Cal Dive Secures Saturation Diving Jobs in Mexico and Australia

Mb50's "Liquid Mud" Rant

Cal Dive International, Inc. announced that it has recently commenced a two-year charter of the DP saturation diving vessel Kestrel to a major contractor in Mexico to perform repair and maintenance work for Pemex.

The charter started in mid-October and has a fixed term of two years with an additional one-year option. The charter is expected to result in EBITDA of approximately $10 million per year during the two-year charter term. The vessel is expected to generate approximately break-even EBITDA in 2012.

In addition, Cal Dive has been awarded three saturation diving contracts in Australia. Two of the projects will utilize one of Cal Dive’s portable saturation diving systems while the third contract will be performed from a third party vessel utilizing a built in saturation diving system. These three contracts are expected to generate total revenue of approximately $20 million during 2013 and the first project is expected…

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Worldwide Field Development News Oct 9 – Oct 15, 2012

Mb50's "Liquid Mud" Rant

This week the SubseaIQ team added 0 new projects and updated 7 projects. You can see all the updates made over any time period via the Project Update History search. The latest offshore field development news and activities are listed below for your convenience.

S. America – Brazil

Petrobras Announces Farfan Discovery

Oct 11, 2012 – Petrobras announced the discovery of light hydrocarbons at its Farfan prospect in block SEAL-M-426 offshore Brazil. Well 1-BRSA-851-SES is being drilled in 8,923 of water by the Deepsea Metro II (UDW drillship). A hydrocarbon bearing zone of 144 feet was discovered at a depth of 18,314 feet and was confirmed by wireline testing and fluid sample analysis. The rig will continue drilling to the target depth of 19,685. Petrobras and partner IBV Brazil hold 60% and 40% interest in the well respectively.

Jupiter Might be a Gas Giant

Oct 11, 2012 – Petrobras…

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Insiders: Southern Section of Keystone Pipeline Doesn’t Need Obama

Mb50's "Liquid Mud" Rant

By Olga Belogolova

Updated: March 28, 2012 | 6:24 a.m.
March 27, 2012 | 9:30 p.m.

Standing at a podium in front of piles of pipes in Cushing, Okla., last week, President Obama unveiled an executive order meant to speed federal permitting of pipeline infrastructure, including the southern portion of the controversial Keystone XL oil pipeline. Critics immediately jumped on the move, accusing Obama of being “the rooster taking credit for the dawn” and arguing that no federal action is actually needed for that portion of the Keystone pipeline to move forward. National Journal’s Energy & Environment Insiders agree.

More than 70 percent of Insiders said that Obama’s executive order was unnecessary, with some even saying the move smacks of federal overreach.

Insiders overwhelmingly agreed that the southern portion of the Keystone XL pipeline, which will run from Cushing to refineries in Port Arthur, Texas, only needs…

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USA: Helix Sells Its Three Pipelay Vessels

Mb50's "Liquid Mud" Rant

Helix Energy Solutions Group, Inc. has agreed to sell its three pipelay vessels, the Caesar, Express, Intrepid and related equipment in separate transactions for total cash consideration of $252,750,000.

On October 15, 2012, Helix entered into an agreement to sell the Caesar, Express and related equipment to Coastal Trade Limited for a total of $238,250,000. The sale of these assets is expected to close in two stages as each vessel completes its existing contractual backlog. The Express closing is expected to occur in February 2013 and the Caesar closing is expected to occur in July 2013. Helix has received a $50 million deposit in connection with this transaction which is only refundable in limited circumstances. The closing of this transaction is subject to customary closing conditions.

In a separate transaction, on September 26, 2012 Helix sold its pipelay vessel, Intrepid, to Stabbert Maritime Holdings, LLC for $14,500,000.

Helix will…

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