The Republic is expecting to receive her first liquefied natural gas (LNG) terminal in 2013. The receiving terminal, capable of serving 3.5 million tonnes per year, will be built on 30 hectares of reclaimed land in the south-western part of Jurong Island.

The $1 billion project has been awarded to Samsung C&T Corporation for the engineering, procurement and construction (EPC) of the terminal. South Korea’s Samsung holds an outstanding record as an international LNG storage developer evidenced in the recent win for development of Mexico LNG BOO (Build-Own-Operate) project.

In 2006, Singapore decided to diversify its gas supply sources and enhance its energy supply reliability. Thus, there is a need to consolidate the purchase of LNG for the domestic market in order to achieve economies of scale. An LNG terminal was decided and the Singapore LNG Corporation Pte Ltd (SLNG) was formed to develop and own the terminal.

SLNG has awarded BG Group as the LNG Aggregator for a 20-year exclusive contract in the procurement of LNG in capacity of 3 million tonnes per year for the country. SLNG has also appointed Foster Wheeler Asia Pacific to be its project management consultant. An expansion site is also catered for the terminal for another jetty and extra storage tanks.

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Jun 16, 2010.

FROM the early stages of geological surveys and exploration drilling, to development and commercial production, and finally to decommissioning and closure, the life cycle of an offshore oilfield can span 30–40 years. Recognising the stable global demand for this energy resource, Ezra has established integrated solutions across a wide spectrum of the support supply chain in this specialised area with its global offshore support and marine services.

“Globally, more than half of the spending in the offshore oil & gas (O&G) sector over the medium term will
be in the deepwater subsea segment. We spotted the signs early on and have been among the first to strategically focus on this segment as we are convinced that it will provide another strong and stable revenue stream for the Group. In fact, it is the only segment in the offshore O&G sector that is projected to continue enjoying substantial growth beyond 2012,” says the Managing Director of Ezra Holdings Limited, Mr Lionel Lee.

Ezra’s strategic move to enter the deepwater subsea sector underpins its “Next Lap Growth Strategy”, which
forms a key part of its long-term plans to provide shallow to ultra deepwater offshore services. In line with this strategy, the Group is expanding its existing fleet and integrating its energy services division into its deepwater subsea services division. From 2010, three new vessels equipped to operate in the ultra deepwater
segment will be joining the Group’s fleet. This fleet enhancement, together with the acquisition in 2009 of a
shipset for the building of an ice-class subsea construction vessel, will allow the Group to tap opportunities in
the deepwater subsea arena, augmenting the Group’s deepwater subsea capabilities in harsh and demanding
environments, including glacier-filled areas.

Mr Lee added: “Demand for Ezra’s medium-to-large offshore support vessels is expected to remain strong
as more production activities are being carried out in deeper waters. We are also strengthening alliances with
partners in target markets in the Gulf of Mexico, North and South America, Africa, the North Sea and China.”
Meanwhile, the Group’s three other business divisions – offshore support services, marine services and
the construction and production arm (EOC Limited) – continue to enjoy robust demand for offshore O&G support services, boosted by renewed capital expenditure on exploration and production.

In January 2010, Ezra first gained a foothold in the fast-growing African offshore O&G market through the
deployment of its maiden self-propelled jack-up to support an oil supermajor. Its foothold in the African market was further strengthened when it bagged another major contract in June, worth up to US$80 million.
Despite the tough economic climate, Ezra’s business model of securing long-term charters and its swift response to changing conditions have allowed the Group to emerge from the global crisis with a strengthened
balance sheet, backed by additional capital raised and reduced capital expenditure.

Mr Lee concluded: “We will continue to focus on extracting greater value from our assets and expanding our
capabilities, especially in the deepwater segment. With a strong balance sheet and our continued commitment
to operational excellence, we aim to maintain our competitive position as the leading provider of integrated
offshore support and marine solutions in the industry.”

Article Source: ezraholdings.com

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7-August-2010.

Keppel FELS Limited (Keppel FELS) is on track to deliver ENSCO 8503, the fourth of seven ENSCO 8500 Series® semisubmersible drilling rigs being built exclusively for Ensco plc (NYSE: ESV).

ENSCO 8503 is scheduled to commence a two-year primary term with Cobalt International Energy, L.P. in the Gulf of Mexico in early 2011.

The rig was named at Keppel FELS today by Lady Sponsor, Mrs Cynthia Bryant, spouse of Mr Joseph H. Bryant, Chairman & CEO of Cobalt International Energy, L.P., in the presence of Guest of Honour, Ms Ho Ching, Executive Director & CEO of Temasek Holdings Pte Ltd.

Ms Ho Ching shared, “The collaboration with Ensco over the last two decades has enabled Keppel FELS to hone its construction and engineering competencies, its human capital development, and safety programmes, burnishing its reputation as a leading rigbuilder.

“Keppel FELS’s execution capabilities and track record have given it a strong edge overseas, and done Singapore proud.”

Mr Daniel W. Rabun, Ensco’s Chairman, President & CEO, said, “Given our long-term relationship and confidence in Keppel FELS, Ensco has awarded Keppel FELS contracts for all seven rigs in the ENSCO 8500 Series®.

“ENSCO 8500 and ENSCO 8501 are the first two deepwater rigs to be certified by the Bureau of Ocean Energy Management Regulation and Enforcement (BOEMRE) under NTL No. 2010 – NO5 in the U.S. Gulf of Mexico under the new regulatory framework, and we anticipate similar success for ENSCO 8503.”

“Like her preceding sister rigs, ENSCO 8503 and the remaining three rigs being built are reaping progressive productivity gains, due to Keppel FELS’s accumulated experience and collaboration with Ensco.”

Over the course of completing the first four units of the more than US$3 billion ENSCO 8500 Series® seven-rig fleet, Keppel FELS has trimmed construction lead time by about 1 million manhours, compared to the first unit.

Mr Tong Chong Heong, CEO of Keppel O&M, said, “Keppel has grown with Ensco over the years and witnessed its rise from a fledging energy company to a premier global offshore drilling contractor with a formidable fleet of premium rigs across the world.

“Through the ENSCO 8500 Series® programme, we have sharpened our engineering edge and construction methodology. This has culminated in the exceptional safety record and significant productivity improvements achieved in building ENSCO 8503.

“With the knowledge and insights amassed from the earlier rigs, we remain focused on completing the rest of the ENSCO 8500 Series® fleet, on time, within budget and with the highest safety standards.”

When the ENSCO 8500 Series® is completed, Keppel-built rigs will make up a third of the leading driller’s premium fleet. Construction of the next three rigs remains on schedule with expected deliveries extending to 2012.

About ENSCO 8500 Series®

The proprietary ENSCO 8500 Series® design is capable of drilling in up to 8,500 feet of water, and can be upgraded to 10,000 feet water-depth capability if required. The design includes a 35,000′ nominal rated drilling depth, six ram BOP, two million pound hoisting capacity, 8,000 tons of variable deck load and an open layout well suited for subsea completion activities. Improved visibility from the open deck configuration also enhances safety.

About Ensco plc

Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. Its fleet of eight ultra-deepwater semisubmersible rigs (including three under construction) and 40 premium jackup rigs are strategically located in the most prolific oil and gas markets around the world and are managed through four major business units: Deepwater, Asia & Pacific Rim, Europe & Africa and North & South America. More than 3,700 Ensco employees work around the clock for its customers. To learn more about Ensco, please visit www.enscoplc.com.

About Keppel FELS

Keppel FELS is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, shiprepair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

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Article Source: kepcorp.com

29-July-2010.

Offshore arm Keppel FELS commercialises its new wind turbine installation vessel design for deeper waters in partnership with leading fleet owner and operator Seafox Group.

Keppel FELS Limited’s (Keppel FELS) multi-purpose self-elevating platform (MPSEP) design has been chosen by the Seafox Group (Seafox) as the basis for a new-generation, wind turbine installation vessel that can withstand harsh offshore environmental conditions all year round in water depths of 65 metres in the North Sea.

Compared with existing wind turbine installation vessels, and the majority of those being constructed, this vessel can operate in some 45%-deeper waters, while reducing downtime even in extreme storm conditions, thus providing a potentially longer operational window. With a large carrying capacity of up to 12 turbines at a time, it enhances the efficiency of constructing offshore wind farms.

A 75/25 joint venture (JV) company has been formed between Keppel FELS and Seafox respectively, to build and own this US$220 million vessel. Seafox has the option of acquiring Keppel’s stake in the JV company.

The KFELS MPSEP, designed by Keppel’s R&D arm, Offshore Technology Development, has the distinctive ability over other existing vessels to install and maintain heavy wind turbine foundations, such as the jacket and tripod types, and especially in deeper waters. In addition to being well-suited for servicing offshore wind farms, it also meets all the stringent operating regulations of the offshore oil & gas industry and can support a wide range of related activities such as accommodation, well intervention, maintenance, construction and decommissioning.

Mr Wong Kok Seng, Executive Director of Keppel FELS, said, “The offshore wind energy market holds good potential for installation and maintenance vessels that can operate over long periods in deeper waters beyond 45 metres.

“The KFELS MPSEP will offer significant advantages in terms of safety, operations, time and cost to operators working in these harsh environments. By overcoming the typical limitations of the existing fleet in the market, this advanced vessel will redefine the way in which offshore wind farms are installed and maintained across the world.”

The KFELS MPSEP vessel is scheduled for delivery in the second half of 2012, and will be managed and operated by Workfox BV, a member of the Seafox Group.
Mr Keesjan Cordia, Managing Director of Seafox Contractors BV, added, “When completed, this ground-breaking vessel named SEAFOX 5, will address and overcome critical technical and safety challenges faced in the construction and maintenance of wind farms in deeper waters, and carve a critical niche for Seafox and Keppel.

“In developing and building this high value asset, it is an imperative for us to collaborate with the most reliable and experienced offshore partner for the job. Keppel FELS’s proven design and construction expertise and commitment to on-time and within-budget delivery sealed our decision to partner them.”

Combining Keppel’s experience as the world’s foremost rig designer and builder, and Seafox’s deep insights as a leading provider of self-elevating accommodation and maintenance support units in the North Sea, the KFELS MPSEP is set to provide a highly versatile and cost-efficient solution for the offshore energy industry.

“We have successfully developed and commercialised many proprietary concepts for the North Sea region and other challenging frontiers by partnering our trendsetting customers in the early stages of those projects.

“This new KFELS MPSEP is an example of how we have been able to leverage and apply our market knowledge and technology expertise innovatively for a variety of offshore applications. Moreover, in working with an experienced fleet owner and operating partner such as Seafox to launch our design, we will have a good head start in developing our track record as the choice solutions provider for the emerging offshore wind energy sector,” Mr Wong added.

The above project 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.

Offshore wind energy industry potential

The European Wind Energy Association (EWEA) has set a target to achieve 40 gigawatts (GW) of offshore wind in the European Union by 2020, and 150 GW by 2030.

Offshore winds tend to flow at greater speeds than onshore winds, thus allowing turbines to produce more electricity. Although a good majority of existing offshore wind farms are located in water depths less than 45 metres, those coming online are expected to move further offshore and into harsher environments such as the Central North Sea, where wind speeds are higher, constant and thereby requiring more robust solutions. There is also an increasing trend towards wind turbines with larger capacities which are heavier.

The UK expects to install some 8,000 offshore wind turbines in the next decade, to achieve the Round 3 offshore wind energy goal of delivering 15% of the UK’s electricity needs by 2020. Of these, it is estimated that some 2,700 turbines would be required at water depths greater than 45 metres. The KFELS MPSEP vessel is among the first on order worldwide that is capable of fulfilling this water-depth requirement.

About Seafox Group

Founded in 1991, the Seafox Group is a leading provider of offshore accommodation and multi-support service jack ups across the world.

The Seafox Group services a global range of customers with a primary focus on the Southern North Sea in Europe. It has extensive experience operating and managing assets in this region, which is known for its stringent rules and regulations, and difficult environment.

Currently, the Group owns five jack-ups and 50 temporary living quarters. With the exception of the Seafox 3, all jack-ups are time chartered out on full service contracts to respectable customers (e.g. Shell, Total, ConocoPhillips etc.) in the Southern North Sea on short and long term bases.

The Seafox Group’s operational activities are fully outsourced to Workfox B.V./Ltd situated in Hoofddorp NL and Great Yarmouth UK. Workfox BV/Ltd is the leading operator of multi-support service jack-ups in the Southern North Sea and has been the exclusive manager of the Seafox fleet since the early 90’s.

About Keppel FELS

Keppel FELS is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, ship repair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

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Article Source: kepcorp.com

28-July-2010.

Keppel Singmarine Pte Ltd (Keppel Singmarine), the specialised shipbuilding arm of Keppel Offshore & Marine Limited (Keppel O&M), has delivered its third multi-purpose platform supply & support vessel (MPSSV) to Greatship Global Offshore Services Pte. Ltd (Greatship) with a perfect safety record, meriting a bonus of US$10,000.

Mr Hoe Eng Hock, Executive Director of Keppel Singmarine, said, “The safe and within budget delivery of Greatship Mamta is another feather in the cap for Keppel Singmarine, demonstrating our excellent construction capabilities and commitment to meet our customers’ needs.

“This safety bonus is a boost to Keppel Singmarine and we are grateful to Greatship for its partnership and confidence in us. Looking ahead, we will continue to fortify our core competencies to offer innovative solutions that will fulfil the needs of the global offshore and marine industry.”

The MPSSV was named Greatship Mamta by Lady Sponsor, Mrs. Nimmi Suresh, wife of Mr P.V. Suresh, Group Head (New Building) of Greatship Global Offshore Services Pte. Ltd on 20 July 2010.

This 94-metre long vessel is equipped with two units of electrically-driven 2600KW Azimuth thrusters and three units of 1050KW tunnel thrusters to achieve a Dynamic Positioning II capability. Greatship Mamta is capable of supporting offshore exploration, production and subsea construction activities and was built in compliance with the new SPS Code 2008 to meet stringent standards of safety and stability.

Mr. Ravi K. Sheth, Managing Director of Greatship (India) Limited said, “We are very pleased with the excellent quality and capability of Greatship Mamta. With the successful construction of this complicated vessel, Keppel Singmarine has proven itself to be a reliable and strong partner to Greatship and we are proud of it. We look forward to strengthen our win-win partnership and push new boundaries together.”

Keppel Singmarine is currently constructing the fourth MPSSV for Greatship which is expected to be delivered in the third quarter of 2010.

About Keppel Singmarine

Keppel Singmarine is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, shiprepair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner for solutions for the offshore and marine industry.

About Greatship Global Offshore Services

Greatship Global Offshore Services Pte Ltd is wholly-owned by Greatship India Limited (GIL). GIL is a wholly-owned subsidiary of GE Shipping. All of Greatship’s vessels conform to existing and envisaged IMO and Class rules, and are designed to operate in offshore waters across the world. GIL and its subsidiaries currently own and / or operate five platform supply vessels, seven Anchor Handling Tug Supply Vessels, two jack-up rigs and two Multipurpose Platform Supply and Support Vessels.

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Article Source: kepcorp.com

12 July 2010

Sembcorp Marine wishes to announce that its whollyowned subsidiary, Jurong Shipyard Pte Ltd (JSPL) has signed a contract to sell the CJ-70 harsh environment jack-up drilling rig under construction in JSPL to a subsidiary of Seadrill Ltd.

The sale price at US$356 million is based on the construction status of the rig with delivery scheduled no later than end April 2011. On delivery, the harsh environment jack-up rig will be on a five (5) year charter to Statoil.

The CJ-70 harsh environment drilling rig is built based on the proven MSC CJ-70 design. Suitable for operations in the Norwegian North Sea, the rig is one of the world’s largest jack-up rigs, with each leg, including footings, measuring 205 metres in length. The unit has the ability to operate in water depth up to 150 metres with a higher variable deck load and a higher operating efficiency compared to previous jack-up generations, while the size of the unit allows for additional opportunities within areas like logistics, well testing and early production.

Mr Wong Weng Sun, Managing Director of Jurong Shipyard said “This project is another significant milestone for Jurong Shipyard as rigs constructed for the North Sea are typically more challenging as it is one of the world’s harshest offshore environments. This is a new foray for us as we are now making our presence in the Norwegian Continental Shelf, a quality-stringent area where high standards are applied.

We have established a partnership for success with Seadrill, having successfully delivered three turnkey units of Ex-D Friede & Goldman deep-water semi-submersible rigs to Seadrill. We value our partnership with Seadrill and will continue to perform and build upon this success for the years to come.”

Mr Alf C. Thorkildsen, Chief Executive Officer of Seadrill Management AS said “We have selected a product and more importantly a shipyard that we believe in. I would like to congratulate Jurong Shipyard on this contract as we look forward to the delivery of the first of this class jack-up rig.”

The rig was originally ordered for construction by another owner, which in 2009 went into liquidation. JSPL terminated this contract in September 2009 as no further payments were received under the said contract.

The above transaction will have a positive contribution to the earnings per share of Sembcorp Marine for the year ending December 31, 2010 arising from the resumption of revenue and profit recognition.

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Article Source: Sembcorp.com

TitaniumEfx is a company that deals in the new technology areas of the oil and gas industry. It has been around since 2001 and has made clear hallmark developments that have won it accolades in various fields and areas of interest.

Construction has begun on SembCorp Marine’s new 206-hectare integrated yard facility in Singapore.

A groundbreaking ceremony was held at Tuas View Extension, the site for the new yard yesterday afternoon.

The 206-hectare new yard will be built in three phases, with the first phase expected to cost around S$750 million (US$545 million).

Under the first phase of the new yard development, 73.3 hectares will be developed for ship repair and ship conversion operations, SembCorp Marine’s chairman Goh Geok Ling said yesterday.

“Phase I of the yard is scheduled for completion end 2013 with partial operations commencing in the second half of 2012.” he said.

“It will feature 4 VLCC drydocks with a total dock capacity of 1.55 million deadweight tonnes,” he added.

The four drydocks range from 66 metres to 89 metres long and 350 metres to 410 metres wide, with water depth of 8.5 metres to 11 metres.

The yard will also boast a total quay length of 3408 metres, a health, safety and environment centre with medical clinic facilities and a dormitory for up to 9000 workers.

The remaining two other phases of the integrated yard facility are scheduled for completion over the next 16 years.

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Article Source: link

SINGAPORE — King & Spalding has applied for government permission to open an office in Singapore to serve as the regional hub for its commercial arbitration and energy transactions.

Philip R. Weems, head of King & Spalding’s global energy practice, will manage the office. Daniel R. Rogers, an international transactions lawyer, and John Savage, an international arbitration practitioner, will be based in Singapore.

The firm’s chairman, Robert D. Hays Jr., said: “Singapore’s establishment as a key international arbitration center for commercial disputes in Asia, the Indian subcontinent and Australia, coupled with a steady increase in energy and infrastructure investment throughout the region, make it a compelling center for the continued expansion of our energy and arbitration practices.”

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Source of Article: offshore-mag

Hedge funds last week boosted their holdings of crude oil futures and options to the highest level in 13 weeks in a bet that Tropical Storm Bonnie would delay imports to states along the Gulf of Mexico, reducing supplies.

Oil jumped 6.5 percent in the week ended Aug. 3 as the funds, along with other large speculators, increased their long positions in New York Mercantile Exchange contracts by 24 percent to 135,833, the most since May 4, a Commodity Futures Trading Commission report Aug. 6 showed.

What the funds weren’t betting on were jobs reports showing the economic rebound from the worst recession since the 1930s was losing steam. Prices dropped 2.2 percent in the final three days of last week on a reduced outlook for fuel demand. Oil may drop further this week, according to a Bloomberg News survey.

“This is Wall Street at its finest,” said Hamza Khan, an analyst at the Schork Group in Villanova, Pennsylvania. “They knew stocks were going to decrease because the refineries had their supply routes shut down for Tropical Storm Bonnie. Really, the joke was on them.”

Crude oil for September delivery rose 31 cents, or 0.4 percent, to $81.01 a barrel at 1 p.m. on the Nymex.

Hedge funds increased net-long positions, or bets that crude oil will rise, for the fourth straight week, the longest streak since March the CFTC’s weekly Commitments of Traders report showed.

Imports Drop

Crude-oil imports to the Gulf Coast fell 23 percent in the week ended July 30 from the previous week, the Energy Department reported Aug. 4. That was the biggest drop since September 2008. Crude stocks fell 2.78 million barrels to 358 million barrels, the government said.

“The bullish news is they’re buying it and that’s good for prices,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “The bearish news is that it’s becoming more vulnerable with larger long positions.”

Oil slipped 1.6 percent Aug. 6 after the Labor Department said private payrolls that exclude government agencies rose by 71,000 in July, less than forecast, after a gain of 31,000 in June that was smaller than previously reported. The department reported Aug. 5 that initial jobless claims increased by 19,000 to 479,000 during the prior week.

“They probably weren’t expecting the job numbers to be so bearish this week,” said Khan. “When they started to see these various numbers come in they probably liquidated their positions. We’re probably not going see such a spike in net longs this week.”

Crude Oil Survey

Crude oil will decline through Aug. 13, according to 28 of 46 analysts polled in a Bloomberg News Survey. It was the most bearish result since July 2009. Twelve respondents, or 26 percent, predicted that futures will increase and six saw little change.

Hedge funds more than doubled their bets that heating oil would rise, as government data showed exports of distillate fuel rising in May to the second-highest level ever.

Funds increased net-long positions by 16,964, to 29,957 contracts of futures and options, the most since May 4. The September futures contract rose 8.4 percent through Aug. 3 to $2.20 a gallon.

Heating oil for September delivery rose 0.07 cent to $2.1479 on the exchange.

Exports in May of distillate fuel, including heating oil and diesel, were 17 percent higher than a year earlier, the Energy Department said July 29. More cargoes left the country to Mexico, Ecuador and Europe.

Distillate Exports

Valero Energy Corp. Vice President of Marketing and Supply Joe Gorder said in the company’s second-quarter earnings conference call July 27 that exports from its Gulf Coast refineries remained high to South America as well as Europe.

“The Isla refinery is still down,” Gorder said. “Mexico’s demand exceeds its supply, and it continues to import product.”

The 335,000-barrel-a-day Isla plant on the island of Curacao shut March 1 after the flow of power, steam and compressed air was halted because of problems at a local utility. Petroleos de Venezuela SA, Venezuela’s state oil company, leases the refinery from the Curacao government.

U.S. distillate inventories rose 2.17 million barrels to 169.7 million in the week ended July 30, the highest level since October, and are 25 percent above the period’s five-year average, according to the Energy Department.

“Fundamentals show a U.S. market that is still overstocked, particularly on the product side,” said Evans. “This leaves the market vulnerable to downdrafts like the one we saw in May.”

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