Month: December 2017

 

 

 

Schlumberger: Agrees To Pay $1.35M To End Wage Suit

A group of mostly former Schlumberger equipment operators and trainees on Friday asked a federal court to sign off on a $1.35 million deal to settle their lawsuit accusing the company of cheating them out of wages.

The plaintiffs said that they have come to an agreement with Schlumberger Technology Corp. and Schlumberger Ltd. to settle the lawsuit that alleged the company violated the Fair Labor Standards Act by paying equipment operators and trainees under the “fluctuating workweek” method.

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Greenpeace: Taking the NZ Government to court over seismic testing

Greenpeace is taking legal action against the Government in a final stand to stop seismic testing off the Taranaki coast.

Greenpeace said that the Amazon Warrior needs a permit from DOC under the Marine Mammal Protection Act in order to seismic blast in the blue whale habitat.

The announcement was made at a rally held at Parliament on Tuesday afternoon.

Greenpeace campaigner Kate Simcock said anyone undertaking activities that could disturb marine mammals must seek a permit.

She says there is clear evidence that seismic exploration disturbs and even injuries whales, with the Amazon Warrior set to fire blasts every 10 seconds, 24 hours a day for up to three months.

The Government approved the Schlumberger-operated Amazon Warrior’s application under the Crown Minerals Act to search for oil along the Taranaki coast last week.

The decision has been heavily protested by iwi and Taranaki locals with a march held through the streets of New Plymouth on Saturday and a petition to parliament gathering 10,000 signatures in a week.

The Amazon Warrior is currently berthed in Golden Bay, Nelson.

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Seanamic: Umbilicals International opens quayside manufacturing site

Umbilicals International has opened its new quayside manufacturing site in Channelview, Texas.

The site is beside the ship channel and houses the company’s flagship horizontal helix machine, extrusion line, and supporting equipment.

The company will add additional lines and handling equipment from Seanamic Groupcompany Caley Ocean Systems in 2018.

Bob Conners, CEO of Umbilicals International, said: “This site gives Umbilicals International a new and strong future. Our enhanced capabilities at Channelview, coupled with our established 100,000-sq ft [9,290-sq m] facility in Stafford, Texas, means we can offer an extensive range of cable and umbilical products which are an expected component of SURF packages.”

Three months ago, the company opened its UK facility in Glasgow, Scotland.

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Magseis has together with is partner, BGP, been awarded an extension to the ongoing contract with BGP Arabia and Saudi Aramco to acquire additional ocean bottom seismic data in the Red Sea. The new survey has an expected duration of more than seven months and will commence in January 2018. The survey features complicated surface and geological conditions with a combination of deep and shallow marine work. The combination of Magseis’ OBS technology (MASS) and BGP’s transition zone expertise ensured the extension to the consortium. M/V Artemis Athene, Magseis’ OBS vessel, will be used for the survey.

Commenting on the award, Magseis’ interim CEO Per Christian Grytnes said: “We are very pleased to receive this new award that demonstrates our ability to deliver large and complex projects. We view this as a sign of confidence from our end client Saudi Aramco and a confirmation of the high-quality product that our joint operation delivers”.

Stock Chart

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FairfieldNodal: Awarded Z700® project in North Sea June 2018

FairfieldNodal will begin a large Z700 acquisition project in the North Sea, June 2018.

FairfieldNodal acquired the original baseline survey with the Z700 data acquisition system, ideally suited to perform the ultimate 4D monitor for superior data quality.

This acquisition project is expected to take less than two months to complete.

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Schlumberger: Patrick Schorn Speaks at Cowen & Company Energy & Natural Resources Conference

Ladies and gentlemen good morning. My thanks to Marc Bianchi and Cowen & Company for the opportunity to be here once again.

The dramatic downturn that we have seen during the last three years has meant that our industry has had to change. And while the pressure on service pricing has been severe, new technologies, integrated service offerings, and digital enablement have played an increasing part in lowering cost per barrel. The downturn has of course led to cost cutting, headcount reduction, and weaker financial performance, but it has also presented opportunities for transformation, reorganization, and new ways of working.

With signs of recovery now emerging as producers either work within available cash flow, or limit production more closely, I’m going to use my time today to show what this means for Schlumberger.

I have three topics to present before commenting on how we see the fourth quarter.

The first is technology, where I’ll show how transformation of our engineering and manufacturing processes has led to new generations of more reliable and more efficient field equipment to increase production and lower cost per barrel.

Second, I’ll discuss how scale and vertical integration are streamlining operational processes and workflows in the completions and production market to improve technical and financial performance.

And third, I’ll describe how technology systems are becoming increasingly digitally enabled to introduce new ways of working across E&P workflows to deliver a step change in behavior.

But before I begin with our view on the industry macro, let’s get the formalities out of the way.

Some of the statements I will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to our latest 10-K filing and our other SEC filings.

When we look at the change in market fundamentals since the end of 2014, we see a number of things. Most importantly, global E&P capital spending has fallen from a high of about $700 billion in 2014 to less than $400 billion in 2016, driven by the precipitous fall in the price of oil. Brent, for example, has plummeted from $120 per barrel in 2013 to levels that demonstrated stability around $50 per barrel before rising above $60 level today. Upstream job losses have reached 440,000 or more, and the number of bankruptcies in the industry has topped 300. But in spite of this, production of crude oil and associated petroleum liquids has grown from 92 to 98 million barrels per day since 2013 showing little reflection of the dramatic drop in E&P investment.

But more importantly, the demand for oil continues to be strong with upward growth revisions in many areas, including the OECD. Growth in 2018 is expected to exceed 1.4 million barrels per day, supported by global GDP figures that clearly suggest that the demand for oil is solid. The 2018 IEA World Energy New Policies baseline scenario supports this view with forecasted annual demand of 105 million barrels of oil per day by 2040. An increasing percentage of this will have to come from new developments to replace production lost to decline.

One of the major factors driving the dramatic change of the past three years has been the rapid growth in production of light tight oil from unconventional reservoirs on land in the US. This has revolutionized supply, but signs of its limitations are beginning to emerge.

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SeaBird Exploration: Approved prospectus and commencement of subsequent offering

NOT  FOR RELEASE, PUBLICATION OR  DISTRIBUTION, IN WHOLE OR  IN PART DIRECTLY OR INDIRECTLY,  IN  AUSTRALIA,  CANADA,  JAPAN, SWITZERLAND, HONG KONG  OR  THE  UNITED  STATES OR ANY OTHER JURISDICTION  IN  WHICH  THE  RELEASE,  PUBLICATION  OR  DISTRIBUTION  WOULD  BE UNLAWFUL.  THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange release from SeaBird Exploration PLC (“SeaBird” or the “Company”) published on 15 September 2017 regarding the successful completion of a private placement of 1,000,000,000 new shares in the Company (the “Private Placement”) and a potential subsequent repair offering of up to 50,000,000 new shares in the Company (the “Subsequent Offering”).

The Norwegian Financial Supervisory Authority has approved the prospectus of the Company dated 4 December 2017 (the “Prospectus”) related to the Private Placement and the Subsequent Offering and listing of up to 50,000,000 new shares (the “Offer Shares”), each with a par value of NOK 0.001.

The Prospectus can be obtained electronically by downloading it from www.sbexp.com, www.abgsc.no and www.arctic.com, or by contacting ABG Sundal Collier or Arctic Securities (the “Managers”).

In the Subsequent Offering, the Company will, subject to applicable securities laws, grant rights to subscribe for Offer Shares to shareholders in the Company as of close of trading on 15 September 2017 as registered in the Norwegian Central Securities Depository (the “VPS”) on 19 September 2017 (the “Record Date”) who were not contacted with respect to the Private Placement, and who are not resident in a jurisdiction where such offering would be unlawful or (for jurisdictions other than Norway) would require any prospectus, filing, registration or similar action (“Eligible Shareholders”).

The Offer Shares are not listed and tradeable shares. The Offer Shares will be converted to ordinary shares, transferred to the ordinary ISIN of the Company’s shares and become tradeable on Oslo Børs under the trading symbol “SBX” upon publication of this Prospectus and a subsequent capital reduction relating to the reduction of the nominal value of the Company’s ordinary shares having been completed by the resolution of a competent court in Cyprus.

The subscription period in the Subsequent Offering commences on 5 December 2017 at 09:00 CET and will end on 19 December 2017 at 16:30 CET (the “Subscription Period”). The subscription price in the Subsequent Offering is NOK 0.10 per Offer Share, which is the equal to the subscription price in the Private Placement.

Eligible Shareholders will be granted 1.51 Subscription Rights for each share held. Each Subscription Right will give the right to subscribe for one (1) Offer Share. The Subscription Rights will not be tradable or listed on the Oslo Stock Exchange. Oversubscription is permitted.

In order to subscribe for shares, one of the Managers must receive a complete and duly signed subscription form within the end of the Subscription Period. Further instructions regarding the subscription procedure is available in the Prospectus. Subscription Rights not used to subscribe for Offer Shares prior to 16:30 CET on 19 December 2017 will lapse without compensations to the holder and consequently be of no value.

Notifications of allocation in the Subsequent Offering are expected to be issued on or about 20 December 2017. The due date for payment of allocated Offer Shares is 27 December 2017 (the “Payment Due Date”). Delivery of the Offer Shares to investors’ VPS accounts is expected to take place on or about 29 December 2017.

ABG Sundal Collier and Arctic Securities acted as joint bookrunners in the Private Placement and the Subsequent Offering. Advokatfirmaet Schjødt AS acted as Norwegian legal counsel to the Company.

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PGS: MultiClient Day – Oslo

PGS is hosting a half-day MultiClient Norway seminar on the morning of Tuesday, 5th December at the PGS head office in Oslo.

Start your day with a preview of GeoStreamer data on the Norwegian Continental Shelf and an insight into our upcoming plans and new technology.

Enjoy a series of interactive data sessions exploring new prospectivity and exploration targets throughout the shelf, in addition to topical talks from external speakers.

This seminar is suitable for E&P companies: exploration managers, geologists, geophysicists and geoscientists.

Date: 5 December 2017

Time: 08:30-13:00 (lunch included)

Location: PGS House, Lilleakerveien 4c, Lysaker

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Fugro: 3rd Ground investigation awarded on Scotlands A9 Dualling Programme

Fugro will be mobilising full ground investigation capabilities in the Scottish Highlands as it makes a winter start on its third contract for Transport Scotland on the Scottish Government’s ambitious A9 dualling programme.

The £1.3 million award includes integrated geotechnical and geophysical data collection along 23 kilometres of road corridor to inform the design work for two sections of dualling – Glen Garry to Dalwhinnie and Dalwhinnie to Crubenmore.

Due to start mid-December, the 26-week contract marks a return to challenging highland terrain within the project’s central section through the Cairngorms. A 12-week programme of site work will include 48 rotary boreholes to undertake 290 metres of coring and 334 metres of open hole drilling, plus a further seven sonic boreholes for soil and rock coring to over 70 metres in depth. Fugro will also undertake almost 100 machine dug trial pits, geotechnical soil and rock testing, contamination testing, peat probing, wireline geophysics, surface geophysics, post fieldwork monitoring and reporting.

Geophysicists and geotechnical engineers from Fugro, a global leader in geo-intelligence and asset integrity solutions, will be working closely to deliver the required data safely and efficiently to help Transport Scotland meet the dualling construction schedule.

Neale Davies, Fugro’s Estimating Manager, said, “Fugro is delighted to have been awarded a third ground investigation on this prestigious project through some of Scotland’s most picturesque mountain scenery. We look forward to continuing our close work with Transport Scotland and their engineer, CH2M Fairhurst Joint Venture, in order to meet, or even exceed, their expectations.”

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Boskalis: Share Buyback Update

In the period from 27 November up to and including 1 December, 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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