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    NYSE Warning for Stone Energy (Tuesday, 24 May 2016)

    24 May 2016, 10:00 pm

    Stone Energy, a Gulf of Mexico focused oil and natural gas exploration and production company, has received a formal notice of non-compliance with the New York Stock Exchange (NYSE) market capitalization listing standard.

    According to the company’s statement on Friday, Stone Energy was notified on May 17, 2016, by the NYSE that the company’s average global market capitalization has been less than $50 million over a consecutive 30 trading-day period at the same time that its stockholders’ equity is less than $50 million, which is non-compliant with Section 802.01B of the NYSE Listed Company Manual.

    Under the NYSE’s rules, Stone Energy has 10 business days from receipt of the notification to submit a letter confirming that the company will submit a plan that demonstrates the company’s ability to regain compliance within 18 months.

    Thereafter, the company will have 45 calendar days following its confirmation letter to the NYSE to submit such plan.

    Stone Energy recently resolved an issue with the U.S. Bureau of Ocean Energy Management (BOEM) that sought financial assurances related to Stone’s abandonment obligations in the Gulf of Mexico. Namely, BOEM requires all operators in federal waters to provide financial assurances sufficient to cover the estimated cost of plugging and abandoning wells and decommissioning offshore facilities.


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    FPSO Cidade de Saquarema Heads for Lula field Offshore Brazil (Tuesday, 24 May 2016)

    24 May 2016, 10:00 pm

    SBM Offshore has informed that the FPSO Cidade de Saquarema has departed the Rio de Janeiro-based Brasa shipyard quayside, and is heading offshore Brazil, following a module integration.

    The FPSO Cidade de Saquarema arrived at the Brasa shipyard in mid-December 2015. The FPSO is bound for Petrobras’ Lula field in the Santos Basin, offshore Brazil, to start its 20-year lease and operate contract. It will operate in a water depth of 2200 meters.

    The vessel’s operator said that the module integration, from the first lift to quayside departure, lasted just over four months.

    SBM Offshore said that, following the EPC phase, the project team handed the unit over to SBM Offshore’s Installation and Operations teams.

    Oliver Kassam, SBM Offshore Managing Director in Brazil, said: “The Group and its partner have invested in the development of Brasa to build and integrate FPSO modules and in the training of the national workforce at the yard, in the Rio office and onshore bases.”

    Kassam also added: “After the successful start-up of production SBM Offshore’s Operations look forward to operating Saquarema over the coming 20 years.”

    The vessel has processing capacity of up to 150,000 barrels of crude oil and 6 million cubic meters of gas per day, and storage capacity of approximately 1.6 million barrels of crude oil.


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    French Oil and Port Workers Vote to Begin New Strikes (Tuesday, 24 May 2016)

    24 May 2016, 8:00 pm

    Oil sector workers of French CGT and FO unions voted on Monday to begin a strike at Exxon Mobil's 240,000 barrels-per-day Port Jerome refinery in northern France, the unions said in a joint statement.

    Workers at a port terminal in Le Havre, northern France, which handles large volumes of imported petroleum products, also voted overwhelmingly to strike, the CGT said.

    The Port Jerome workers will join the rolling nationwide protest that began in March, aimed at forcing the government to withdraw contested labor market reforms.

    The unions said the strike and blockade of the refinery will begin at 0400 GMT on Tuesday.

    A spokeswoman for Exxon told Reuters earlier on Monday that production had not been affected by the strike, which has hit output at rival Total's refineries.


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    UK North Sea Contractors Expect Bigger Job Cuts this Year (Tuesday, 24 May 2016)

    24 May 2016, 6:00 pm

    UK North Sea contractors are feeling less confident than a year ago and expect headcount reductions to continue, according to a new survey.

    The survey found that three in four North Sea oil and gas contractors are “less confident” about their prospects than they were a year ago.

    Seventy five percent of contractors surveyed said they were less confident in their prospects on the UK Continental Shelf (UKCS) while seven percent said they are more confident.

    The survey was conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and sponsored by law firm Bond Dickinson.

    Oil and gas operators said they have seen their UK-based headcount fall 15 percent over the last year.

    Operators surveyed expect their UK headcounts to fall another 17 percent in the coming year.

    “The uncertainty which all those in the industry face at the moment regarding their livelihoods continues and any slowdown in the shedding of jobs does not appear to be materializing,” Bond Dickinson oil and gas partner Uisdean Vass said.

    Only 14 percent of contractors surveyed said they are working at or above optimum levels in the UKCS, a significant decline from 79 percent three years ago.

    The survey also found that the number of firms that said they working at or above optimum levels overseas fell to a historic low of 27 percent.

    orty two percent of respondents said increasing efficiency or productivity is currently their main priority while 23 percent said cutting costs is their top priority.

    Respondents said that falling demand, low commodity prices and the economic climate are the top factors constraining contractor activity in the UKCS.

    Falling activity levels prompted 44 percent of surveyed contractors to cut overall investment this year while only 11 percent of respondents said they have boosted spending.

    The survey’s authors said the downward trend is expected to continue with just under half of contractors expected to cut investment over the next two years.

    “In the previous two surveys we carried out, we found confidence had hit record lows, with an all-time low in November 2015. This time, while the figure is still firmly in negative territory, it has marginally improved, which may perhaps show we are near the bottom of the curve,” Aberdeen & Grampian Chamber of Commerce chief executive Russell Borthwick said.


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    Offshore worker dies after fall from Petrobras platform (Tuesday, 24 May 2016)

    24 May 2016, 1:00 pm

    According to Sindipetro NF, a Brazilian workers’ union, Victor Geraldo Brito, 29, fell from a height of 12 m and did not survive the impact.

    He was an employee of a private company, RIP Servicos Industriais, and at the time of the incident he was working on the Cherne-2 fixed platform (PCH-2) at the Cherne field in the Campos basin offshore Brazil.

    Following the accident, the union’s director Wilson Reis embarked on the platform to participate in the investigation. The union condemned the unsafe work environment in the Campos basin that has, according to the union, led to hundreds of deaths, injuries and illnesses in recent years.

    In related news, Michel Temer, Brazil’s acting president who took office after the impeachment of the president Dilma Rousseff, recently named a person to take over the helm of the country’s oil giant Petrobras. The Brazilian government revealed that Pedro Parente, a former energy minister, would be taking the top position at the oil company.

    Brazil’s largest oil workers’ union, Federação Única dos Petroleiros (FUP), reacted by sending an open letter to Petrobras President of the Board, Luiz Nelson Guedes de Carvalho, asking him not to accept the appointment of Pedro Parente as the company’s CEO.

    Source: Offshore Energy Today


    Wood Group In Large North Sea Contract Win (Tuesday, 24 May 2016)

    24 May 2016, 12:00 pm

    Work and services covered by the MSA include engineering studies, detailed engineering, procurement services and management assistance services, Wood Group said on Tuesday.

    “This MSA reflects Wood Group’s strong relationship with Statoil,” stated Robin Watson, chief executive. “We look forward to leveraging our global knowledge and expertise to provide Statoil with the best technical services for its facilities.”

    Wood Group’s recent work for Statoil includes four subsea contracts, support for the Statoil Technical Efficiency Programme (STEP), and providing maintenance and modification services to four installations on the Norwegian continental shelf (NCS).

    Source: Offshore Energy Today


    Aberdeen Coastguard Issue Warning After Member of Public Runs onto Helipad As Chopper Lands at ARI (Tuesday, 24 May 2016)

    24 May 2016, 11:00 am

    Aberdeen Coastguard have issued a warning to members of the public after an incident at Aberdeen Royal Infirmary this morning as a rescue helicopter attempted to land. 

    Posting on their Facebook Page, the status said:

    "Aberdeen Coastguard Rescue Team awoken at 0420 hours this morning, paged by Aberdeen Coastguard to assist at ARI.

    "Rescue 951 was inbound having been scrambled to a passenger ferry north of Peterhead where they airlifted a casualty from the ferry with chest pains.

    "The team arrived at the site and cleared it of debris.

    "As Rescue 951 was coming to land, a member of the public attempted to run on to the landing site to get a better view of the helicopter. The Aberdeen Team managed to persuade the gentleman to leave the landing site so the chopper could land safely.

    "Rescue 951 did land safely and the casualty was transferred into the care of the Scottish Ambulance Service without further incident.

    "The team would like to take this opportunity to warn anyone that helicopters are dangerous machines and if one is landing in any environment- stay well clear! As well as the obvious dangers, you could be obstructing in an emergency which is a criminal offence.

    "This morning highlights the importance of the teams presence in securing the landing site."


    Engie Gets Go-ahead for Cara Drilling with Transocean Semi-sub (Tuesday, 24 May 2016)

    24 May 2016, 11:00 am

    French energy company Engie, formerly known as GDF Suez, will drill for hydrocarbons in the North Sea, offshore Norway, using Transocean’s semi-submersible rig.

    The Norwegian oil industry offshore safety body, the Petroleum Safety Authority (PSA), granted Engie a consent for drilling in production license 636 in the North Sea with Transocean Arctic drilling rig.

    The exploration well will be the first to be drilled in this production license. It is to be drilled in a prospect named Cara, with the designation 36/7-4.

    The well is located in the northern North Sea, west of Florø and six kilometers northeast of the Gjøa field. Water depth at the site is 348 meters.

    Drilling is scheduled to begin in mid-June 2016 at the earliest and will last an estimated 66 days.

    The Transocean Arctic is a semi-submersible drilling rig operated by Transocean, built by Mitsubishi Heavy Industries in Japan in 1987, and substantially upgraded in 2004.

    The rig was issued with an Acknowledgement of Compliance (AoC) by the PSA in July 2004.


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