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Swire Pacific Offshore closes in on 100 vessels

Swire Pacific Offshore closes in on 100 vessels

Singapore: Singapore-based offshore support vessel operator Swire Pacific Offshore will celebrate having 100 ships by the end of next year. Managing director Neil Glenn spoke to Maritime CEO today about how the fleet has changed in recent years to reflect the new demands of energy companies around the world.

Vallianz bids for $1.2bn offshore projects

Vallianz bids for $1.2bn offshore projectsSingapore: Vallianz Holdings, an integrated offshore marine solutions provider, announced that it is participating in bids worth over $1.2bn for projects in Asia, Middle East, Latin America and Africa. For these projects, Vallianz...

Baku Shipyard secures first major contract

Baku Shipyard secures first major contract Singapore: The new Baku Shipyard, in which Keppel Offshore & Marine has a stake, has secured a contract worth $378m from BP Exploration (Shah Deniz), the operator of the Shah Deniz gas field development, to design and build a subsea ...

Hapag-Lloyd major shareholder reignites NOL speculation

Hapag-Lloyd major shareholder reignites NOL speculation Hamburg: Such is the perceived need for rapid fleet build up and consolidation in container shipping that the lead shareholder of Hapag-Lloyd, fresh from merging with Chile’s CSAV, is already talking up the idea of joining forces w...

Pirates attack Japanese tanker off Malaysia

Pirates attack Japanese tanker off MalaysiaKuala Lumpur: Armed pirates raided a Japanese oil tanker in the Strait of Malacca, abducting three Indonesian crew members and stealing some of the vessel's shipment of diesel fuel, the International Maritime Bureau said today. Th...

DP World trumpets Ho Chi Minh City’s deepest port

DP World trumpets Ho Chi Minh City’s deepest portHo Chi Minh City: Terminal operator DP World has welcomed the very first vessel to navigate the new channel on the Soai Rap River to its Saigon Premier Container Terminal (SPCT) in Ho Chi Minh City. The MSC vessel Xutra Bhum, with...

Chemoil to delist on May 2

Chemoil to delist on May 2Singapore: Trading of shares in Chemoil Energy will cease on May 2. The bunker supplier said in a regulatory filing that the Singapore Exchange had given the green light to its application to suspend trading. The announcement comes...

Tsuneishi to open yard in Indonesia

Tsuneishi to open yard in IndonesiaJakarta: Japanese shipbuilding group Tsuneishi is planning to open a yard in Indonesia this year. It follows on from yards in Japan, the Philippines and China. The new Indonesian yard will focus on small- and medium-sized vessels, le...

Your chance to shape debate

Your chance to shape debateSingapore: Our sister title Maritime CEO has opened up a poll to readers, which is already generating lively debate and today we seek the views of this site too.

Vinalines tries to get arrested ship back

Vinalines tries to get arrested ship backHanoi: Vinalines has lost hundreds of thousands of dollars over a payment dispute with a South Korean contactor involved in a port project. The 43,000 dwt ship, Vinalines Sky, was taken by SK E&C in mid-March, following a ruling b...

Pelindo II signs with Mitsui for Kalibaru development

Pelindo II signs with Mitsui for Kalibaru development Jakarta: State-run port operator Pelindo II has signed a shareholders agreement with Japan’s Mitsui & Co over plans to operate the first container terminal at Kalibaru in north Jakarta, laying to rest media speculation that the Jap...

Pertamina set to take delivery of record breaking Indonesian tankers

Jakarta: State oil giant Pertamina is set to take delivery soon of the two largest tankers built in Indonesia to date. The 17,500 dwt ships are being built by state run PT PAL Indonesia, and are set to be handed over soon, and are part of a seven shi...

Vietinbank looks to take slices of Vinalines’s IPO offerings

Hanoi: Vietinbank, Vietnam’s second-largest bank by assets, would like Viet Nam National Shipping Lines (Vinalines) to name it as a strategic investor at its ports which are set to list in the coming months. This is expected to act as a means of de...

Shell reports gas discovery offshore Malaysia

Kuala Lumpur: Royal Dutch Shell plc announced Thursday that the company has made a gas discovery at the deepwater Rosmari-1 exploration well in Block SK318, offshore Sarawak, Malaysia. Andy Brown, Director of Shell Upstream International , said th...

POSH launches IPO, eyes offshore accommodation sector

Singapore: Robert Kuok controlled PACC Offshore Services Holdings (POSH), the OSV giant with 112 vessels in operation and another 15 vessels on order, has today launched its IPO on the Main Board of the Singapore Exchange Securities Trading Limited (...

Malaysian tycoon Quek buys into Ezion

Singapore: Singapore-listed rig operator Ezion Holdings is selling shares to two firms in Malaysia’s Hong Leong Group, raising $155m to help expand its fleet. Ezion issued 100m new shares at S$1.94 per share, an 8.9% discount to Tuesday’s clos...

Logindo Samudramakmur adding ships

Jakarta: Eddy Logam, president director of Indonesian OSV operator Logindo Samudramakmur, told local media yesterday that the company expects to have five new clients this year. So far, Total E&P Indonesie, the local outfit of the French oil and gas ...

Offshore spending will continue to grow: Standard Chartered

There’s plenty of scaremongering going on about oil majors reining in their capex this year, sending jitters to many in the offshore sector, however Standard Chartered bank’s point man is convinced the cut backs are mainly onshore, with offshore ...

APFC gets further loan support from JICA for 10 roros

Manila: The Japan International Cooperation Agency (JICA) has extended a P2.3bn loan support for the acquisition of 10 FastCat vessels by Archipelago Philippine Ferries Corp (APFC) in an effort to support the safety measures and modernization program...

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In Focus

Offshore spending will continue to grow

Standard Chartered analyst bullish on prospects for Asian oil capex

Offshore spending will continue to grow
There’s plenty of scaremongering going on about oil majors reining in their capex this year, sending jitters to many in the offshore sector, however Standard Chartered bank’s point man is convinced the cut backs are mainly onshore, with offshore still set for very solid growth.
 
In the second and final part of our look at our parent firm, Asia Shipping Media’s Offshore Business Breakfast, held at the Fullerton Hotel in Singapore last month in association with Standard Chartered, we look at the very thorough presentation given by the bank’s director of oil and gas equity research, Duke Suttikulpanich.
 
Producers’ ROEs have been declining for the last three years, Suttikulpanich said, and while oil prices have been dropping with many saying the price of a barrel might hover around $90, Standard Chartered disagrees saying a barrel will be worth $108 - $115 from 2014 to 2017.
 
Independent oil companies’ development capex has slowed down from 5% last year to 1% this year, and likely no growth at all next year, Suttikulpanich said, but stressed this decline is mainly onshore. “Offshore is still strong,” he said, with 7% growth expected this year, much to the relief of the 45 people in the room, made up predominantly of OSV and rig owners.
 
Most Asian producers are moving away from shallow water to deep water, Suttikulpanich noted, adding that there was a need for plenty more semi-submersibles in the region. Asian growth is coming from national oil companies who are likely to account for around 70% of the spending increase this year, Suttikulpanich said.
 
Concluding, he maintained: “Any slowdown in offshore this year is just a brief pause.”  Asian offshore E&P spending growth will remain healthy at 6.4% per annum over 20 ...   More>>