Technip, within the framework of a cooperation partnership with Haldor Topsoe, was awarded a contract for providing basic and front end engineering services on a Petrobras grassroots fertilizer complex to be located at Uberaba -- State of Minas Gerais, Brazil.
The fertilizer complex will comprise a 1,500 metric tons per day ammonia unit based on Haldor Topsoe technology, and the complete utilities and offsites systems necessary for the operation of the complex.
The basic engineering design will be developed by Haldor Topsoe and Technip operating center in Rome, Italy while Technip operating center in Rio de Janeiro, Brazil will execute the front end engineering design. The overall engineering activities are scheduled to be completed within the first half of 2012.
The complex, which is scheduled to be in operation within the second semester of 2015, will contribute to reduce Brazil's dependence on ammonia import.
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 25,000 people are constantly offering the best solutions and most innovative technologies to meet the world's energy challenges.
Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
Technip shares are listed on the NYSE Euronext Paris exchange and the USA over-the-counter (OTC) market as an American Depositary Receipt (adr:TKPPK).
SOURCE: Technip
2011-10-11
Halliburton must pay $200M for defective bolts
HOUSTON
Halliburton Co. said Wednesday that as a result of an arbitration panel ruling, it must pay Barracuda & Caratinga Leasing Co. $200 million related to a claim Barracuda filed against a former Halliburton subsidiary.
Before KBR Inc. was spun off from the Houston oil services company in 2007, it had a contract with Barracuda & Caratinga for the development of the Barracuda and Caratinga oil fields off the coast of Brazil.
Barracuda & Caratinga later claimed that certain subsea bolts used in the project were defective and the arbitration panel recently ruled that KBR is liable for the cost of replacing the bolts.
Halliburton said Wednesday that it's "pursuing all possible avenues" to appeal the ruling.
When Halliburton and KBR split, Halliburton agreed to pay all the costs and expenses, cash settlements or cash arbitration awards, related to the replacement of the bolts, the company said.
The company said it expects to record a third-quarter charge to discontinued operations as a result of the arbitration award.
In morning trading, Halliburton shares fell 47 cents to $33.99.
Halliburton Co. said Wednesday that as a result of an arbitration panel ruling, it must pay Barracuda & Caratinga Leasing Co. $200 million related to a claim Barracuda filed against a former Halliburton subsidiary.
Before KBR Inc. was spun off from the Houston oil services company in 2007, it had a contract with Barracuda & Caratinga for the development of the Barracuda and Caratinga oil fields off the coast of Brazil.
Barracuda & Caratinga later claimed that certain subsea bolts used in the project were defective and the arbitration panel recently ruled that KBR is liable for the cost of replacing the bolts.
Halliburton said Wednesday that it's "pursuing all possible avenues" to appeal the ruling.
When Halliburton and KBR split, Halliburton agreed to pay all the costs and expenses, cash settlements or cash arbitration awards, related to the replacement of the bolts, the company said.
The company said it expects to record a third-quarter charge to discontinued operations as a result of the arbitration award.
In morning trading, Halliburton shares fell 47 cents to $33.99.
JPMorgan’s Gavea to Buy 5% Stake in Odebrecht Unit to Be No. 3 Shareholder
JPMorgan Chase & Co (JPM)’s Gavea Investimentos Ltda., a private-equity and hedge fund set up by former Brazilian central banker Arminio Fraga, agreed to buy a 5 percent stake in Odebrecht SA’s oil and gas unit to become the third-largest shareholder.
The investment in Odebrecht Oil & Gas will be Gavea’s largest holding, Fraga said at a press conference in Rio de Janeiro today, without providing financial terms of the deal.
“Gavea will help us enhance our financial analysis, give us access to international markets and knowledge of what is going on in the world,” Roberto Ramos, the head of the oil and gas unit, told reporters at the event. “They will help us identify trends in order for us to get the right strategy.”
Odebrecht is expanding its oil and gas services unit to supply rigs and platforms for Petroleo Brasileiro SA and other producers that are tapping the largest crude discoveries in the Americas in more than three decades. Petrobras, as Brazil’s state-run oil producer is known, plans to spend $224.7 billion in five years, the oil industry’s largest investment program, as it exploits ultra-deep offshore deposits that may cost five times more to develop than major fields in Mexico.
JPMorgan’s Highbridge Capital Management agreed last year to buy 55 percent of Rio de Janeiro-based Gavea, which manages more than $7.2 billion of investments. Fraga is a former fund manager for billionaire George Soros.
‘Main’ Petrobras Partner
“We intend to be the main partner for Petrobras and the foreign companies operating in Brazil,” Ramos said.
Odebrecht Oil & Gas will invest about $2.5 billion through 2014 and is seeking opportunities outside Brazil, including Angola and the Gulf of Mexico, he said. The company expects to generate more than $1 billion in revenue next year, Ramos said.
“The petroleum industry has so much room to grow that we see it as a genuine long-term investment that’s not so exposed to the economic cycle,” Fraga said.
Gavea will use its Fund 4 to buy the stake, he said, adding that this will be the second investment in Odebrecht after buying a stake in the company’s real estate unit. Gavea previously invested in OGX Petroleo & Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, and later sold its stake, he said.
Temasek Holdings Pte, Singapore’s state-owned investment company, owns about 14 percent of Odebrecht Oil & Gas, making it the second-largest shareholder, said Marcelo Odebrecht, president of Odebrecht SA. Temasek paid $400 million for the stake, the company said in an October 2010 statement.
The investment in Odebrecht Oil & Gas will be Gavea’s largest holding, Fraga said at a press conference in Rio de Janeiro today, without providing financial terms of the deal.
“Gavea will help us enhance our financial analysis, give us access to international markets and knowledge of what is going on in the world,” Roberto Ramos, the head of the oil and gas unit, told reporters at the event. “They will help us identify trends in order for us to get the right strategy.”
Odebrecht is expanding its oil and gas services unit to supply rigs and platforms for Petroleo Brasileiro SA and other producers that are tapping the largest crude discoveries in the Americas in more than three decades. Petrobras, as Brazil’s state-run oil producer is known, plans to spend $224.7 billion in five years, the oil industry’s largest investment program, as it exploits ultra-deep offshore deposits that may cost five times more to develop than major fields in Mexico.
JPMorgan’s Highbridge Capital Management agreed last year to buy 55 percent of Rio de Janeiro-based Gavea, which manages more than $7.2 billion of investments. Fraga is a former fund manager for billionaire George Soros.
‘Main’ Petrobras Partner
“We intend to be the main partner for Petrobras and the foreign companies operating in Brazil,” Ramos said.
Odebrecht Oil & Gas will invest about $2.5 billion through 2014 and is seeking opportunities outside Brazil, including Angola and the Gulf of Mexico, he said. The company expects to generate more than $1 billion in revenue next year, Ramos said.
“The petroleum industry has so much room to grow that we see it as a genuine long-term investment that’s not so exposed to the economic cycle,” Fraga said.
Gavea will use its Fund 4 to buy the stake, he said, adding that this will be the second investment in Odebrecht after buying a stake in the company’s real estate unit. Gavea previously invested in OGX Petroleo & Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, and later sold its stake, he said.
Temasek Holdings Pte, Singapore’s state-owned investment company, owns about 14 percent of Odebrecht Oil & Gas, making it the second-largest shareholder, said Marcelo Odebrecht, president of Odebrecht SA. Temasek paid $400 million for the stake, the company said in an October 2010 statement.
Petrobras Delays Saipem and Technip’s Gas Plants, CEO Says
Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil producer, delayed plans to use floating natural-gas plants supplied by Saipem SpA (SPM), Technip SA (TEC) and SBN Offshore NV until after 2015, said its chief executive officer.
Petrobras has chosen to use pipelines to transport gas from fields in deep waters of the Atlantic Ocean to maximize the fuel’s value, CEO Jose Sergio Gabrielli told journalists today in London. A new pipeline will be online before the end of 2014 and Petrobras may use the floating plants after 2015 to help develop the largest oil discoveries in the Western Hemisphere in more than 30 years, he said.
Gabrielli said two bids were “attractive,” without naming the companies. The plants, which cost more than $3 billion, convert the gas into a liquid for transportation by ships.
Petrobras had been reviewing bids from France’s Technip, SBM Offshore of the Netherlands and Italy’s Saipem to build floating natural-gas units.
Petrobras has chosen to use pipelines to transport gas from fields in deep waters of the Atlantic Ocean to maximize the fuel’s value, CEO Jose Sergio Gabrielli told journalists today in London. A new pipeline will be online before the end of 2014 and Petrobras may use the floating plants after 2015 to help develop the largest oil discoveries in the Western Hemisphere in more than 30 years, he said.
Gabrielli said two bids were “attractive,” without naming the companies. The plants, which cost more than $3 billion, convert the gas into a liquid for transportation by ships.
Petrobras had been reviewing bids from France’s Technip, SBM Offshore of the Netherlands and Italy’s Saipem to build floating natural-gas units.
Saipem acquires site for the development of a fabrication yard in Brazil
Source: Saipem
Date: 10/10/2011 16:47
Saipem has agreed the acquisition of 100% of TPG (Terminal Portuário do Guarujá), a company which fully owns, as a perpetual concession, an area of 35 hectares in Guarujá, within the industrial hub of Santos, the largest port of South America, in the state of São Paulo.
The area is strategically located, approximately 350 kilometers from Santos Basin, the offshore Brazilian region where ultra-deep water pre salt fields are being discovered, and approximately 650 kilometers from Campos Basin, the other most important Brazilian offshore basin.
Saipem will develop the area through the construction of a fabrication yard, for subsea and floating structures, and of a logistics base. In the new yard, Saipem will carry out activities, which are complementary to the services provided by the highly specialized ultra-deep water fleet recently built by the company. The activities will satisfy the particularly ambitious Brazilian local content requirements in the high-tech industry of ultra-deep water subsea development.
The new yard will cost approximately $300 million, including the amount for the purchase of TPG, and is expected to be completed within two and a half years, in accordance with a timetable coherent with the use of the yard for the development of the pre salt fields.
Date: 10/10/2011 16:47
Saipem has agreed the acquisition of 100% of TPG (Terminal Portuário do Guarujá), a company which fully owns, as a perpetual concession, an area of 35 hectares in Guarujá, within the industrial hub of Santos, the largest port of South America, in the state of São Paulo.
The area is strategically located, approximately 350 kilometers from Santos Basin, the offshore Brazilian region where ultra-deep water pre salt fields are being discovered, and approximately 650 kilometers from Campos Basin, the other most important Brazilian offshore basin.
Saipem will develop the area through the construction of a fabrication yard, for subsea and floating structures, and of a logistics base. In the new yard, Saipem will carry out activities, which are complementary to the services provided by the highly specialized ultra-deep water fleet recently built by the company. The activities will satisfy the particularly ambitious Brazilian local content requirements in the high-tech industry of ultra-deep water subsea development.
The new yard will cost approximately $300 million, including the amount for the purchase of TPG, and is expected to be completed within two and a half years, in accordance with a timetable coherent with the use of the yard for the development of the pre salt fields.
2011-10-03
Dresser-Rand Selected to Supply Compression Systems and Related Maintenance Services for Eight FPSO
Source: Dresser-Rand
Date: 10/03/2011 17:40
Dresser-Rand has been awarded compression equipment and services valued at more than $700 million by Lula and Guará. The equipment, which includes up to 80 DATUM compressor trains, will be installed on eight (8) "replicant" floating, production, storage and offloading (FPSO) vessels. Six of these vessels will be located in the Lula field (formerly known as Tupi) and two in the Guara field. Training, aftermarket services and two 10-year maintenance contracts are also included as part of the award.
According to Vincent R. Volpe Jr., Dresser-Rand's President and CEO, "We are proud to announce this significant award, and, more importantly, appreciative of the confidence that Petrobras and its partners have placed in us to supply all the compression trains for all services on these eight FPSOs. We believe that this is a clear statement by a highly respected Client of their confidence in our Company's technology, execution capability and ongoing technical and field support. The award for all of the compression trains on this project reflects our Company's strength of offerings in the Upstream Segment, which we project will be the largest area of growth in the Oil and Gas markets in the coming years."
According to Jesus Pacheco, Dresser-Rand's executive vice president, New Equipment Worldwide, "We believe in the value proposition our technology can bring to our end user Clients in this market. On this program, we bring proven leading-edge technology to increase the throughput, maintainability and reliability of these key assets. Building on previous compression solutions we have delivered for the Petrobras Pilot I, II and III FPSOs, we again eliminated the need for additional topsides equipment, specifically, separate CO2 pumping systems, saving space and weight, reducing the complexity of the overall plant, while increasing reliability. As the sole solutions provider for all topsides compression equipment, we are able to ensure all services are fully integrated to optimize overall plant operability. In addition, we have also maximized standardization of spare parts, maintenance practices and control systems to reduce inventory and maintenance costs.
"It is also important to note the positive impact this technology has on making these assets more environmentally sustainable. Higher compressor efficiencies possible by the use of our DATUM product line reduce the carbon footprint of these FPSOs as they require less power to meet the specified duties. With higher efficiency, better maintainability and higher reliability, and a smaller carbon footprint, we directly contribute to reducing the life cycle costs of the assets, which makes our Clients more competitive in the markets they serve."
Consistent with the Company's commitment to support localization initiatives in its served markets, a high portion of added value on this program will be performed in Brazil. This will include sourcing, project management and engineering, further development of local service support capabilities and packaging in a newly planned facility in the Industrial Corridor near Sao Paulo, which will further expand the Company's in-country service capabilities.
On September 6, 2011, Dresser-Rand disclosed that it had been selected as the supplier for all the compression needs of these FPSOs. However, at the time, the Company cautioned that any actual award remained subject to the approval of Petrobras' Board of Directors and its Partners. Those approvals have now been obtained. More than $400 million and $70 million will be reflected in its third quarter 2011 New Units and Aftermarket bookings, respectively. The Aftermarket booking amount is consistent with the Company's accounting policy to only book the portion of the Aftermarket orders that will be delivered in the first 15-months of long-term service agreements.
On the basis of this project the Company reiterates its guidance that the new unit bookings for 2011 may be at the top end of, or even exceed, the guidance previously provided of $1.4 to $1.6 billion.
Date: 10/03/2011 17:40
Dresser-Rand has been awarded compression equipment and services valued at more than $700 million by Lula and Guará. The equipment, which includes up to 80 DATUM compressor trains, will be installed on eight (8) "replicant" floating, production, storage and offloading (FPSO) vessels. Six of these vessels will be located in the Lula field (formerly known as Tupi) and two in the Guara field. Training, aftermarket services and two 10-year maintenance contracts are also included as part of the award.
According to Vincent R. Volpe Jr., Dresser-Rand's President and CEO, "We are proud to announce this significant award, and, more importantly, appreciative of the confidence that Petrobras and its partners have placed in us to supply all the compression trains for all services on these eight FPSOs. We believe that this is a clear statement by a highly respected Client of their confidence in our Company's technology, execution capability and ongoing technical and field support. The award for all of the compression trains on this project reflects our Company's strength of offerings in the Upstream Segment, which we project will be the largest area of growth in the Oil and Gas markets in the coming years."
According to Jesus Pacheco, Dresser-Rand's executive vice president, New Equipment Worldwide, "We believe in the value proposition our technology can bring to our end user Clients in this market. On this program, we bring proven leading-edge technology to increase the throughput, maintainability and reliability of these key assets. Building on previous compression solutions we have delivered for the Petrobras Pilot I, II and III FPSOs, we again eliminated the need for additional topsides equipment, specifically, separate CO2 pumping systems, saving space and weight, reducing the complexity of the overall plant, while increasing reliability. As the sole solutions provider for all topsides compression equipment, we are able to ensure all services are fully integrated to optimize overall plant operability. In addition, we have also maximized standardization of spare parts, maintenance practices and control systems to reduce inventory and maintenance costs.
"It is also important to note the positive impact this technology has on making these assets more environmentally sustainable. Higher compressor efficiencies possible by the use of our DATUM product line reduce the carbon footprint of these FPSOs as they require less power to meet the specified duties. With higher efficiency, better maintainability and higher reliability, and a smaller carbon footprint, we directly contribute to reducing the life cycle costs of the assets, which makes our Clients more competitive in the markets they serve."
Consistent with the Company's commitment to support localization initiatives in its served markets, a high portion of added value on this program will be performed in Brazil. This will include sourcing, project management and engineering, further development of local service support capabilities and packaging in a newly planned facility in the Industrial Corridor near Sao Paulo, which will further expand the Company's in-country service capabilities.
On September 6, 2011, Dresser-Rand disclosed that it had been selected as the supplier for all the compression needs of these FPSOs. However, at the time, the Company cautioned that any actual award remained subject to the approval of Petrobras' Board of Directors and its Partners. Those approvals have now been obtained. More than $400 million and $70 million will be reflected in its third quarter 2011 New Units and Aftermarket bookings, respectively. The Aftermarket booking amount is consistent with the Company's accounting policy to only book the portion of the Aftermarket orders that will be delivered in the first 15-months of long-term service agreements.
On the basis of this project the Company reiterates its guidance that the new unit bookings for 2011 may be at the top end of, or even exceed, the guidance previously provided of $1.4 to $1.6 billion.
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