USA: Hercules Offshore Sells Domestic Liftboats to All Coast

Mb50's "Liquid Mud" Rant

All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets.

This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to class 229, 10 inactive liftboats and additional related assets.

All Coast is a limited liability company, newly formed for this transaction, with John Powers and John Nesser III leading as Managers and Co-CEOs.

Powers and Nesser, All Coast managers and co-chief executive officers, each have more than 40 years of experience in the oil and gas, engineering and maritime industries.

Throughout his career, Powers has owned and operated numerous energy and marine services companies including Power Offshore Services, LLC; Reeled Tubing, LLC; Seatrax, LLC; and Coastal Drilling Co.

Previously, Nesser served as the executive vice president and chief operating officer for McDermott International, where…

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Gulf of Mexico: PXP Hires Noble’s New Drillships for $1.3 Bln

Mb50's "Liquid Mud" Rant

Noble Corporation  today announced that the Company has entered into two three-year term drilling contracts with Plains Exploration & Production Company for the Noble Sam Croft and the Noble Tom Madden, two of Noble’s new ultra-deepwater drillships currently under construction at the Hyundai Heavy Industries Co. Ltd. (HHI) shipyard in Ulsan, South Korea.

The drillships, which are being constructed on a fixed price basis, are expected to be utilized for operations primarily in the U.S. Gulf of Mexico under these contracts.

The Noble Sam Croft is expected to be delivered in the second quarter of 2014, followed closely by the Noble Tom Madden, which is expected to be delivered in second half of 2014. The contracts are expected to commence following mobilization to the U.S. Gulf of Mexico and customer acceptance. Revenues to be generated over the three-year terms are expected to total approximately $693 million per rig, including…

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Total: Significant Oil Find in U.S. Gulf of Mexico

Mb50's "Liquid Mud" Rant

Total announces a significant oil discovery at its North Platte prospect on Garden Banks Block 959 in the deepwater Gulf of Mexico. The discovery well encountered several hundred feet of net oil pay in Lower Tertiary sands which included several high-quality intervals.

Total estimates this discovery can have a potential of several hundred million barrels of oil. Further appraisal will be needed to confirm its size and commerciality.

“The North Platte discovery represents another example of Total’s bold exploration strategy targeting large exploration opportunities. It also demonstrates the efficiency of our alliance with Cobalt signed in 2009,” said Marc Blaizot, Total’s Senior Vice President Exploration.

Total is in a strategic alliance with Cobalt International Energy to explore for oil in the Deepwater Gulf of Mexico. The North Platte discovery is the first Lower Tertiary Wilcox formation well drilled by the Alliance. The results of the well confirm the northern…

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USA: Pangea LNG Seeking Approvals for Corpus Christi Project

Mb50's "Liquid Mud" Rant

Pangea LNG Holdings announced that it has begun the process of seeking approvals necessary to build a liquefied natural gas export facility on Corpus Christi Bay in South Texas.

Pangea has filed an application with the U.S. Department of Energy seeking authority to export up to eight million metric tons per year of liquefied natural gas to all current and future countries with which the U.S. has a Free Trade Agreement and intends to quickly file a similar application for LNG exports to any country with which the U.S. does not have a Free Trade Agreement in effect.

The project is located in the city of Ingleside on the La Quinta Ship Channel which is part of the Port of Corpus Christi. The project will be known as South Texas LNG Export.

South Texas LNG Export will be located on a portion of a 550-acre site which includes half…

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