DOCSLIB.ORG

Evolutions AKER SOLUTIONS ANNUAL REPORT 2014 INTRODUCTION Key Figures 2 Business Areas 3 2014 Highlights 4 Management Team 6 Strongly Positioned 8

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Evolutions AKER SOLUTIONS ANNUAL REPORT 2014 INTRODUCTION Key Figures 2 Business Areas 3 2014 Highlights 4 Management Team 6 Strongly Positioned 8 Evolutions AKER SOLUTIONS ANNUAL REPORT 2014 INTRODUCTION Key figures 2 Business areas 3 2014 Highlights 4 Management Team 6 Strongly Positioned 8 GLOBAL EXPANSION Map 12 West Africa Emerges as Key Market 14 INNOVATION Tomorrow’s Technology Today 16 DELIVERING EXCELLENCE Pit Stop Draws Industry Attention 20 PEOPLE Space to Grow 24 Seizing Opportunity 26 RESPONSIBLE OPERATIONS Our Approach 29 Integrity 30 Society 33 AKER SOLUTIONS has been a driving force offshore Norway since Environment 34 Supply Chain Management 40 before oil was even discovered. In fact, we delivered the rig that uncovered Employees 40 the giant North Sea Ekofisk field in 1969. That deposit is still going strong Health, Safety and Working Environment 43 and so are we. As one of the key oil services and equipment suppliers, Board of Directors 50 we have taken part in the majority of field developments offshore Norway. BOARD OF DIRECTORS’ REPORT Overview 53 Building on a 170-year heritage of engineering excellence, Aker Solutions Financial Performance 54 Financial Position 57 today is a leading developer in the subsea revolution and offers products Research, Innovation and and services to ma ximize oil and gas recovery in the global energy market. Technology Development 58 Health, Safety and Environment 58 People and Teams 59 Acknowledgements 60 FINANCIAL STATEMENTS Declaration by the Board of Directors and CEO 65 Aker Solutions Group 64 Aker Solutions ASA 116 Auditor’s Report 127 APPENDIX About This Report 129 G3 Content Index 130 Overview of Stakeholder Engagement 136 2 AKER SOLUTIONS ANNUAL REPORT 2014 INTRODUCTION INTRODUCTION AKER SOLUTIONS ANNUAL REPORT 2014 3 INTRODUCTION Key figures 2 Key Figures Business areas 3 2014 Highlights 4 Management Team 6 Strongly Positioned 8 GLOBAL EXPANSION Map 12 West Africa Emerges as Key Market 14 INNOVATION Tomorrow’s Technology Today 16 DELIVERING EXCELLENCE Pit Stop Draws Industry Attention 20 PEOPLE Space to Grow 24 Seizing Opportunity 26 RESPONSIBLE OPERATIONS Our Approach 29 2014 2013 Integrity 30 REVENUE EBIT NET INCOME ORDERS AND RESULTS1 Society 33 NOK billion NOK billion NOK billion Business Areas Environment 34 Order backlog December 31 NOK mill 48,289 41,185 35 2.5 1.4 SUBSEA Supply Chain Management 40 Order intake NOK mill 37,135 44,370 Aker Solutions combines 40 years of subsea Employees 40 30 1.2 Operating revenue NOK mill 32,971 29,058 2 design, manufacturing and installation experi- ence with cutting-edge technology as oil and Health, Safety and Working Environment 43 2 25 1 EBITDA NOK mill 2,675 2,079 gas production faces ever-deeper waters and EBITDA margin2 Percent 8.1% 7.2% 1.5 new challenges Board of Directors 50 20 0.8 EBIT2 NOK mill 2,010 1,580 15 0.6 MMO BOARD OF DIRECTORS’ REPORT EBIT margin2 Percent 6.1% 5.4% 1 Specialist skills in maintenance, modifications Overview 53 Net profit NOK mill 1,300 1,181 10 0.4 and operations (MMO) to boost oil recovery and Financial Performance 54 0.5 extend the lives of mature fields Financial Position 57 5 0.2 CASHFLOW Research, Innovation and ENGINEERING Cashflow from operational activities NOK mill 2,645 2,659 0 0 0 Technology Development 58 2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014 Groundbreaking engineering that’s engrained in Health, Safety and Environment 58 all we do, from feasibility studies to designing the world’s most advanced floating and subsea People and Teams 59 BALANCE SHEET installations Acknowledgements 60 Borrowings NOK mill 3,828 3,547 BACKLOG EMPLOYEES EMPLOYEES Equity ratio Percent 21.5% 24.6% BY AREA BY AREA BY REGION FINANCIAL STATEMENTS Return on equity Percent 21.2% 21.5% Declaration by the Board of Directors and CEO 65 Return on capital employed Percent 18.3% 16.9% Aker Solutions Group 64 Aker Solutions ASA 116 SHARE Auditor’s Report 127 Share price December 31 NOK 41.55 N/A Dividend per share3 NOK 1.45 N/A APPENDIX Basic earnings per share (NOK) NOK 4.71 4.31 About This Report 129 G3 Content Index 130 Overview of Stakeholder Engagement 136 EMPLOYEES Subsea 70% Subsea 49% Norway 48% Total employees December 31 Own employees 16,694 15,968 MMO 26% MMO 34% Europe, Middle East, Africa 16% Engineering 4% Engineering 17% North America 6% South America 9% HSE Asia 20% Lost time incident frequency Per million worked hours 0.29 0.28 Australia 1% Total recordable incident frequency Per million worked hours 1.24 1.32 Sick-leave rate Percent of worked hours 2.64 2.53 1) Continuing operations 2) Includes one-off items 3) Proposed dividend for 2014 4 AKER SOLUTIONS ANNUAL REPORT 2014 INTRODUCTION INTRODUCTION AKER SOLUTIONS ANNUAL REPORT 2014 5 INTRODUCTION Key figures 2 2014 Highlights Business areas 3 2014 Highlights 4 Management Team 6 Strongly Positioned 8 GLOBAL EXPANSION Map 12 West Africa Emerges as Key Market 14 INNOVATION Tomorrow’s Technology Today 16 DELIVERING EXCELLENCE Pit Stop Draws Industry Attention 20 PEOPLE Space to Grow 24 Seizing Opportunity 26 RESPONSIBLE OPERATIONS Our Approach 29 Integrity 30 Society 33 Structure Subsea Management Alliance Financial Talent Environment 34 The company was split in two in September to Aker Solutions in December started delivery of Luis Araujo was named CEO in July, coming from Aker Solutions and Baker Hughes in April formed Revenue of NOK 33 billion in 2014 as sales rose in Aker Solutions was ranked as Norway’s second- Supply Chain Management 40 reduce complexity, realize synergies and bring the modules for the world’s first subsea gas com- the post of regional president for Aker Solutions the subsea production alliance to develop solu- all business areas. EBIT increased to NOK 2 billion most attractive workplace for engineering stu- Employees 40 down costs. The new slimmed-down Aker pressor at Statoil’s Åsgard field in the Norwegian in Brazil. Svein Stoknes, who headed the subsea tions that will boost output, increase recovery and earnings per share climbed to NOK 4.71. The dents in Universum’s survey of more than 10,000 Health, Safety and Working Environment 43 Solutions focuses on subsea, engineering and Sea. This ground-breaking technology will extend area’s finance function, became CFO. Øyvind rates and reduce costs at subsea fields. order backlog grew to a healthy NOK 48 billion, students in 2014. About 2,000 new employees maintenance, modifications and operations (MMO). output by 20 years and increase recovery by 282 Eriksen remained chairman of the board. helped by key contracts in countries including the were hired in 2014, down from roughly 3,000 in It employs about 17,000 people globally. million barrels of oil equivalents. UK, Norway, Brazil and Angola. 2013, and the number of jobseekers to register Board of Directors 50 CVs on the company’s database rose 60 percent to more than 161,000. BOARD OF DIRECTORS’ REPORT Overview 53 Financial Performance 54 Financial Position 57 Research, Innovation and Technology Development 58 Health, Safety and Environment 58 People and Teams 59 Acknowledgements 60 North Sea Angola Brazil UK Norway Capacity FINANCIAL STATEMENTS One of the company’s biggest-ever engineering Aker Solutions in April won a NOK 14 billion con- Aker Solutions in April won a more than USD 300 The company won two contracts for the Mariner Aker Solutions won a framework agreement for The maintenance, modifications and operations Declaration by the Board of Directors teams was set up for the initial design and engi- tract from Total for a subsea production system million contract from Petrobras to supply eight oilfield development in the UK North Sea – a five- engineering, modifications and maintenance ser- (MMO) workforce capacity was adjusted because and CEO 65 neering of Statoil’s North Sea Johan Sverdrup field, at Kaombo, a major field about 150 kilometers manifolds that alternately inject water and gas to year accord with extension options from Statoil in vices for BP-operated oil and gas fields offshore of a drop in activity in the Norwegian market. Aker Solutions Group 64 set to go on stream in 2019. Norway’s largest oil off Angola. The contract includes 20 subsea increase oil recovery from Brazil’s offshore fields June for maintenance and modifications services Norway. The contract is valued at as much as Aker Solutions ASA 116 find in 30 years is expected to produce 550,000- manifolds, 65 vertical subsea wellsets and other in depths of 2,500 meters. Deliveries start in 2016. and a contract in December from DSME to pr ovide NOK 1.8 billion over two years, with an option to 650,000 barrels of oil equivalents per day. services with first deliveries in 2Q 2015. engineering, construction and commissioning extend it to as many as four years. Auditor’s Report 127 services for the field’s hook-up phase. APPENDIX About This Report 129 G3 Content Index 130 Overview of Stakeholder Engagement 136 6 AKER SOLUTIONS ANNUAL REPORT 2014 INTRODUCTION INTRODUCTION AKER SOLUTIONS ANNUAL REPORT 2014 7 INTRODUCTION Key figures 2 Management Team Business areas 3 2014 Highlights 4 Management Team 6 Strongly Positioned 8 GLOBAL EXPANSION Map 12 West Africa Emerges as Key Market 14 INNOVATION Tomorrow’s Technology Today 16 DELIVERING EXCELLENCE Pit Stop Draws Industry Attention 20 PEOPLE Space to Grow 24 Seizing Opportunity 26 RESPONSIBLE OPERATIONS Our Approach 29 Integrity 30 Society 33 Environment 34 Supply Chain Management 40 Employees 40 Health, Safety and Working Environment 43 Board of Directors 50 BOARD OF DIRECTORS’ REPORT Overview 53 Financial Performance 54 PER HARALD KONGELF TORE SJURSEN VALBORG LUNDEGAARD LUIS ARAUJO ALAN BRUNNEN SVEIN STOKNES MARK RIDING Financial Position 57 Head of Region Norway Head of Maintenance, Modifications Head of Engineering Chief Executive Officer Head of Subsea Chief Financial Officer Chief Strategic Marketing and Operations Research, Innovation and Per Harald Kongelf was named Valborg Lundegaard was named Brazilian Luis Araujo was named Alan Brunnen was named head Svein Stoknes was named CFO Mark Riding was appointed exec- Technology Development 58 regional head for Aker Solutions Tore Sjursen was named head head of engineering in February CEO in July 2014.
Load more

Recommended publications
  • Fiscal System Analysis: Concessionary and Contractual Systems Used in Offshore Petroleum Arrangements
    OCS Study MMS 2004-016 Coastal Marine Institute Fiscal System Analysis: Concessionary and Contractual Systems Used in Offshore Petroleum Arrangements U.S. Department of the Interior Cooperative Agreement Minerals Management Service Coastal Marine Institute Gulf of Mexico OCS Region Louisiana State University OCS Study MMS 2004-016 Coastal Marine Institute Fiscal System Analysis: Concessionary and Contractual Systems Used in Offshore Petroleum Arrangements Authors Mark J. Kaiser Allan G. Pulsipher March 2004 Prepared under MMS Contract 1435-01-01-30951-18178 by Center for Energy Studies Louisiana State University Baton Rouge, Louisiana 70803 Published by U.S. Department of the Interior Cooperative Agreement Minerals Management Service Coastal Marine Institute Gulf of Mexico OCS Region Louisiana State University DISCLAIMER This report was prepared under contract between the Minerals Management Service (MMS) and Louisiana State University’s Center for Energy Studies. This report has been technically reviewed by MMS. Approval does not signify that the contents necessarily reflect the view and policies of the Service, nor does mention of trade names or commercial products constitute endorsement or recommendation for use. It is, however, exempt from review and compliance with MMS editorial standards. REPORT AVAILABILITY Extra copies of the report may be obtained from the Public Information Office (Mail Stop 5034) at the following address: U.S. Department of the Interior Minerals Management Service Gulf of Mexico OCS Region Public Information Office (MS 5034) 1201 Elmwood Park Boulevard New Orleans, Louisiana 70123-2394 Telephone Number: 1-800-200-GULF 1-504-736-2519 CITATION Suggested citation: Kaiser, M.J. and A.G. Pulsipher. 2004.
    [Show full text]
  • How the African Extractive Industry Is Positioning for the Future
    HOW THE AFRICAN EXTRACTIVE INDUSTRY IS POSITIONING FOR THE FUTURE COMPLIMENTARY UPDATES AND INTELLIGENCE BRIEFINGS JULY 2020 1 TABLE OF CONTENTS Africa INSIGHTS P. 03 AFRICAN EXTRACTIVE INDUSTRY SET TO EVOLVE 1. IMPROVEMENTS AND INNOVATIONS .......................................................................................... 4 Mining ........................................................................................................................................... 4 Depleting reserves and demand changes produce shifts in mining landscape .................4 Tough economic climate leading to stringent regulations .....................................................4 Regulatory environments compel firms to innovate ................................................................5 Oil and Gas (O&G)...................................................................................................................... 6 US shale boom and OPEC squabbling are main pressure points ...........................................6 New projects will move ahead despite price volatility ............................................................6 Forth Industrial Revolution (4IR) takes centre stage as part of efficiency drive ....................7 2. OPPORTUNITIES TO CONSIDER ..................................................................................................... 8 Mining ........................................................................................................................................... 8 Top producers continue
    [Show full text]
  • Peak Oil Strategic Management Dissertation
    STRATEGIC CHOICES FOR MANAGING THE TRANSITION FROM PEAK OIL TO A REDUCED PETROLEUM ECONOMY BY SARAH K. ODLAND STRATEGIC CHOICES FOR MANAGING THE TRANSITION FROM PEAK OIL TO A REDUCED PETROLEUM ECONOMY BY SARAH K. ODLAND JUNE 2006 ORIGINALLY SUBMITTED AS A MASTER’S THESIS TO THE FACULTY OF THE DIVISION OF BUSINESS AND ACCOUNTING, MERCY COLLEGE IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION, MAY 2006 TABLE OF CONTENTS Page LIST OF ILLUSTRATIONS AND CHARTS v LIST OF TABLES vii PREFACE viii INTRODUCTION ELEPHANT IN THE ROOM 1 PART I THE BIG ROLLOVER: ONSET OF A PETROLEUM DEMAND GAP AND SWITCH TO A SELLERS’ MARKET CHAPTER 1 WHAT”S OIL EVER DONE FOR YOU? (AND WHAT WOULD HAPPEN IF IT STOPPED DOING IT?) 5 Oil: Cheap Energy on Demand - Oil is Not Just a Commodity - Heavy Users - Projected Demand Growth for Liquid Petroleum - Price Elasticity of Oil Demand - Energy and Economic Growth - The Dependence of Productivity Growth on Expanding Energy Supplies - Economic Implications of a Reduced Oil Supply Rate CHAPTER 2 REALITY CHECK: TAKING INVENTORY OF PETROLEUM SUPPLY 17 The Geologic Production of Petroleum - Where the Oil Is and Where It Goes - Diminishing Marginal Returns of Production - Hubbert’s Peak: World Oil Production Peaking and Decline - Counting Oil Inventory: What’s in the World Warehouse? - Oil Resources versus Accessible Reserves - Three Camps: The Peak Oilers, Official Agencies, Technology Optimists - Liars’ Poker: Got Oil? - Geopolitical Realities of the Distribution of Remaining World
    [Show full text]
  • Angola-Mozambique
    Angola and Mozambique Gas Monetization for Economic Development Gas Based Industry Feasibility Study For: The African Development Bank, Tunis By: DNV KEMA Energy & Sustainability June 30th 2013 Contract N° / OPSM.2/2012 Final report Authors: Melahn Parker / Henk Kreuze Angola and Mozambique Gas Monetization for Economic Development Contents List of Acronyms ...................................................................................................................................... 6 Executive Summary ................................................................................................................................. 9 1 Introduction ....................................................................................................................................... 12 1.1 Southern African Development Community (SADC) ................................................................... 12 1.1.1 Economics ............................................................................................................................ 12 1.1.2 Current Energy and Gas Use ................................................................................................ 13 1.2 Angola ......................................................................................................................................... 13 1.2.1 Economics ............................................................................................................................ 13 1.2.2 Demographics .....................................................................................................................
    [Show full text]
  • Angola Janeiro - Fevreiro 2007
    Imprensa internacional sobre Angola Janeiro - Fevreiro 2007 Angola economic boom even strengthens Afrol News, 23 February - Predictions of economic growth in Angola during this year vary from fantastic to incredible numbers. The most pessimistic forecasts foresee a GDP growth rate of 17 percent for 2007, while the IMF expects the Angola economy to grow by over 31 percent. Most of all, the oil sector is booming, with a production growth of around 40 percent this year. In 2007, Angola again is expected to become Africa's biggest economic success story. Several international institutions and the Luanda government have already presented their predictions for this year's development, and all agree that the Angolan boom is continuing at full speed. The International Monetary Fund (IMF) in its latest forecast for the Angolan economy expects a GDP growth of 31.4 percent this year, close to the World Bank's prognosis of 30.2 percent. The Angolan government is equally optimistic, putting 2007's GDP growth at 31.2 percent. While still being optimistic, the OECD foresees a growth of 20 percent and the EIU at 16.8 percent. These very optimistic forecasts for 2007 follow a year of unprecedented economic boom in Angola. While the figures for economic growth in 2006 still vary, the Luanda government puts it at 15.5 percent. The other sources vary from 14.2 percent (EIU) up to 26 percent (OECD). The unprecedented growth in the poverty-ridden nation even shows signs of being a sound growth. Inflation has started to get under control. According to the IMF, last year it had gone down to 10 percent, while it expected to lower to 8 percent by the end of this year.
    [Show full text]
  • Factbook 2019
    Factbook 2019 CONTENTS OVERVIEW 2 Need further information? Log on to www.total.com HIGHLIGHTS 4 You can consult the Factbook online, download it in CLIMATE 7 PDF and the tables are also available in Excel format. CORPORATE 9 FINANCIAL HIGHLIGHTS & MARKET ENVIRONMENT ............................................................................................................11 CONSOLIDATED STATEMENT OF INCOME...........................................................................................................................14 CONSOLIDATED BALANCE SHEET......................................................................................................................................18 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY..............................................................................21 NET-DEBT-TO-EQUITY RATIO & CAPITAL EMPLOYED...........................................................................................................22 ROACE.............................................................................................................................................................................23 CONSOLIDATED STATEMENT OF CASH FLOW.....................................................................................................................24 SHARE PERFORMANCE.....................................................................................................................................................26 SHARE INFORMATION .......................................................................................................................................................27
    [Show full text]
  • Fiscal System Analysis: Concessionary and Contractual Systems Used in Offshore Petroleum Arrangements
    OCS Study MMS 2004-016 Coastal Marine Institute Fiscal System Analysis: Concessionary and Contractual Systems Used in Offshore Petroleum Arrangements U.S. Department of the Interior Cooperative Agreement Minerals Management Service Coastal Marine Institute Gulf of Mexico OCS Region Louisiana State University OCS Study MMS 2004-016 Coastal Marine Institute Fiscal System Analysis: Concessionary and Contractual Systems Used in Offshore Petroleum Arrangements Authors Mark J. Kaiser Allan G. Pulsipher March 2004 Prepared under MMS Contract 1435-01-01-30951-18178 by Center for Energy Studies Louisiana State University Baton Rouge, Louisiana 70803 Published by U.S. Department of the Interior Cooperative Agreement Minerals Management Service Coastal Marine Institute Gulf of Mexico OCS Region Louisiana State University DISCLAIMER This report was prepared under contract between the Minerals Management Service (MMS) and Louisiana State University’s Center for Energy Studies. This report has been technically reviewed by MMS. Approval does not signify that the contents necessarily reflect the view and policies of the Service, nor does mention of trade names or commercial products constitute endorsement or recommendation for use. It is, however, exempt from review and compliance with MMS editorial standards. REPORT AVAILABILITY Extra copies of the report may be obtained from the Public Information Office (Mail Stop 5034) at the following address: U.S. Department of the Interior Minerals Management Service Gulf of Mexico OCS Region Public Information Office (MS 5034) 1201 Elmwood Park Boulevard New Orleans, Louisiana 70123-2394 Telephone Number: 1-800-200-GULF 1-504-736-2519 CITATION Suggested citation: Kaiser, M.J. and A.G. Pulsipher. 2004.
    [Show full text]
  • Angola E Os Ganhos Da Adesão À OPEP Angola and the Advantages of Joining OPEP
    DISPONÍVEL NOS VÔOS DA SONAIR • AVAIBLE AT SONAIR’S FLIGHTS AngolaAngola ee osos ganhosganhos dada adesãoadesão àà OPEPOPEP AngolaAngola andand thethe advantagesadvantages ofof joiningjoining OPECOPEC - II Série#16 Julho 2007 DáliaDália éé umauma mais-valiamais-valia DaliaDalia isis anan addedadded valuevalue DISTRIBUIÇÃO GRATUITA DISTRIBUIÇÃO REVISTA SONANGOL MAGAZINE JULHO DE 2007 1 Nota de Abertura Opening Note BOAS NOVAS! GOOD NEWS INDEED! A Revista Sonangol Magazine conhece, a partir da presen- Beginning with this edition, the first of its kind in 2007, te edição, por sinal a primeira do ano de 2007, tempos no- the Sonangol Magazine adopts a new image ready for vos de afirmação e de circulação, pelo país e pelo mundo, distribution in Portugal and throughout the world. como resultado de ligeiros arranjos no projecto editorial Some slight changes have been made to the editorial plan das publicações da petrolífera estatal angolana. As mu- for the publications of the Angolan State oil company that danças operadas, acreditamos, oferecerão tão somente we believe will add life and content to the magazine. Con- maior pujança e conteúdo à revista, reforçada redactorial- tributions will be made by a competent, dedicated team of mente a partir de agora por um competente e consagra- Angolan journalists who are anxious to add what they do grupo de jornalista angolanos, ávidos de emprestar know to the complex and exciting world of oil. parte do seu saber ao complexo e contagiante mundo dos We want a magazine that will talk of analysis and petróleos. Queremos uma publicação de análise e inves- research, of truth and transparency, realism and tigação, de verdade e de transparência, de realismo e de pragmatism, able throughout to accompany the develop- pragmatismo, capaz no seu todo editorial de acompanhar ment boom that Angola and its oil sector, in particular, a dinâmica evolutiva que Angola e o seu sector petrolífe- are enjoying.
    [Show full text]
  • Special Conference
    Oldenburg Model United Nations Conference 2011 - Changes and Challenges in a Globalised World - Guide to The Special Conference on the Exploitation of Oil in Africa with Special Focus on Armed Conflicts OLMUN 2011 – Changes and Challenges in a Globalised World Guide to the Special Conference Personal introductions Dear Delegates, My name is Nicolai Beerheide and it is an honour for me to be your President of this year’s Special Conference. I have been participating at Oldenburg Model United Nations since 2006, first as a Staff of the Press Team and in the last year as the President of the Human Rights Council. This year I would like to try something special: The Special Conference! Together with Matei and Christian I will be your chairing team. After OLMUN 2011 I would probably start studying something that has to do with renewable energies. My MUN experiences have always showed me how international politics can motivate students just like you to become acquainted with topics they maybe have not heard about before. Beside OLMUN I am also interested in Sports (I am fencing since 1998) and music, by playing the trumpet together with Christian in the school orchestra of the Altes Gymnasium Oldenburg, which was my school for eight years. I hope we will have a fruitful discussion, a funny committee and all in all a good time in the wonderful city of Oldenburg and the 11th Oldenburg Model United Nations! Yours, Nicolai Beerheide Honourable delegates of the Special Conference, My name is Matei Mitrache and, as obvious as it seems, I will be one of your chairs at the Special Conference of OLMUN’s 11th anniversary.
    [Show full text]
  • Specifications Guide Europe and Africa Crude Oil Latest Update: August 2021
    Specifications Guide Europe and Africa Crude Oil Latest update: August 2021 Definitions of the trading locations for which Platts publishes daily indexes or assessments 2 North Sea 5 West Africa 13 Urals and Mediterranean 17 Revision history 24 www.spglobal.com/platts Specifications Guide Europe and Africa Crude Oil: August 2021 DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES DAILY INDEXES OR ASSESSMENTS The following specifications guide contains the primary specifications for Platts crude oil assessments in Europe and Africa. All the assessments listed here employ Platts Assessments Methodology, as published at https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/platts-assessments-methodology-guide.pdf. These guides are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions. This guide is current at the time of publication. Platts may issue further updates and enhancements to this guide and will announce these to subscribers through its usual publications of record. Such updates will be included in the next version of this guide. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification. NORTH SEA Assessment Code Mavg Pavg Wavg Contract basis Location Delivery period Min size Max size Currency UOM DATED BRENT FOB Dated Brent (FOB) PCAAS00 PCAAS03 FOB North Sea 10-M+1 600,000 600,000 US $ Barrels Dated North Sea Light (FOB) AAOFD00 AAOFD03
    [Show full text]
  • Blue Books Subsea Acceleration
    Blue Books Experts’ views for expert investors USA Oil & Gas 17 January 2012 Mark S. Urness Managing Director [email protected] (1) 212 408 5683 Guest author Paul H. Hillegeist President & COO, Quest Offshore Resources Subsea acceleration Fathoming new technologies www.clsau.com The group of companies that comprise CLSA are affiliates of Credit Agricole Securities (USA) Inc. For important disclosure information please refer to page 77. Blue Books Produced by Straight to the source with CLSA When industry innovations change as quickly as they are created, your ability to respond could mean the difference between success and failure. In this volatile environment, why rely entirely on broker research when you can tap into unfiltered, unbiased primary research? CLSA U® is a value-added executive education programme created to allow you to gain firsthand information and draw your own conclusions and make better informed investment decisions. CLSA U® offers tailored courses on a broad range of macro themes with a special focus on technology and telecoms. The format ensures you learn as we do and obtain firsthand information about prospects and trends in industries and sectors that underline the companies in your portfolio. You will interact and learn from the trailblazers at the centre of today’s fastest moving industries - experts, engineers and scientists who design, implement and shape the new technologies today, which impact the market tomorrow. CLSA U® is not a one-off event. It is an ongoing education programme restricted to CLSA’s top clients. The syllabus will constantly evolve to meet your needs and help you debunk the latest technologies, investment styles and industry trends that affect the markets and sectors you invest in.
    [Show full text]
  • Issue Three 2018
    UT Issue Three 2018 AUVs Cables Unmanned Vehicle 1 UT3 Issue 3 July 2018 Capital-Efficient Subsea Solutions UT3 Issue 3 2018 Production Tree Unified Controls Lead time: 12 months Lead time: 12 months Pump Lead time: 18 months Wellhead UT Issue Three 2018 Lead time: 8 months Manifold Lead time: 18 months Connection System Lead time: 6 months AUVs Cables Unmanned Vehicle 1 UT3 Issue 3 July 2018 Umbilical make up machine from Umbilicals International Vol 12 No 3 Society for Underwater Technology Unit LG7, 1 Quality Court Chancery Lane London WC2A 1HR +44 (0) 1480 370007 Editor: John Howes [email protected] Editorial Assistant: Ben Ron Over Production: Sue Denham Redefine economic viability with a new Advertising: Zinat Hassan approach to subsea production. [email protected] The OneSubsea portfolio of standardized designs supports streamlined processes, documentation, ISSN: 1752-0592 and manufacturing to deliver integrated production systems that enable achieving first oil as soon as 24 months after contract award. Published by UT2 Publishing for and on behalf of the Society for Underwater Customized to your field architecture, these capital-efficient solutions help you maximize recovery Technology. Reproduction of UT2 in whole or in part, without permission, is from new fields to transform deepwater economics across the life of the asset. prohibited. The publisher and the SUT assumes no responsibility for unsolicited material, nor responsibility for content of any advertisement, particularly infringement of copyrights, trademarks, intellectual property rights and 2 patents, nor liability for misrepresentations, false or misleading statements and 3 Find out more at illustrations. These are the sole responsibility of the advertiser.
    [Show full text]