Grenland Enters Engineering Agreement with Samsung for Valemon Platform

- Grenland Enters Engineering Agreement with Samsung for Valemon Platform

Thursday, May 19, 2011
Grenland Group ASA

Korean Samsung Heavy Industries has entered into an agreement with Grenland Group for delivery of detailed engineering and fabrication services for the topside on Statoil's wellhead platform Valemon. The project will start up immediately and will be completed in February 2014.The contract value for Grenland Group is approx. NOK 200 million and will secure a high activity level in the main offices in Sandefjord in the coming period. The fabrication of the platform's flare tower shall be executed in the Grenland Group yard in Tønsberg. The agreement contains in addition an option for the delivery of services in connection with the hookup and commissioning of the platform.

"This is the first time Statoil puts out a total EPC contract to a Korean supplier for a new field development on the Norwegian continental shelf. For Samsung, this is a significant breakthrough and recognition of their considerable expertise within the offshore sector. Furthermore, the contract confirms the position Grenland Group has as a leading supplier of design and engineering services in the offshore industry," said CEO Otto Søberg.

Several phases in several countries

The project will be executed in close cooperation with Technip in Kuala Lumpur, another subcontractor to Samsung. During the first six months of the project, the main activities will be carried out by Grenland Group in Sandefjord. This follows by a phase of nine months in Kuala Lumpur, before the project will be constructed and finally completed at the Samsung Geoje facility in Korea. Grenland Group will during this period deliver a considerable amount of engineering hours to the project. Grenland Group and Samsung Heavy Industries have over the years, starting in 1998, worked successfully together on a number of international projects. The contract on Valemon confirms the solidity in the relationship.

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Statoil Selects Samsung for Valemon Construction

- Statoil Selects Samsung for Valemon Construction

Wednesday, May 18, 2011
Statoil

Statoil is to choose Samsung Heavy Industries for construction of the topsides for the Valemon platform. The contract is worth an estimated NOK 2.3 billion ($414 million).

The award has taken place in wide-ranging international competition among pre-qualified suppliers.

"We've awarded the assignment to build the Valemon topsides to Samsung Heavy Industries," said Jon Arnt Jacobsen, chief procurement officer in Statoil.

"We have good experience with this supplier which also has a good track record in HSE. All requirements were met and Samsung presented the overall best offer."

The contract covers engineering, procurement and construction (EPC) of the topsides and living quarters, as well as an option for mating offshore of the topsides with the steel jacket. The Grenland group in Sandefjord, Norway and Technip in Malaysia will perform the engineering work. The Grenland group will also construct the flare boom. The living quarters will be built by Hertel Marine in the Netherlands.

Capacity and cost developments on the Norwegian continental shelf (NCS) are challenging and it is important for Statoil to have a diversity of suppliers with capacity to deliver on time and with the proper quality.

"This is an interesting project for the supplier industry," said Jacobsen.

"Several suppliers based in Norway will also benefit from this contract award as sub-contractors for Samsung. In addition there will be deliveries under Statoil's other frame agreements, where the Norwegian supplier industry is expected to be competitive and to secure important contracts."

Contracts for the construction of the steel platform jacket have previously been awarded to Heerema Vlissingen B.V. Transport and installation of the jacket and topsides was awarded earlier to Heerema Marine Contractors Nederland B.V. Saipem was assigned the contract for installation of the topsides. The contract for pipeline design has been awarded to IKM Ocean Design.

The Valemon field will have a fixed steel platform to separate gas, condensate (light oil) and water. The topsides will have facilities for partial processing and export of unstabilised condensate and rich gas.

"The platform and transport solution for Valemon forms a good basis for developing other oil and gas fields in the area," said Ivar Aasheim, senior vice president for Statoil's field development business cluster.

"Along with the ongoing Gudrun development, Valemon will contribute to a high activity level on the NCS in the coming years."

The Valemon field will be one of Statoil's largest development projects on the NCS in the time ahead. It contains about 206 million barrels of oil equivalent. The Valemon reservoir is complex since it is split up but also because of high pressure and temperature.

The gas from Valemon will be sent via the existing pipeline between Huldra and Heimdal, which is a hub for onward transport to the European gas markets. The condensate will be piped via Kvitebjørn for stabilization and sent on to the Mongstad refinery near Bergen. A submarine cable will supply Valemon with electricity from Kvitebjørn.

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Seadrill Adds Ultra-Deepwater Dual Derrick Drillship to Fleet

Seadrill Adds Ultra-Deepwater Dual Derrick Drillship to Fleet

Monday, April 11, 2011
Seadrill Ltd.

Seadrill has exercised an option to build a new ultra-deepwater dual derrick drillship at the Samsung yard in South Korea. Total project price is estimated at US $600 million (includes project management, drilling and handling tools, spares, capitalized interest and operations preparations). The delivery is scheduled for the third quarter 2013.

The new unit is similar to the two drillships Seadrill ordered from Samsung in November 2010 with enhanced water depth capacity, technical capabilities as well as increased accommodation capacity compared to previous generation drillships.

The dynamic positioning drillship, will be capable of operations in water depths up to 12,000 feet, and will have a hook load capability of 1,250 tons. This rig is also outfitted with seven ram configuration of the BOP (Blow Out Preventer) stack, especially targeting operations in challenging areas such as the Gulf of Mexico, Brazil and West Africa. Furthermore, the drillship will be equipped with a 165 ton capacity heave compensated crane enhancing the unit's operational flexibility and facilitating lifts on the seabed in water depths up to 3,000 meters.

Seadrill has simultaneously secured an extension of the maturity date for a further option agreement to build its seventh drillship to be delivered from Samsung since 2008. Seadrill has currently no specific plan to exercise this option, but might consider it if the strong underlying trend currently seen in the deep water market continues.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS, said, "The decision to add another ultra-deepwater newbuild to our modern fleet is based on the recent improvement in market outlook for ultra-deepwater units, with significantly more tender activities. The new drillship has an attractive delivery window, a favorable construction price and payment schedule and an equipment specification list that will meet our customers' future needs. We have had excellent experience with the Samsung yard and this design and are confident that the unit will be delivered on time and budget once again."

"The strengthening of Seadrill's equity basis through the recently announced bond conversion creates financial flexibility for growing the company further without raising additional equity. The current long-term dayrates give a healthy return on the investment, with further upside if the market strengthens as a result of the strong trend in the oil price.

The project will based on current dayrates and anticipated financing increase Seadrill's dividend capacity going forward. The ordering of the new drillship further confirms Seadrill's commitment to remain a growth company, with the target of reaching US $3 billion in EBITDA in the coming years."

Pride Extends Option for Construction with Samsung Heavy

Pride Extends Option for Construction with Samsung Heavy

Friday, April 01, 2011

Pride International Inc.

Pride has reached agreement with Samsung Heavy Industries, Ltd. to extend Pride's option for the construction of a sixth ultra-deepwater drillship by 30 days. The extension of the option period does not impact the estimated unit construction cost or delivery schedule determined in December 2010, upon the order by Pride of a fifth ultra-deepwater drillship. The option may be exercised by the company on or before April 30, 2011, unless further extended on mutually agreed terms.

[Oil and Gas Post] - Samsung wins $2.76 bn project in Saudi Arabia

Samsung wins $2.76 bn project in Saudi Arabia

22 Mar, 2011, 11.40AM IST,AFP

SEOUL: South Korea's Samsung Engineering Co. said Tuesday it had signed a $2.76 billion deal to build a natural gas liquid complex in eastern Saudi Arabia .

Under the deal signed with Saudi Arabia's state-run oil company, Aramco , Samsung Engineering will complete the complex in Shaybah oil and gas field by June 2014.

The plant will produce 750,000 barrels of crude oil and more than 200,000 barrels of natural gas liquids a day.

Samsung Engineering has now secured five projects worth a total of $5 billion, including a power plant project in Wasit, 50 kilometres (30 miles) north of the industrial city of Jubail.

Link
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