Offshore news

The contract covers the delivery and installation of subsea equipment.

The global subsea umbilicals, risers and flowline market is forecast to be worth more than £5 billion by 2021.

Under the agreement, Shell will reduce its stake in the discovery from 80% to 50% and continue as operator, while Total will retain the remaining 20%.

Shell Egypt is selling the onshore assets to focus on expanding its offshore gas exploration in the country.

The first cargo of oil from the field is expected to leave for customers in Asia this week, and contain 1 million bbl with a market value of approximately US$60 million.

A field development plan has been submitted for the company's Nam Du and U Minh gas fields, offshore southwestern Vietnam, to Vietnam Oil and Gas Group (Petrovietnam).

Since its last report Transocean has added approximately US$75 million in contract backlog, bringing total backlog to US$10.8 billion.

The Etame field offshore Gabon was successfully drilled to a total depth of 10 260 ft and encountered both Gamba and Dentale oil sands.

The total consideration for the equity ownership, excluding associated non-recourse project debt, is approximately US$150 million.

Maersk Viking will be employed by the POSCO International Corporation, a Korean operator, for a three-well campaign offshore Myanmar.