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Crude recovery

Jeffrey Tan
Jeffrey Tan7/9/2018 08:00 AM GMT+08  • 13 min read
Crude recovery
Oil prices have climbed 50% higher since 2014. But the offshore and marine sector would need far more to recover.
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Oil prices have climbed 50% higher since 2014. But the offshore and marine sector would need far more to recover.

SINGAPORE (July 9): On May 22, a fixed platform topside left the dock at Sembcorp Marine’s yard at Admiralty, on the northern coast of Singapore. There was quite a bit of fanfare to mark the occasion as the structure sailed away, destined for drilling in the Culzean gas field of the harsh UK North Sea.

This delivery comes after that of two other topsides in early May. All three topsides were originally fabricated for Maersk Oil. The structures were taken over by Total after it completed the full acquisition of Maersk Oil for US$5.74 billion ($7.81 billion) on March 8. This delivery also comes after a two-year hiatus. In June 2016, SembMarine delivered a topside to Norwegian company Aker BP, for the Ivar Aasen oilfield in the North Sea off Norway.

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