news news in brief
❙ Iraq has invited bids to build and finance the first phase of a pipeline that will eventually connect the southern city of Basra with Jordan’s Red Sea port of Aqaba, according to a report by news agency Reuters. The State Company for Oil Projects (SCOP) said the first phase of the project includes engineering, procurement, construction and financing of oil and gas pipelines linking the Basra fields to a connecting energy station near the city of Najaf.
http://reut.rs/2hiJKaF
❙ Kinder Morgan is consider- ing selling its oil and gas business in the US Permian Basin, according to a report in Forbes magazine earlier this month, with market watchers forecasting a deal value of more than $10bn. The magazine cites sources close to the deal saying that the company has appointed Barclays to advise on the proposed sale, which includes properties in the Sacroc, Katz, Yates, Gold- smith and Cotton fields with a combined production capacity of more than 50,000bpd.
http://bit.ly/2h2gpUi
Shawcor revenues down but outlook improving
Ongoing low activity levels through the third quarter of this year meant revenues were 47% down year-on-year at Shawcor. However, the company predicted some improvement for Q4 and said this would see profitability restored in 2017. While Q3 2016 revenues
were up 1% on Q2 to CAN$259m, this was down by 47% on the CAN$485m recorded for Q32016. Adjusted EBITDA for Q3 2016 stood at CAN$6.9m against CAN$75m in the same period in 2015. However, the Q3 2016 was an improvement on the CAN$20m loss recorded in Q2 of this year. Steve Orr, Chief Executive
Officer of Shawcor, said the results reflected the challeng- ing times in the global oil&gas sector. “Shawcor’s results in the third quarter were affected by depressed activity levels in all of the company’s global regions with low commodity prices continuing to negatively impact North American well completion activity and global oil and gas development
Shawcor CEO Steve Orr
capital spending,” he said. Orr said that commence- ment of major projects and the easing of market conditions in North America should see an improvement in the company’s financial report through next year. “In early 2017, our return to solid profitability is expected with the launch of full production of the concrete coating work for the Sur de Texas – Tuxpan project in Mexico. With the company’s order backlog now reaching $606m and a modest but steady improvement in North American well completion activity expected, we are
confident that the company will deliver strong growth in financial performance in 2017.”
The company said in a
statement that while its North American Pipeline segment continued to be impacted by the reduction in well comple- tion activity some recent increases in drilling rig counts suggested a modest improve- ment was possible in 2017. It also expected to see increased shipments of composite pipe to international markets and an improvement in activity associated with large diameter pipeline girth weld inspection for large diameter distribution pipelines.
Latin American activity
remains low, with the excep- tion of the previously men- tioned Sur de Texas – Tuxpan project. Activity in its EMAR unit (Europe, Middle East, Africa and Russia) is likely to move lower still in 2017 as a result of its completion of the Shah Deniz and two South Stream pipe coating project. ❙
www.shawcor.com
Axalta wins water business in Berlin Axalta Coating Systems is supplying its
Abcite thermoplastic powder coating for protection of pipes and fittings at Berliner Wasserbetriebe, Germany’s largest municipal drinking water supply company. The materials are being applied to new pipes and fittings being installed at the water supplier’s Mariendorf pumping station in the south of Berlin. Application is being carried out by Berlin-based Trapp Infra.
4 PIPELINE COATING | December 2016 “Convincing a customer like the Berliner
Wasserbetriebe is not an easy task, but the many advantages of Abcite – its performance, its certification, as well as its many worldwide references – made it an obvious choice,” said Peter Wurl, Trapp Infra Managing Director. Berliner Wasserbetriebe supplies drinking
water to Berlin’s 3.5m inhabitants via a network of nine waterworks and roughly 7,900km of pipes. ❙
www.powder.axaltacs.com
www.pipeline-coating.com
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