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