TechnipFMC Reports Q2 EPS at $0.35
TechnipFMC has reported second-quarter 2017 net income of $146.9 million and diluted earnings per share of $0.35.Excluding charges and credits, adjusted diluted earnings per share were $0.45.Total company operating profit was $439.6 million, with adjusted EBITDA at $501.3 million.Revenues for the quarter were $3.84 billion, down form close to $5 billion on a pro forma basis same time last year. Order intake was $3.2 billion, of which subsea division order intake was $1.8 billion.Subsea generated second-quarter revenues of $1.73 billion, a decline from $2.4 billion in Q2 2016 on pro forma basis.Subsea delivered operating profit of $236 million. Adjusted EBITDA was $376.7 million. Subsea improved adjusted EBITDA margins to 21.8 percent, despite a 28 percent revenue decline and 7 percent of adjusted EBITDA from the prior-year quarter.At the end of the second quarter 2017, the company’s backlog was $15.18 billion, including subsea backlog of $6.18 billion.“We just passed our six-month anniversary as a new company, and our merger integration efforts are delivering results. We remain confident in our ability to reach our synergy targets. In addition, we are accelerating the development of unique technologies, as well as, identifying additional integrated offerings across our broad portfolio,” said Doug Pferdehirt, CEO of TechnipFMC.The company confirmed it plans a quarterly dividend following third quarter 2017 results.Subsea World News Staff
The second day of the Offshore WIND Conference, chaired by Mike Blanch – Associate Director at BVG Associates – started with this morning’s session called “Future forecast: reading the map”, which addressed the path and challenges on the offshore wind road towards 2023, as well as up to 2050 and beyond. Discussing innovation within the industry until 2050 during his welcoming speech, Mike Blanch said: “Float and submerge will break the line between turbine size and vessel size, which will be a game-changer for the industry, resulting in lower CAPEX.”Reading the map and looking at how to push the offshore wind progress further, Daiva Matoniene, Rapporteur on revised renewable energy directive and the internal electricity market at European Committee of the Regions, said that research and development (R&D) needs funding that will help deliver solutions and get them to market quickly.Matoniene went on to emphasise the importance of the European Investment Advisory Hub. “Setting up an advisory hub must be a one-stop-shop to simplifying the whole project.”Regarding improvement of the policies related to offshore wind development, and the input from the industry itself with this regard, Daiva Matoniene said: “It is important to clearly define obstacles to growth to simplify procedures for funding.”Simon Dilks, Head of Nuclear and Renewables Innovation at the UK Department for Business, Energy & Industrial Strategy (BEIS), spoke about the DemoWind project. He wondered why the call for DemoWind 2 received less applications than the one for DemoWind 1, as the DemoWind 2 budget is still not entirely allocated.According to Dilks, the reason could be that the second call was launched shortly after the one for DemoWind 1.Since DemoWind is a European Research Area Network (ERA-NET) Cofund Action programme, Simon Dilks also looked at the consequence of the so-called Brexit in this light. “ERA-NET will now be more difficult for UK. We have a real interest to work with North Seas partners to do something like this again,” Dilks said.The session continued with Leo de Vrees, Senior Advisor at the Dutch Ministry of Infrastructure and the Environment, first discussing the challenges with multi-use of space in the Netherlands by 2030 and installing thousands of turbines by 2050.De Vrees pointed out the significance of cooperation between the North Sea countries in installing offshore wind farms, further highlighting the North Sea Power Link island, a concept brought forward by TenneT. The concept saw the signing of an agreement for its development earlier this year by TenneT Germany, TenneT Netherlands, and Danish Energinet.dk.Here, Leo de Vrees said the Netherlands and Denmark are keen on constructing the island, however the UK still hasn’t delivered their opinion about it.Judging by what our speakers spoke about at the session, the only way to speed up offshore wind’s progress is to look at what is hindering it and to address that in the most productive way, which almost exclusively implies cooperation before anything else.Reporting: Amir Garanović, Tidal Energy Today; Editing: Offshore WIND Staff
According to Tap Oil, the MNA-19 infill well targeted 600 series sandstone reservoirs in the Central Fault Block. The primary target reservoirs all came in on prognosis and are oil-bearing with petrophysical interpretation of 118 feet of oil pay. The well has been completed with an electric submersible pump (ESP) and is currently producing at a restricted rate of 900 barrels of oil per day (bopd), while being chocked back in order to assess the overall impact on surrounding wells before optimizing production rates. The well took approximately 15 days versus a planned 19 days to drill and complete.The MNA-18 development well encountered approximately 87 feet of oil-bearing pay in the primary target, the 500 series sandstone reservoirs in the Eastern Fault Block; and 68 feet of oil pay in the secondary target, the 600 series reservoirs. The well is currently being completed in the 500 series reservoirs with an ESP with expected start up rate of ca. 1500 barrels of oil per day. The well took 16 days versus a planned 21 days to drill and complete.The Manora field is currently producing approximately 7,000 bopd ahead of MNA-18 being brought online and production is expected to average between 6,800 – 7,100 bopd (gross) during calendar year 2017. Mubadala Petroleum has completed the drilling of two development wells on the Manora field in the G1/48 concession in the Gulf of Thailand.Mubadala Petroleum is the operator of the field with 60% interest and Tap Oil is its partner with 30% interest.The drilling program started in October using the Atwood Orca jack-up drilling rig, which has now completed the drilling of the MNA-18 and MNA-19 development wells.The campaign also planned for an exploration well and the rig is currently preparing to spud the Ladawan-D exploration well. A further exploration well, targeting the L prospect is planned to be drilled as part of the current campaign, Tap Oil informed on Monday. Ladawan-D Exploration Prospect Development drilling results The Ladawan-D well is targeting the geological equivalent of the 500 sand series found in the Manora field. The prospect is located approximately 10 km from the Manora Platform, outside of the Manora Production Area. In the event of success, it is estimated that the Manora field life could be extended by approximately two years.A reservation fee is payable to hold acreage in the G1/48 permit outside of the Production Area, which can be offset against exploration costs.
Bibby HydroMap has expanded its asset inspection survey technology with the purchase of the Carlson Software Merlin LiDAR mapping system. The Merlin LiDAR system will complement the existing marine and terrestrial survey equipment to deliver improved high-resolution datasets of objects of interest, with the aim of enhancing the validity of asset inspection services, the company explained.The new system is a vessel-based 3D mobile marine laser scanner system, designed to integrate with existing hydrographic equipment, therefore allowing simultaneous data acquisition above and below the waterline.Bibby HydroMap’s inshore vessel Eagle is currently equipped with the new system and can be rapidly mobilized with all other asset inspection equipment to reduce deployment timescales, the company noted.“The Merlin LiDAR system is the specialist’s tool for marine based LiDAR data acquisition. It’s simple, robust, marinized design affords quick, repeatable mobilizations along with the confidence that the equipment can handle the environmental conditions expected from European coastlines. Coupled with its use of industry leading sensor components and its compatibility with standard hydrographic acquisition packages, the Merlin LiDAR allows Bibby HydroMap to offer a high quality turnkey ‘above-surface’ solution to our clients, and complements our existing offerings of traditional bathymetric, geophysical, geotechnical and sub-surface scanning products,” said Nick Bowley, senior surveyor at Bibby HydroMap.
Singapore’s shipping company Elandra Tankers has placed an order for four very large crude carriers (VLCCs), according to data provided by Asiasis.Ordered from the South Korean shipbuilder Hyundai Heavy Industries, the vessels feature 300,000 dwt.Elandra Tankers, a joint venture between oil trader Vitol SA and a unit of Standard Chartered Bank, is reportedly paying up to US 368 million for the batch, or USD 92 million per unit.The ships, which were allegedly ordered in April, are scheduled to join their owner starting from late 2019 to early 2020.World Maritime News Staff; Image Courtesy: Hyundai Heavy Industries
Image source: St. Johns River Water Management DistrictFlorida Senator Marco Rubio, a member of the Senate Appropriations Committee, urged the Assistant Secretary of the Army for Civil Works, R.D. James, in a letter, to fairly consider Florida’s critical water infrastructure projects in its Fiscal Year 2019 Work Plan. The letter also specifically conveys Rubio’s readiness to work with the U.S. Army Corps of Engineers (USACE) to “ensure that all emergency needs for USACE infrastructure repairs and navigation dredging along Florida’s Panhandle following Hurricane Michael are fulfilled expeditiously.”Senator Marco RubioThe FY19 Energy and Water Development appropriations bill (H.R. 5895) was signed into law on September 26, 2018, and included key funding secured by Rubio that could be directed towards Herbert Hoover Dike Rehabilitation, Everglades restoration and other critical water infrastructure needs for the USACE to allocate through its upcoming work plan.Rubio specifically requested assistance in ensuring that the following projects achieve steady, measurable progress towards completion:C&SF Upper St. Johns River Basin – S252 construction repairs and project close out activities;Charlotte County, FL Shore Protection Project – Feasibility study to reinitiate a 1981 completed Chief’s Report to include Manasota Key;Collier County, FL Beach Erosion Control;Daytona Beach Flood Protection Project;Florida Keys Water Quality Improvements;Fort Pierce Beach, FL;Herbert Hoover Dike, FL (Seepage Control);Jacksonville Harbor Deepening, FL;Jacksonville Harbor, Mile Point, FL – Payments owed to non-federal sponsor for Phase I. Phase II funding required;Lake Okeechobee Regulation Schedule Revision;Martin County, FL Beach Erosion Control;Miami Harbor Channel, FL – Payments owed to non-federal sponsor;Miami Harbor Improvements, FL;Monroe County, FL Shore Protection Project;Okaloosa County, FL Shore Protection Project;Panama City Harbor, FL – Limited Re-evaluation Report (LRR) completed in 2016. Contributed Funds Agreement for PED activities. No new start required. FY19 funds required for completion of construction;Port Everglades Harbor Deepening, FL – Sponsor to advance funds for construction of a discrete segment of the project related to relocating USCG Station Ft. Lauderdale;Putnam County Comprehensive Water Supply Infrastructure Modernization Project (Palatka, FL);South Dade Flood Protection Project – Study, design, and construction of a comprehensive seepage management solution along the boundary of the eastern Everglades to protect farmland and homes increasingly impacted by rising water table;South Florida Ecosystem Restoration, FL;St. Johns County, FL Shore Protection Project.
Russia’s largest independent natural gas producer and Yamal LNG operator Novatek reported a total SEC proved reserves at 15.8 billion barrels of oil equivalent as of December 31, 2018, 4 percent above the year-end 2017 reserves. The reserve appraisal was completed by the independent petroleum engineers DeGolyer & MacNaughton, Novatek said in a statement.Reserves include 2.17 trillion cubic meters of natural gas and 181 million metric tons of liquid hydrocarbons.The 4 percent increase represents a reserve replacement rate of 222 percent for the year, an addition of 1.22 million boe, inclusive of 2018 production.Novatek’s reserves were positively impacted by exploration works at the Utrenneye, Urengoyskoye (Samburgskiy license area) and Yarudeyskoye fields, production drilling at the South Tambeyskoye, North-Russkoye and Yaro-Yakhinskoye fields, as well as new assets acquisitions (Beregovoye field and Ust-Yamsoveyskiy license area).The company increased its exploration activities over the past year with the acquisition of new license areas on the Yamal and Gydan peninsulas.Although the results of these activities are not reflected in the current year reserves, the findings represent some of the largest exploration successes in 2018, supporting the company’s future plans to build a substantial LNG platform in the Arctic region of Russia, Novatek said.Under the PRMS reserves reporting methodology, the company’s total proved plus probable reserves, including the company’s proportionate share in joint ventures, aggregated 29.62 trillion boe, including 4 trillion cubic meters of natural gas and 387 mmt of liquid hydrocarbons.
To link 2GW offshore grid connections to the onshore grid system, a suitable certified cable system is required. This cable system will connect a 2GW platform and a land station. To transport the required 2GW power, a submarine cable system operating at a voltage level 525 kV DC using extruded insulation types is needed. “It is very positive to see that multiple international cable suppliers are participating in this programme. It shows that the sector is keen to innovate together to produce a new standard for submarine cable systems substantially reducing cost for society” Marco Kuijpers, director Offshore Projects at TenneT. The new cable system is required for the planned 2GW offshore grid connections in the Netherlands and in Germany, which set a new standard for connecting offshore wind farms. The development programme should result in a certified cable system which TenneT can apply in the IJmuiden Ver, BalWin and LanWin projects as well as projects using the same power output and voltage. The participating suppliers are: Hellenic Cables, LS Cable & System, Nexans Norway, Ningbo Orient Wires & Cables, NKT HV Cables, Prysmian Powerlink, Sumitomo Electric Industries, Zhongtian Technology Submarine Cable. TenneT expects that the development of the 525 kV DC submarine cable system will result in a certified cable system in spring 2022, the company noted. 
TenneT has contracted eight cable suppliers to develop a new standard for a submarine cable system. All the participating cable suppliers will develop and test the cable system within the time frame for the 2GW projects and TenneT will be in close contact with them during the entire process. TenneT expects the bundled installation to achieve significant cost reductions. Besides reducing installation costs, it is also expected to reduce dredging costs because all cables can be put in a single trench. This approach also results in fewer platforms and land stations, which is not only interesting in financial terms but also ensures that TenneT causes lower emissions and has less spatial and environmental impact. A 525 kV HVDC extruded submarine cable system with a 2GW capacity is currently not implemented in any project worldwide. 
Dominion Post 17 Nov 2011Controversial social commentator Celia Lashlie has lashed out at mothers who mollycoddle their sons, saying many teenage boys are killed on the roads because their mums smother them and refuse to let them discover the consequences of their own actions. Speaking to a Traffic Institute conference in Hamilton yesterday, the former prison officer turned author admonished wealthy, so-called “helicopter mums”, who “hover” over their sons, refusing to accept they can be blamed for anything. “I am saddened by how many boys we lose,” she said. “Part of the reason, I think, why we have the carnage we have on our roads is because the first time he gets freedom from his mother is when he buys a car. “And suddenly he starts to practise his decision making and he runs the orange light and a truck is coming the other way.” Society needs to care enough about boys to say no, she said.http://www.stuff.co.nz/life-style/5981627/Too-soft-mums-put-sons-at-risk
NZ Herald 11 Oct 2012Grandparents raising grandchildren are set to get more financial assistance from the Government as part of sweeping changes within New Zealand’s child protection services.The announcement brought tears to the eyes of one grandmother who has been caring for her own grandchildren for 15 years.“Pennies from heaven – that’s what this would be. You’ve got no idea the difference this will make,” said Diane Vivian.“That’s fantastic, it’s something we’ve been lobbying for for 13 years.”Mrs Vivian took over the care of her two young and “traumatised” grandchildren in 1997 and after struggling to find help and support, founded the Grandparents Raising Grandchildren Trust two years later.She has been pushing for grandparents in her position to be eligible for the same financial assistance as non-family foster carers ever since.Foster carers get an allowance and additional funds to cover items such as clothing. Grandparents caring for grandchildren, while doing the same job, have not been entitled to the same.But that is all set to change with “additional targeted assistance” to be given to carers like Mrs Vivian.“You get paid the Unsupported Child’s Benefit, but that’s not a lot, considering it’s got to cover everything in that child’s existence. Foster carers get given money quarterly for clothing. All of these children suffer the same. They all have the same issues. Why are ours treated differently? All children deserve all the help they can possibly get.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10839707