AusGroup's Cactus Receives Orders Booster
AusGroup Limited announced that its Singapore subsidiary, Cactus Engineering & Trading Pte Ltd, has received additional orders from Aker Kvaerner to build riser telescopic joints.
This is in addition to the S$7 to 10 million initial contract secured by Cactus in August 2007.
Telescopic joint is a critical component of the drilling riser string that connects the drilling rig platform to the sea-bed structure. This specialized equipment facilitates vertical movement of a drilling vessel during drilling operations.
In addition, Cactus' production capacity expansion is on schedule with the fabrication workshop on schedule to commence operations in June 2008 while the machining workshop will commence works by January 2009. Both facilities have overhead cranes and have floor areas of more than 4000m2. This represents a production space increase of approximately 70% above the current two properties owned by Cactus. The additional space will bring about addition value-adds that will be developed through efficiency and external assembly areas.
"Our investment plan in Cactus remains on track," said AusGroup Managing Director John Sheridan. "We are encouraged by the strong outlook for subsea development projects and the increased capacity of our new Cactus-AGL facility will position the group to capitalize on this growing market."
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally