Offshore news

The contract is expected to commence the first quarter of 2019.

The company, through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation, has been awarded a time charter contract by Idemitsu Kosan Co., Ltd. for the provision of a Floating, Storage and Offloading Vessel in Vietnam.

The companies signed two agreements which include an exclusive partnership for offshore exploration in Algeria in a virtually unexplored geological province.

The award is through Ross Offshore Well Management AS, which Claxton will support with equipment delivery.

Wells 35/11-21S and 35/11-21A were drilled in production licence Pl248I where Wellesley holds a 60% operated interest.

The company, and partners ENI and Petoro, have completed the Skruis exploration well in the Johan Castberg licence. The well confirms a volume of 12-25 million recoverable bbls.

The company has announced that its 100% subsidiary Cue Exploration Pty Ltd, has executed an agreement with BP, Beach Energy Limited and New Zealand Oil & Gas.

The company will provide Qatargas with underwater inspection, geotechnical and geophysical services for its offshore operations in Qatar under a new 5-year call off contract.

The Norwegian company has reported adjusted earnings of US$2 billion after tax in 3Q18, and reduced its net debt ratio by 1.5% to 25.7%.

Total company revenue was US$3 143.8 million, while net income was US$136.9 million, or US$0.30 per diluted share.