel adds to its growing portfolio of oil and gas services and marks another milestone in the company’s move upstream. The company adds that the vessel is expected to fuel growth for at least five years. The vessel is scheduled for delivery by the 3Q 2007. Currently, Ezra holds a majority interest in the vessel with 75%, and joint venture partner, KS Energy Services, holds a 25% stake.
Oceanteam Power & Umbilical Ltd., a division of Oceanteam Holdings BV of Holland, announced plans to take advantage of ripe market conditions, as well. The company has ordered a new cable-lay, construction, and subsea support vessel capable of installing up to 5,000 metric tons of power cables, umbilical, and small diameter flowlines from its integrated carousel. The vessel will be namedNorthOcean OCV.
The 122-m long vessel will also come equipped with accommodation facilities for 120 people. “We believe the continued and sustained growth in all sectors of the subsea market offers huge expansion potential for the company,” says Mike Chew, Oceanteam P&U managing director.
The vessel will be built in northern Spain, with delivery expected by the end of 2006. North Sea Shipping A/S will manage the vessel.
Oceaneering says it is taking advantage of increased demand for its niche services. The contractor has received approval to invest approximately $40 million in a variety of new capital projects, including introduction of three new work class ROVs to its fleet, and the addition of four installation workover and control systems to the company’s rental fleet in the GoM.
Bisso Marine is targeting subsea construction opportunities, through its newly formed pipeline division. The contractor is now capable of performing pipeline installations with its reconfiguredDLB Big Chief. The company says that the 220-ft, 100-ton derrick/pipelay barge is ideal for working the Gulf’s shallow waters. The vessel has already performed installation of 1,400 ft of 10-in pipe and 22,000 ft of 6-in pipe. The barge also recently recovered 14,000 ft of 20-in pipeline in the Main Pass area.
Deepwater rigs secured
Friede & Goldman, Ltd. (F&G) says that it has completed licensing contracts for the construction of four JU-2000E jackup rigs and for three ExD semisumbersible designs.
The licensing agreements to build the four JU-2000E jackups include options to supply four additional units. This type of unit comes equipped with a 75-ft cantilever reach, rated water depth of 400 ft, and a rated drilling depth of 30,000 ft. It is also capable of operating in harsh environments.
The ExD is a sixth generation ultra deepwater F&G-designed semisubmersible, ideal for operating in the GoM, Brazil and West Africa. This F&G-designed rig can operate in dynamic positioning mode in water depths up to 10,000 ft. It will have 18,000 sq ft of usable deck space and more than 8,000 metric tons of variable deck load.
Stena Drilling has placed on order with Samsung Heavy Industries for fabrication of two drillships worth $1 billion. The order comes with an option to deliver one additional unit.
The rigs are being marketed for use in deepwater environments, including the North Sea. The newbuilds are scheduled to be delivered by the end of 2007.
Fred Olsen Energy AS has awarded Grenland Group an engineering contract for the upgrade of a semisubmersible drilling unit of Aker H-3 design. The contract includes conceptual design as well as a complete basic design package for upgrade of an early generation semi to a deepwater drilling unit. The drilling unit, previously known asOcean Liberator, is currently located in South Africa.
After completion of the upgrade, the unit will enter into Dolphin Drilling’s fleet under the name ofBlackford Dolphin.
Asset transactions revealed
Some companies are executing asset and services transactions to maintain a competitive edge in today’s volatile, construction market segment.
Aker Marine Contractors has entered into an agreement with Taubatkompaniet AS securing full marketing and operational control over the vesselsBoa Deep CandBoa Deep C II.
The agreement is good for five years with options for extensions up to an additional four years. The company says that agreement is expected to significantly enhance its position in the deepwater subsea and floating production markets.
Aker introduced theBoa Deep C into the active construction market in May 2004. The Boa Deep is currently being outfitted in Spain and is expected to enter the market at the end of 2006.
TheBoa Deep will be capable of performing construction, installation work, and lifts up to 400 metric tons, in water depths up to 3,000 m.
Stolt Offshore S.A. has entered into a co-operation agreement with SapuraCrest Petroleum to establish a joint venture, to build its presence in the Asia-Pacific region. The JV will assume ownership of the newbuild heavy-lift/pipelay vessel,Sapura 3000.
The $200 million derrick/pipelay barge is being fitted with a dynamic positioning system, a 3,000-ton crane, and accommodation facilities for 330 people. The barge will also be capable of performing installation of up to 36-in. pipe in 2,000 m of water,
The vessel is currently under construction at Sembawang Shipyard in China and is expected to be operational in early 2007.
“This is a significant move for Stolt Offshore into what will be a leading position in the growing deepwater construction market in the Asia-Pacific region, said Tom Ehret, CEO, Stolt Offshore.
The company added that they expect the deepwater SURF market in the Asia-Pacific region to grow by an average of 15% over the next five years. The contractor intends to take advantage of this growth sector by targeting a number of deepwater construction projects particularly in Malaysia, Indonesia and Australia in which theSapura 3000 would play a major role.
Cal Dive International Inc. has closed an asset purchase agreement with Torch Offshore Inc. Under the terms of the agreement, Cal Dive paid a consideration of $85 million for two shelf pipelay barges, four shelf diving vessels, the deepwater pipelay vesselMidnight Express, and a portable saturation diving system, together with all equipment, inventory, intellectual property and other assets related to the operation of the vessels.
“We are very pleased to have concluded this complicated transaction and are now focused on getting the acquired assets back to work, especially given the extra demand generated by Hurricane Katrina,” said Martin Ferron, president of Cal Dive. “We expect this to happen on a phased basis before the end of the year due to the need to drydock several of the vessels. We expect the overall drydocking and upgrade budget to be around $30 million for all of the assets,” added Martin.•
