Boskalis: Share Buy Back Update

 

 

 

Boskalis: Share Buy Back Update

In the period from 9 October up to and including 13 October, Royal Boskalis Westminster N.V. (Boskalis) repurchased own shares. The repurchases took place within the framework of the share buyback program announced on 3 July 2017.

Click here for a complete overview of all individual transactions.

Boskalis will publish a press release every Monday for the duration of the buyback program, provided shares were repurchased in the preceding week. Interested parties can subscribe to these press releases at ir@boskalis.com.  An overview of the progress of the program can be found on www.boskalis.com/sharebuyback2017.

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Fugro: Names former Vattenfall head to replace retiring CEO

Fugro: Names former Vattenfall head to replace retiring CEO

Surveying and marine floor services company Fugro NV on Oct. 16 said the former head of Swedish energy company Vattenfall, Oystein Loseth, would replace Paul van Riel who is retiring April 26, 2018.

Loseth was CEO of Dutch firm Nuon when Vattenfall bought it for 8.5 billion euros (US $11.7 billion) in 2009 just as power markets softened in the wake of the global financial crisis.

He took the top job at Vattenfall in 2010 and oversaw a difficult period for the company as it struggled with debt from the Nuon buy and falling German energy prices and write-downs on its assets. He stepped down in March 2015, citing personal reasons.

Van Riel said Fugro, which is hit by a downturn in offshore oil drilling market, is ready for the new leadership.

“In the past years, we have dealt with a long and deep downturn in our key oil and gas market,” he said in a statement.

“The transformation is well on its way and our key market is beginning to stabilize, and my retirement coincides with the right time for a handover.”

Loseth said in a statement he was ready for the job after several years in a nonexecutive role on the board of Norway’s Statoil AS.

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CGG: Form 6K October 2017

 

 

 

CGG: Form 6K October 2017

CGG announces that, today, the Autorité des marchés financiers granted visa n°17-551 to the prospectus (in the French language) made available to the public in connection with:

the issuance and admission to trading on the regulated Euronext market in Paris ( “Euronext Paris” ) of up to 24,375,000 share subscription warrants (the “Warrants #1” ) granted for free by CGG to all shareholders on the basis of one (1) Warrant #1 for one (1) existing share, which may result in the issuance of up to 32,500,000 new shares at the subscription price of €3.12 per new share;
the issuance and admission to trading on Euronext Paris of up to 37,524,400 new shares issued as part of an increase in share capital with removal of the shareholders’ preferential subscription rights, in favor of (i) the holders of bonds convertible and/or exchangeable for new or existing shares, bearing interest at the rate of 1.75% and maturing on January 1, 2020, issued by the Company on June 26, 2015 and (ii) the holders of bonds convertible into and/or exchangeable for new or existing shares, bearing interest at the rate of 1.25% and maturing on January 1, 2019, issued by the Company on November 20, 2012, that will be subscribed at their face value by way of set-off with the subscription price of €10.26 per new share;
the issuance and admission to trading on Euronext Paris of up to 496,794,900 new shares issued as part of a capital increase with removal of the shareholders’ preferential subscription rights, in favor of (i) the holders of high yield notes, bearing interest at the rate of 5.875% and maturing in 2020, issued by the Company on April 23, 2014, (ii) the holders of high yield notes, bearing interest at the rate of 6.5% and maturing in 2021, issued by the Company on May 31, 2011, January 20, 2017 and March 13, 2017 and (iii) the holders of high yield notes, bearing interest at the rate of 6.875% and maturing in 2022, issued by the Company on May 1, 2014, that will be subscribed at their face value by way of set-off with the subscription price of €3.12 per new share;
the admission to trading on Euronext Paris of up to 123,817,300 new shares, with a subscription price of €0.01 per new share, resulting from the exercise of up to 123,817,300 share subscription warrants (the “Warrants #3” ), granted for free by the Company to the subscribers of new second lien notes governed by New York State law (the “New Notes” );
the admission to trading on Euronext Paris of up to 7,738,600 new shares, with a subscription price of €0.01 per new share, resulting from the exercise of up to 7,738,600 share subscription warrants granted for free by the Company to the members of the ad hoc committee of Senior Notes holders;
the admission to trading on Euronext Paris of up to 11,607,900 new shares, with a subscription price of €0.01 per new share, resulting from the exercise of up to 11,607,900 share subscription warrants granted for free by the Company to the persons committed to backstop the subscription of the New Notes and the Warrants #3, in accordance with the provisions of the private placement agreement dated June 26, 2017 ;
the admission to trading on Euronext Paris of the new shares to be issued upon exercise of the Warrants #1.

These transactions would be implemented in the context of the financial restructuring plan, the terms of which were announced on June 14, 2017 by the Company. The plan was approved on July 28, 2017 by a unanimous vote of the committee of banks and financial institutions, and by a majority of 93.5% of votes cast at the general meeting of bondholders. Furthermore, the various classes of creditors concerned by the Chapter 11 proceedings massively voted in favor of the Chapter 11 plan which was confirmed by the relevant US court on October 10, 2017 (the order should be entered in the next few days). The works council of the Company, also consulted with respect to the draft safeguard plan, rendered a favorable opinion at its meeting held on 2 October 2017.

The completion of the foregoing transactions remains subject to:

the approval by the Company’s extraordinary general meeting of shareholders which is scheduled to convene on October 31, 2017 of the resolutions required to implement the draft safeguard plan, in particular those relating to the share capital reduction by reducing the unit par value of the Company’s shares to €0.01;
the abovementioned share capital reduction being effectively carried out;
the sanctioning of the draft safeguard plan approved by both the committee of banks and assimilated creditors, and the sole general meeting of bondholders on July 28, 2017, by the Commercial Court of Paris; according to the current contemplated provisional timetable, the court should examine the request for the sanctioning of the draft safeguard plan on November 6, 2017;
confirmation by the relevant US Court of the “Chapter 11” plan and the recognition of the ruling sanctioning the draft safeguard plan within the framework of the “Chapter 15” proceedings the enforcement of which is not stayed;
the obtaining of the AMF visa on the prospectus relating to the issue, with shareholders’ preferential subscription rights, of new shares with warrants in an amount of c. 112 million euros (including share premium), priced at €1.56 per share, i.e. a nominal value of €0.01 and a share premium of €1.55 per new share, which share capital increase is tentatively scheduled to take place in December 2017, with settlement and delivery scheduled for January 2018.
the satisfaction of all conditions precedent provided for in the implementation documents of the restructuring, which includes notably the indenture of the new first lien notes, the indenture of the New Second Lien Notes and the new interest second lien notes, or the terms and conditions of the various warrants.

The prospectus comprises the CGG reference document ( document de référence ), filed with the Financial Markets Authority on May 1, 2017 under number D.17-0486, the update of the Company’s Reference Document filed with the AMF on October 13th, 2017under number D.17-0486-A01, the securities note (including a summary of the prospectus) under visa 17-551 dated October 13th, 2017, and a summary of the prospectus (attached to this press release).

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Pampa Energía: Proposes $800M gas pipeline for Argentina shale boom

 

 

 

Pampa Energía’s (NYSE:PAM) TGS gas transporter reportedly has proposed an $800M pipeline and gas treatment plant in Argentina’s Vaca Muerta shale fields, aiming to address a key barrier to increasing production in the area.

The project, subject to approval by the Neuquen provincial government, could be built in 18 months and would transport gas produced by companies including state-run YPF, Tecpetrol, Dow Argentina and Exxon Mobil (NYSE:XOM), according to Reuters.

Oil companies say pipelines in Vaca Muerta are currently moving 2.1B cf/day of natural gas and have capacity for 2.6B cf/day, which could rise as the government subsidizes gas production; so far this year, XOM, BP’s Pan American Energy unit, Wintershall, Total and Statoil have announced investments in Vaca Muerta.

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FairfieldNodal: Awarded Z700® Project Offshore Trinidad

 

 

 

FairfieldNodal: Awarded Z700® Project Offshore Trinidad

FairfieldNodal will begin a large Z700 acquisition project offshore Trinidad in late October 2017.

FairfieldNodal’s Z700 data acquisition system is ideally suited to meet the tough environmental conditions in this region that make OBC or streamer surveys risky. The Z700’s simplified deployment and retrieval process make navigating the difficult currents less difficult.  And, its HSE-friendly design lowers operating risk in ecologically sensitive areas.

This acquisition project is expected to take four months to complete.

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Spectrum ASA: Starts Ceara Basin 2D MC Survey Offshore Equatorial Brazil

 

 

Spectrum ASA: Starts Ceara Basin 2D MC Survey Offshore Equatorial Brazil

Spectrum is pleased to announce the commencement of a 6,000 km Multi-Client 2D seismic survey covering the Ceara Basin within the Equatorial Margins of Northern Brazil, which contains sectors of the 15th licensing round.

Data is being acquired with a 12,000 m streamer with continuous recording to enable extended recording lengths and high fold data to enable full interpretation from Moho to water bottom. The data will be processed with PSTM, PSDM and Broadband products with first deliveries in Q1 2018.

Richie Miller, EVP Multi-Client Americas, comments, “We have commenced our next 2D acquisition campaign in Brazil with the BGP Challenger, starting in the prospective Ceara Basin to cover an open sector that is available in Round 15, expected to close in Q2 2018. When the survey is completed it will provide a continuous modern long-offset ten kilometer grid from the border with French Guiana to the eastern extent of the Potiguar Basin.”

This survey is being carried out in partnership with BGP Marine.

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PGS: Africa Oil Week Upstream 2017

 

 

 

 

Africa Oil Week Upstream 2017

Meet PGS at booth #40 and acquire insight and knowledge from our experts about MultiClient Africa data library. Join the Congo License Round Roadshow, supported by PGS, or gain useful intelligence on Cote D’Ivoire at booth #145, co-hosted by PGS.

Explore how our leading-edge imaging solutions, reservoir services, and pioneering marine acquisition technologies can support your exploration success in Africa.

Visit the PGS stand #40 and learn how you can benefit from PGS seismic offshore West Africa.

The Africa Exploration Zone showcases the key technologies, data and ideas, innovations and thinking that are shaping hydrocarbon exploration, with presentations from companies and parties critical to the continent’s future.

Conference Programme     More     Link

Total Earth Solutions: Pointerra and TEScan LiDAR Made Easier

 

 

 

Total Earth Solutions: Pointerra and TEScan LiDAR Made Easier

POINTERRA and TEScan

TEScan

We are pleased to advise that Total Earth Solutions have recently added LiDAR capability to our workflow.

Attached is a flyer highlighting the TEScan data capture suite.  We have a multi sensor approach, on multiple platforms and can acquire, process, map, interpret and deliver high accuracy and ultra-high resolution LiDAR for numerous applications. The roll out so far includes:

  • TEScan BP                           Backpack mounted SLAM system – outdoors, indoors, BIM,
  • TEScan UAV                         50 minute multirotor small area mapper
  • TEScan Heli                          Ultra high resolution long linear infrastructure mapper
  • TEScan LV                            Fast (40km/hr) UHR scanning
  • TEScan ROV                        Unmanned boat for inland water ways
  • TEScan Marine                     Boat mounted for nearshore operations
  • TEScan Max                         Ultra safe, ultra-fast, ultra-economical – the future…

All systems are designed to be supplemented with RBG/NIR and videography. Our innovative work flow makes data capture and delivery of 3D point cloud and imagery faster.


Pointerra

As we have developed our systems we revisited Pointerra and their capability. In summary their offering is:

“To make dealing with massive 3D datasets easy. Whether you’re a geospatial veteran, a surveyor on a budget, or just curious about the world around you, Pointerra makes it easy to view amazing, interactive scenes from the comfort of your browser.”.

After 2 weeks of trialling Pointerra, we can confirm that the above statement is spot on. The ability for this platform to ingest, store, share and communicate large point cloud derived data sets is just amazing, and will become a pillar of our LiDAR based workflow and delivery to you. I have included some links below that you should view and assess for yourself, or better still, establish a trial account and see just how good it is.

Pointerra “try it” page – https://app.pointerra.io/tryit/

TEScan Heli Powerline Data – Kalamunda Powerline

TEScan MAX LLI Data – Optech Sample Data

TEScan LV MLS Data – Titan RPAS

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PGS: Africa Discovery NWAAM

 

 

 

PGS: Africa Discovery NWAAM

North West Africa Atlantic Margin is one of the hottest exploration areas in Africa right now. Join our webinar on 19 Oct 2017 to learn about our view on the future exploration potential in the MSGBC margin of the North Atlantic.

Join the TGS and PGS webinar to learn about recent license activities, exploration successes and near-term opportunities along the Mauritania-Senegal-Gambia-Bissau-Conakry (MSGBC) play trends in North West Africa Atlantic Margin.

The webinar will address the prolific shelf-edge and slope-fan plays that have been targeted so successfully and will make new observations about the apparent influence of salt allochthony in the distribution of structures and sands.

This session will be highly valuable to companies looking to explore the prolific shelf-edge and slope fan plays and preparing for farm-in opportunities and upcoming license rounds.

A number of prospective farm-in opportunities, revealed by modern 3D data, will be shown along with data located in the regions of the upcoming license rounds in deepwater Senegal and shallow water Guinea (Conakry).

Name: Africa Discovery Webinar – NWAAM
Date: 19 Oct 2017
Time: 14:00 BST (London, UK)
Duration: 45 minutes

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Seisware: SEG Wrap Up – $1700 donated to Harvey Relief

 

 

 

Seisware: SEG Wrap Up – $1700 donated to Harvey Relief

We wrapped up another SEG Annual Meeting, this year in Houston.  It was an unusual year for the meeting, as it followed closely after Hurricane Harvey devastated many areas in Houston.  We had a number of guest speakers presenting at our booth each day of the show, and normally we give out draw prizes to people who attend.  We wanted to do something to help out the city, so at each presentation, we drew names from the list of attendees, and the draw winner selected a hurricane relief charity for SeisWare to donate $100.

We’re proud to have supported the following organizations.

Thanks to everyone that stopped by to see us at the show.

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