Built by Otto Marine, Go Phoenix, with 24,000 bhp, is one of the world's largest AHTS vessels. Company photo
Otto Marine in MOU for 5 cement carriers
Otto Marine has signed a Memorandum of Understanding for the newbuilding of 5 cement carriers with capacities ranging from 7,500 DWT to 15,000 DWT.
Conversion works will be carried out in Otto Marine’s shipyard in Batam.
Apart from the firm orders, there is also potential for the Group to secure contracts for the conversion of 2 additional bulk carriers into cement carriers, and a further order for a 3,500bhp Ocean Towing Tug from the same Indonesian customer.
Newly-appointed Otto CEO Garrick Stanley. NextInsight file photo“Since the beginning of the year, we have been focusing on ship repair, conversion and fabrication projects.
"In addition to our core business of chartering offshore support vessels, these segments allow us to benefit from the growth in other sectors such as the cement industry,” said Garrick Stanley, who was appointed CEO on 6 August.
In another development, on 6 September, Otto Marine held a vessel naming ceremony for a highly complex 24,000bhp Anchor Handling Tug Supply, Go Phoenix, at Marina Keppel Bay.
’Go Phoenix’ is an ultra large AHTS vessel capable of operating in harsh environments of oil and gas fields globally.
It has a hybrid propulsion diesel electric driven vessel, is environmental friendly and fuel-efficient, has dynamic positioning 2 technology (DP2), fire fighting capabilities and up to 260 tonnes of bollard pull.
Such vessels were traditionally deployed in the North Sea, but demand for vessels of these specifications have also picked up in Brazil and Asia Pacific in recent years.
‘Go Phoenix’ is the second of such vessels to be built by Otto Marine. The third vessel is expected to be completed next month, while the fourth is scheduled for completion in early 2014.
Including ‘Go Phoenix’, Otto Marine now owns and operates a fleet of 64 offshore vessels.
Its shipyard is one of the largest in Batam, Indonesia and one of the most sophisticated in Asia Pacific.
The yard builds to ABS, DNV and Norwegian class standards for customers who are primarily deep sea and offshore operators and equipment companies who provide logistics support and offshore services to companies operating globally in the oil and gas industry.
The company posted a net profit of US$19.8 million in 2Q2013, reversing a loss in the same period a year ago.
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RH Petrogas spuds well in Indonesia
Oil & gas exploration company, RH Petrogas, recently commenced drilling an exploration oil well in Indonesia next to a producing well.
It deployed the Bohai-8 jack-up rig on Zircon-1, an exploration well in the offshore area of the Salawati Kepala Burung PSC (“Island PSC”).
The Island PSC is located both onshore and offshore Salawati Island in the West Papua region of Indonesia.
Zircon-1 is near Koi-1 on Island PSC. Map from company
Located at water depth of 32 meters, the Zircon prospect will be drilled to vertical depth of 1.2 km.
RH Petrogas anticipates that drilling of the well will take approximately 14 days.
Located just 4.3 km southwest of the Koi-1 discovery, the Zircon prospect was high-graded for drilling after the company conducted a 450 sq km 3D seismic survey in 2010.
Drilled in 2000, Koi-1 flowed 980 barrels of oil per day and 2.7 million standard cubic feet per day of gas through a drill stem test from the Miocene Kais limestone.
Zircon is a larger prospect structurally up-dip, adjacent to Koi and will be drilled at the same stratigraphic interval as Koi-1.
After being deployed at Zircon-1, the Bohai-8 rig will be deployed to drill the Koi-2 appraisal well to appraise the Koi-1 discovery.
Depending on the results of Zircon-1 and Koi-2, RH Petrogas may plan three additional wells to be drilled to further appraise the discoveries.
RH Petrogas has an aggregate 33.2% working interest in the Island PSC, which covers an area of 1,097 sq km. The other partners in the Island PSC are PetroChina International Kepala Burung Ltd. (16.79% working interest) and PT Pertamina Hulu Energi Salawati (50% working interest).
The Island PSC is operated by JOB Pertamina-PetroChina Salawati, a contractor for the Indonesian government that jointly operated by Pertamina and PetroChina.
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Hot stock Rex International posts small net loss for 2Q2013
Oil exploration and production company Rex International has posted a loss after tax of US$685,000 for 2Q2013, compared to a loss of US$287,000 in the same period a year ago.
There was no revenue for the period as it was involved in exploration and drilling activities and has not yet commenced oil production.
Its overall drilling and exploration activities are on track, and its drilling programme in Oman is expected to commence in the middle of 4Q2013.
It secured three new licences in Trinidad and Tobago in August 2013 and these are expected to contribute positively to its FY2014 financial performance.
Rex stock price has run up from its IPO of 50 cents. Bloomberg data
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