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October 10, 2012 • Volume 02, No. 12 OILFIELDSERVICES Serving the marketplace with news, analysis and business opportunities Transocean grows backlog ~43% led by $7.6 billion Shell order Seadrill orders 7th UDW Just weeks after announcing a billion-dollar exit from the standard jackup space, drillship for $600 million Transocean showed the industry why with $7.6 billion order from Shell for four Saying current strong demand will result newbuild UDW drillships under 10-year contracts. DSME will build the vessels at in limited rig availability in 2014, Seadrill its Okpo, South Korea yard beginning in 4Q13, with the first delivered mid-2015 and ordered a newbuild UDW drillship from additional deliveries occurring in six-month increments. Transocean said it expects to Samsung for construction invest $3 billion toward construction. at its South Korea yard in a Shell EVP Peter Sharpe DSME will field 4 newbuild UDWs, $600 million deal. Payments are weighted said the company was adding to 2 currently being built. toward the tail of the construction period, collaborating with Transocean in rig with delivery expected in 4Q14. The design and described the rigs as state-of-the-art, with the highest operational, safety deal includes a fixed price option for a and environmental standards. They will feature dual-activity drilling, industry leading housing capacity, two 15,000 psi BOPs to reduce non-productive time, capacity for 7th newbuild UDW is slated for 2014, when Seadrill projects tight market. a 20,000 psi BOP and Tier III international emission compliant diesel engines, with drilling capacity of up to 40,000 feet in up to 12,000 feet of water. Continues On Pg 8 second drillship for 1Q15 delivery, which Sticky water issues remain major cost, drawing investment Seadrill expects to exercise. It is currently discussing upgrades for the option unit. Speakers at the recent World Shale Oil & Gas summit in Houston praised significant Seadrill chairman John Fredriksen said improvements in drilling which have reduced overall well drilling time from weeks to dayrates and contract durations are hitting days, in turn pressing well costs lower. Unfortunately, as overall drilling efficiency new highs, while yard costs are currently very has improved, water usage issues (i.e., the millions of gallons of water attractive due to overcapacity. Fredriksen said required to frac each well and Meeting both technical & economic this environment supported the aggressive the problem with produced and flowback needs would be ‘holy grail’–SWN. organic growth for the company, with the water) has become even more demanding. strategy outshining M&A and asset proposals Longer laterals, more frac stages per well, larger volumes of water consumed per stage which have also been considered as a means and produced water in some shale zones have exacerbated the problem further. to create value. Continues On Pg 16 Southwestern CEO Steven Mueller cited the example that ~25% of costs for a $6.0 million well in the Marcellus is consumed in water transport. And the situation FEATURED DEALS could become more strained. As noted by the Houston Chronicle, Schlumberger’s VP of marketing and technology for well production services Salvador Ayala predicted one TUSCALOOSA OVERRIDE PKG million unconventional wells will be drilled by 2035. Continues On Pg 6 ~143,000+ Acres; ~8,400 Royalty Acres LOUISIANA & MISSISSIPPI CGGVeritas buying Fugro’s Geoscience division for $1.5 billion Tuscaloosa Marine Shale--Austin Chalk RR CGGVeritas announced it would acquire Dutch engineering company Fugro’s Area Under Rapid Development Most Leases 3 Year Primary; 2 OTE Geoscience division‒excluding its existing multi-client seismic library and ocean ~1.0% ORRI Under Most Of Position bottom nodes business‒for $1.5 billion in cash. The deal will transform CGG into a Offset Encana, Goodrich, Devon & EOG fully integrated geoscience company, giving it a leadership position in the fast-growing --Midstates & Anadarko integrated geology, geophysics and reservoir characterization segment. ~60,000 Acres Leased to Encana Fugro’s Robertson brand services provide data analysis, wellsite services, High Resistivity Area of TMS Trend RR 8712 training, geology/geophysics service, reservoir engineering and related services. Reservoir characterization brands include Fugro’s multi-client library & ocean ECTOR CO., TX NONOP SALE Jason, Powerlog and E-Plus. 21-Active Wells. 8-Drilling. 6-Completions. nodes business are worth ~$550 million. The deal also strengthens CGG’s SPRABERRY TREND AREA fleet and data acquisition capabilities, adding seven seagoing vessels and four harsh CORE SPRABERRY DEVELOPMENT PP Upside Potential: 31 Permits. 3-AFEs environment-capable, 12+ streamer, 3D seismic vessels featuring Sercel products. Interest Under 5 Contiguous Sections Fugro has made advances in gravity and EM data services and enhancement, and is a Wells Being Drilled On 20 Acre Spacing leading airborne data acquisition provider with a fleet of 45 specialized aircraft. It also ~1.5% NonOperated WI; ~1.125% NRI offers De Regt marine cables with seismic exploration applications and has 13 seismic Gross Prod: 1.3 MBO & 2.1 MMCFD Net Production: ~17 BOED SPRABERRY data processing centers. Net Cash Flow: ~$36,000/Month CGG and Fugro also created a joint venture, Seabed JV, in which CGG owns PP 2124DV 40% and Fugro will have 60%. CGG will contribute shallow Continues On Pg 10 All Standard Disclaimers & Seller Rights Apply. OILFIELDSERVICES 2 October 10, 2012 Oil & gas counts both bearish, starts & permits at 2012 lows Oilfield Service Briefs The “oil-toppy/gas-bottomy” trends appear to have both become more concrete in • Drilling fluid and steel pipe recent weeks, both being reinforced by Baker Hughes October 5 data showing a 12- distributor and manufacturer Bri-Chem rig drop in the oil count and a two-rig increase in the gas count, with the overall count added a drilling fluid product and dropping by 11 to 1,837. Over the past month, the oil and gas counts have stimulation additive storage area for both increased two of the past four weeks and declined two of the four. distribution in Farmington, New Mexico. Overall monthly trend has both been to the downside, with oil down less than a percent With the site, Bri-Chem is targeting and the gas count down over 3 percent. activity in the Mancos Shale in the San This is the first time we’ve cracked the Oil count listing, down only 2% from Juan basin. The site is in the yard of August peak. 1,300s in oil since June. Bri-Chem’s unidentified transportation The Mississippian and Granite Wash plays saw the biggest gains over the past month, partner, which will also handle delivery. both rising four rigs. The Williston and Eagle Ford also saw 3-rig gains, while the Utica The site, the company’s 11th in the US, is lost three (down 12% vs. the month-ago). part of Bri-Chem’s “aggressive” US drilling September well starts came in at the second-lowest levels of 2012 according to fluid market expansion plant. • Bristow Group CEO Bill Chiles RigData, at 3,047 (a 12% sequential decline). Major decliners were Texas (falling recently told the Houston Business 105 to 1,380) and California (down 98 to a 2012 record low 195). States seeing 2012 Journal the oilfield helicopter service lows were Colorado, Pennsylvania, New Mexico, Utah and Louisiana. Only North market is very robust and dynamic with Dakota rose with another 2012 record North Dakota was the only state with huge growth potential. But competition increases in well starts and permits. high, climbing three to 236. is stiff, said Chiles. “Everybody can Outlook also turned bearish longer- buy a helicopter … We have term, with September permits at a 2012 low, down 19% vs. August at 4,698. Texas to differentiate on the safety saw an overall 2012 low with a 23% sequential decrease to 1,521. Other large decliners and service.” Chiles said the were Kansas, North Louisiana, Colorado and Wyoming, and most other states also company is also considering greater declined. However, Pennsylvania came in strong rising 47 to 216, and North Dakota, expansion into search and rescue, and is North Louisiana and California saw modest increases. currently bidding on a major UK contract in that segment. North American Rotary Rig Count As Of October 5 Source: Baker Hughes • Edison Chouest Offshore will build eight DP-2, ABS, Jones Act-classed, Week Current Ago Month Ago Year Ago ~5,100 deadweight-ton platform Location 10/5/12 9/28/12 9/7/12 10/7/11 % Chg. YOY supply vessels (PSVs) at its shipyards on spec, addressing a prior announced United States 1837 1,848 1,864 2,012 -8% aggressive newbuild campaign Canada 372 359 345 522 -31% and working to replace Jones US Breakout Information Act tonnage deployed to the Oil 1398 1,410 1,409 1,070 32% GOM two years ago, imminently scheduled for return. The PSVs will be Gas 437 435 452 935 -53% built at four shipyards: North American Miscellaneous 2 3 3 7 -57% Shipbuilding (Larose, LA), La Ship Major Field Variances (Houma, LA), Gulf Ship (Gulfport, MS) and Barnett 40 40 41 66 -39% Tampa Ship (Tampa, FL). Deliveries are slated within the next two years. D-J (Niobrara) 43 43 41 43 0% • Turbomachinery manufacturer Eagle Ford 231 233 234 222 5% Elliott Group and controls producer Fayetteville 14 14 14 34 -59% Tri-Sen Systems entered an alliance Granite Wash 70 75 74 92 -18% to standardize controls for Elliott’s turbomachinery, compressors and steam Haynesville 37 36 38 128 -72% turbines for new projects, retrofits and Marcellus 90 87 90 136 -36% aftermarket applications. Under terms, Mississippian 85 87 84 44 98% Tri-Sen becomes Elliott’s sole provider of Permian 500 505 501 465 9% controls, expanding its market presence and providing offerings including a Utica 25 22 22 14 57% programmable control system with Williston 202 205 205 200 3% diagnostic capabilities, a built-in human Woodford 46 46 47 87 -47% machine interface, and real time and historical trending.
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