OE Staff Credit: NOV
FPSO specialist BW Offshore has awarded NOV s APL a contract to supply a large submerged turret production (STP) system for the FPSO to be deployed at Santos Barossa gas and condensate field located offshore of Australia.
The Barossa field is located about 186 miles (300 kilometers) northwest of Darwin in the Timor Sea, with water depths ranging from 720 to 920 feet (220 meters and 280 meters).
The $3.6 billion Barossa development, sanctioned by Santos in March, consists of infield subsea infrastructure tied back to the centrally located FPSO.
The FPSO will process high-pressure reservoir fluids for gas export to the Darwin liquefied natural gas (LNG) facility via a 180-mile (290-kilometer) subsea pipeline for condensate storage and offloading.
Operator
Good day, ladies and gentlemen, and welcome to the NOV First Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to introduce your host for today s conference, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations. Sir, you may begin.
Blake McCarthy
Vice President-Corporate Development and Investor Relations
Welcome, everyone, to NOV s First Quarter 2021 Earnings Conference Call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO. Before we begin, I would like to remind you that some of today s comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or later in the year.
NOV Forecasting Oilfield Business Rebound as E&P Customers Get Back to Work, Restock Equipment
Houston-based NOV Inc. faced challenging conditions for its rig equipment and technology in the first quarter, but as activity in North America and overseas improves, business should improve going forward, CEO Clay Williams said Wednesday.
Williams, who held court to discuss the first quarter during an hour-long conference call, said the latest results reflected the “full impact of the shockwave” of 2020. Adding insult to injury, the first quarter “was further impacted by other factors,” he said.
“Severe winter weather and power outages in Texas and Oklahoma led to 63 NOV facilities being shuttered for a week or more,” he told analysts. NOV had signaled in March that the February freeze would weigh on first quarter results.
NOV Reports ‘Softer’ E&P Orders, Hit to Operations from February Freeze
Operational disruptions from freezing weather in February, as well as softer-than-expected customer orders are set to weigh on first quarter results, NOV Inc. said Tuesday.
The Houston-based oilfield technology giant said severe weather during February knocked out operations in Oklahoma and Texas, two of its biggest operating regions. In addition, there has been an underwhelming number of orders by exploration and production (E&P) companies.
“Unfortunately, the extreme winter weather across Texas and Oklahoma, the ongoing effects of Covid-19 lockdowns, and the continued spending austerity from our oilfield customers are combining to take a greater-than-expected toll on our first quarter results,” said CEO Clay Williams.
Operator
Good day, ladies and gentlemen, and welcome to the NOV Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] I would now like to introduce your host for today s conference, Mr. Blake McCarthy, Vice President of Corporate Development and Investor Relations. Sir, you may begin.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
Welcome everyone to NOV s fourth quarter 2020 earnings conference call. With me today are Clay Williams, our Chairman, President and CEO; and Jose Bayardo, our Senior Vice President and CFO.
Before we begin, I would like to remind you that some of today s comments are forward-looking statements within the meaning of the federal securities laws. They involve risks and uncertainty, and actual results may differ materially. No one should assume these forward-looking statements remain valid later in the quarter or later in the year. For a more detailed discussion of the major risk factors affecting our busine