GE Selected for Centrica's Projects in N. Sea, Irish Sea

- GE Selected for Centrica's Projects in N. Sea, Irish Sea

Wednesday, September 07, 2011
GE O&G

GE O&G has signed contracts totaling more than $15 million to provide subsea systems to Centrica Energy Upstream of Aberdeen for use in projects in the North Sea and the Irish Sea.

GE reported at Offshore Europe 2011 that it will supply four shallow water vertical tree (SVXT) subsea tree systems for fields in the U.K. Southern North Sea gas basin and the East Irish Sea, and one MVXT system for use in the U.K. Central North Sea.

"The SVXT systems incorporate GE's latest design for shallow water applications and offer new, innovative features to meet Centrica Energy's specific requirements," said Matt Corbin, regional leader—United Kingdom and continental Europe for GE Oil & Gas. "The SVXT tree system is smaller and lighter than any traditional shallow water systems on the market and also offers the lowest installed cost."

The SVXT subsea tree merges horizontal and vertical tree technology, reducing weight by 20 percent, decreasing height and also delivering essential functionality in a pre-engineered, pre-configured modular style. Low-cost installation is achieved through a design that enables deployment using standard offshore jack-up drilling rigs without the need for major modifications.

The MVXT Tree System will be deployed in the Central North Sea and is a standard structured M-Series Vertical Subsea Tree, Nominal 18-3/4" - 5" x 2" 10K system.

"Centrica is at the forefront of developing marginal fields by using new and innovative approaches. The right technology is key to ensuring the economic viability of these fields so we're delighted to be working with GE on its new subsea tree technology," said Greg McKenna, commercial director for Centrica Energy Upstream.

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EOG Resources Contracts Seafox Rig for East Irish Sea Work

- EOG Resources Contracts Seafox Rig for East Irish Sea Work

Monday, June 20, 2011
Seafox Contractors B.V.

EOG Resources United Kingdom Limited, a subsidiary of EOG Resources, Inc., has signed a contract with Seafox Contractors for the use of accommodation and multi-support jackup Seafox 1 at the Conwy field in the East Irish Sea.

Seafox Contractors will provide EOG with one of her jackups to assist with piling works and the hook-up and commissioning of an offshore structure at the Conwy field. Besides the installation works, Seafox 1 will be re-positioned to the Douglas platform to perform accommodation and crane services.

"We are very pleased to work on EOG's first oil project in the East Irish Sea and we are confident to deliver a successful project to EOG Resources," said Keesjan Cordia, Managing Director of Seafox Contractors BV.

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Ryanair Announces Capacity Cuts, Forecasts Flat Net Income For 2012

- Ryanair Announces Capacity Cuts, Forecasts Flat Net Income For 2012



May 23, 2011

Low cost Irish airliner Ryanair (NASDAQ:RYAAY) will cut capacity for the first time in its over 25-year history as rising fuel costs could potentially make dozens of routes unprofitable for the company.

"It's the first time ever that we'll go negative on traffic," CEO Michael O'Leary said in an interview. "We take delivery of 50 aircraft this winter so instead of running around trying to open up new bases and routes in November and December we'll sit them on the ground. With higher oil prices it makes no sense."

Even with a planned 12% fare increase, O'Leary expects net income for the year to be no higher than last year's $563 million. He also said he'd ground about 80 of 300 jets and make layoffs for the company's slow season beginning in October.

Ryanair has transformed the landscape of the European airline sector since O'Leary took over in 1990 after studying the growth of Southwest Airlines (NYSE:LUV) in the U.S., offering flights between cities not previously served by air and enticing customers from established carriers with bargain-basement fares and a no-frills service.

The airliner became the largest in Europe last year as measured by total scheduled passengers carried, with 72.7 million, after 2 decades of high growth.

Ryanair Holdings has a potential upside of 59.6% based on a current price of $28.51 and an average consensus analyst price target of $45.5.

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Shell Gets Irish License to Complete Offshore Gas Pipe -Reuters

Shell Gets Irish License to Complete Offshore Gas Pipe -Reuters

Friday, March 25, 2011
Dow Jones Newswires

Ireland on Friday granted Shell a license to complete the controversial Corrib pipeline project, which the company says could provide up to 60% of Irish demand for natural gas, Reuters reported.

The pipeline will link Ireland's northwest coast to the Corrib field offshore, which is estimated to contain 1 trillion cubic feet of gas.

The Department of the Environment, Heritage and Local Government said in a statement that it had granted a pipeline foreshore license, the last government permission needed for work to begin on the project, which has been beset by protests and delays since its discovery in 1996.

But a legal action to overturn the pipeline's planning permission being heard in the country's High Court could still cause delays.

The action is being brought by residents who fear onshore processing would bring the pipeline too close to their homes and pollute the water supply. Protests against the pipeline in the past have led to several arrests and a hunger strike.

Shell said in a statement Friday that it welcomed the government's decision. It said it has developed five wells at the field, built the offshore pipeline and is close to completing the onshore terminal.