Pemex Secures Close to 10% Stake in Repsol

- Pemex Secures Close to 10% Stake in Repsol

Friday, September 02, 2011
Dow Jones Newswires
MADRID
by Ilan Brat

Repsol said Friday that Mexico's state-owned oil company has purchased an additional 4.62% stake in the company.

The purchase nearly doubles Petroleos Mexicanos SA's ownership in Repsol to around 9.4%, and comes as Pemex carries out an agreement with fellow Repsol shareholder Sacyr Vallehermoso to vote together in an attempt to exert more control over the Spanish oil firm's board.

The purchase of 56.4 million shares would be worth EUR1.12 billion at Repsol's closing price of EUR19.8 on Friday.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Northern Offshore Secures New Contract for Jackup Energy Enhancer

- Northern Offshore Secures New Contract for Jackup Energy Enhancer

Thursday, September 01, 2011
Northern Offshore Ltd.

Northern Offshore announced that its subsidiary, Northern Offshore U.K. Limited, was awarded a contract from Maersk for the jackup Energy Enhancer. The award is subject to approval by the Danish Energy Authority. The contract, for operations in the Danish Sector of the North Sea, has an initial duration of one year and is scheduled to commence in early 2012. Maersk has options to extend the contract for up to three further years. The contract value for the initial term is US $35.7 million.

Gary W. Casswell, Northern Offshore's president and CEO, said "We are very pleased with this contract award as it provides us with the opportunity to further strengthen our long-term relationship with Maersk. This award, in conjunction with our Energy Endeavour contract announced in February, secures our second rig in Denmark and represents an improving market in the North Sea for this rig class, as we have expected."

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Beach Secures Rigs for Shale Gas Plays in Cooper Basin

- Beach Secures Rigs for Shale Gas Plays in Cooper Basin

Monday, August 29, 2011
Beach Energy Ltd.

Beach has secured two Ensign rigs, Ensign#65 and Ensign#16, to drill both horizontal and vertical wells targeting its unconventional gas play in the Nappamerri Trough of the Cooper Basin. From recent drilling results, it is clear that the target zone in PEL 218 (Beach 90%) goes beyond shale and incorporates other lithologies that are also gas saturated. Beach believes, that in addition to the substantial shale gas potential, it is now dealing with an unconventional basin centered gas play.

The 2012 program for these rigs will focus on pilot horizontal production wells in both ATP 855P (Beach 40%) and PEL 218, as well as a series of vertical delineation wells in PEL 218. The program is designed to test the significant potential of the basin centered play in what is now considered a thick, continuous, multi lithology gas accumulation across the PEL 218 permit and potentially ATP 855P.
Details of the rigs and the two separate programs are as follows:

Ensign#65 (ADR1500):

• New build 1,500 horsepower rig out of Canada and the US which is expected to arrive around April 2012;
• Encompasses the latest proven technology being used for drilling horizontal wells in the Haynesville shale province in the US;
• Will be built to meet Australian standards and conditions and has the capability to drill 1,500 meter laterals from a depth of 4,000 meters; and
• Will drill the first horizontal well in ATP 855P to target shale and other lithology target zones. Upon completion of this well, the rig will commence the horizontal pilot well program in PEL218, with two pilot horizontal wells planned adjacent to Holdfast-1 and Encounter-1.

Ensign#16:

• 1,200 horsepower rig used to drill Holdfast-1 and Encounter-1, which is currently in the Officer Basin and expected to be available around January 2012;
• Will drill a series of vertical wells in PEL 218 to continue the evaluation of the continuous basin centred gas play in the permit; and
• Has the capability of drilling to 4,270 meters, with the vertical program set to increase the size of the resource in PEL 218 beyond the initial booking of 2 trillion cubic feet. This booking relates to a restricted area of 100km2 around each of Holdfast-1 and Encounter-1.

Beach Managing Director Reg Nelson said, “Beach has started to unlock a significant basin centred unconventional gas play in the Cooper Basin. These two rigs will take us a step closer to understanding the extent of the gas resource that resides within our permits. The horizontal pilot wells to be drilled by Ensign#65 will be production style wells designed to flow gas at commercial rates. Should these wells be successful we will seek to commence a pilot development program as soon as possible.”

• PEL 218 (Permian JV): Beach (90% and Operator), Adelaide Energy Ltd (10%)
• ATP 855P: Beach (40% and Operator), Icon Energy Ltd (40%) and Adelaide Energy Ltd (20%)

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BMT Secures 5-Year Service Contract for Cascade & Chinook Fields

- BMT Secures 5-Year Service Contract for Cascade & Chinook Fields

Wednesday, August 17, 2011
BMT Group Ltd.

BMT Scientific Marine Services (BMT), a subsidiary of BMT Group, has been contracted by Petrobras America Inc., a subsidiary of Petrobras, to provide support maintenance and repair for the Cascade and Chinook Free Standing Hybrid Riser Tower (FSHR) Monitoring System.

This agreement includes five years of operation to support maintenance and repair of the FSHR monitoring system, including equipment replacement, change-out of batteries, repair of equipment, preventative maintenance, equipment refurbishment, freight and transport.

The monitoring system was originally supplied by BMT with subsea installation completed in 2010. It was designed to monitor the stabilizing uplift forces on five Riser Towers and record Riser, Turret Buoy and FPSO position, motion and mooring data.

The BMT Service Team has provided service to platforms and vessels around the world that utilize its monitoring and control systems. BMT offers pro-active maintenance, unscheduled or emergency service visits, remote support, and both onsite and shore-based training.

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Keppel Secures 3rd Transocean High Specification Jackup

- Keppel Secures 3rd Transocean High Specification Jackup

Friday, August 05, 2011
Keppel Corp. Ltd.

Keppel FELS Limited (Keppel FELS) has secured a repeat order from Transocean Offshore Deepwater Holdings Ltd, a subsidiary of Transocean Ltd. (Transocean) for US $195 million.

Following its order of two jackup rigs from Keppel FELS on February 17, 2011, Transocean is exercising its option to build another high specification jackup rig based on the KFELS Super B Class Bigfoot design for delivery in 3Q 2013.

Mr. Wong Kok Seng, Managing Director of Keppel FELS said, "We are pleased that Transocean has chosen to exercise their option in building another jackup rig to our proprietary design. We have developed a winning collaboration with Transocean over the years through numerous projects. In working with forward thinking customers, we are able to customize innovative products well suited to meet the needs of the market."

Tailored to suit Transocean's requirements, the KFELS Super B Class Bigfoot is designed with larger spud cans, expanding its operational coverage to more places, especially areas where soft soil is predominant. Having larger spud cans enables the unit to operate efficiently while minimizing potential leg penetration problems in soft soil conditions.

With a 1.5 million pound drilling system and a maximum combined cantilever load of 3,200 kips, the Super B Class Bigfoot features immense horsepower during drilling operations. In addition, the rig will be installed with offline stand building features in its drilling system package which allows drilling and the preparation of drill pipes to take place at the same time. The rig is capable of drilling at a 75 feet outreach, allowing for coverage of a larger well pattern.

Keppel FELS and Transocean have shared a long-standing partnership spanning several significant projects. In 2009, Keppel delivered Transocean's Development Driller III, an ultra-deepwater drilling semisubmersible rig built to Keppel's proprietary DSSTM 51 semisubmersible design. Other projects include upgrades and conversions of the Sedco 700-series semis to enable dynamic positioning, and the repair of various Transocean rigs.

The above contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

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Atwood Secures Extension for Jackup Vicksburg

- Atwood Secures Extension for Jackup Vicksburg

Thursday, August 04, 2011
Atwood Oceanics Inc.

Atwood Oceanics announced that one of its subsidiaries has been awarded a twelve-month contract extension with an affiliate of Coastal Energy Company for the jackup Vicksburg, priced at the current day rate of $90,000 from January 1, 2012 to June 30, 2012, after which the day rate will be $95,000 until Dec 31, 2012. With the extension, the Vicksburg's firm commitment extends through December 31, 2012.

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San Leon Secures Rig for Nida Trough Program

- San Leon Secures Rig for Nida Trough Program

Friday, July 29, 2011
San Leon Energy plc

San Leon Energy's Polish subsidiary Vabush Energy Sp. z o. o. (Vabush) has signed with Poszukiwania Nafty i Gazu Jasło Sp. z o. o. (Jasło) to contract a rig for its upcoming two well program in Poland's Nida Trough. Both wells are planned to reach a total depth of 1,000 meters and test multiple targets on trend with the prolific Płowowice and Grobla oil fields. The first well, Chopin-1, is set to spud in early September immediately followed by the Belvedere-1 well. Vabush has secured land access agreements for the first location, Chopin-1, and is finalizing the Belvedere-1 agreements. Both Vabush and Jasło are finalizing the permitting process with plans to start building a location in early August.

Oisin Fanning, Executive Chairman of San Leon, commented, "San Leon is delighted to be on the cusp of a very intensive drilling program in both conventional oil and unconventional gas. The focus of San Leon's high-impact campaign in Poland will see the company drill up to three wells in September alone, weather permitting, and one of which is a shale gas prospect in the Baltic Basin. We look forward to updating the market in due course."

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Sartor Secures Rescue Vessel Contract with Ithaca

- Sartor Secures Rescue Vessel Contract with Ithaca

Wednesday, July 27, 2011
Sartor Offshore Rescue Ltd.

Sartor Offshore Rescue Ltd has secured a three year contract with Ithaca Energy UK Ltd worth £8.2million, in a deal brokered by Clarksons Offshore, Aberdeen.

Sartor's Ocean Sprite, a multi-role offshore support vessel which will operate as a field support and emergency rescue and response vessel for the contract duration, is expected to commence the contract at the Athena field in the North Sea, 180 kilometres Northeast of Aberdeen, in Q4 2011 when Ithaca commences production there.

John Bryce, managing director of Sartor Offshore Rescue Ltd, said, "We are delighted that Ithaca Energy has chosen Sartor Offshore Rescue and our Ocean Sprite, it is a fine vessel with an excellent safety record of 2,860 days without a lost time injury (LTI).

"This is a very significant contract win for us as it is our first time to work with Ithaca Energy and I look forward to strengthening our relationship. We will supply two crews, each of 12 seamen, aboard the Ocean Sprite and I anticipate a continuation of our excellent safety record on board.

"We have invested heavily into our fleet, staff training and the Scottish shipping industry. We actively promote safety onboard our vessels and seven of our vessels have at least 1,000 days with no LTI's, with the more recent acquisitions gradually working towards this milestone. I am delighted that our strong safety record and reputation is attracting new clients such as Ithaca Energy and I look forward to a long and safe working partnership with them," he continued.

James Lund, Projects Manager of Ithaca Energy (UK) Ltd, said, "This agreement is a major contract to be awarded for the operational phase of the Athena project. Sartor Offshore Rescue Ltd and their vessel the Ocean Sprite have an excellent safety and track record which were key to their selection to support the Athena asset in the operational phase. Ithaca looks forward to working closely with Sartor over the next three years"

Sartor Offshore Rescue currently manages a fleet of 9 ERRVs (emergency response and rescue vessels) & 4 PSVs (platform supply vessels) out of Aberdeen.

The company's aim has been to continue to expand its standby and emergency response capabilities within both the Norwegian and British sector of the North Sea and to be able to provide cross-border solutions reflecting the needs of its clients.

Sartor Offshore Rescue employs approximately 330 seamen in its ERRV and PSV fleet and provides multi-role offshore and emergency rescue and response vessels for many of the oil majors operating in the North Sea.

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Wood Group Secures 2-Year Frame Agreement with Shell Canada

- Wood Group Secures 2-Year Frame Agreement with Shell Canada

Thursday, July 14, 2011
Wood Group

IMV Projects, a Wood Group company, has been awarded a two-year frame agreement by Shell Canada Energy to provide engineering, procurement and project management services to Shell's upstream oil & gas projects in Western Canada.

IMV Projects has worked for Shell since 2004, executing a variety of new projects in Western Canada and offshore Alaska, including the project management, engineering, procurement and construction management of the grass-roots 20,000 BOPD Orion steam-assisted gravity drainage (SAGD) facility.

"At IMV Projects, we recognize that our clients' success depends on our ability to understand their project objectives and to meet exceptional standards of quality and efficiency," stated Kevin O'Brien, president of IMV Projects. "We have worked closely with Shell Canada to align with their business model and corporate goals and are pleased to be extending our relationship."

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Halliburton Secures Gig in Chevron's Polish Shale Exploration

- Halliburton Secures Gig in Chevron's Polish Shale Exploration

Wednesday, July 13, 2011
Halliburton Co.

Halliburton has been awarded a contract from Chevron for integrated services for shale natural gas exploration in Poland.

Work on Chevron Polska's initial shale gas exploration drilling program is expected to begin in the fourth quarter and the contract award is for three years, with extension opportunities. Halliburton services to be provided will include drilling services, mud logging, cementing, coiled tubing, slickline services, well testing, completion and hydraulic fracturing. Halliburton will support the project with project management services.

"Halliburton is committed to delivering the same industry-leading expertise and service for shale gas projects in Europe as we are delivering every day in North America," said Brady Murphy, Halliburton senior vice president, Europe/West Africa Region. "We have invested early in Poland, and we have the people and the technologies in place to support this growing market."

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Petrofac Secures Marathon Contract Renewal

- Petrofac Secures Marathon Contract Renewal

Tuesday, July 12, 2011
Petrofac Ltd.

Petrofac announced that its Offshore Engineering & Operations (OE&O) business has been awarded a contract renewal by Marathon. Petrofac has been working with Marathon on its North Sea Brae assets since 2005. Following the delivery of a number of critical projects, the contract has been extended by a further four years.

Starting in August 2011, Petrofac will deploy its engineering, construction, operations and maintenance services under the terms of the new contract. The base scope is valued at £36 million, although this does not include the value of any future projects which may get sanctioned.

Bill Dunnett, managing director, Petrofac OE&O commented, "The renewal of this important contract with Marathon is recognition of the strength of the working relationship our respective teams have developed in the past six years. As a group we are committed to the North Sea and this long-term contract extension, which enables us to continue to deploy our extensive services capability, is key to our continued growth and development in the region."

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Pacific Drilling Secures LOA for Drillship

- Pacific Drilling Secures LOA for Drillship

Monday, July 11, 2011
Pacific Drilling S.A.

Pacific Drilling announced that a letter of Award has been converted to a definitive contract for the Pacific Scirocco following the necessary approvals from authorities. The minimum duration of the contract is for an initial one-year term, with contract commencement expected during the third quarter of 2011. The contract provides for options, to be exercised at the client's discretion, which could result in up to four additional years of contract term with an escalating dayrate dependent upon the option timing and term elected. Estimated maximum contract revenues related to the initial one-year term are expected to be approximately $200 million, excluding client requested modifications and miscellaneous adjustments.

The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.

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Deep Down Secures Large Carousel Orders

- Deep Down Secures Large Carousel Order

Thursday, July 07, 2011
Deep Down Inc.

Deep Down has just completed the assembly and test running of its own 3,200 MT carousel located at Core Industries near Mobile, Alabama and has recently been awarded two more large carousel contracts in excess of $8 million. Deep Down is presently under full construction of a 3,000 MT onshore carousel system with a delivery date at the end of the third quarter 2011 for one of the world’s leading umbilical manufacturers.

The 2nd carousel awarded, a 3,500 MT offshore system will be DNV certified and will be completed in the first quarter of 2012 for an international installation contractor. As an extra bonus, Deep Down has just undergone and passed several audits by our clients and safety organizations supporting the safety, and quality of our company and the upcoming construction of the carousels. Both carousels will be manufactured in Channelview, Texas, then placed on a barge and assembled for our clients in Mobile, Alabama.

Ronald E. Smith, Chief Executive Officer stated, "We have always had innovative approaches to handling terminations, transporting and putting umbilicals into the water. This award winning carousel system, as described in the Deep Down news release on May 18, 2011 is exciting and its compact nature allows our clients to place a large amount of product on an optimum foot print which opens the doors for both onshore and offshore applications. We believe these orders will have a significant impact on the Company’s future growth. We have several more systems quoted where the delivery schedules are ideal."

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SeaBird Secures LOI for 2D/3D Surveys in Far East

- SeaBird Secures LOI for 2D/3D Surveys in Far East

Tuesday, July 05, 2011
SeaBird Exploration plc

SeaBird provided a contract update regarding its business activities.

After completing half of her multi client survey in the Gulf of Mexico mid April, Osprey Explorer, will from mid July continue her multi-client survey following dry dock and standby waiting on environmental and other governmental approvals. This survey will be completed end August. Management expects cost recovery during the survey period including standby time with potential uplift following sales of survey data in the second half of 2011. She will then immediately mobilize for her previously reported survey in South America until early December 2011.

After completion of her current survey in South Africa around mid July, Northern Explorer will immediately mobilize for West Africa following an award for a survey with expected completion end September 2011 and thereafter commence a short survey through to end October.

SeaBird has received Letter of Awards for 2 further contracts for 2D/3D surveys in Far East, with expected completion January 2012.

These contracts have a combined value of about US $25-30 million. In addition, the harrier Explorer is continuing on her long term charter with PGS to mid September 2011.

CEO, Tim Isden, commented, "We are encouraged by the increase in volume and continuity in the 2D and low end 3D market. In addition we experience slightly firmer rates. SeaBird has a high quality fleet and an excellent reputation with clients, and this brings a higher expectation of awards. To date in 2011, SeaBird has reported contracts worth around US $70 million with potential MC sales uplift above that figure."

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Aker Solutions Secures Drilling Riser Contract

- Aker Solutions Secures Drilling Riser Contract

Monday, July 04, 2011
Aker Solutions ASA

Aker Solutions has been awarded a contract for the delivery of a deepwater drilling riser system to the DSME shipyard in South Korea. The riser package will be delivered to offshore drilling company Atwood Oceanics' drill ship. The contract value is approximately USD 50 million and includes an option for another two units.

The 10 000 ft deepwater drilling riser system will be manufactured and delivered out of Aker Solutions' manufacturing plant in Port Klang, Malaysia. Delivery of the first drilling riser system is scheduled for June 2013.

"We are very pleased that DSME once again decided to purchase an Aker Solutions CLIP riser system," said Thor Arne Håverstad, executive vice president of Aker Solutions' drilling technologies business. "This is the sixth drilling riser contract we are signing with DSME and we are very pleased to continue the good relationship with them."

Aker Solutions currently has 15 drilling riser systems in operation, of which six complete drilling riser systems have been delivered this year.

"I am pleased to see that we are able to deliver another deepwater CLIP riser to our returning customers. These achievements are the results of the CLIP risers' operational advantages, our technology expertise and service offering in the deepwater drilling market," says Tom Munkejord, president of Aker Solutions' drilling riser business.

Aker Solutions offers complete drilling equipment packages, including project management, conceptual design, detailed engineering and procurement. We provide the full range of topside drilling equipment and systems, and worldwide customer support through our global drilling life-cycle services organization.

The contract has been signed and booked as order intake in 2Q 2011.

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Keppel Secures Shipbuilding Contracts from Brazilian Operators

- Keppel Secures Shipbuilding Contracts from Brazilian Operators

Wednesday, June 29, 2011
Keppel Corp. Ltd.

Keppel Singmarine Brasil (KSM Brasil), Keppel Offshore & Marine Ltd (Keppel O&M)'s new 7.6-ha shipbuilding facility in the state of Santa Catarina, has secured two newbuild contracts worth about S$140 million from fleet operators in Brazil.

The first contract entails building a series of six 45-tonne bollard pull twin-screw Azimuth Stern Drive (ASD) harbour tugboats, for REBRAS - Rebocadores do Brasil S.A. (SMIT Rebras).

In the second contract, the yard will construct a large-sized 4500dwt Platform Supply Vessel (PSV) based on its proprietary MTD 9045P-DE design for Keppel O&M's Brazilian ship-owning arm, Guanabara Navegacao.This is the first vessel constructed under the business model to build Offshore Support Vessels in anticipation of demand in Brazil, and such vessels will be offered for bare-boat charter or sale upon completion.

KSM Brasil specialises in constructing Offshore Support Vessels such as Anchor Handling Tug Supply (AHTS) vessels, PSVs, Oil Recovery Support Vessels and harbour/terminal tugboats.

The new facility in Brazil is also able to fabricate offshore steel structures and support major projects undertaken by Keppel's BrasFELS yard in Angra dos Reis.

Mr. Hoe Eng Hock, Executive Director of KSM Brasil shared, "Petrobras will need over 100 Brazilian-built offshore support vessels by 2020, to facilitate the exploration and development of the Santos Basin's deep water pre-salt fields. We see a growing market for purpose-built support vessels that can operate safely and efficiently offshore Brazil.

"Keppel Singmarine has been building harbour tugs for the global fleet of Smit in Singapore and China Nantong for the past 20 years. With the award of six harbour tugs contract, the relationship and partnership between Smit and Keppel has deepened and expanded to the new frontier in Brazil."

KSM Brasil's scope for the six tugboats includes detailed design and engineering work and the purchase of all equipment. The first tugboat will be delivered in 4Q2012, followed by the remaining five at three-month intervals. These Robert Allan-designed tugboats will be deployed by SMIT Rebras to work at key ports across Brazil.

Meanwhile, GNL's 4500 dwt PSV is slated for completion in 2013. The PSV is custom-designed by Keppel's Marine Technology Development unit to meet the stringent requirements of Petrobras. The unique arrangement of the PSV's internal tanks and systems enable it to transport a wide combination of oil-based and water-based bulk cargoes for offshore exploration and production.

This ABS Classed PSV spans 94.2m long and 19.8m wide. It features a large deadweight capacity in excess of 4,500 tonne and a deck space of 1000sqm which can accommodate 26 crew members. Equipped with a diesel-electric propulsion system and dynamic positioning (DP) 2 capability, this PSV is well suited to operate in different offshore conditions.

The above contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

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KS Energy Secures Contract for Jackup

- KS Energy Secures Contract for Jackup

Tuesday, June 28, 2011
KS Energy Ltd.

KS Energy announced that its wholly-owned subsidiary, Atlantic Rotterdam Limited, has secured a 1 plus 1 year bareboat charter contract worth up to Euro12 million (including the 1 year option) for its Jackup Offshore Accommodation rig Atlantic Rotterdam. The Rig will be deployed for Shell in the UK sector of the North Sea and is expected to commence work on August 1, 2011.

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Technip Secures Contract for E. Rochelle Development

- Technip Secures Contract for E. Rochelle Development

Monday, June 27, 2011
Technip

Endeavour Energy UK Ltd, a subsidiary of Endeavour, awarded Technip an EPCI lump sum contract, worth around €70 million, for the East Rochelle development in the United Kingdom North Sea. The field is located approximately 185 kilometers north-east of Aberdeen, Scotland in 140 meters of water.

The contract covers full project management and detailed design, fabrication, installation and pre-commissioning of 30 kilometers of pipe-in-pipe, flexible riser, free issue umbilical, subsea isolation valves and manifolds. It also covers tie-in spools, trenching, backfill and rockdumping work.

Technip's operating center in Aberdeen will execute this contract. The pipe-in-pipe will be welded at Technip's spoolbase in Evanton, Scotland, while the flexible riser will be manufactured at the Group's flexible pipe plant in Le Trait, France. The offshore installation campaign is scheduled to be completed during the second half of 2012 and will use vessels from the Technip fleet.

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Eidesvik Offshore Secures Charter Party Contracts with Statoil

- Eidesvik Offshore Secures Charter Party Contracts with Statoil

Wednesday, June 22, 2011
Eidesvik Offshore

Eidesvik Offshore has been awarded a 5 year Charter Party Contract by Statoil for the Platform Supply Vessel (PSV) Viking Avant. The contract has further 3 yearly options for extension.

Statoil has at the same time awarded Eidesvik Shipping AS, a subsidiary of Eidesvik Offshore ASA, a 2 year Charter Party Contract for the PSV Viking Lady. The contract has further 2 yearly options for extension.

"Eidesvik have worked for Statoil for more than 30 years. We are convinced that the outstanding performance of our offshore personnel during all these years has been an important factor in the award of these contracts," said President and CEO Jan Fredrik Meling.

Viking Avant was awarded Ship of the Year in 2004 with its Avant design. Viking Avant is built with bridge and engine aft, contrary to all previously built PSV's. When designing this vessel the main emphasis was put on important criteria such as reduced motions and noise in the superstructure due to location of the bridge, improved quality of onboard working hours for the crew, better quality on off duty time onboard and better light conditions in living and working areas, as all of these are located above main deck.

Viking Lady is Eidesviks' third vessel of Avant design with all the advantages listed above. Further Viking Lady are by international media and specialists claimed to be the world's most environmentally friendly ship. Viking Lady employs a dual-fuel LNG/Diesel electric power plant which reduces NOx emission significantly. The ship has also installed a fuel cell of 320kW output and, like the main engines, is fuelled by LNG. This provides a significant portion of the base load when the ship is stationary.

With the contract of Viking Lady all three Eidesvik vessels of Avant design will be in service for Statoil in different locations on the Norwegian continental shelf.

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Spectrum Secures Seismic Acquisition Deal with Seabird

- Spectrum Secures Seismic Acquisition Deal with Seabird

Tuesday, June 21, 2011
Spectrum

Spectrum has secured a significant 2D seismic acquisition capacity with Seabird for expansion of their Multi-Client library, together with a re-let agreement for Spectrum's vessel, the GGS Atlantic.

As part of the continued growth of Spectrum's Multi-Client library, the company has now committed to the acquisition of 2D seismic data worth 23 million dollars (US) over the next 3 years. This commitment is part of a signed frame agreement with SeaBird Exploration to draw on their extensive worldwide seismic fleet. Acquisition costs to Spectrum will be fixed at competitive market rates.

This agreement will ensure an efficient and sustainable working partnership perpetuated by Spectrum and Seabird since Spectrum's Big Wave in the Eastern Gulf of Mexico that utilized Seabird's vessel the R/v Munin to acquire infill data for this flagship product.

Under the agreement the bareboat charter of Spectrum's own seismic acquisition vessel, the GGS Atlantic will be assigned to Seabird until August 2012 on the same terms currently enjoyed by Spectrum.

This important Agreement is appropriate for both companies in that it ensures Spectrum can concentrate on and maintain core company objectives, values and expertise in the Multi-Client field, while simultaneously giving Seabird a progressive financial incentive commensurate with their own central company competence.

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