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Offshore SeisNews ©
••• 30.08.05 France's oilfield services firm Compagnie Generale de Geophysique (CGG) said on Monday it had bought 60 percent of Norway's Exploration Resources and was bidding for the rest.
The offer by the world's third-largest seismic services group is aimed at closing the gap with the leaders in a rapidly consolidating market where it expects strong growth.
The CGG bid values Exploration at some 285 million euros (USD 351 million) and spoils a 250 million euro bid by Dutch Engineering consultancy Fugro NV made on August 16.
CGG said it would make a cash offer of NOK 340 (USD 52.77) per share for the outstanding shares. CGG did not previously own any shares in Exploration Resources, which is listed on the Oslo Bourse.
Exploration Resources said it was positive about the offer.
Source: Reuters
••• 29.08.05 Fugro withdraws its offer for Exploration Resources.
Fugro N.V. announces that it has no intention to increase or extend its voluntary offer for all the shares in Exploration Resources ASA (“Exploration Resources”) as announced on 15 August 2005.
Fugro announced on 15 August that it would offer NOK 290 per share for all the shares in Exploration Resources, which are listed on the Oslo Stock Exchange.
CGG (Compagnie Generale de Geophysique) announced today that it has acquired 60% of the share capital of Exploration Resources at NOK 340 per share and that it will offer NOK 340 per share in cash for all remaining shares.
Fugro has decided not to raise its offer in view of the offer made by CGG, but to turn to its alternative strategic plan, to continue the activities with its own fleet and in due time in the future to replace the Exploration Resources vessels.
Source: FUGRO N.V..
••• 29.08.05 CGG ANNOUNCES THE ACQUISITION OF APPROXIMATELY 60 PERCENT OF THE SHARE CAPITAL OF EXPLORATION RESOURCES ASA AND A CASH OFFER FOR ALL REMAINING SHARES IN EXPLORATION RESOURCES ASA OF NOK 340 PER SHARE. Read more...
Source: CGG.
••• 28.08.05 New customer to OSM.
OSM has signed a contract with the new customer, Shipman AS.
Shipman AS is a Norwegian shipowner based in Austevoll, on the West Coast of Norway.
OSM and Shipman AS have signed a crew management agreement of a seismic vessel.
The vessel, M/V "Maurice Ewing" will be renamed to M/V "Scan Resolution" and will be flying NIS flag.
She is built in Canada in 1983, and the port of registry is New York. The vessel is heading for Norway for conversion.
She will be taken over primo September and will be managed from our office in Arendal.
OSM is an independent marine-services provider offering high-quality shipmanagement and consultancy services as well as navigation and engineering solutions and financial planning. OSM are based in Norway with offices in Sweden, Poland, Lithuania, Croatia, Russia, Hong Kong, the Philippines, India, China and Brazil.
••• 25.08.05 Exploration Resources Invests in the "C-Orion".
EXRE recently purchased the exploration vessel "C-Orion" from Edison Chouest.
Input/Output, Inc. announced today that Exploration Resources, a marine seismic services contractor and vessel owner headquartered in Bergen, Norway, has purchased a comprehensive marine streamer technology upgrade suite for their "C-Orion" vessel, making it the first seismic vessel to be fully outfitted with I/O's latest suite of streamer technology. The "C-Orion" had been outfitted with previous versions of I/O technology while acquiring 2D seismic data for Multiwave Geophysical and others over the last several years. Full story...
Source: Input/Output, Inc..
••• 23.08.05 Hydro and Statoil Likely to Join Shtokman.
Russian presidential representative Ilja Klebanov hopes for a clarification of partners on the enormous Shtokman gas field in the Barents Sea within the next few months, and at least by the end of the year. "I believe both Statoil and Hydro will participate," Klebanov said during a Friday afternoon visit to Hydro in Oslo.
Klebanov was optimistic towards both Statoil and Hydro during the visit. He expressed concern about the time frame of the gas field development project.
"Both Hydro and Gazprom have similar views on the scope and how long it will take to develop the Shtokman field," Klebanov said after meetings with Tore Torvund, head of Hydro Oil & Energy.
The Russian presidential representative believes both Statoil and Hydro will be invited to participate on the Shtokman gas field due to the project's enormous scale.
"If we are to develop Shtokman in time, the authorities, Gazprom and field partners must live up to their deadlines," Torvund pointed out.
Hydro wants to use the same technology applied to its giant Ormen Lange gas field off the coast of northwest Norway.
"Shtokman presents huge technological challenges, but also huge opportunities," said Torvund.
Klebanov would not be more specific regarding Statoil and Hydro's dual role on Shtokman and said it is up to Gazprom and the two Norwegian companies themselves.
Source: HYDRO.
••• 19.08.05 New shallow drilling activities in the Barents Sea.
The Norwegian Petroleum Directorate (NPD) will this autumn be conducting several shallow stratigraphic drilling activities in the Barents Sea north to gain more knowledge of the resource potential of the area.
In connection with its debate on the revised 2005 national budget before the summer holidays, the Norwegian parliament resolved to allocate approx. NOK 20 million for a mapping of the resources in the Barents Sea. This is part of the Cabinet's plans to secure Norway's long-term interests in the Northern areas. The Cabinet also wants to strengthen the scientific knowledge of the Northern areas.The NPD is now to drill up to five new shallow stratigraphic wells in the northern part of the Barents Sea, east of Svalbard.
The holes will be drilled to a maximum depth of 200 metres. Rock samples will be collected, and the drilling holes will be logged. The activity will be carried out by Fugro Geotechnics using the drilling vessel ”MV Bucentaur”.
The expedition will take place in September.
Source: Norwegian Petroleum Directorate.
••• 18.08.05 Exploration Resources ASA, said its The Board, has engaged investment bank Carnegie ASA to help it explore strategic alternatives with the view to maximizing shareholder value, following Fugro NV's bid for the company.
In addition to evaluating the non-agreed offer from Fugro, Exploration Resources said it will carefully consider the opportunity it has as a standalone entity, as well other strategic alternatives.
All story: 15.08.05, Dutch Fugro NV has bid 250 million euros ($312 million) in cash for Norway's Exploration Resources ASA , a deal analysts say makes strategic sense.
It has already received acceptance from Exploration Resources' largest shareholder, GC Rieber & Co AS and managing director Paul-Chr Rieber - holders of a combined 1,349,011 shares or 20.4 pct, subject to it receiving acceptance from owners of 70 pct of the company's total shares.
Exploration Resources hires investment bank Carnegie ASA to explore strategic options post Fugro bid.
••• 17.08.05 EXRE - EXPANDING 3D-CONVERTION TO A 12-STREAMER VESSEL. The Board of Directors of Exploration Resources today approved the expansion of the original conversion plan for a 3D vessel, by adding one vessel to its fleet.
Exploration Resources ASA has decided not to take 2D seismic vessel "Polar Venturer" out of the very strong 2D market for two construction months. Instead, it has decided, and made an agreement with a shipowner, to hire a 2000-built vessel on a long term charter and convert this new vessel to a 12- streamer seismic vessel.
This converted vessel will be available to the market within the same time-frame as was planned for S/V "Polar Venturer", early next year. The investments will be in the same range as in the original plan.
This vessel will operate in a new market segment for EXRE with higher dayrates and market opportunities. It will be specially designed and equipped for high quality 4D- operations with state of the art solid streamers and streamer positioning.
Management expects this plan to generate a higher profit for the same investment compared to original plan described earlier.
••• 15.08.05 Netherlands, 15 Aug 2005, Fugro N.V. (“Fugro”) announces a voluntary offer for all the shares in Exploration Resources ASA (“Exploration Resources”).
Source: FUGRO N.V..
••• 29.07.05 Multiwave Geophysical, part of the Exploration Resources ASA group of companies, has been commissioned by Shell to carry out a major seismic acquisition project in the Gulf of Mexico. The project, which involves overshooting previously acquired lines over up to 13 Shell and partner fields, was awarded following the success of a small test survey conducted by Multiwave over two fields in Q4 2004. Commencing in July 2005, the new survey will deploy the vessel "Polar Venturer" – plus a supply vessel rigged with a streamer – to acquire critical 2D data, using the same technique as the test survey. The entire project is estimated to take five weeks. Using a vessel to tow a short streamer of 2000m, the test survey involved shooting over the location of an existing 3D data line on three separate occasions. Each subsequent pass increased the distance between the source and the front of the streamer in order to acquire data with 6000m offsets (first pass collected 0-2000m offset data, second pass collected 2000-4000m offsets, and third pass collected 4000-6000m offsets). This acquisition method was brought to Multiwave's attention by Shell to obtain closely repeated shot and receiver positions. Shell anticipates employing the method in 3D for full-field 4D seismic surveys. The new award adds to the growing list of surveys Multiwave has undertaken for Shell worldwide, including recent projects in the Mediterranean, offshore West Africa, and the Gulf of Mexico. Commenting on the award, Rick Donoghue, Multiwave's vice president sales stated, "This is an important contract award for Multiwave and recognition of our ability to deliver innovative solutions to the E&P industry. We look forward to completing a highly successful project."
••• 25.07.05 A new British seismic company arrives on the scene - WGP become a Seismic Exploration Company
The Westland GeoProjects Group is delighted to announce that Westland GeoProjects Limited (WGP) is now an independent British seismic contractor in its own right. WGP will market and operate the survey vessel “Geolog Dmitriy Nalivkin” in the international deepwater 2D seismic survey market. WGP charters this ship from its Russian owners – Marine Arctic Geological Expedition - who are based in Murmansk. The "Nalivkin" is equipped with state of the art seismic survey equipment including Sercel SEAL streamer and recording system, Concept Spectra navigation and I/O air guns. The vessel is currently on contract to Petroleum GeoServices (PGS) in northern European waters.
“This is a great opportunity for our company”, said WGP’s Managing Director, John Duncan. “We have managed and operated Russian seismic survey vessels on behalf of third party clients for more than ten years. Now we are able to offer the same combination of western operational interface and high quality, cost efficient 2D seismic data acquisition to industry clients who can contract directly with WGP. Our strong links with MAGE and utilisation of a Russian survey vessel with a long history of working to demanding western standards will also enable access to emerging markets as exploration activity in Russian waters intensifies”.
WGP plans to maintain a position as a niche market player that can offer services that are valuable to a wide range of clients. “We see the need to provide a service that can be attractive both to oil companies, multi-client data companies and also to the large seismic contractors”, continued Mr Duncan. “I am also very proud that we can announce ourselves as a new British initiative in an industry that is dominated by investment and ownership from outside the UK.
Once the new operation with the Nalivkin is established, WGP will continue its initiative to build a new concept Versatile Seismic Vessel (VSV) that will expand the company’s declared niche market role into shallow water 2D, 3D and new technology seismic exploration.
Source: Westland GeoProjects Limited.
••• 10.07.05 Seismic vessel "C-Orion" has mobilized in Istanbul for 2D survey for Turkey in Black Sea. "C–Orion" is chartered by Exploration Resources (MGC) and for this project is rented by Fugro till to the end of November 2005.
••• 28.06.05 M/v "Geolog Dmitriy Nalivkin", which worked for TGS Nopec in Egypt, mobilized in Den Helder for a new charterer, PGS Geophysical. The vessel will operate in the Danish sector first and after that she will work in the Norwegian sector for a few months.
••• 08.06.05 3 years Time Charter for M/V "Geo Searcher"!
Eidesvik Offshore ASA has entered into a Time Charter Contract for the survey and seismic vessel M/V "Geo Searcher" with SCAN Geophysical AS, a Norwegian Seismic Company. The duration of the contract is three years with further three options, each for the period of one year.
M/V ”Geo Searcher” has been idle the last few months. “We see more optimism in this segment of the offshore marked, and we are very satisfied having secured another long term contract for this vessel, says Jan Lodden, Acting Managing Director of Eidesvik. The value of the fixed charter period is about USD 11 mill.
M/V ”Geo Searcher” is a survey and seismic vessel built in 1982. It is 69,2 meter long and 12,8 meter wide. The vessel is owned by Eidesvik Shiipping AS. Home port - Haugesund. Gross tonnage - 1863 t. Cabins - 40. Beds - 43. Gymnasium, Sauna, Hospital (3 beds).
••• 07.06.05 M/v "Northern Explorer", managed by Geobird Management arrived in Den Helder for crew change.
"Northern Explorer" arrived from Danish continental shelf, where she has almost finished a seismic survey for TGS Nopec at the Doggerbank area. After this prospect she will head for the Southern Norwegian sector. Chasevessel Jason II is following her at the moment. Both vessels sailed again on the 8th of June.
••• 07.01.05 GMGS (Guangzhou Marine Geological Survey) expand to 3D market with purchase licence of Sprint and Reflex.
The recent purchase of Reflex and Sprint modules by GMGS will enable the company to expand its service capability from 2D to 3D program. GMGS has seen an rapidly expansion in the 3D market for geophysical surveys not only in China.
••• 05.11.04 Multiwave Geophysical has brought a new vessel into operation as the company gears up for a major seismic acquisition campaign in the Mediterranean which is due to start later this month. The vessel, "C-Orion", has been rigged by Multiwave specifically for the project, which will include a large-scale 2D survey and 3D program.
Specifically designed for acquisition of deepwater seismic surveys, the "C-Orion" is a 6 streamer vessel and provides a high capacity 3D solution for the delivery of the highest quality data. As such it is perfectly suited to the needs of Multiwave's clients worldwide.
The vessel, owned by Edison Chouest, is equipped with some of the latest geophysical acquisition technology.
"We always look extremely carefully at the alternatives when selecting a vessel," commented Rick Donoghue, Multiwave's Vice President Sales, "and chose the "C-Orion" as it is provides a very flexible platform for our "on demand" business model".
The vessel is scheduled to start a large deep water 2D project in the Mediterranean Sea for Royal Dutch Shell's subsidiary in Egypt.
••• 28.09.04 The Lamont-Doherty Earth Observatory of Columbia University is announced the purchase of a new research vessel Western Legend. The new ship will replace the Lamont-operated R/V "Maurice Ewing", which has accumulated well over half a million miles of track in its service to science and exploration of ocean and deep Earth processes. Read more...
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