Marine Nexus Weekly Periodical- Issue 17

Oil and Gas Updates


Headline Statistics in Offshore Oil and Gas


Oil prices decerased week on week, with Brent closing at $52.10 (-3.3%), WTI settling at $49.71 (-2.0%) and Dubai Crude finishing at $50.59 (-0.6%). 


On the offshore market, the number of contracted jackup ICs (350+) increased by 3 to 143 and contracted drillships (8000+)  remained the same at 60. Contracted semisubs (8000+) remained the same at 26. Day rates for jackup ICs (350+) decreased to settle at ~$130,078 (-0.4%) and drillships (8000+) decreased to ~$451.555 (-0.8%). Semisubs (8000+) rates decreased to ~$319,374 (-1.9%).


OPEC, non-OPEC extend oil output cut by 9 months to fight glut


On Thursday 25th May, OPEC and non-members led by Russia has decided to extend cuts in oil output by 9 months to March 2018 as they battle a global glut of crude after seeing prices halve and revenue drop sharply in the past 3 years. Extend of the cut will be by the same 1.8 million bpd, similar to the production in the 1st half of 2017.



OSV Offshore updates


Wagenborg secures five-year charter for MPV

A long-term vessel contract by Fathom Marine was awarded to Dutch Owner Wagen Offshore. The contract will have Wagenborg’s multipurpose offshore vessel Arcticaborg providing marine support for Fathim Marine in the Western Canadian Arctic for 5 years, starting from mid July 2017.


Solstad Offshore finds work for 4 PSVs

New Contracts and contract extensions has been awarded to Norway’s Solstad Offshore for its platform supply vessels namely Normand Flipper, Normand Aurora, Normand Skude and Norman Naley. The contracts will start during May and June 2013 and it includes of around 500 days utilisation.


Icon Offshore secures AHTS contract from Shell

Shell have awarded a contract to Icon Offshore to provide a single anchor handling tug supply vessel for Sabah Shell Petroleum Company. The contract will start on May 26 or after pre-mobilisation inspection approval and will continue for a period of up to 10 months.


Oceaneering secures 10 year ROV contract

Oceaneering Canada, a subsidiary of Oceaneering International has entered into an agreement with a major international oil and gas company to provide remotely operated vehicle (ROV) services and equipment for projects located offshore of Newfoundland and Labrador, Canada. Oceaneering will supply tooling and project support too and this agreement is anticipated to be extended to year 2026.


Source: Bloomberg, Reuters, US EIA, Tradewinds, Offshore Shipping Online, Splash24/7, Ship&Bunker