Sunday, August 3, 2008
Kejuruteraan Samudra Timur Berhad
As a follow-up announcement to the several inter-related announcements made by Kejuruteraan Samudra Timur Berhad (“KSTB”) earlier on in respect of the termination of the Shareholders’ Agreements entered into between KSTB and Gagie Corporation S.A. (“Gagie”) as a consequence of the disputes between KSTB and Gagie which led to the Court Injunction served on KSTB and its wholly-owned subsidiary, KST Fishing Services Sdn. Bhd. (“KSTF”) and subsequently discontinuation of oilfields fishing operation by KSTB and KSTF, KSTB is pleased to announce that its jointly controlled entity, KST Gagie Labuan Ltd. (“KSTGLL”), a joint-venture company with Gagie, has on 24 July 2008 entered into an Asset Purchase Agreement with Smith International Inc (“Smith”) (hereinafter referred to as “Disposal to Smith”) to dispose all its principal oilfields fishing tools and equipment identified by Smith for a total cash consideration of USD4,732,626.11 (equivalent to RM15,350,272.79 based on the exchange rate of USD1.00:RM3.2435) subject to the terms and conditions therein. The consideration was arrived at on a willing buyer and willing seller basis after taking into consideration of the book value of the said tools and equipment.
The Disposal to Smith is the result of the Asset Disposal Exercise approved and resolved by the Board of Directors of KSTGLL on 27 November 2007 and was approved by the shareholders of KSTGLL (being KSTB, KSTF and Gagie) on 7 July 2008. The proceeds from the disposal is to be fully utilised to repay part of the outstanding credit facilities utilised by KSTGLL from Maybank International (L) Ltd and RHB Bank (L) Ltd totaling to approximately USD5.4 million as at 30 June 2008.
KSTB has provided corporate guarantees in respect of the aforesaid credit facilities and KSTB had in the last financial year ended 31 December 2007 provided for the potential liability arising from the potential crystallisation of the said corporate guarantees amounting to approximately RM7.0 million by reference to the indicative purchase prices offered by the prospective buyers then. Based on the cash consideration of the Disposal to Smith, the Company does not foresee any requirement to make further provision in relation to the aforesaid disposal for the current financial year ending 31 December 2008.
Smith International, Inc., a State of Delaware, United States of America corporation having its principal office located at 16740 Hardy Road, Houston, Texas, 77032 United States of America is a company listed on the New York Stock Exchange. Smith is a leading worldwide supplier of premium products and services to the oil and gas exploration and production industry, the petrochemical industry and other industrial markets. It provides a comprehensive line of technologically-advanced products and engineering services, including drilling and completion fluid systems, solids-control equipment, waste-management services, production chemicals, three-cone and fixed cutter drill bits, turbines, fishing services, drilling tools, underreamers, casing exit and multilateral systems, packers and liner hangers. Smith International Inc also offers supply-chain management solutions through and extensive North American branch network providing pipe, valves, fitting, mill, safety and other maintenance products. (Source: Smith International Inc website).
None of the directors or substantial shareholders of KSTB or persons connected to them have any interest, direct or indirect, in the above disposal.
The Disposal to Smith is the result of the Asset Disposal Exercise approved and resolved by the Board of Directors of KSTGLL on 27 November 2007 and was approved by the shareholders of KSTGLL (being KSTB, KSTF and Gagie) on 7 July 2008. The proceeds from the disposal is to be fully utilised to repay part of the outstanding credit facilities utilised by KSTGLL from Maybank International (L) Ltd and RHB Bank (L) Ltd totaling to approximately USD5.4 million as at 30 June 2008.
KSTB has provided corporate guarantees in respect of the aforesaid credit facilities and KSTB had in the last financial year ended 31 December 2007 provided for the potential liability arising from the potential crystallisation of the said corporate guarantees amounting to approximately RM7.0 million by reference to the indicative purchase prices offered by the prospective buyers then. Based on the cash consideration of the Disposal to Smith, the Company does not foresee any requirement to make further provision in relation to the aforesaid disposal for the current financial year ending 31 December 2008.
Smith International, Inc., a State of Delaware, United States of America corporation having its principal office located at 16740 Hardy Road, Houston, Texas, 77032 United States of America is a company listed on the New York Stock Exchange. Smith is a leading worldwide supplier of premium products and services to the oil and gas exploration and production industry, the petrochemical industry and other industrial markets. It provides a comprehensive line of technologically-advanced products and engineering services, including drilling and completion fluid systems, solids-control equipment, waste-management services, production chemicals, three-cone and fixed cutter drill bits, turbines, fishing services, drilling tools, underreamers, casing exit and multilateral systems, packers and liner hangers. Smith International Inc also offers supply-chain management solutions through and extensive North American branch network providing pipe, valves, fitting, mill, safety and other maintenance products. (Source: Smith International Inc website).
None of the directors or substantial shareholders of KSTB or persons connected to them have any interest, direct or indirect, in the above disposal.
Extractor Dryer ( Scomi )
Concept
The Oiltools EXTRACTOR Dryer consists of a horizontally configured conical screen placed within a balanced cage that is driven at high speed via an electric motor through a Cyclo-Gear drive gearbox. Positioned within the cage is a scroll that turns and transports the filtered solids from the machine to obtain maximum cuttings dryness. The conical basket contains a proprietary screen specially designed to minimise screen blinding. The unit is attached to an isolated sub-frame
which in turn is mounted on a rugged Oilfield skid for transport.
The Oiltools EXTRACTOR Dryer receives drill cuttings from the Solids Control equipment via screw conveyor, vacuum system. and/or solids pump. Drill cuttings are fed into the center of the feed cone and distributed evenly through feed holes by centrifugal action into the flighting channels between the scroll and the screen. As the drill cuttings pass through the conical screen, the solids layer
becomes thinner and exposed to progressively more G-force. The high gravitational force allows the liquid por tion of the feed to pass through the cake bed and screen while the cake bed itself is continuously turned and swept outward to be discharged at the outer diameter of the screen. The dried drill cuttings exit from the front of the machine where they are either discharged to the environment or collected for further handling and/or treatment. The effluent exits tangentially from the base of the unit into a holding tank. This effluent is normally processed via a high speed centrifuge prior to return to the active system.
Application
The EXTRACTOR Dryer can be utilised to reduce the liquid content of drill cuttings to a level that allows discharge to the environment or as preparation for bio-remediation. Discharge criteria may be economically driven but are more often driven at a local level by legislative requirements. This will typically be expressed as Retained Oil on Cuttings (ROC) or Oil on Cuttings (OOC) discharge criteria. The Extractor also functions as insurance against whole mud losses from
the shakers. It is able to capture and return valuable drilling fluid to the
active system should the situation arise.
Features
Horizontal basket - easier access for feed and maintenance. Scroll - Internal Scroll acts as a solids retention device to control solids discharge. Screen - proprietary screen design minimises particle plugging. Precision balanced and rounded screen cage for closer scroll to screen tolerance.Optimal ‘G’ force of 375 ‘G’s. Explosion proof Cyclo-Gear drive for high torque. Resettable torque overload protection.
Belt drive c/w Anti-Static belts. Ports for sampling.
Benefits
• Lower operator intervention due to:
- Superior feed system.
- Horizontal design allowing easier access.
- Reduced screen blinding/caking.
• Lower maintenance
- Screen basket does not need to be removed to be cleaned.
- Improved rotational balance minimises wear on rotating parts.
- More durable, longer wearing scroll, due to 1-piece construction.
- Cyclo-Gear drive has a 2-year warranty . . . show negligible wear after 50,000hours.
• Reduced Environmental impact
- Lower power requirements - due to low friction
Cyclo-Gear drive (input/output efficiency approaches 95%).
- Lower noise - due to v-belt and Cyclo-Gear drive.
• Reduced size
- Footprint - smaller than equivalent vertical type dryers
- Minimised height - due to horizontal feed.
- Cyclo-Gear reducer drive up to 60% smaller than worm-drive allows smaller motor to be utilised thusoverall power train reduced.
Friday, August 1, 2008
Rotating Control Devices
PMCD Background
Pressurized Mud Cap Drilling (PMCD) provides a safe and efficient method for drilling wells with severe lost circulation. This technique is used very successfully for the drilling of highly fractured or vugular carbonates. Karst features are often associated with these types of reservoirs and represent a major economic and operational obstacle for drilling. Karst features are comparable to tunnel structures underground. Although the presence of large cavities is possible, the Karst feature in terms of drilling should be thought of as a cave structure when formed, that has now filled with fractured or highly permeable sedimentary material. Although cavities have been observed during drilling operations, their size is normally limited to 2 – 3 ft due to the overburden. The important aspect of Karst features is their connectivity. A small, isolated Karst feature will be filled by continued injection of fluid. A large, well connected Karst feature is difficult to plug or fill with continued injection and therefore is dealt with in a different manner. It is highly unlikely that common place LCM plugging materials will be effective on large Karst features.
Mud cap drilling has two techniques, one is the Floating Mud Cap and the second is Pressurized Mud Cap. In the Floating Mud Cap operation the annular fluid’s hydrostatic pressure is greater than reservoir pressure. This results in the annular fluid column falling to some point below the wellhead. Observation of the fluid column is difficult and therefore indications of wellbore influx and gas migration are hidden. Floating Mud Cap drilling is a blind procedure that relies on either the continuous injection of fluid or the injection of fluid at predetermined time intervals. When drilling offshore in subnormal pressure environments, seawater is commonly used as the annular fluid. This process commonly uses seawater in offshore wells. The annular injection rate is determined by the gas percolation rate observed in the wellbore. Typically annular velocities above 5,000 fpm are required to prevent gas percolations. This is the most common technique used when drilling sub-normally pressured carbonate sections.
The second technique, Pressurized Mud Cap, is the one which will be employed on this project. Pressurized Mud Cap uses an annular fluid which exerts a hydrostatic pressure less than the reservoir pressure. This imbalance of pressure results in annulus surface pressure and therefore some form of an annular seal, such a rotating head (RCH) or annular preventor, is always used. The benefit of PMCD is the ability to monitor the annulus surface pressure. This surface pressure provides indications of gas migration and bottom hole pressures. PMCD also requires less total fluid injection which helps to minimize drilling costs and cleanup time after completion.
Bit Lian Engineer Operate RCD in Malaysia
News
Malaysia is important to world energy markets because of its huge oil and natural gas resorts. Malaysia's oil production occurs offshore and primarily near Peninsular Malaysia. Production however also takes place offshore of Sabah (East Malaysia) and Sarawak. Current oil reserves are estimated at approximately 3 Billion barrels with a declining tendency, due to the lack of major new oil discoveries in the last years. The most important oil fields are Bekok, Bokor, Erb West, Bunga Kekwa, Guntong, Kepong, Kinabalu Pulai, Samarang, Seligi, Semangkok, Tapis, Temana and Tiong.
Petronas is the state oil and gas company, other main producers include Esso Production Malaysia Inc followed by Sabah Shell Petroleum Company and Sweden's Ludin Oil. Main importers of Malaysian oil are Japan, Thailand, South Korea and Singapore.
Malaysia's natural gas production has been rising steadily in recent years. In 2000 Malaysia accounted for approximately 15% of total liquefied natural gas exports and is estimated to contain a 75 trillion cubic feet natural gas resort. Malaysia mainly exports natural gas to Japan, South Korea and Taiwan. Major natural gas fields include Bedong, Bintang, Damar, Jerneh, Laho, Lawit, Noring, Pilong, Resak, Telok and Tujoh.
Main Production occurs in the lower part of the Gulf of Thailand in the Malaysia-Thailand Joint Development Area (JDA) managed by the Malaysia-Thailand Joint Authority (MTJA). Malaysia's Production of natural gas has recently also been expanded to Sarawak by the Bitulu LNG complex. Leading producers of Malaysian natural gas are BP, Amerada Hess, Petronas and Exxon Mobile.
Petronas is the state oil and gas company, other main producers include Esso Production Malaysia Inc followed by Sabah Shell Petroleum Company and Sweden's Ludin Oil. Main importers of Malaysian oil are Japan, Thailand, South Korea and Singapore.
Malaysia's natural gas production has been rising steadily in recent years. In 2000 Malaysia accounted for approximately 15% of total liquefied natural gas exports and is estimated to contain a 75 trillion cubic feet natural gas resort. Malaysia mainly exports natural gas to Japan, South Korea and Taiwan. Major natural gas fields include Bedong, Bintang, Damar, Jerneh, Laho, Lawit, Noring, Pilong, Resak, Telok and Tujoh.
Main Production occurs in the lower part of the Gulf of Thailand in the Malaysia-Thailand Joint Development Area (JDA) managed by the Malaysia-Thailand Joint Authority (MTJA). Malaysia's Production of natural gas has recently also been expanded to Sarawak by the Bitulu LNG complex. Leading producers of Malaysian natural gas are BP, Amerada Hess, Petronas and Exxon Mobile.
Thursday, July 31, 2008
Tuesday, July 29, 2008
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