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Asia Pacific General & Other Insights

//Asia Pacific General & Other Insights
Asia Pacific General & Other Insights 2017-08-18T21:23:21+00:00

Australia, East Timor Reach Border Dispute Deal

An unexpected breakthrough in the boundary dispute between Australia and Timor-Leste has resurrected hopes that the stalled development of the $13 billion Sunrise LNG project will recommence. Through a series of confidential meetings with the Permanent Court of Arbitration's Conciliation Commission in Copenhagen this past week, Timor-Leste and Australia reached agreement on the central elements of the maritime boundary delimitation between them in the Timor Sea. The agreement also addresses the legal status of the Greater Sunrise gas field, the establishment of a Special Regime for Greater Sunrise, a pathway to the development of the resource and the sharing of [...]

Shelf and Seadrill Quarterly Reporting

Revenue Drop In Q2 For Shelf Drilling For the second quarter of 2017, Shelf Drilling reported revenues of $142.8 million, compared with $169.9 million in the same period a year earlier. The decrease in total revenue was largely due to a decrease in average day rates and a decline in marketed utilization. Total rig operating expenses decreased by $11.5 million in second quarter 2017 to $65.0 million compared with the previous year's quarter. This decrease was mainly due to lower expenses for rigs which were seeking marketing opportunities. For the second quarter of 2017 adjusted EBITDA was $56.5 million compared [...]

Total to Acquire Maersk Oil and Gas Business for $7.5 billion

Total (TOTF.PA) is buying Maersk's oil and gas business in a $7.45 billion deal which the French major said would strengthen its operations in the North Sea and raise its output to 3 million barrels per day by 2019. For Danish company A.P. Moller Maersk (MAERSKb.CO), the sale of Maersk Oil, with reserves equivalent to around 1 billion barrels of oil, fits with a strategy of focusing on its shipping business and other activities announced last year. The world's top oil companies have been back on the takeover trail over the last year, helped by signs of a recovery in [...]

Zeta Resources Plans New Zealand Acquisition

Australian listed Zeta Resources is planning a partial takeover bid for New Zealand Oil and Gas (NZOG). Zeta already holds 17.5% and will bid to acquire at least 41% of the shares it does not already own. Which would give it control-ling interest. NZOG holds stakes in various New Zealand producing fields including Kupe and Maari as well as the producing Sampang PSC in Indonesia. It also holds various exploration interests in Australia, Indonesia as well as at home in New Zealand.

Local Firm Wins Shale Gas Block Auction in China’s Guizhou

A local firm on Friday won the right to explore and develop a shale gas block in the southwestern Chinese province of Guizhou in a government auction for 1.29 billion yuan ($193 million), local media reported. State-run Guizhou Industry Investment (Group) Co, with business spanning financing, property, power and coal, is expected to start commercial gas production at the Zheng An block within three years, according to a report on Guizhou Radio's social media account. The Guizhou firm will become one of the few players not primarily focused on the oil and gas industry to explore and develop the unconventional [...]

Maersk Drilling Profits Slip

Maersk Drilling has reported a profit of $28 million for the second quarter of 2018 from $164 million in the same quarter of the previous year. The result was impacted by ten rigs being fully or partly idle during the quarter, and old contracts at higher day rates that have expired. During the second quarter 2017, revenues also dropped totaling $349 million against $566 million in the same period a year earlier. By the end of the quarter, forward contract coverage was 61% for 2017, 46% for 2018 and 25% for 2019. The total revenue backlog by the end of [...]

Woodside Increases Myanmar Acreage

Woodside Energy has farmed into three further blocks offshore Myanmar, expanding its portfolio and making it the largest holder of acreage in the region. The company has already signed a deal with CNPC to take a 50% interest and joint operatorship in blocks AD-1, AD-6 and AD-8 located in the Rakhine Basin. The three blocks are near the Shwe offshore area operated by Posco Daewoo.

Transocean to buy Songa Offshore

Switzerland-based offshore driller Transocean is buying its rival Norwegian-Cypriot offshore driller Songa Offshore in a $3.4 billion worth deal. Transocean has reached an agreement with Songa Offshore to acquire 100 percent of the issued and outstanding shares of Songa Offshore, including shares issued before expiry of the offer period as a result of the exercise of warrants, convertible loans and other subscription rights, Transocean said on Tuesday. The consideration in the offer will be based upon NOK 47.50 per share of Songa Offshore, representing a 37.0% premium to Songa Offshore’s five-day average closing price of NOK 34.68 per share. The [...]

Nabors To Acquire TESCO

Nabors Industries has announced plans to acquire TESCO Corporation in a stock-for-stock deal. Among other products and services, both companies provide top drive systems to the offshore rig market, so the deal will combine those two parts of the business.

PTTEP Served $2.1bn Claim

PTTEP has been formerly served a damages claim amounting to $2.1bn by the Indonesian Ministry of Environment and Forestry relating to the Montara blowout and oil spill back in 2009. PTTEP is to contest the claim stating that independent modelling showed all but 2% of the leaked oil stayed in Australian waters and did not reach the shores of either Australia or Indonesia. In addition to the monetary claim Indonesia is seeking a freezing order on assets owned by PTTEP. Meanwhile PTTEP has decided to halt all future investment in Indonesia until the case is settled and has pulled out [...]

Ezion Holdings Suspends Shares

It had to happen. Singapore’s most secretive offshore marine services and liftboat company Ezion Holdings suspended its shares on the Singapore stock exchange as it seeks a restructuring deal with banks and creditors and may become the latest casualty in a long line of Singapore companies hurt by the downturn. The company has just posted a loss of $15.3m for the first half on 2017 and has liabilities of $1.6bn and $340m of debt obligations payable in the next year. Its share price tumbled to $0.20 from a high of $2 in 2014. In a letter to shareholders the Chairman [...]

Sembcorp Posts 1H/2017 Net Profit

SembCorp Industries reports it posted a net profit of $174.4 million and turnover of $4.4 billion for the first six months of 2017. That compared to a net profit of $193.5 million and turnover of $3.7 billion for the same period in 2016. The marine segment of the business contributed $27.4 million of profit this year, but that was down from 40.6 million through June 2016. SembCorp has 11 rigs at various stages of construction at its Jurong and PPL Shipyards in Singapore, although several are essentially completed. The company says it is in discussions with interested parties and expects [...]

Vantage Reports 2Q/2017 Results

For the three months ended June 30, 2017, Vantage Drilling reported a net loss of $36.6 million on revenues of $53.2 million. That compares to a net loss of $35.7 million on revenues of $48.5 million for the same period in 2016. The company said as of June 30, 2017 that it had approximately $200.9 million of available cash.

Transocean Reports 2Q/2017 Results

Transocean reported that for the 3 months ending June 30, 2017 that it posted a net loss attributable to controlling interest of $1.690billion, which included a $1.597billion loss on the divestiture of the jackup fleet and another $113million loss on impairment of primarily the midwater floater asset group. . Otherwise, adjusted net income was $1 million. Revenues for the quarter totaled $751 million, compared to $785 million for the first three months of the year. Net income attributable to controlling interest for the first quarter was $91million.

Rowan Posts 2Q/2017 Net Loss

For the quarter ended June 30, 2017, Rowan Companies reported a net loss of $28.7 million, on revenues of $320.2 million. That compares to a net income of $216.7 million on revenues of $611.8 million during the same period in 2016. Net income for 2016 included The net income for the prior-year quarter included $120.0 million for UDW drillship Rowan Relentless (12,000') contract termination.

Atwood Recognizes 2Q/2017 Net Loss

Atwood Oceanics reports it had a net loss of $4.3 million on revenues of $117.2 million for the second three months of 2017. That compared to a net income of $99.5 million on revenues of $227.8 million for the same period in 2016. During the quarter, Atwood signed an Agreement and Plan of Merger with ENSCO, with the deal expected to close in 3Q/2017.

Petronas To Hand Back Vietnam Blocks

Petronas is to hand exploration blocks 01 and 02 back to PetroVietnam when the lease expires in September this year. The Malaysian NOC has operated the two blocks, which contain the Jade, Ruby and Emerald fields, since 1991. Petronas, who retain blocks 102 and 106 in North Vietnam, are to retain operatorship of the production facilities in Blocks 01 and 02. A long line of SEA based jackups have drilled in the two Blocks with the last drilling in 2015 with troubled jackup Naga 6. This was Petronas’ first successful international venture.

Diamond Offshore Posts 2Q/2017 Net Income

Diamond Offshore reports it earned a net income of $15.9 million on revenues of $399.2 million for the three months ended June 30, 2017. The adjusted net income was $62.2 million, but was impacted by a $46 million impairment charge related to the carrying value of two semis. The 2Q net income was a 32% decline from the 1Q/2017, while the adjusted net income was up 165%. the company earned a net and adjusted net income of $23.5 million on revenues of $374 million for the first three months of the year.

Woodside Farms Into CNPC Myanmar Blocks

Woodside are evidently very optimistic about Myanmar and have increased their exploration acreage position by farming into a 50% interest in Blocks AD-1, AD-6 and AD-8 in the Rakhine basin. All three blocks are currently owned by Chinese National Petroleum Corporation (CNPC) and are close by Blocks AD-7 and A-6 where Woodside is currently carrying out a major exploration and appraisal drilling campaign with Trans-ocean UDW drillship Dhirubhai Deepwater KG 2. The Australian operator has already completed two appraisal wells in the Thalin gas field in Block AD-7 and is currently drilling an exploration well in Block A-6 and has [...]

Seadrill Amends NADL Credit Facility Again

Seadrill says it has amended the revolving credit facility provided to subsidiary North Atlantic Drilling Ltd to now mature on September 12, 2017 as broader restructuring negotiations continue at both companies. The facility was originally entered into on January 31, 2017 for $25 million maturing on March 31, 2017. On April 25, 2017 the facility was amended to mature on June 30, 2017 and was increased to $50 million. On June 27, 2017 the facility was amended to mature on July 31, 2017 and was increased to $150 million.

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