Wednesday, 9 December 2015

ExxonMobil Gift Helps Jonathan’s Place Serve North Texas Children - 09/12/2015

ExxonMobil Gift Helps Jonathan’s Place Serve North Texas Children


  • $50,000 donation kicks off Garland non-profit agency’s 25th anniversary
  • Jonathan’s Place provides vital services for abused and neglected children
  • ExxonMobil’s annual holiday gift supports North Texas community organizations

Rex W. Tillerson, chairman and chief executive officer of Exxon Mobil Corporation (NYSE:XOM), today presented Jonathan’s Place with the company’s annual holiday gift of $50,000, advancing the nonprofit agency’s mission of providing housing and specialized services to abused, abandoned and neglected children from newborns through adolescence. ExxonMobil’s donation kicks off the agency’s 25th anniversary year, during which it will celebrate its long-standing commitment to North Texas children.

“Jonathan’s Place provides critical life-saving support services to those who are most vulnerable during times of crisis,” Tillerson said. “ExxonMobil is proud to support its mission and celebrate its dedication to North Texas children for more than a quarter of a century.”

Established in 1991 as the first licensed foster group home for drug-addicted infants and small children in Texas, Jonathan’s Place remains the only licensed emergency shelter in Dallas County serving children in crisis under the age of 5. In addition to serving clients through its emergency shelter, the organization advocates for foster care and adoption, and has an extensive program to support families who open their homes and hearts to children in need. Five years ago, its services expanded to offer a program providing a therapeutic approach to overcoming the traumatic effects of physical and mental abuse, specifically for girls in the child welfare system.

In 2014, Jonathan’s Place provided loving homes, supplies and outreach to over 11,000 children across 19 Texas counties. The agency offers a range of client-tailored services, ensuring that children in its care receive medical and dental care, developmental and psychological assessments, weekly individual and group therapy, educational support and more.

“We are extremely grateful to Mr. Tillerson and ExxonMobil for supporting our devotion to providing a safe haven for abused and neglected children,” said Allicia Frye, CEO, Jonathan’s Place. “This gift is truly a blessing as the holidays and our 25th anniversary approach.”

ExxonMobil established the holiday gift in 2006 to support North Texas nonprofit agencies during the holiday season. Past recipients include ACH Child and Family Services, Children’s Advocacy Center of Denton County, Grapevine Relief and Community Exchange (GRACE), Interfaith Housing Coalition, Irving Cares, Lena Pope Home, Presbyterian Night Shelter of Tarrant County, St. Philip’s School and Community Center, and Vogel Alcove.

OptaSense and GASOS finalise agency agreement - 09/12/2015

OptaSense and GASOS finalise agency agreement

OptaSense, a QinetiQ company and the global leader in Distributed Acoustic Sensing (DAS), has signed an agency agreement with Abu Dhabi’s Gulf Automation Services and Oilfield Supplies (GASOS). The agreement has been registered with the UAE Ministry of Economy.

The contract marks a significant milestone in OptaSense’s Middle East business strategy and covers the Abu Dhabi oil and gas market, represented by the Abu Dhabi National Oil Company (ADNOC) group of companies, which focus on the oil and gas production cycle from exploration and production to processing and distribution. 

Under the agreement with GASOS, upstream activity including well completion, production and evaluation will be covered by OptaSense’s Oil Field Services division.  Downstream activity, primarily focusing on pipeline integrity monitoring, will be supported by OptaSense’s Infrastructure Security Monitoring division.

OptaSense’s industry-leading DAS solution provides enhanced data acquisition, monitoring and visualisation systems which retrieve detailed information across multiple functions via a single fibre-optic cable. Any changes to conditions in a well or pipeline are fed back through an interrogator unit in real time, allowing users to identify and address issues early and maintain the highest level of integrity and product throughput.

James Pollard, the CEO of OptaSense, explained the benefits of the newly formed relationship. “We are extremely proud to announce our association with GASOS, which has been a prominent company in the local oil and gas market for many years. Its business belongs to one of the most respected and successful families in the country,” he said.

“We have high optimism and expectations that our combined technical capabilities and award-winning DAS solutions, with the in-depth market expertise of GASOS, will yield great benefits and efficiency gains for our clients in the UAE, particularly given the current low oil price.”

 Samir Al Gharbi, General Manager of GASOS Ltd, added: “We at GASOS are delighted to be associated with and represent a well-established high-tech company who has an impressive and proven track record. We are excited and look forward to a mutually beneficial, fruitful and long term relationship with OptaSense.”

Tuesday, 8 December 2015

SUPPORT FOR CGG’S PLANNED CAPITAL INCREASE - 08/12/2015

SUPPORT FOR CGG’S PLANNED CAPITAL INCREASE

Following the announcement made this morning concerning its proposed capital increase, CGG welcomes the support of Bpifrance, a 7.04% shareholder, which has just announced that it plans, alongside IFP Energies Nouvelles, to subscribe to this capital increase at the level of the current shareholding of the two parties acting in concert, i.e. 10.62% of the capital, subject to the final terms of the transaction which will be determined during the effective launch of the capital increase.

Furthermore, CGG has been informed that Total intends to support, if necessary, CGG’s capital increase, which will be submitted to the approval of its shareholders, up to a maximum amount of €35m, subject to the final terms of the transaction which will be determined during the effective launch of the capital increase.

HB Rentals delivers early Christmas present to local primary school - 08/12/2015

HB Rentals delivers early Christmas present to local primary school

Offshore accommodation and workspace specialist HB Rentals has donated a storage container at a value of £4,000 to Crombie Primary School located in Westhill, Aberdeenshire.  

Primary six pupils sent a letter to the company asking for help in storing their outdoor play equipment, which includes everything from footballs and space hoppers to chess and draughts pieces. HB Rentals kindly decided to donate a 20ft x 8ft steel container from its rental fleet, which was then customised according to the school’s specific requirements to incorporate power and lighting, wall lining for thermal insulation and storage racks to help keep everything neat and tidy.

Henry Hepburn, head teacher at Crombie Primary School said: “We are ecstatic to have a brand new container for storing all of our outdoor play equipment. We were unable to buy a suitable good quality unit ourselves, so to have HB Rentals kindly donate one is fantastic and I know both the children and teachers are so grateful.

“The storage container will help the pupils learn about responsibility and taking care of their things and we would not have been able to do this without the generosity of HB Rentals.”

Crombie Primary School’s deputy head teacher Angela Pond worked with council officials to decide on the site while HB Rentals prepared the container for delivery during the October holidays, so as not to disrupt the school during term time.

Norman Porter, managing director, HB Rentals commented: “We think it’s important to support the local communities that we live and work in, and our team were very enthusiastic about helping the children at Crombie Primary School to improve their playground.”

Monday, 7 December 2015

IMPLEMENTATION OF THE TRANSFORMATION PLAN - 07/12/2015

IMPLEMENTATION OF THE TRANSFORMATION PLAN

Planned €350 million share capital increase
with preferential subscription rights

After careful review of the different options to address the Company’s financing needs as announced on November 5 2015, CGG intends to launch a capital increase to finance in particular the Group’s Transformation Plan. 

CGG announces today the convening of a combined general shareholders’ meeting in order to delegate authority to the board of directors to decide on a capital increase of a maximum amount of €350 million (issue premium included) by issuance of ordinary shares with preferential subscription rights for shareholders.

This strengthening of the Group’s equity would complement its current refinancing transactions. The approximately $126 million of CGG’s $135 million outstanding 2017 bonds that have been tendered for cancellation during the early tender period of CGG Holding (U.S.) Inc.’s ongoing exchange offer and the €84 million Fugro loan will be replaced by a secured term loan due 2019. At the end of this process, most of CGG’s 2016/2018 mid-term debt will have been rescheduled. 

Subject to the approval of the general shareholders’ meeting and market conditions, this capital increase will be launched as soon as possible following the general meeting. The final terms of this transaction will be determined by the Company’s board of directors.

The general meeting is convened for January 11, 2016 at 10:00 am (Paris time) at the following location: Centre d’Affaires Paris Victoire, 52 rue de la Victoire, Paris 75009, France.

CGG ANNOUNCES EXCHANGE OFFER EARLY TENDER TIME RESULTS - 07/12/2015

CGG ANNOUNCES EXCHANGE OFFER EARLY TENDER TIME RESULTS

Approximately $ 126 million of the outstanding 2017 Senior Notes tendered 
CGG Holding (U.S.) Inc. (“CGG US”), an indirect subsidiary of CGG S.A. (CGG S.A. together with its subsidiaries, “CGG”), announced today the Early Tender Time results in relation to its offer to exchange (i) any and all of CGG S.A.’s outstanding 7¾% Senior Notes due 2017 (CUSIP 204386AK2 / ISIN US204386AK24) (the “2017 Notes”) and (ii) up to $135,000,000 combined aggregate principal amount of CGG S.A.’s outstanding 6½% Senior Notes due 2021 (CUSIP 204384AB7 / ISIN US204384AB76) (the “2021 Notes”) and 6⅞% Senior Notes due 2022 (CUSIP 12531TAB5 / ISIN US12531TAB52; CUSIP F1704UAC8 / ISIN USF1704UAC83; CUSIP 12531TAA7 / ISIN US12531TAA79) (the “2022 Notes”) for senior secured term loans (the “Term Loans”) and, if applicable, cash (the “Exchange Offer”).

The terms and conditions of the Exchange Offer are detailed in an Offer to Exchange Statement dated November 19, 2015 (the “Offer to Exchange Statement”). This announcement should be read in conjunction with the Exchange Offer announcement of CGG US dated November 19, 2015. 

Early Tender Time Results
The information and exchange agent for the Exchange Offer has reported to CGG US that approximately $126 million in aggregate principal amount  (approximately 93%) of the outstanding $135 million aggregate principal amount of 2017 Notes had been tendered at or prior to 5:00 p.m., New York City time, on December 3, 2015 (the “Early Tender Time”). Additionally, aggregate principal amounts of approximately $45 million  of the 2021 Notes and $80 million of the 2022 Notes, respectively, had been tendered at or prior to the Early Tender Time. 

Exchange Offer Expiration Time
The Exchange Offer will expire at 11:59 p.m., New York City time, on December 17, 2015, unless extended or earlier terminated as described in the Offer to Exchange Statement (the “Expiration Time”). CGG US reserves the right to extend the Expiration Time in its absolute and sole discretion.

Thursday, 3 December 2015

CERTAS ENERGY OFFER VALVOLINE TECTYL PRODUCTS - 03/12/2015

CERTAS ENERGY OFFER VALVOLINE TECTYL PRODUCTS

Valvoline is one of the recognised brands offered through Certas Energy, and supplies a complete range of superior quality fluids as required by a fleet, including a range of lubricants and the Tectyl rust prevention range.

Certas Energy stocks comprehensive range of Valvoline Tectyl products, whose protective coatings exhibit strong adhesive properties with metal surfaces, in turn forming an active polar binded rust preventive barrier. Tectyl products are engineered for short- or long, indoor or outdoor exposure. They are designed to help metal surfaces resist the effects of moisture, salt spray and even harsh corrosives.

Tectyl is a globally recognised brand in industries such as passenger car OEM, truck and bus OEM, railway, military, spare parts, marine, container and power generation, general industrial manufacturing and the concrete industry.

Tectyl products are formulated in a variety of coating types from thin, clear coatings and heavy-duty wax, to black bituminous products. Some are available as non-solvent or waterborne form, where products with a high solvent content are not permitted for environmental, health or safety reasons. The Tectyl product range also includes a sound-damping product line called V-damp, a sprayable liquid sound damper with applications in various industries where metal vibrations need to be.

For more than 85 years, customers around the world have chosen the Tectyl brand for innovative solutions, service and expertise – making Tectyl products the driving force in rust protection!

Seeking new acreage on the NCS - 03/12/2015

Seeking new acreage on the NCS 

Statoil has delivered its application for the 23rd licensing round on the Norwegian continental shelf to the Norwegian authorities.

It is expected that the Ministry of Petroleum and Energy will announce the awards late first half of 2016.

The round represents the first opening of new acreage on the Norwegian continental shelf (NCS) since 1994. Statoil’s application aims to significantly contribute to the company’s ambition for 2030 and beyond.

“Statoil has been the guarantor for exploration and development in the Barents Sea since the mid-1980s and we have a clear ambition to remain in that role. The acreage offered is interesting and important and we hope we will earn the opportunity to drill as early as in 2017,” says Jez Averty, senior vice president Exploration Norway.

“Acreage in the 23rd round has significant volume potential, but never-the-less there is a debate where some say that these resources will not be commercial. We believe otherwise and our application is proof enough of that. Statoil’s preparations for our 23rd round application have included developing technology solutions that will reduce the break-even price per barrel for the significant discoveries we hope to make in the Barents Sea.”

In the run up to this licence round, the cooperation within the industry has been unprecedented. In the Barents Sea Exploration Collaboration project, 16 companies are cooperating to find common solutions for exploration operations in the Barents Sea and to ensure cost-effectiveness and good safety standards.

In 2014, Statoil was operator for a group of 33 companies cooperating on seismic surveys in areas included in the licensing round.

The NCS is the backbone of Statoil and Statoil has an ambition to maintain production at current levels through to 2025-2030 and beyond.

Wednesday, 2 December 2015

Summit offers decom strategies during ‘dead-money gold rush’ - 02/12/2015

Summit offers decom strategies during ‘dead-money gold rush’

Forging a sound decommissioning and abandonment (D&A) strategy in an extended period of cheap oil is the focus of the global industry’s largest knowledge-sharing event to be held early in the new year in Houston.

Billed as the “dead-money gold rush”, a medium-term future of depressed oil prices offers unique opportunities for operators and service providers to take a strategic approach to decommissioning, say organizers of the 8th Annual Decommissioning & Abandonment Summit, to be held February 23-25.

The announcement of new speakers and specially-tailored workshops at the Summit comes as a Reuters poll of analysts’ forecasts an even lower price of oil into 2016.

The average price forecast for benchmark North Sea Brent crude futures for next year, at $57.95 a barrel, is 57 cents below last month's poll, the Reuters survey of 31 analysts showed on 30 November.

“With the downturn set to continue as it has, major platform abandonment decisions look set to be brought forward as operators across the Gulf of Mexico and North Sea take advantage of lower execution costs and get those marginal fields off the books as soon as possible,” said Paul Soskin, program director for Summit host, DecomWorld.

“D&A spend is usually seen as dead money, but the opportunity for the service sector will be a major source of relief as operators come to grips with one of the harshest downturns we’ve seen.”
He added: “We’re predicting a real gold rush as operators of all sizes recognize the need for new tools, technology and project support if they’re to avoid succumbing to the chronic D&A overspends they’ve made since the very first well was abandoned.”

New to the 8th Annual Summit is a special workshop on the decommissioning of Shell’s landmark North Sea Brent Field, allowing delegates to evaluate the best practices integrated into the final D&A plans.

Sessions lead by Shell, Chevron and Anadarko will provide exclusive insights on how to bring forward D&A cost planning to increase the dollar return of all expenditure.
More than 600 D&A executives, specialists and regulation and policy makers are expected to gather and share essential information, with attendance already up by more than 10% on last year, organizers said.

“As forecasts of the oil price remain grim, forecasted spend on decommissioning continues to rise, as evidenced by the latest market analysis in the UK North Sea,” said Paul Soskin. “We know that operators are demanding better solutions and more joined-up thinking from the D&A supply chain in order to drive down the unwelcome expenditure of D&A activity.
“This year’s Summit will be a crucial opportunity to tap into the best and latest thinking on new technologies and strategies, both for operators and service providers, to make the most of a challenging situation.”

ExxonMobil Launches Mobilgard 300 C Marine System Engine Oil - 02/12/2015

ExxonMobil Launches Mobilgard 300 C Marine System Engine Oil

Next generation oil designed to help maximise performance of slow-speed engines

·         Delivers enhanced engine cleanliness

·         Enables improved protection of highly loaded engine parts

·         Approved by MAN and Wärtsilä for use in two-stroke, crosshead marine engines

ExxonMobil has launched Mobilgard™ 300 C, a high-performance system oil for two-stroke, crosshead marine diesel engines operating under severe conditions. Compared with convential system oils, Mobilgard 300 C offers superior engine cleanliness, better engine protection and longer oil life. 

Formulated with a unique detergent system, Mobilgard 300 C delivers enhanced crankcase cleanliness, which helps to prevent build-up of piston undercrown deposits. The new system oil performs well even in the presence of moderate amounts of contamination by cylinder oil or heavy fuel oil while its anti-wear additive system provides excellent protection for highly-loaded engine parts such as gear drives and bearings.

“Mobilgard 300 C is a high-performance system oil that is formulated to optimise the performance and extend the life of slow-speed marine engines,” said Iain White, Global Marine Marketing Manager for ExxonMobil . “It has been developed with a proprietry detergent system to ensure it delivers enchanced engine cleanliness and helps vessel operators increase reliability and reduce operating costs.”

The oil is specifically designed with an additive package that ensures high temperature oxidation resistance, making it less susceptible to viscosity thickening and deposits. In addition, Mobilgard 300 C offers excellent demulsibility performance, enabling the oil to easily separate from water helping to prevent poor lubricity, corrosion and rust in the engine. Mobilgard 300 C is approved for use in the latest design engines from Man Diesel & Turbo and Wärtsilä.

Alongside Mobilgard 300 C, ExxonMobil has a range of Mobilgard cylinder oils to help optimise the performance of two-stroke engines. This includes MobilgardTM 5100, a high-perfromance cylinder oil specially formulated to mitigate cold corrosion in new design two-stroke marine engines operating on heavy fuel oil.