Kazakhstan player gets approval to take over Caspian Explorer drilling vessel

first_imgThe Caspian Explorer is a drilling vessel capable drilling exploration wells to depths of up to 6,000 meters in extremely shallow water. Caspian Explorer; Source: Saipem The total costs after fit-out are believed to have been approximately $200 million. The belief that the Caspian Explorer was the only currently operational drilling vessel of its type capable of operating in water as shallow as 2.5 meters in the Caspian Sea led to its acquisition by the company. In an update on Wednesday, Caspian Sunrise said it had received all the required Kazakh regulatory and local shareholder approvals for the acquisition. Further, given the lead times and construction costs, the company did not expect a new competing drilling vessel to enter the market in the next few years. Caspian Sunrise revealed its plan to buy the Caspian Explorer for $25 million back in January 2020. In 2017, the Caspian Explorer was hired out to a KazMunaiGas / Indian state oil company joint venture for $28 million after costs and drilled one exploration well to a depth of 3.5 km. The vessel was conceived of by a consortium of Korean companies including KNOC, Samsung, and Daewoo Shipbuilding. It was assembled in the Ersay shipyard in Kazakhstan between 2010 and 2011 for a construction cost believed to be approximately $170 million. Furthermore, the relevant paperwork has been sent to the UAE to complete the required re-registration of ownership of the Caspian Explorer, following which the acquisition of the asset will complete. In 2018, it was hired out KazMunaiGas for up to $24 million drilling one exploration well to a depth of 1.8 km. The vessel did not operate in 2019. Caspian Sunrise, an oil and gas company with a focus on Kazakhstan, has received regulatory and shareholder approvals for the acquisition of the Caspian Explorer drilling vessel.last_img read more

Police conduct raids as Zuma calls for calm

first_imgThe wave of deadly anti-foreigner violence continued overnight in South Africa, barely hours after South African President Jacob Zuma appealed for calm, amidst fears that the country’s dire economic woes could spark widespread unrest.At least six people have been killed in the last two weeks in attacks in the Indian Ocean city of Durban that targeted shops and homes owned by Somalis, Ethiopians, Malawians and other immigrants.Police in the Actonville area of Johannesburg used tear gas and rubber bullets to disperse hundreds of anti-immigrant protesters on Thursday, while foreign-owned shops in the Jeppestown area of the city were attacked overnight.Speaking in parliament, Zuma said no amount of frustration or anger can ever justify the attacks on foreign nationals and the looting of their shops.Meanwhile the United Nations has expressed concern at what it called repeated incidents of xenophobia in South Africa, dating as far back as 2008.In a statement by the High Commissioner for Human Rights the global body urged the government to accelerate the enactment of legislation that will tackle hate crimes in the country while formulating future policies on migrants that conform to international standards.Scenes in Durban have shocked the world as bricks were hurled at vehicles and individuals.And while the government has been firm in its condemnation, the United Nations is alarmed at the recurrence of violence directed at foreigners in the country.The African union and the west African bloc Ecowas have also voiced similar concerns over the situation in South AFrica.last_img read more