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German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by Reuters and sources close to the decision.
PDVSA has struggled for years to pay its bills due to falling crude output and limited cash flow, leaving it owing numerous firms worldwide. That was even before the United States in late January imposed tough sanctions on Venezuela’s oil exports, which have since dropped by more than 40 percent.
BSM operated 13 of the 32 tankers owned by PDVSA and two Very Large Crude Carriers (VLCCs) jointly owned by PDVSA and PetroChina, according to the companies. In March, BSM started withdrawing staff from PDVSA’s tankers to reduce its exposure to Venezuela and later returned some of them to the firm.
Hamburg-based BSM is now looking to arrest – the legal term for preventing a ship from moving, but short of an outright seizure – the three tankers in question over debt accumulated by PDVSA.
“Due to the substantial fees due to BSM from owners we have placed arrest on three of the tankers, the Arita in Singapore and the Parnaso and Rio Arauca which are both in Lisbon, Portugal,†said a letter distributed internally by BSM this month.
PDVSA crude and fuel exports have dropped to around 800,000 barrels per day (bpd) so far in May, down from 1.4 million bpd just before sanctions, according to PDVSA’s trade documents and Refinitiv Eikon data.
BSM is not the only maritime firm taking action against PDVSA. U.S.-based shipbroker McQuilling Partners in March ended a contract for providing four tankers to PDVSA, citing sanctions.
The two maritime services firms handled a large portion of vessels leased and owned by PDVSA. Without them, Venezuela is limited in its ability to store oil, move cargoes between ports internally, and even export to certain destinations.
On April 6, the Arita, owned by PDVSA’s subsidiary Albanave and operated by a unit of BSM, was detained in Singapore by law firm Gurbani & Co on behalf of BSM, according to the country’s Supreme Court website and a source familiar with the matter.
BSM’s attempt to arrest the Parnaso and the Rio Arauca in Portugal has been more complicated. Those two vessels have been moored in that country’s waters since 2017 due to disputes with shipping firms and fuel providers in Portugal, along with Lisbon’s Port Authority.
BSM, Lisbon Port Authority and PDVSA’s maritime unit PDV Marina declined to comment. PDVSA did not respond to a request for comment. In March, it said its relationship with BSM had not ended.
The amount owed by PDV Marina to BSM globally at the end of 2018 was at least $15 million, according to a source at the company and another document seen by Reuters early this year.
The Arita, an Aframax vessel that can hold up to 700,000 barrels of oil, has not navigated much since it first set sail at the end of 2017, as it was hampered by a dispute between PDVSA and Iranian shipyard Sadra that kept it from being used. Following a few trips to China and Indonesia in 2018, it has remained in Singapore since April with its engine “immobilized,†according to Refinitiv Eikon tanker tracking data.
Picture by Hervé Cozanet from the marine-marchande.net
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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