Jun 1, 2021
The deepwater sector is rapidly accelerating out of the great market downturn. That's the conclusion of an in-depth market analysis just completed by World Energy Reports (WER) / International Maritime Associated (IMA)
Oil inventory has been brought to below seasonal average, crude is trading in the high $60s, deepwater exploration and development has been rebounding and the number of deepwater projects lined up for investment commitment in 2021/22 is growing.
According to Jim McCaul, head of IMA/WER, "Almost two dozen deepwater projects requiring either an FPSO or production semi look likely to proceed to development by the end next year. EPC contracts for the production units will have an aggregate value of $35 to $40 billion. This is a much higher near-term ordering pace and contract value than anticipated six months ago."
Explaining the more optimistic outlook, McCaul said, "When we made our five-year forecast of production floater orders in November, the virus was spreading fast, a vaccine was not yet available and the global economy was sputtering. Rebound in the deepwater sector appeared to be two to three years off, and our five-year forecast of production floater orders was skewed toward the 2023-2025 timeframe."
McCaul added, "The early period of our forecast—where we projected only dozen or so orders in 2021/22—is clearly looking conservative, given the strong pick-up in activity now being seen."
IMA/WER's floating production report has up-to-date details and contracting status for more than 200 floater projects in the planning stage. Around 55% of these envisage use of an FPSO. Another 10% will require a production semi. The rest are LNG and floating storage projects. The report also has details for 44 production or storage floaters on order, more than 300 floating production units in service and 44 production floaters available for redeployment contracts.
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For more information, please visit www.worldenergyreports.com or contact Rob Howard at +1 561 732 4368 or Phil Lewis at +44 203-966-2492
Bali travel experience: An Indian man’s account of a two-month trip to Bali has sparked an online conversation. He spent one month exploring villages across the island and another month living by the beach. His relaxed beachside routine included daily walks, yoga sessions and massages. The experience offered a glimpse into a slower approach to travel and taking a break from everyday life. The story also prompted discussions about longer trips and slow travel.
The ED alleges that the resulting entity repaid about Rs 7,800 crore, including principal and interest, to Genpact Luxembourg between 2018 and 2023 from the reserves of the Indian business. It has claimed that the transactions amounted to round-tripping and violated Section 4 of FEMA, which restricts Indian residents from holding foreign exchange, securities or assets outside India.
The ED alleges that the resulting entity repaid about Rs 7,800 crore, including principal and interest, to Genpact Luxembourg between 2018 and 2023 from the reserves of the Indian business. It has claimed that the transactions amounted to round-tripping and violated Section 4 of FEMA, which restricts Indian residents from holding foreign exchange, securities or assets outside India.
The quote of the day by Audrey Hepburn "The beauty of a woman is not in the clothes she wears, the figure that she carries, or the way she combs her hair. The beauty of a woman is seen in her eyes, because that is the doorway to her heart, the place where love resides" offers a timeless perspective that woman's appearance, clothes and hairstyle do not define her completely.
The Isdal Woman mystery began in November 1970, when a burned body was discovered in Norway’s remote Isdalen Valley near Bergen. Investigators found unusual clues, including belongings with identifying labels removed, two suitcases containing wigs and clothes, and notes that appeared to record hotel stays under different names. Her identity was never established, while the circumstances surrounding her death led to theories ranging from espionage to other unexplained possibilities. Although the case was closed in 1971, renewed investigations decades later examined her background, movements and physical evidence. Yet 56 years later, her identity and the full story remain unresolved.
The current provision under Section 2(z) of the Act mandates that proceeds from SEZ-to-DTA supplies of services must be realised in foreign exchange, although there is no such requirement for the supply of goods to DTA entities.
The Hubble telescope captured images of spiral galaxy NGC 4698. Its central bulge is tilted at an unusual angle to the main disk. Astronomers suggest this structure resulted from past gas absorption or a minor merger. This galaxy is located in the Virgo Cluster, approximately 55 million light-years away. Further observations will clarify NGC 4698's complex cosmic history.
A genetically engineered chestnut has cleared a major hurdle a century after an invasive fungus almost wiped out one of America’s most important forest trees. Scientists are making attempts to revive what was destroyed in the 1900s. Four billion American chestnut trees died. The ecosystem where they flourished now has barely any left. So, can a 2026 breakthrough bring American chestnuts back to life? Let's find out.
Jennifer Garner ventured into the food industry by being a co-founder of Once Upon a Farm in 2017. The company made waves in February 2026 with its initial public offering, where Garner's investment was initially valued at about $64 million. By August 2026, her stakes had decreased to around $55 million amid ongoing trading on the New York Stock Exchange.
The agriculture ministry is preparing for the upcoming rabi season with states. This preparation addresses concerns over soil moisture and reservoir status for winter crops. The ministry will hold a national Rabi Conference to discuss crop strategies for affected areas. States are assessing district conditions and identifying farmers needing alternative crop interventions. These measures aim to mitigate potential impacts on food inflation from inadequate planting.
State's Cabinet minister Manoj Pandey recently organised a Shiv Puran katha under the guidance of Pandit Pradeep Mishra of Madhya Pradesh in his assembly constituency Unchahar, located in the Raebareli district. Uttar Pradesh chief minister Yogi Adityanath, deputy chief ministers Keshav Prasad Maurya and Brajesh Pathak and several state ministers and leaders attended the religious gathering.
A large Aspen mansion, once rented by Rihanna, sold for $63.5 million. This property had previously been listed for as much as $79 million. The sale occurred as Aspen’s luxury housing market experienced a slowdown. Home sales above $10 million saw a significant decrease compared to last year. Buyers are now showing more resistance to high luxury home prices.
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